# EDGAR Filing Document

**Accession Number:** 0001826836
**File Stem:** 0001628280-26-024772
**Filing Date:** 2026-4
**Character Count:** 4047930
**Document Hash:** ef03a836af96dbc57f6fa63b6dfaea6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-024772.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001628280-26-024772

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 495

**FILED AS OF DATE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aya Gold & Silver Inc.
- **CENTRAL INDEX KEY:** 0001826836

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43230
- **FILM NUMBER:** 26855871

**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**

⌧ **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**  |

---

**Aya Gold & Silver Inc.**

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

---

| | | |
|:---|:---|:---|
| **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.

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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;

------

&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;

&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;

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&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 Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized.

---

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

---

Date: April 10, 2026

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**EXHIBIT INDEX**

The following documents are being filed with the SEC as Exhibits to this Registration Statement:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1\* | <u>[News](exhibit991-newsreleasexdat.htm)[R](exhibit991-newsreleasexdat.htm)[elease - dated Jan](exhibit991-newsreleasexdat.htm)[uary](exhibit991-newsreleasexdat.htm)[7, 2025](exhibit991-newsreleasexdat.htm)</u> |
| 99.2\* | <u>[News](exhibit992-newsreleasexdat.htm)[R](exhibit992-newsreleasexdat.htm)[elease - dated Jan](exhibit992-newsreleasexdat.htm)[uary](exhibit992-newsreleasexdat.htm)[21, 2025](exhibit992-newsreleasexdat.htm)</u> |
| 99.3\* | <u>[News](exhibit993-newsreleasexdat.htm)[R](exhibit993-newsreleasexdat.htm)[elease - dated Jan](exhibit993-newsreleasexdat.htm)[uary](exhibit993-newsreleasexdat.htm)[2](exhibit993-newsreleasexdat.htm)[3](exhibit993-newsreleasexdat.htm)[, 2025](exhibit993-newsreleasexdat.htm)</u> |
| 99.4\* | <u>[News](exhibit994-newsreleasexdat.htm)[R](exhibit994-newsreleasexdat.htm)[elease - dated](exhibit994-newsreleasexdat.htm)[Fe](exhibit994-newsreleasexdat.htm)[b](exhibit994-newsreleasexdat.htm)[ruary](exhibit994-newsreleasexdat.htm)[4](exhibit994-newsreleasexdat.htm)[, 2025](exhibit994-newsreleasexdat.htm)</u> |
| 99.5\* | <u>[News](exhibit995-newsreleasexdat.htm)[R](exhibit995-newsreleasexdat.htm)[elease - dated Feb](exhibit995-newsreleasexdat.htm)[ruary](exhibit995-newsreleasexdat.htm)[11, 2025](exhibit995-newsreleasexdat.htm)</u> |
| 99.6\* | <u>[News](exhibit996-newsreleasexdat.htm)[R](exhibit996-newsreleasexdat.htm)[elease - dated Feb](exhibit996-newsreleasexdat.htm)[ruary](exhibit996-newsreleasexdat.htm)[2](exhibit996-newsreleasexdat.htm)[4](exhibit996-newsreleasexdat.htm)[, 2025](exhibit996-newsreleasexdat.htm)</u> |
| 99.7\* | <u>[News](exhibit997-newsreleasexdat.htm)[R](exhibit997-newsreleasexdat.htm)[elease - dated](exhibit997-newsreleasexdat.htm)[Mar](exhibit997-newsreleasexdat.htm)[ch](exhibit997-newsreleasexdat.htm)[11](exhibit997-newsreleasexdat.htm)[, 2025](exhibit997-newsreleasexdat.htm)</u> |
| 99.8\* | <u>[News](exhibit998-newsreleasexdat.htm)[R](exhibit998-newsreleasexdat.htm)[elease - dated Mar](exhibit998-newsreleasexdat.htm)[ch](exhibit998-newsreleasexdat.htm)[26, 2025](exhibit998-newsreleasexdat.htm)</u> |
| 99.9\* | <u>[News](exhibit999-newsreleasexdat.htm)[R](exhibit999-newsreleasexdat.htm)[elease - dated Mar](exhibit999-newsreleasexdat.htm)[ch](exhibit999-newsreleasexdat.htm)[28, 2025](exhibit999-newsreleasexdat.htm)</u> |
| 99.10\* | <u>[AB](exhibit9910-abform13x501f1.htm)[F](exhibit9910-abform13x501f1.htm)[orm 13-501F1](exhibit9910-abform13x501f1.htm)[P](exhibit9910-abform13x501f1.htm)[articipation](exhibit9910-abform13x501f1.htm)[F](exhibit9910-abform13x501f1.htm)[ee](exhibit9910-abform13x501f1.htm)[for Year Ended](exhibit9910-abform13x501f1.htm)[Dec](exhibit9910-abform13x501f1.htm)[ember](exhibit9910-abform13x501f1.htm)[31, 2024](exhibit9910-abform13x501f1.htm)</u> |
| 99.11\* | <u>[ON](exhibit9911-onform13x502f1.htm)[F](exhibit9911-onform13x502f1.htm)[orm 13-502F1](exhibit9911-onform13x502f1.htm)[P](exhibit9911-onform13x502f1.htm)[articipation](exhibit9911-onform13x502f1.htm)[F](exhibit9911-onform13x502f1.htm)[ee](exhibit9911-onform13x502f1.htm)[for Year Ended](exhibit9911-onform13x502f1.htm)[Dec](exhibit9911-onform13x502f1.htm)[ember](exhibit9911-onform13x502f1.htm)[31, 2024](exhibit9911-onform13x502f1.htm)</u> |
| 99.12\* | <u>[52-109F1 - Certification of](exhibit9912-52x109f1xcerti.htm)[A](exhibit9912-52x109f1xcerti.htm)[nnual](exhibit9912-52x109f1xcerti.htm)[F](exhibit9912-52x109f1xcerti.htm)[ilings](exhibit9912-52x109f1xcerti.htm)[(](exhibit9912-52x109f1xcerti.htm)[CEO](exhibit9912-52x109f1xcerti.htm)[)](exhibit9912-52x109f1xcerti.htm)[- dated Mar 27, 2025](exhibit9912-52x109f1xcerti.htm)</u> |
| 99.13\* | <u>[52-109F1 - Certification of](exhibit9913-52x109f1xcerti.htm)[A](exhibit9913-52x109f1xcerti.htm)[nnual](exhibit9913-52x109f1xcerti.htm)[F](exhibit9913-52x109f1xcerti.htm)[ilings](exhibit9913-52x109f1xcerti.htm)[(](exhibit9913-52x109f1xcerti.htm)[CFO](exhibit9913-52x109f1xcerti.htm)[)](exhibit9913-52x109f1xcerti.htm)[- dated Mar 27, 2025](exhibit9913-52x109f1xcerti.htm)</u> |
| 99.14\* | <u>[Audited](exhibit9914-auditedannualf.htm)[Consolidated](exhibit9914-auditedannualf.htm)[F](exhibit9914-auditedannualf.htm)[inancial](exhibit9914-auditedannualf.htm)[S](exhibit9914-auditedannualf.htm)[tatements](exhibit9914-auditedannualf.htm)[for the Years Ended](exhibit9914-auditedannualf.htm)[Dec](exhibit9914-auditedannualf.htm)[ember](exhibit9914-auditedannualf.htm)[31, 2024 and 2023](exhibit9914-auditedannualf.htm)</u> |
| 99.15\* | <u>[Management's Discussion and Analysis for the Year Ended December 31, 2024](exhibit9915-annualmdaxdate.htm)</u> |
| 99.16\* | <u>[52-109F1 - Certification of](exhibit9916-52x109f1xcerti.htm)[A](exhibit9916-52x109f1xcerti.htm)[nnual](exhibit9916-52x109f1xcerti.htm)[F](exhibit9916-52x109f1xcerti.htm)[ilings](exhibit9916-52x109f1xcerti.htm)[(CEO)](exhibit9916-52x109f1xcerti.htm)[- dated Mar](exhibit9916-52x109f1xcerti.htm)[ch](exhibit9916-52x109f1xcerti.htm)[28, 2025](exhibit9916-52x109f1xcerti.htm)</u> |
| 99.17\* | <u>[52-109F1 - Certification of](exhibit9917-52x109f1xcerti.htm)[A](exhibit9917-52x109f1xcerti.htm)[nnual](exhibit9917-52x109f1xcerti.htm)[F](exhibit9917-52x109f1xcerti.htm)[ilings](exhibit9917-52x109f1xcerti.htm)[(CFO)](exhibit9917-52x109f1xcerti.htm)[- dated Mar](exhibit9917-52x109f1xcerti.htm)[ch](exhibit9917-52x109f1xcerti.htm)[28, 2025](exhibit9917-52x109f1xcerti.htm)</u> |
| 99.18\* | <u>[Annual](exhibit9918-annualinformat.htm)[I](exhibit9918-annualinformat.htm)[nformation](exhibit9918-annualinformat.htm)[F](exhibit9918-annualinformat.htm)[orm](exhibit9918-annualinformat.htm)[for the Year Ended](exhibit9918-annualinformat.htm)[Dec](exhibit9918-annualinformat.htm)[ember](exhibit9918-annualinformat.htm)[31, 2024](exhibit9918-annualinformat.htm)</u> |
| 99.19\* | <u>[52-109F1 - Certification of](exhibit9919-52x109f1xcerti.htm)[A](exhibit9919-52x109f1xcerti.htm)[nnual](exhibit9919-52x109f1xcerti.htm)[F](exhibit9919-52x109f1xcerti.htm)[ilings](exhibit9919-52x109f1xcerti.htm)[(](exhibit9919-52x109f1xcerti.htm)[CEO](exhibit9919-52x109f1xcerti.htm)[)](exhibit9919-52x109f1xcerti.htm)[- dated Mar](exhibit9919-52x109f1xcerti.htm)[ch](exhibit9919-52x109f1xcerti.htm)[31, 2025](exhibit9919-52x109f1xcerti.htm)</u> |
| 99.20\* | <u>[52-109F1 - Certification of](exhibit9920-52x109f1xcerti.htm)[A](exhibit9920-52x109f1xcerti.htm)[nnual](exhibit9920-52x109f1xcerti.htm)[F](exhibit9920-52x109f1xcerti.htm)[ilings](exhibit9920-52x109f1xcerti.htm)[(](exhibit9920-52x109f1xcerti.htm)[CFO](exhibit9920-52x109f1xcerti.htm)[)](exhibit9920-52x109f1xcerti.htm)[- dated Mar](exhibit9920-52x109f1xcerti.htm)[ch](exhibit9920-52x109f1xcerti.htm)[31, 2025](exhibit9920-52x109f1xcerti.htm)</u> |
| 99.21\* | <u>[News](exhibit9921-newsreleasexda.htm)[R](exhibit9921-newsreleasexda.htm)[elease - dated Mar](exhibit9921-newsreleasexda.htm)[ch](exhibit9921-newsreleasexda.htm)[31, 2025](exhibit9921-newsreleasexda.htm)</u> |
| 99.22\* | <u>[NI 43-101](exhibit9922-technicalrepor.htm)[Technical report](exhibit9922-technicalrepor.htm)[- Updated](exhibit9922-technicalrepor.htm)[Mineral Resource Estimate of the](exhibit9922-technicalrepor.htm)[Boumadine](exhibit9922-technicalrepor.htm)[Polymetallic Project, Kingdom of Morocco](exhibit9922-technicalrepor.htm)[- dated Mar](exhibit9922-technicalrepor.htm)[ch](exhibit9922-technicalrepor.htm)[31, 2025](exhibit9922-technicalrepor.htm)</u> |
| 99.23\* | <u>[News](exhibit9923-newsreleasexda.htm)[R](exhibit9923-newsreleasexda.htm)[elease - dated Apr](exhibit9923-newsreleasexda.htm)[il](exhibit9923-newsreleasexda.htm)[8, 2024](exhibit9923-newsreleasexda.htm)</u> |
| 99.24\* | <u>[News](exhibit9924-newsreleasexda.htm)[R](exhibit9924-newsreleasexda.htm)[elease - dated Apr](exhibit9924-newsreleasexda.htm)[il](exhibit9924-newsreleasexda.htm)[8, 2025](exhibit9924-newsreleasexda.htm)</u> |
| 99.25\* | <u>[Notice of the](exhibit9925-noticeofthemee.htm)[M](exhibit9925-noticeofthemee.htm)[eeting and](exhibit9925-noticeofthemee.htm)[R](exhibit9925-noticeofthemee.htm)[ecord](exhibit9925-noticeofthemee.htm)[D](exhibit9925-noticeofthemee.htm)[ate - dated Apr](exhibit9925-noticeofthemee.htm)[il](exhibit9925-noticeofthemee.htm)[9, 2025](exhibit9925-noticeofthemee.htm)</u> |
| 99.26\* | <u>[News](exhibit9926-newsreleasexda.htm)[R](exhibit9926-newsreleasexda.htm)[elease - dated Apr](exhibit9926-newsreleasexda.htm)[il](exhibit9926-newsreleasexda.htm)[11, 2025](exhibit9926-newsreleasexda.htm)</u> |
| 99.27\* | <u>[News](exhibit9927-newsreleasexda.htm)[R](exhibit9927-newsreleasexda.htm)[elease - dated Apr](exhibit9927-newsreleasexda.htm)[il](exhibit9927-newsreleasexda.htm)[14, 2025](exhibit9927-newsreleasexda.htm)</u> |
| 99.28\* | <u>[News](exhibit9928-newsreleasexda.htm)[R](exhibit9928-newsreleasexda.htm)[elease - dated Apr](exhibit9928-newsreleasexda.htm)[il](exhibit9928-newsreleasexda.htm)[16, 2025](exhibit9928-newsreleasexda.htm)</u> |
| 99.29\* | <u>[News](exhibit9929-newsreleasexda.htm)[R](exhibit9929-newsreleasexda.htm)[elease - dated May 2, 2025](exhibit9929-newsreleasexda.htm)</u> |
| 99.30\* | <u>[News](exhibit9930-newsreleasexda.htm)[R](exhibit9930-newsreleasexda.htm)[elease - dated May 9, 2025](exhibit9930-newsreleasexda.htm)</u> |
| 99.31\* | <u>[News](exhibit9931-newsreleasexda.htm)[R](exhibit9931-newsreleasexda.htm)[elease - dated May 12, 2025](exhibit9931-newsreleasexda.htm)</u> |
| 99.32\* | <u>[Management's Discussion and Analysis for the Quarter Ended March 31, 2025](exhibit9932-interimmdaxdat.htm)</u> |
| 99.33\* | <u>[Unaudited Condensed Interim Consolidated Financial Statements for the Three-Month Period ended March 31, 2025 and 2024](exhibit9933-interimfinanci.htm)</u> |
| 99.34\* | <u>[52-109F2 - Certification of](exhibit9934-52x109f2xcerti.htm)[I](exhibit9934-52x109f2xcerti.htm)[nterim](exhibit9934-52x109f2xcerti.htm)[F](exhibit9934-52x109f2xcerti.htm)[ilings](exhibit9934-52x109f2xcerti.htm)[(](exhibit9934-52x109f2xcerti.htm)[CEO](exhibit9934-52x109f2xcerti.htm)[)](exhibit9934-52x109f2xcerti.htm)[- dated May 13, 2025](exhibit9934-52x109f2xcerti.htm)</u> |
| 99.35\* | <u>[52-109F2 - Certification of](exhibit9935-52x109f2xcerti.htm)[I](exhibit9935-52x109f2xcerti.htm)[nterim](exhibit9935-52x109f2xcerti.htm)[F](exhibit9935-52x109f2xcerti.htm)[ilings](exhibit9935-52x109f2xcerti.htm)[(](exhibit9935-52x109f2xcerti.htm)[CFO](exhibit9935-52x109f2xcerti.htm)[)](exhibit9935-52x109f2xcerti.htm)[- dated May 13, 2025](exhibit9935-52x109f2xcerti.htm)</u> |
| 99.36\* | <u>[News](exhibit9936-newsreleasexda.htm)[R](exhibit9936-newsreleasexda.htm)[elease - date May 13, 2025](exhibit9936-newsreleasexda.htm)</u> |
| 99.37\* | <u>[News](exhibit9937-newsreleasexda.htm)[R](exhibit9937-newsreleasexda.htm)[elease - dated May 15, 2025](exhibit9937-newsreleasexda.htm)</u> |
| 99.38\* | <u>[News](exhibit9938-newsreleasexda.htm)[R](exhibit9938-newsreleasexda.htm)[elease - dated May 21, 2025](exhibit9938-newsreleasexda.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.39\* | <u>[Annual](exhibit9939-annualstatemen.htm)[S](exhibit9939-annualstatemen.htm)[tatement of](exhibit9939-annualstatemen.htm)[P](exhibit9939-annualstatemen.htm)[ayments - Extractive Sector Transparency Measures Act](exhibit9939-annualstatemen.htm)[for the Year Ended](exhibit9939-annualstatemen.htm)[2024 Annual Report](exhibit9939-annualstatemen.htm)</u> |
| 99.40\* | <u>[News](exhibit9940-newsreleasexda.htm)[R](exhibit9940-newsreleasexda.htm)[elease - dated Jun](exhibit9940-newsreleasexda.htm)[e](exhibit9940-newsreleasexda.htm)[5, 2025](exhibit9940-newsreleasexda.htm)</u> |
| 99.41\* | <u>[News](exhibit9941-newsreleasexda.htm)[R](exhibit9941-newsreleasexda.htm)[elease - dated Jun](exhibit9941-newsreleasexda.htm)[e](exhibit9941-newsreleasexda.htm)[10, 2025](exhibit9941-newsreleasexda.htm)</u> |
| 99.42\* | <u>[Final](exhibit9942-finalshortform.htm)[S](exhibit9942-finalshortform.htm)[hort](exhibit9942-finalshortform.htm)[F](exhibit9942-finalshortform.htm)[orm](exhibit9942-finalshortform.htm)[Base Shelf](exhibit9942-finalshortform.htm)[Prospectus](exhibit9942-finalshortform.htm)[- dated June 10, 2025](exhibit9942-finalshortform.htm)</u> |
| 99.43\* | <u>[Decision Document (Final) from AMF - dated Jun](exhibit9943-decisiondocume.htm)[e](exhibit9943-decisiondocume.htm)[10, 2025](exhibit9943-decisiondocume.htm)</u> |
| 99.44\* | <u>[News](exhibit9944-newsreleasexda.htm)[R](exhibit9944-newsreleasexda.htm)[elease - dated Jun](exhibit9944-newsreleasexda.htm)[e](exhibit9944-newsreleasexda.htm)[11, 2025](exhibit9944-newsreleasexda.htm)</u> |
| 99.45\* | <u>[News](exhibit9945-newsreleasexda.htm)[R](exhibit9945-newsreleasexda.htm)[elease - dated Jun](exhibit9945-newsreleasexda.htm)[e](exhibit9945-newsreleasexda.htm)[12, 2025](exhibit9945-newsreleasexda.htm)</u> |
| 99.46\* | <u>[Prospectus](exhibit9946-prospectusnonp.htm)[S](exhibit9946-prospectusnonp.htm)[upplement](exhibit9946-prospectusnonp.htm)[- dated Jun](exhibit9946-prospectusnonp.htm)[e](exhibit9946-prospectusnonp.htm)[12, 2025](exhibit9946-prospectusnonp.htm)[to the Short Form Base Shelf Prospectus dated June 10, 2025](exhibit9946-prospectusnonp.htm)</u> |
| 99.47\* | <u>[Underwriting](exhibit9947-underwritingor.htm)[A](exhibit9947-underwritingor.htm)[greements](exhibit9947-underwritingor.htm)[- dated Jun](exhibit9947-underwritingor.htm)[e](exhibit9947-underwritingor.htm)[12, 2025](exhibit9947-underwritingor.htm)</u> |
| 99.48\* | <u>[Preliminary](exhibit9948-preliminarysho.htm)[S](exhibit9948-preliminarysho.htm)[hort](exhibit9948-preliminarysho.htm)[F](exhibit9948-preliminarysho.htm)[orm](exhibit9948-preliminarysho.htm)[P](exhibit9948-preliminarysho.htm)[rospectus - WKSI](exhibit9948-preliminarysho.htm)[P](exhibit9948-preliminarysho.htm)[rospectus](exhibit9948-preliminarysho.htm)[E](exhibit9948-preliminarysho.htm)[xemption](exhibit9948-preliminarysho.htm)[L](exhibit9948-preliminarysho.htm)[etter to](exhibit9948-preliminarysho.htm)[S](exhibit9948-preliminarysho.htm)[ecurities](exhibit9948-preliminarysho.htm)[C](exhibit9948-preliminarysho.htm)[ommissions](exhibit9948-preliminarysho.htm)</u> |
| 99.49\* | <u>[Short Form Base Shelf Prospectus Offering Term Sheet](exhibit9949-shortformbases.htm)</u> |
| 99.50\* | <u>[Short Form Base Shelf Prospectus Offering Upsize Term Sheet](exhibit9950-shortformbases.htm)</u> |
| 99.51\* | <u>[News](exhibit9951-newsreleasedat.htm)[R](exhibit9951-newsreleasedat.htm)[elease – dated Jun](exhibit9951-newsreleasedat.htm)[e](exhibit9951-newsreleasedat.htm)[18, 2025](exhibit9951-newsreleasedat.htm)</u> |
| 99.52\* | <u>[News](exhibit9952-newsreleasexda.htm)[R](exhibit9952-newsreleasexda.htm)[elease - dated Jun](exhibit9952-newsreleasexda.htm)[e](exhibit9952-newsreleasexda.htm)[20, 2025](exhibit9952-newsreleasexda.htm)</u> |
| 99.53\* | <u>[Form of](exhibit9953-formofproxyxfo.htm)[P](exhibit9953-formofproxyxfo.htm)[roxy](exhibit9953-formofproxyxfo.htm)[with](exhibit9953-formofproxyxfo.htm)[re](exhibit9953-formofproxyxfo.htm)[spect](exhibit9953-formofproxyxfo.htm)[to the Annual General Meeting of Shareholders on](exhibit9953-formofproxyxfo.htm)[Jun](exhibit9953-formofproxyxfo.htm)[e](exhibit9953-formofproxyxfo.htm)[20, 2025](exhibit9953-formofproxyxfo.htm)</u> |
| 99.54\* | <u>[Management](exhibit9954-managementinfo.htm)[I](exhibit9954-managementinfo.htm)[nformation](exhibit9954-managementinfo.htm)[C](exhibit9954-managementinfo.htm)[ircular](exhibit9954-managementinfo.htm)[with respect to the Annual General Meeting of Shareholders on](exhibit9954-managementinfo.htm)[Jun](exhibit9954-managementinfo.htm)[e](exhibit9954-managementinfo.htm)[20, 2025](exhibit9954-managementinfo.htm)</u> |
| 99.55\* | <u>[Voting Instruction Form with respect to the Annual General Meeting of Shareholders on June 20, 2025](exhibit9955-otherxvotingin.htm)</u> |
| 99.56\* | <u>[Results of Voting Results for the Annual General Meeting of Shareholders on June 20, 2025](exhibit9956-reportofvoting.htm)</u> |
| 99.57\* | <u>[News](exhibit9957-newsreleasexda.htm)[R](exhibit9957-newsreleasexda.htm)[elease - dated Jun](exhibit9957-newsreleasexda.htm)[e](exhibit9957-newsreleasexda.htm)[23, 2025](exhibit9957-newsreleasexda.htm)</u> |
| 99.58\* | <u>[News](exhibit9958-newsreleasexda.htm)[R](exhibit9958-newsreleasexda.htm)[elease - dated Jun](exhibit9958-newsreleasexda.htm)[e](exhibit9958-newsreleasexda.htm)[25, 2025](exhibit9958-newsreleasexda.htm)</u> |
| 99.59\* | <u>[News](exhibit9959-newsreleasexda.htm)[R](exhibit9959-newsreleasexda.htm)[elease - dated Jun](exhibit9959-newsreleasexda.htm)[e](exhibit9959-newsreleasexda.htm)[26, 2025](exhibit9959-newsreleasexda.htm)</u> |
| 99.60\* | <u>[News](exhibit9960-newsreleasedat.htm)[R](exhibit9960-newsreleasedat.htm)[elease – dated Jul](exhibit9960-newsreleasedat.htm)[y](exhibit9960-newsreleasedat.htm)[7, 2025](exhibit9960-newsreleasedat.htm)</u> |
| 99.61\* | <u>[Alternative](exhibit9961-alternativemon.htm)[M](exhibit9961-alternativemon.htm)[onthly](exhibit9961-alternativemon.htm)[R](exhibit9961-alternativemon.htm)[eport -](exhibit9961-alternativemon.htm)[dated Jul](exhibit9961-alternativemon.htm)[y](exhibit9961-alternativemon.htm)[9, 2025](exhibit9961-alternativemon.htm)</u> |
| 99.62\* | <u>[News](exhibit9962-newsreleasexda.htm)[R](exhibit9962-newsreleasexda.htm)[elease - dated Jul](exhibit9962-newsreleasexda.htm)[y](exhibit9962-newsreleasexda.htm)[24, 2025](exhibit9962-newsreleasexda.htm)</u> |
| 99.63\* | <u>[Annual](exhibit9963-annualstatemen.htm)[S](exhibit9963-annualstatemen.htm)[tatement of](exhibit9963-annualstatemen.htm)[P](exhibit9963-annualstatemen.htm)[ayments (](exhibit9963-annualstatemen.htm)[A](exhibit9963-annualstatemen.htm)[mended) - Extractive Sector Transparency Measures Act -](exhibit9963-annualstatemen.htm)[Year Ended 2024](exhibit9963-annualstatemen.htm)[Annual Report](exhibit9963-annualstatemen.htm)</u> |
| 99.64\* | <u>[News](exhibit9964-newsreleasexda.htm)[R](exhibit9964-newsreleasexda.htm)[elease - dated Aug](exhibit9964-newsreleasexda.htm)[ust](exhibit9964-newsreleasexda.htm)[7, 2025](exhibit9964-newsreleasexda.htm)</u> |
| 99.65\* | <u>[Alternative](exhibit9965-alternativemon.htm)[M](exhibit9965-alternativemon.htm)[onthly](exhibit9965-alternativemon.htm)[R](exhibit9965-alternativemon.htm)[eport -](exhibit9965-alternativemon.htm)[dated Aug](exhibit9965-alternativemon.htm)[ust](exhibit9965-alternativemon.htm)[8, 2025](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](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](exhibit9967-interimfinanci.htm)</u> |
| 99.68\* | <u>[News](exhibit9968-newsreleasexda.htm)[R](exhibit9968-newsreleasexda.htm)[elease - dated Aug](exhibit9968-newsreleasexda.htm)[ust](exhibit9968-newsreleasexda.htm)[14, 2025](exhibit9968-newsreleasexda.htm)</u> |
| 99.69\* | <u>[52-109F2 - Certification of](exhibit9969-52x109f2xcerti.htm)[I](exhibit9969-52x109f2xcerti.htm)[nterim](exhibit9969-52x109f2xcerti.htm)[F](exhibit9969-52x109f2xcerti.htm)[ilings](exhibit9969-52x109f2xcerti.htm)[(CEO)](exhibit9969-52x109f2xcerti.htm)[- dated Aug](exhibit9969-52x109f2xcerti.htm)[ust](exhibit9969-52x109f2xcerti.htm)[14, 2025](exhibit9969-52x109f2xcerti.htm)</u> |
| 99.70\* | <u>[52-109F2 - Certification of](exhibit9970-52x109f2xcerti.htm)[I](exhibit9970-52x109f2xcerti.htm)[nterim](exhibit9970-52x109f2xcerti.htm)[F](exhibit9970-52x109f2xcerti.htm)[ilings](exhibit9970-52x109f2xcerti.htm)[(CFO)](exhibit9970-52x109f2xcerti.htm)[- dated Aug](exhibit9970-52x109f2xcerti.htm)[ust](exhibit9970-52x109f2xcerti.htm)[14, 2025](exhibit9970-52x109f2xcerti.htm)</u> |
| 99.71\* | <u>[News](exhibit9971-newsreleasexda.htm)[R](exhibit9971-newsreleasexda.htm)[elease - dated Sept](exhibit9971-newsreleasexda.htm)[ember](exhibit9971-newsreleasexda.htm)[9, 2025](exhibit9971-newsreleasexda.htm)</u> |
| 99.72\* | <u>[News](exhibit9972-newsreleasexda.htm)[R](exhibit9972-newsreleasexda.htm)[elease - dated Sept](exhibit9972-newsreleasexda.htm)[ember](exhibit9972-newsreleasexda.htm)[15, 2025](exhibit9972-newsreleasexda.htm)</u> |
| 99.73\* | <u>[News](exhibit9973-newsreleasexda.htm)[R](exhibit9973-newsreleasexda.htm)[elease - dated Sept](exhibit9973-newsreleasexda.htm)[ember](exhibit9973-newsreleasexda.htm)[25, 2025](exhibit9973-newsreleasexda.htm)</u> |
| 99.74\* | <u>[News](exhibit9974-newsreleasexda.htm)[R](exhibit9974-newsreleasexda.htm)[elease - dated Oct](exhibit9974-newsreleasexda.htm)[o](exhibit9974-newsreleasexda.htm)[ber](exhibit9974-newsreleasexda.htm)[15, 2025](exhibit9974-newsreleasexda.htm)</u> |
| 99.75\* | <u>[News](exhibit9975-newsreleasexda.htm)[R](exhibit9975-newsreleasexda.htm)[elease - dated Oct](exhibit9975-newsreleasexda.htm)[ober](exhibit9975-newsreleasexda.htm)[29, 2025](exhibit9975-newsreleasexda.htm)</u> |
| 99.76\* | <u>[News](exhibit9976-newsreleasexda.htm)[R](exhibit9976-newsreleasexda.htm)[elease - dated Nov](exhibit9976-newsreleasexda.htm)[ember](exhibit9976-newsreleasexda.htm)[4, 2025](exhibit9976-newsreleasexda.htm)</u> |
| 99.77\* | <u>[Unaudited Condensed](exhibit9977-interimfinanci.htm)[Interim](exhibit9977-interimfinanci.htm)[F](exhibit9977-interimfinanci.htm)[inancial](exhibit9977-interimfinanci.htm)[S](exhibit9977-interimfinanci.htm)[tatements](exhibit9977-interimfinanci.htm)[for the Three- and Nine-Month Periods ended](exhibit9977-interimfinanci.htm)[Sept](exhibit9977-interimfinanci.htm)[ember](exhibit9977-interimfinanci.htm)[30, 2025 and 2024](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](exhibit9978-interimmdaxdat.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.79\* | <u>[52-109F2 - Certification of](exhibit9979-52x109f2xcerti.htm)[I](exhibit9979-52x109f2xcerti.htm)[nterim](exhibit9979-52x109f2xcerti.htm)[F](exhibit9979-52x109f2xcerti.htm)[ilings](exhibit9979-52x109f2xcerti.htm)[(](exhibit9979-52x109f2xcerti.htm)[CEO](exhibit9979-52x109f2xcerti.htm)[) -](exhibit9979-52x109f2xcerti.htm)[dated Nov](exhibit9979-52x109f2xcerti.htm)[ember](exhibit9979-52x109f2xcerti.htm)[11, 2025](exhibit9979-52x109f2xcerti.htm)</u> |
| 99.80\* | <u>[52-109F2 - Certification of](exhibit9980-52x109f2xcerti.htm)[I](exhibit9980-52x109f2xcerti.htm)[nterim](exhibit9980-52x109f2xcerti.htm)[F](exhibit9980-52x109f2xcerti.htm)[ilings](exhibit9980-52x109f2xcerti.htm)[(](exhibit9980-52x109f2xcerti.htm)[CFO](exhibit9980-52x109f2xcerti.htm)[) -](exhibit9980-52x109f2xcerti.htm)[dated Nov](exhibit9980-52x109f2xcerti.htm)[ember](exhibit9980-52x109f2xcerti.htm)[11, 2025](exhibit9980-52x109f2xcerti.htm)</u> |
| 99.81\* | <u>[News](exhibit9981-newsreleasexda.htm)[R](exhibit9981-newsreleasexda.htm)[elease - dated Nov](exhibit9981-newsreleasexda.htm)[ember](exhibit9981-newsreleasexda.htm)[11, 2025](exhibit9981-newsreleasexda.htm)</u> |
| 99.82\* | <u>[News](exhibit9982-newsreleasexda.htm)[R](exhibit9982-newsreleasexda.htm)[elease - date Nov](exhibit9982-newsreleasexda.htm)[ember](exhibit9982-newsreleasexda.htm)[19, 2025](exhibit9982-newsreleasexda.htm)</u> |
| 99.83\* | <u>[News](exhibit9983-newsreleasexda.htm)[R](exhibit9983-newsreleasexda.htm)[elease - dated Nov](exhibit9983-newsreleasexda.htm)[ember](exhibit9983-newsreleasexda.htm)[26, 2025](exhibit9983-newsreleasexda.htm)</u> |
| 99.84\* | <u>[News](exhibit9984-newsreleasexda.htm)[R](exhibit9984-newsreleasexda.htm)[elease - dated Dec](exhibit9984-newsreleasexda.htm)[ember](exhibit9984-newsreleasexda.htm)[9, 2025](exhibit9984-newsreleasexda.htm)</u> |
| 99.85\* | <u>[News](exhibit9985-newsreleasexda.htm)[R](exhibit9985-newsreleasexda.htm)[elease - dated Dec](exhibit9985-newsreleasexda.htm)[ember](exhibit9985-newsreleasexda.htm)[16, 2025](exhibit9985-newsreleasexda.htm)</u> |
| 99.86 | 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 |
| 99.87\* | <u>[News](exhibit9987-newsreleasexda.htm)[R](exhibit9987-newsreleasexda.htm)[elease - dated Dec](exhibit9987-newsreleasexda.htm)[ember](exhibit9987-newsreleasexda.htm)[18, 2025](exhibit9987-newsreleasexda.htm)</u> |
| 99.88 | NI 43-101 Technical Report - Preliminary Economic Assessment for Boumadine Polymetallic Project, Kingdom of Morocco - dated December 18, 2025 |
| 99.89\* | <u>[Certificate of Amalgamation - dated January 1, 2026](exhibit9989-otherxcertific.htm)</u> |
| 99.90\* | <u>[News](exhibit9990-newsreleasexda.htm)[R](exhibit9990-newsreleasexda.htm)[elease - dated Jan](exhibit9990-newsreleasexda.htm)[uary](exhibit9990-newsreleasexda.htm)[13, 2026](exhibit9990-newsreleasexda.htm)</u> |
| 99.91\* | <u>[News](exhibit9991-newsreleasexda.htm)[R](exhibit9991-newsreleasexda.htm)[elease - dated Jan](exhibit9991-newsreleasexda.htm)[uary](exhibit9991-newsreleasexda.htm)[14, 2026](exhibit9991-newsreleasexda.htm)</u> |
| 99.92\* | <u>[News](exhibit9992-newsreleasexda.htm)[R](exhibit9992-newsreleasexda.htm)[elease - dated Jan](exhibit9992-newsreleasexda.htm)[uary](exhibit9992-newsreleasexda.htm)[20, 2026](exhibit9992-newsreleasexda.htm)</u> |
| 99.93\* | <u>[News](exhibit9993-newsreleasexda.htm)[R](exhibit9993-newsreleasexda.htm)[elease - dated Jan](exhibit9993-newsreleasexda.htm)[uary](exhibit9993-newsreleasexda.htm)[21, 2026](exhibit9993-newsreleasexda.htm)</u> |
| 99.94\* | <u>[News](exhibit9994-newsreleasexda.htm)[R](exhibit9994-newsreleasexda.htm)[elease - dated Jan](exhibit9994-newsreleasexda.htm)[uary](exhibit9994-newsreleasexda.htm)[27, 2026](exhibit9994-newsreleasexda.htm)</u> |
| 99.95\* | <u>[News](exhibit9995-newsreleasexda.htm)[R](exhibit9995-newsreleasexda.htm)[elease - dated Feb](exhibit9995-newsreleasexda.htm)[ruary](exhibit9995-newsreleasexda.htm)[18, 2026](exhibit9995-newsreleasexda.htm)</u> |
| 99.96\* | <u>[News](exhibit9996-newsreleasexda.htm)[R](exhibit9996-newsreleasexda.htm)[elease - dated Feb](exhibit9996-newsreleasexda.htm)[ruary](exhibit9996-newsreleasexda.htm)[24, 2026](exhibit9996-newsreleasexda.htm)</u> |
| 99.97\* | <u>[News](exhibit9997-newsreleasexda.htm)[R](exhibit9997-newsreleasexda.htm)[elease - dated Mar](exhibit9997-newsreleasexda.htm)[ch](exhibit9997-newsreleasexda.htm)[12, 2026](exhibit9997-newsreleasexda.htm)</u> |
| 99.98\* | <u>[Notice of Meeting and Record Date - dated March 26, 2026](exhibit9998-noticeofmeetin.htm)</u> |
| 99.99\* | <u>[News](exhibit9999-q42025earnings.htm)[R](exhibit9999-q42025earnings.htm)[elease - dated](exhibit9999-q42025earnings.htm)[Mar](exhibit9999-q42025earnings.htm)[ch](exhibit9999-q42025earnings.htm)[31](exhibit9999-q42025earnings.htm)[, 2026](exhibit9999-q42025earnings.htm)</u> |
| 99.100\* | <u>[52-109F1 - Certification of](exhibit99100-ayaceoform52x.htm)[A](exhibit99100-ayaceoform52x.htm)[nnual](exhibit99100-ayaceoform52x.htm)[F](exhibit99100-ayaceoform52x.htm)[ilings](exhibit99100-ayaceoform52x.htm)[(](exhibit99100-ayaceoform52x.htm)[C](exhibit99100-ayaceoform52x.htm)[EO](exhibit99100-ayaceoform52x.htm)[) - dated March 31, 2026](exhibit99100-ayaceoform52x.htm)</u> |
| 99.101\* | <u>[52-109F1 - Certification of](exhibit99101-ayacfoform52x.htm)[A](exhibit99101-ayacfoform52x.htm)[nnual](exhibit99101-ayacfoform52x.htm)[F](exhibit99101-ayacfoform52x.htm)[ilings](exhibit99101-ayacfoform52x.htm)[(](exhibit99101-ayacfoform52x.htm)[CFO](exhibit99101-ayacfoform52x.htm)[) - dated March 3](exhibit99101-ayacfoform52x.htm)[1, 2026](exhibit99101-ayacfoform52x.htm)</u> |
| 99.102 | Annual information Form for the Year Ended December 31, 2025 |
| 99.103\* | <u>[Management's Discussion and Analysis for the Year and Quarter Ended December 31, 2025 and 2024](exhibit99103-annualmdaxdat.htm)</u> |
| 99.104\* | <u>[Audited](exhibit99104-auditedannual.htm)[C](exhibit99104-auditedannual.htm)[onsolidated](exhibit99104-auditedannual.htm)[F](exhibit99104-auditedannual.htm)[inancial](exhibit99104-auditedannual.htm)[S](exhibit99104-auditedannual.htm)[tatements](exhibit99104-auditedannual.htm)[for the Years Ended](exhibit99104-auditedannual.htm)[Dec](exhibit99104-auditedannual.htm)[ember](exhibit99104-auditedannual.htm)[31, 2025 and 2024](exhibit99104-auditedannual.htm)</u> |
| 99.105 | AB Form 13-501F1 - Participation Fee for the Year Ended December 31, 2025 |
| 99.106 | ON Form 13-502F1 - Participation Fee for the Year Ended December 31, 2025 |
| 99.107 | Consent of William Stone |
| 99.108 | Consent of Antoine Yassa |
| 99.109 | Consent of Jarita Barry |
| 99.110 | Consent of Fred Brown |
| 99.111 | Consent of Eugene Puritch |
| 99.112 | Consent of David Lalonde |
| 99.113 | Consent of Patrick Pérez |
| 99.114\* | <u>[Consent of KPMG LLP](exhibit99114-40xf.htm)</u> |
| 99.115 | Consent of Oliver Bertoli |
| 99.116 | Consent of Abraham Whaanga |
| 99.117 | Consent of Honza Catchpole |
| 99.118 | Consent of Raphael Beaudoin |
| 99.119 | Consent of Sebastian Humphrey |
| 99.120 | Consent of David Vilder |
| 99.121 | Consent of Preetham Nayak |
| 99.122 | Consent of Ruan Venter |

---

------

99.123 Consent of Zuned Shaikh

99.124 Consent of Benjamin Berson

99.125 Consent of Alex Pheiffer

99.126 Consent of George Papageorgiou

99.127 Consent of Cortney Palleske

_______________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogo.jpg](ayalogo.jpg) |

---

**Aya Gold & Silver Reports Zgounder Near Pit and At-Depth High-Grade Silver Drill Results** 

**Montreal, Quebec, January 7, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce additional high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

&nbsp;&nbsp;&nbsp;&nbsp;**Highlights** *(all intersections are in core lengths)*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **In the Eastern Zone near the open-pit area:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-277** intercepted 2,425 g/t grams per tonne ("g/t") silver ("Ag") over 17.0 meters ("m"), including 6,311 g/t Ag over 5.0m <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-228** intercepted 1,356 g/t Ag over 20.0m, including 1,799 g/t Ag over 14.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-345** intercepted 876 g/t Ag over 16.0m, including 2,018 g/t Ag over 5.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-154** intercepted 711g/t Ag over 19.0m, including 1,229 g/t Ag over 7.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;• In the Central Zone from the 1,950m level: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-24-219** intercepted 321 g/t Ag over 21.0 m, and 396 g/t Ag over 11.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-24-293** intercepted 1,119 g/t Ag over 6.0m, including 2,432 g/t Ag over 2.5m<br>&nbsp;&nbsp;&nbsp;&nbsp;• At depth near the granite contact: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-24-206** intercepted 1,071 g/t Ag over 3.5m, and 1,299 g/t Ag over 3.5m including 3,640 g/t Ag over 1.0m <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-24-218** intercepted 636 g/t Ag over 11.0m including 1,560 g/t Ag over 4.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;• 34,809m of the 2024 exploration program drilled year to date<br>

------

**"Today's high-grade silver drill results, particularly from holes ZG-RC-24-277 and ZG-RC-24-228, confirm the continuity of silver mineralization at Zgounder," said Benoit La Salle, President & CEO. "The exceptional intercepts from these holes highlight the potential to significantly increase high-grade ounces within and near the open pit area, strengthening our confidence in expanding open-pit operations in the near term. Additionally, high-grade intercepts near the granite contact, such as ZG-SF-24-206 and ZG-SF-24-218, further emphasize the opportunity for resource expansion at depth. With four underground and one RC rig currently active, we anticipate a steady flow of results in the coming months to further enhance our understanding and resource potential."** 

Included in this release are results from 291 holes, which include 6 surface Diamond Drill ("DDH"), 99 underground DDH, 123 Reverse Circulation ("RC"), 41 T28 and 22 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

**Table 1 –** Significant Intercepts from Drilling at Zgounder (core lengths)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag**<br>**(g/t)** | **Length (m)\*** | **Ag x width** |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| **ZG-SF-24-206** | 273.5  | 277.0  | 1071  | 3.5  | 3748  |
| **ZG-SF-24-206** | 298.5  | 302.0  | 1299  | 3.5  | 4548  |
| Including | 298.5  | 299.5  | 3640  | 1.0  | 3640  |
| **ZG-SF-24-218** | 129.0  | 140.0  | 636  | 11.0  | 6996  |
| Including | 133.0  | 137.0  | 1560  | 4.0  | 6238  |
| DZG-SF-24-163 | 6.0  | 7.5  | 4720  | 1.5  | 7080  |
| DZG-SF-24-187 | 28.5  | 38.0  | 493  | 9.5  | 4682  |
| DZG-SF-24-188 | 31.5  | 46.0  | 412  | 14.5  | 5979  |
| **DZG-SF-24-219** | 13.5  | 34.5  | 321  | 21.0  | 6736  |
| **DZG-SF-24-219** | 44.0  | 55.0  | 396  | 11.0  | 4352  |
| **DZG-SF-24-293** | 34.0  | 40.0  | 1119  | 6.0  | 6712  |
| Including | 34.0  | 36.5  | 2432  | 2.5  | 6080  |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-153 | 61.0  | 65.0  | 1681  | 4.0  | 6724  |
| **ZG-RC-24-154** | 19.0  | 38.0  | 711  | 19.0  | 13512  |
| Including | 19.0  | 26.0  | 1229  | 7.0  | 8604  |
| ZG-RC-24-167 | 0.0  | 7.0  | 1153  | 7.0  | 8068  |
| Including | 3.0  | 5.0  | 3680  | 2.0  | 7360  |
| ZG-RC-24-168 | 24.0  | 40.0  | 609  | 16.0  | 9748  |
| Including | 35.0  | 38.0  | 2132  | 3.0  | 6396  |
| ZG-RC-24-169 | 20.0  | 42.0  | 485  | 22.0  | 10680  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Including | 23.0  | 26.0  | 1331  | 3.0  | 3992  |
| ZG-RC-24-220 | 1.0  | 20.0  | 211  | 19.0  | 4016  |
| **ZG-RC-24-228** | 25.0  | 45.0  | 1356  | 20.0  | 27128  |
| Including | 28.0  | 42.0  | 1799  | 14.0  | 25192  |
| ZG-RC-24-234 | 0.0  | 2.0  | 3660  | 2.0  | 7320  |
| ZG-RC-24-234 | 6.0  | 7.0  | 7040  | 1.0  | 7040  |
| ZG-RC-24-235 | 0.0  | 13.0  | 778  | 13.0  | 10116  |
| Including | 0.0  | 1.0  | 6880  | 1.0  | 6880  |
| **ZG-RC-24-277** | 33.0  | 50.0  | 2425  | 17.0  | 41232  |
| Including | 37.0  | 42.0  | 6311  | 5.0  | 31556  |
| ZG-RC-24-303 | 22.0  | 28.0  | 1970  | 6.0  | 11820  |
| ZG-RC-24-318 | 8.0  | 17.0  | 1143  | 9.0  | 10284  |
| Including | 12.0  | 14.0  | 4598  | 2.0  | 9196  |
| ZG-RC-24-318 | 35.0  | 47.0  | 580  | 12.0  | 6965  |
| Including | 35.0  | 39.0  | 1001  | 4.0  | 4004  |
| **ZG-RC-24-345** | 15.0  | 31.0  | 876  | 16.0  | 14016  |
| Including | 22.0  | 27.0  | 2018  | 5.0  | 10092  |
| ZG-RC-24-347 | 26.0  | 29.0  | 2369  | 3.0  | 7108  |
| ZG-RC-24-353 | 8.0  | 10.0  | 2288  | 2.0  | 4576  |
| ZG-RC-24-355 | 0.0  | 20.0  | 555  | 20.0  | 11092  |
| Including | 9.0  | 12.0  | 1692  | 3.0  | 5076  |

---

------

**Figure 1:** Location of Drill Results at Zgounder

![figure1.jpg](figure1.jpg)

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the Zgounder Mine laboratory or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. At ZMSM, all samples are analyzed for silver only using Aqua regia and finished by AAS. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

------

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "confirm", "potential", "significant", "confidence", "expansion", "steady", "enhance" ,and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to significantly increase high-grade ounces within and near the open pit area, expanding open-pit operations in the near term, enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future

------

estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

------

**Appendix 1 -** Mineral Intercepts from Drilling at Zgounder (core lengths) 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length (m)\*** | **Ag x width** |
| | | | **(g/t)** | | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-24-103 | 9.0  | 10.5  | 92  | 1.5  | 138  |
| ZG-24-103 | 12.0  | 13.5  | 88  | 1.5  | 132  |
| ZG-24-107 | 20.0  | 21.0  | 144  | 1.0  | 144  |
| ZG-24-108 | 8.0  | 9.5  | 96  | 1.5  | 144  |
| ZG-24-108 | 13.0  | 14.0  | 104  | 1.0  | 104  |
| ZG-24-109 | 46.5  | 51.0  | 175  | 4.5  | 786  |
| ZG-24-109 | 60.0  | 61.5  | 88  | 1.5  | 132  |
| ZG-24-109 | 68.5  | 69.5  | 80  | 1.0  | 80  |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-167 | 92.0  | 93.5  | 76  | 1.5  | 114  |
| ZG-SF-24-196 | 214.5  | 215.0  | 76  | 0.5  | 38  |
| ZG-SF-24-197 | 56.5  | 58.0  | 269  | 1.5  | 404  |
| ZG-SF-24-197 | 65.5  | 66.5  | 184  | 1.0  | 184  |
| ZG-SF-24-206 | 248.0  | 249.0  | 148  | 1.0  | 148  |
| **ZG-SF-24-206** | 273.5  | 277.0  | 1071  | 3.5  | 3748  |
| ZG-SF-24-206 | 291.5  | 293.0  | 80  | 1.5  | 120  |
| **ZG-SF-24-206** | 298.5  | 302.0  | 1299  | 3.5  | 4548  |
| Including | 298.5  | 299.5  | 3640  | 1.0  | 3640  |
| ZG-SF-24-206 | 308.0  | 309.0  | 156  | 1.0  | 156  |
| ZG-SF-24-206 | 317.0  | 318.0  | 112  | 1.0  | 112  |
| **ZG-SF-24-218** | 129.0  | 140.0  | 636  | 11.0  | 6996  |
| Including | 133.0  | 137.0  | 1560  | 4.0  | 6238  |
| ZG-SF-24-241 | 115.5  | 116.0  | 124  | 0.5  | 62  |
| DZG-SF-24-155 | 15.0  | 21.0  | 146  | 6.0  | 876  |
| DZG-SF-24-159 | 1.5  | 7.5  | 146  | 6.0  | 876  |
| DZG-SF-24-159 | 15.0  | 16.5  | 76  | 1.5  | 114  |
| DZG-SF-24-159 | 33.0  | 34.0  | 100  | 1.0  | 100  |
| DZG-SF-24-159 | 47.0  | 48.5  | 96  | 1.5  | 144  |
| DZG-SF-24-160 | 7.5  | 9.0  | 84  | 1.5  | 126  |
| DZG-SF-24-162 | 13.5  | 21.0  | 95  | 7.5  | 710  |
| DZG-SF-24-162 | 34.5  | 36.0  | 93  | 1.5  | 140  |
| DZG-SF-24-162 | 64.0  | 65.0  | 260  | 1.0  | 260  |
| DZG-SF-24-163 | 1.5  | 4.5  | 108  | 3.0  | 324  |
| DZG-SF-24-163 | 6.0  | 7.5  | 4720  | 1.5  | 7080  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-163 | 13.5  | 15.0  | 384  | 1.5  | 576  |
| DZG-SF-24-163 | 27.0  | 28.5  | 104  | 1.5  | 156  |
| DZG-SF-24-165 | 46.0  | 47.0  | 240  | 1.0  | 240  |
| DZG-SF-24-167 | 30.0  | 31.5  | 128  | 1.5  | 192  |
| DZG-SF-24-167 | 36.0  | 37.5  | 104  | 1.5  | 156  |
| DZG-SF-24-180 | 39.0  | 40.5  | 128  | 1.5  | 192  |
| DZG-SF-24-185 | 1.5  | 3.0  | 1008  | 1.5  | 1512  |
| DZG-SF-24-186 | 39.0  | 40.0  | 92  | 1.0  | 92  |
| DZG-SF-24-187 | 28.5  | 38.0  | 493  | 9.5  | 4682  |
| Including | 35.5  | 38.0  | 1050  | 2.5  | 2626  |
| DZG-SF-24-188 | 31.5  | 46.0  | 412  | 14.5  | 5979  |
| Including | 31.5  | 33.0  | 1274  | 1.5  | 1911  |
| DZG-SF-24-189 | 29.5  | 32.5  | 144  | 3.0  | 432  |
| DZG-SF-24-210 | 21.5  | 24.5  | 194  | 3.0  | 582  |
| DZG-SF-24-210 | 30.0  | 31.0  | 300  | 1.0  | 300  |
| DZG-SF-24-211 | 10.5  | 12.0  | 340  | 1.5  | 510  |
| DZG-SF-24-218 | 20.0  | 21.5  | 312  | 1.5  | 468  |
| **DZG-SF-24-219** | 13.5  | 34.5  | 321  | 21.0  | 6736  |
| Including | 20.0  | 21.0  | 3310  | 1.0  | 3310  |
| **DZG-SF-24-219** | 44.0  | 55.0  | 396  | 11.0  | 4352  |
| Including | 44.0  | 46.5  | 1117  | 2.5  | 2792  |
| DZG-SF-24-221 | 17.5  | 22.5  | 285  | 5.0  | 1424  |
| DZG-SF-24-224 | 14.0  | 18.0  | 655  | 4.0  | 2618  |
| Including | 14.5  | 15.5  | 2372  | 1.0  | 2372  |
| DZG-SF-24-224 | 51.0  | 52.5  | 144  | 1.5  | 216  |
| DZG-SF-24-224 | 55.5  | 56.5  | 84  | 1.0  | 84  |
| DZG-SF-24-226 | 57.0  | 60.0  | 299  | 3.0  | 896  |
| DZG-SF-24-228 | 17.0  | 25.5  | 123  | 8.5  | 1044  |
| DZG-SF-24-228 | 31.5  | 33.0  | 88  | 1.5  | 132  |
| DZG-SF-24-228 | 42.0  | 43.5  | 152  | 1.5  | 228  |
| DZG-SF-24-228 | 46.0  | 47.0  | 160  | 1.0  | 160  |
| DZG-SF-24-228 | 55.0  | 60.0  | 250  | 5.0  | 1252  |
| DZG-SF-24-248 | 18.0  | 19.5  | 116  | 1.5  | 174  |
| DZG-SF-24-248 | 24.0  | 25.5  | 120  | 1.5  | 180  |
| DZG-SF-24-248 | 28.5  | 31.0  | 144  | 2.5  | 360  |
| DZG-SF-24-248 | 34.0  | 39.0  | 625  | 5.0  | 3126  |
| Including | 34.5  | 35.5  | 2194  | 1.0  | 2194  |
| DZG-SF-24-250 | 15.0  | 16.0  | 148  | 1.0  | 148  |
| DZG-SF-24-250 | 22.5  | 24.0  | 184  | 1.5  | 276  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-251 | 6.0  | 7.5  | 340  | 1.5  | 510  |
| DZG-SF-24-251 | 15.5  | 19.5  | 227  | 4.0  | 906  |
| DZG-SF-24-251 | 25.0  | 28.0  | 521  | 3.0  | 1564  |
| DZG-SF-24-252 | 18.5  | 20.0  | 128  | 1.5  | 192  |
| DZG-SF-24-252 | 24.5  | 30.5  | 115  | 6.0  | 688  |
| DZG-SF-24-254 | 13.0  | 14.5  | 248  | 1.5  | 372  |
| DZG-SF-24-255 | 19.0  | 21.0  | 546  | 2.0  | 1092  |
| DZG-SF-24-255 | 27.0  | 28.0  | 88  | 1.0  | 88  |
| DZG-SF-24-255 | 29.0  | 30.0  | 100  | 1.0  | 100  |
| DZG-SF-24-255 | 33.5  | 34.5  | 204  | 1.0  | 204  |
| DZG-SF-24-255 | 47.0  | 48.5  | 132  | 1.5  | 198  |
| DZG-SF-24-256 | 20.5  | 22.0  | 84  | 1.5  | 126  |
| DZG-SF-24-256 | 23.0  | 24.0  | 88  | 1.0  | 88  |
| DZG-SF-24-256 | 26.0  | 27.0  | 84  | 1.0  | 84  |
| DZG-SF-24-256 | 32.5  | 33.5  | 96  | 1.0  | 96  |
| DZG-SF-24-256 | 34.5  | 35.5  | 84  | 1.0  | 84  |
| DZG-SF-24-256 | 38.0  | 39.0  | 124  | 1.0  | 124  |
| DZG-SF-24-257 | 24.5  | 27.5  | 320  | 3.0  | 960  |
| DZG-SF-24-257 | 36.5  | 39.5  | 312  | 3.0  | 936  |
| DZG-SF-24-257 | 44.0  | 47.0  | 188  | 3.0  | 564  |
| DZG-SF-24-257 | 54.5  | 56.0  | 164  | 1.5  | 246  |
| DZG-SF-24-258 | 39.5  | 40.5  | 112  | 1.0  | 112  |
| DZG-SF-24-259 | 23.5  | 32.0  | 116  | 8.5  | 984  |
| DZG-SF-24-259 | 42.0  | 43.0  | 200  | 1.0  | 200  |
| DZG-SF-24-260 | 10.0  | 11.0  | 268  | 1.0  | 268  |
| DZG-SF-24-260 | 37.0  | 38.5  | 184  | 1.5  | 276  |
| DZG-SF-24-260 | 52.5  | 57.5  | 559  | 5.0  | 2794  |
| Including | 52.5  | 53.0  | 4080  | 0.5  | 2040  |
| DZG-SF-24-260 | 60.5  | 62.0  | 128  | 1.5  | 192  |
| DZG-SF-24-261 | 47.0  | 48.0  | 1208  | 1.0  | 1208  |
| Including | 38.0  | 47.0  | 213  | 9.0  | 1914  |
| DZG-SF-24-261 | 58.0  | 59.0  | 92  | 1.0  | 92  |
| DZG-SF-24-262 | 34.5  | 48.5  | 102  | 14.0  | 1424  |
| DZG-SF-24-263 | 30.5  | 40.0  | 109  | 9.5  | 1036  |
| DZG-SF-24-264 | 17.0  | 22.0  | 83  | 5.0  | 416  |
| DZG-SF-24-264 | 51.5  | 54.5  | 112  | 3.0  | 336  |
| DZG-SF-24-265 | 1.0  | 2.0  | 164  | 1.0  | 164  |
| DZG-SF-24-265 | 6.0  | 7.0  | 320  | 1.0  | 320  |
| DZG-SF-24-266 | 29.5  | 30.5  | 100  | 1.0  | 100  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-266 | 32.5  | 34.0  | 100  | 1.5  | 150  |
| DZG-SF-24-267 | 21.5  | 22.5  | 152  | 1.0  | 152  |
| DZG-SF-24-267 | 26.0  | 27.0  | 148  | 1.0  | 148  |
| DZG-SF-24-267 | 42.0  | 43.0  | 76  | 1.0  | 76  |
| DZG-SF-24-267 | 54.0  | 55.0  | 84  | 1.0  | 84  |
| DZG-SF-24-280 | 24.0  | 25.5  | 140  | 1.5  | 210  |
| DZG-SF-24-280 | 31.5  | 33.0  | 288  | 1.5  | 432  |
| **DZG-SF-24-293** | 34.0  | 40.0  | 1119  | 6.0  | 6712  |
| Including | 34.0  | 36.5  | 2432  | 2.5  | 6080  |
| DZG-SF-24-294 | 43.5  | 45.0  | 284  | 1.5  | 426  |
| DZG-SF-24-294 | 54.0  | 55.5  | 276  | 1.5  | 414  |
| DZG-SF-24-299 | 1.5  | 3.0  | 348  | 1.5  | 522  |
| DZG-SF-24-331 | 47.0  | 48.0  | 80  | 1.0  | 80  |
| DZG-SF-24-331 | 51.0  | 52.0  | 116  | 1.0  | 116  |
| DZG-SF-24-331 | 56.0  | 57.0  | 104  | 1.0  | 104  |
| DZG-SF-24-333 | 45.0  | 50.0  | 254  | 5.0  | 1268  |
| DZG-SF-24-334 | 10.5  | 13.5  | 188  | 3.0  | 564  |
| DZG-SF-24-334 | 16.5  | 18.0  | 80  | 1.5  | 120  |
| DZG-SF-24-335 | 10.0  | 11.5  | 528  | 1.5  | 792  |
| DZG-SF-24-335 | 16.0  | 17.5  | 608  | 1.5  | 912  |
| DZG-SF-24-335 | 31.5  | 40.5  | 214  | 9.0  | 1926  |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-138 | 27.0  | 28.0  | 536  | 1.0  | 536  |
| ZG-RC-24-138 | 37.0  | 40.0  | 247  | 3.0  | 740  |
| ZG-RC-24-153 | 61.0  | 65.0  | 1681  | 4.0  | 6724  |
| ZG-RC-24-154 | 0.0  | 15.0  | 220  | 15.0  | 3304  |
| **ZG-RC-24-154** | 19.0  | 38.0  | 711  | 19.0  | 13512  |
| Including | 19.0  | 26.0  | 1229  | 7.0  | 8604  |
| ZG-RC-24-154 | 42.0  | 43.0  | 140  | 1.0  | 140  |
| ZG-RC-24-154 | 49.0  | 50.0  | 148  | 1.0  | 148  |
| ZG-RC-24-166 | 67.0  | 69.0  | 180  | 2.0  | 360  |
| ZG-RC-24-167 | 0.0  | 7.0  | 1153  | 7.0  | 8068  |
| Including | 3.0  | 5.0  | 3680  | 2.0  | 7360  |
| ZG-RC-24-168 | 2.0  | 3.0  | 184  | 1.0  | 184  |
| ZG-RC-24-168 | 24.0  | 40.0  | 609  | 16.0  | 9748  |
| Including | 35.0  | 38.0  | 2132  | 3.0  | 6396  |
| ZG-RC-24-169 | 20.0  | 42.0  | 485  | 22.0  | 10680  |
| Including | 23.0  | 26.0  | 1331  | 3.0  | 3992  |
| ZG-RC-24-179 | 36.0  | 38.0  | 156  | 2.0  | 312  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-182 | 25.0  | 26.0  | 140  | 1.0  | 140  |
| ZG-RC-24-194 | 3.0  | 4.0  | 200  | 1.0  | 200  |
| ZG-RC-24-194 | 6.0  | 7.0  | 76  | 1.0  | 76  |
| ZG-RC-24-195 | 11.0  | 14.0  | 644  | 3.0  | 1932  |
| ZG-RC-24-219 | 14.0  | 23.0  | 213  | 9.0  | 1913  |
| ZG-RC-24-219 | 45.0  | 46.0  | 816  | 1.0  | 816  |
| ZG-RC-24-220 | 1.0  | 20.0  | 211  | 19.0  | 4016  |
| ZG-RC-24-220 | 56.0  | 57.0  | 440  | 1.0  | 440  |
| ZG-RC-24-221 | 4.0  | 5.0  | 432  | 1.0  | 432  |
| ZG-RC-24-221 | 10.0  | 16.0  | 122  | 6.0  | 732  |
| ZG-RC-24-221 | 18.0  | 19.0  | 116  | 1.0  | 116  |
| ZG-RC-24-221 | 24.0  | 25.0  | 88  | 1.0  | 88  |
| ZG-RC-24-221 | 55.0  | 56.0  | 92  | 1.0  | 92  |
| ZG-RC-24-222 | 1.0  | 2.0  | 96  | 1.0  | 96  |
| ZG-RC-24-222 | 3.0  | 5.0  | 106  | 2.0  | 212  |
| ZG-RC-24-222 | 8.0  | 27.0  | 127  | 19.0  | 2408  |
| ZG-RC-24-222 | 30.0  | 31.0  | 172  | 1.0  | 172  |
| ZG-RC-24-228 | 10.0  | 11.0  | 116  | 1.0  | 116  |
| **ZG-RC-24-228** | 25.0  | 45.0  | 1356  | 20.0  | 27128  |
| Including | 28.0  | 42.0  | 1799  | 14.0  | 25192  |
| ZG-RC-24-228 | 79.0  | 80.0  | 76  | 1.0  | 76  |
| ZG-RC-24-229 | 54.0  | 55.0  | 100  | 1.0  | 100  |
| ZG-RC-24-234 | 0.0  | 2.0  | 3660  | 2.0  | 7320  |
| ZG-RC-24-234 | 6.0  | 7.0  | 7040  | 1.0  | 7040  |
| ZG-RC-24-235 | 0.0  | 13.0  | 778  | 13.0  | 10116  |
| Including | 0.0  | 1.0  | 6880  | 1.0  | 6880  |
| ZG-RC-24-236 | 0.0  | 1.0  | 380  | 1.0  | 380  |
| ZG-RC-24-237 | 6.0  | 12.0  | 192  | 6.0  | 1152  |
| ZG-RC-24-239 | 1.0  | 6.0  | 442  | 5.0  | 2208  |
| ZG-RC-24-247 | 26.0  | 35.0  | 185  | 9.0  | 1668  |
| ZG-RC-24-249 | 46.0  | 47.0  | 156  | 1.0  | 156  |
| ZG-RC-24-250 | 10.0  | 11.0  | 128  | 1.0  | 128  |
| ZG-RC-24-250 | 13.0  | 14.0  | 84  | 1.0  | 84  |
| ZG-RC-24-250 | 17.0  | 18.0  | 76  | 1.0  | 76  |
| ZG-RC-24-250 | 19.0  | 20.0  | 84  | 1.0  | 84  |
| ZG-RC-24-250 | 40.0  | 41.0  | 476  | 1.0  | 476  |
| ZG-RC-24-250 | 72.0  | 73.0  | 680  | 1.0  | 680  |
| ZG-RC-24-258 | 1.0  | 3.0  | 214  | 2.0  | 428  |
| ZG-RC-24-258 | 24.0  | 25.0  | 636  | 1.0  | 636  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-258 | 62.0  | 63.0  | 84  | 1.0  | 84  |
| ZG-RC-24-259 | 0.0  | 1.0  | 128  | 1.0  | 128  |
| ZG-RC-24-259 | 32.0  | 36.0  | 446  | 4.0  | 1784  |
| ZG-RC-24-259 | 40.0  | 43.0  | 177  | 3.0  | 532  |
| ZG-RC-24-260 | 68.0  | 69.0  | 332  | 1.0  | 332  |
| ZG-RC-24-261 | 46.0  | 48.0  | 566  | 2.0  | 1132  |
| ZG-RC-24-262 | 4.0  | 9.0  | 267  | 5.0  | 1333  |
| ZG-RC-24-263 | 12.0  | 13.0  | 220  | 1.0  | 220  |
| ZG-RC-24-266 | 25.0  | 26.0  | 132  | 1.0  | 132  |
| ZG-RC-24-268 | 0.0  | 1.0  | 88  | 1.0  | 88  |
| ZG-RC-24-276 | 50.0  | 52.0  | 316  | 2.0  | 632  |
| ZG-RC-24-277 | 26.0  | 27.0  | 84  | 1.0  | 84  |
| ZG-RC-24-277 | 28.0  | 29.0  | 88  | 1.0  | 88  |
| ZG-RC-24-277 | 30.0  | 31.0  | 100  | 1.0  | 100  |
| **ZG-RC-24-277** | 33.0  | 50.0  | 2425  | 17.0  | 41232  |
| Including | 37.0  | 42.0  | 6311  | 5.0  | 31556  |
| ZG-RC-24-278 | 61.0  | 62.0  | 80  | 1.0  | 80  |
| ZG-RC-24-280 | 29.0  | 30.0  | 80  | 1.0  | 80  |
| ZG-RC-24-281 | 8.0  | 9.0  | 112  | 1.0  | 112  |
| ZG-RC-24-281 | 22.0  | 24.0  | 94  | 2.0  | 188  |
| ZG-RC-24-281 | 86.0  | 87.0  | 76  | 1.0  | 76  |
| ZG-RC-24-290 | 8.0  | 9.0  | 80  | 1.0  | 80  |
| ZG-RC-24-291 | 35.0  | 42.0  | 458  | 7.0  | 3204  |
| Including | 37.0  | 40.0  | 939  | 3.0  | 2816  |
| ZG-RC-24-291 | 44.0  | 45.0  | 84  | 1.0  | 84  |
| ZG-RC-24-291 | 55.0  | 57.0  | 124  | 2.0  | 248  |
| ZG-RC-24-294 | 20.0  | 21.0  | 1092  | 1.0  | 1092  |
| ZG-RC-24-294 | 48.0  | 49.0  | 88  | 1.0  | 88  |
| ZG-RC-24-301 | 1.0  | 3.0  | 102  | 2.0  | 204  |
| ZG-RC-24-301 | 16.0  | 21.0  | 484  | 5.0  | 2420  |
| ZG-RC-24-303 | 3.0  | 4.0  | 160  | 1.0  | 160  |
| ZG-RC-24-303 | 22.0  | 28.0  | 1970  | 6.0  | 11820  |
| ZG-RC-24-304 | 18.0  | 19.0  | 116  | 1.0  | 116  |
| ZG-RC-24-304 | 62.0  | 66.0  | 634  | 4.0  | 2536  |
| ZG-RC-24-304 | 69.0  | 70.0  | 112  | 1.0  | 112  |
| ZG-RC-24-308 | 0.0  | 1.0  | 108  | 1.0  | 108  |
| ZG-RC-24-308 | 6.0  | 7.0  | 116  | 1.0  | 116  |
| ZG-RC-24-308 | 14.0  | 15.0  | 124  | 1.0  | 124  |
| ZG-RC-24-308 | 18.0  | 19.0  | 104  | 1.0  | 104  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-311 | 31.0  | 36.0  | 394  | 5.0  | 1972  |
| ZG-RC-24-312 | 52.0  | 55.0  | 664  | 3.0  | 1992  |
| ZG-RC-24-313 | 13.0  | 16.0  | 419  | 3.0  | 1256  |
| ZG-RC-24-313 | 18.0  | 19.0  | 108  | 1.0  | 108  |
| ZG-RC-24-318 | 8.0  | 17.0  | 1143  | 9.0  | 10284  |
| Including | 12.0  | 14.0  | 4598  | 2.0  | 9196  |
| ZG-RC-24-318 | 35.0  | 47.0  | 580  | 12.0  | 6965  |
| Including | 35.0  | 39.0  | 1001  | 4.0  | 4004  |
| ZG-RC-24-319 | 36.0  | 37.0  | 76  | 1.0  | 76  |
| ZG-RC-24-320 | 42.0  | 43.0  | 80  | 1.0  | 80  |
| ZG-RC-24-324 | 0.0  | 4.0  | 148  | 4.0  | 592  |
| ZG-RC-24-325 | 19.0  | 21.0  | 474  | 2.0  | 948  |
| ZG-RC-24-325 | 43.0  | 47.0  | 287  | 4.0  | 1148  |
| ZG-RC-24-326 | 11.0  | 12.0  | 140  | 1.0  | 140  |
| ZG-RC-24-326 | 19.0  | 20.0  | 148  | 1.0  | 148  |
| ZG-RC-24-328 | 0.0  | 1.0  | 176  | 1.0  | 176  |
| ZG-RC-24-329 | 4.0  | 5.0  | 188  | 1.0  | 188  |
| ZG-RC-24-332 | 3.0  | 17.0  | 127  | 14.0  | 1780  |
| ZG-RC-24-335 | 1.0  | 3.0  | 82  | 2.0  | 164  |
| ZG-RC-24-335 | 6.0  | 7.0  | 136  | 1.0  | 136  |
| ZG-RC-24-341 | 0.0  | 3.0  | 275  | 3.0  | 824  |
| ZG-RC-24-342 | 30.0  | 39.0  | 210  | 9.0  | 1892  |
| ZG-RC-24-342 | 42.0  | 44.0  | 102  | 2.0  | 204  |
| ZG-RC-24-342 | 49.0  | 50.0  | 412  | 1.0  | 412  |
| ZG-RC-24-343 | 0.0  | 1.0  | 84  | 1.0  | 84  |
| ZG-RC-24-344 | 0.0  | 2.0  | 134  | 2.0  | 268  |
| ZG-RC-24-344 | 7.0  | 12.0  | 236  | 5.0  | 1180  |
| ZG-RC-24-344 | 16.0  | 17.0  | 112  | 1.0  | 112  |
| ZG-RC-24-344 | 21.0  | 22.0  | 116  | 1.0  | 116  |
| ZG-RC-24-344 | 28.0  | 33.0  | 130  | 5.0  | 648  |
| ZG-RC-24-344 | 38.0  | 45.0  | 194  | 7.0  | 1360  |
| ZG-RC-24-345 | 0.0  | 7.0  | 148  | 7.0  | 1036  |
| ZG-RC-24-345 | 10.0  | 11.0  | 76  | 1.0  | 76  |
| **ZG-RC-24-345** | 15.0  | 31.0  | 876  | 16.0  | 14016  |
| Including | 22.0  | 27.0  | 2018  | 5.0  | 10092  |
| ZG-RC-24-345 | 37.0  | 42.0  | 110  | 5.0  | 548  |
| ZG-RC-24-345 | 43.0  | 44.0  | 92  | 1.0  | 92  |
| ZG-RC-24-346 | 0.0  | 1.0  | 96  | 1.0  | 96  |
| ZG-RC-24-346 | 4.0  | 5.0  | 160  | 1.0  | 160  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-346 | 21.0  | 22.0  | 264  | 1.0  | 264  |
| ZG-RC-24-347 | 26.0  | 29.0  | 2369  | 3.0  | 7108  |
| ZG-RC-24-349 | 2.0  | 6.0  | 110  | 4.0  | 440  |
| ZG-RC-24-349 | 8.0  | 9.0  | 100  | 1.0  | 100  |
| ZG-RC-24-349 | 25.0  | 31.0  | 247  | 6.0  | 1484  |
| ZG-RC-24-349 | 58.0  | 59.0  | 140  | 1.0  | 140  |
| ZG-RC-24-350 | 1.0  | 2.0  | 272  | 1.0  | 272  |
| ZG-RC-24-350 | 7.0  | 8.0  | 80  | 1.0  | 80  |
| ZG-RC-24-350 | 24.0  | 26.0  | 296  | 2.0  | 592  |
| ZG-RC-24-351 | 0.0  | 1.0  | 80  | 1.0  | 80  |
| ZG-RC-24-351 | 3.0  | 16.0  | 125  | 13.0  | 1620  |
| ZG-RC-24-351 | 30.0  | 45.0  | 112  | 15.0  | 1684  |
| ZG-RC-24-351 | 51.0  | 52.0  | 76  | 1.0  | 76  |
| ZG-RC-24-351 | 59.0  | 64.0  | 132  | 5.0  | 660  |
| ZG-RC-24-353 | 0.0  | 2.0  | 102  | 2.0  | 204  |
| ZG-RC-24-353 | 8.0  | 10.0  | 2288  | 2.0  | 4576  |
| ZG-RC-24-353 | 37.0  | 41.0  | 141  | 4.0  | 564  |
| ZG-RC-24-353 | 56.0  | 60.0  | 132  | 4.0  | 528  |
| ZG-RC-24-353 | 66.0  | 67.0  | 172  | 1.0  | 172  |
| ZG-RC-24-355 | 0.0  | 20.0  | 555  | 20.0  | 11092  |
| Including | 9.0  | 12.0  | 1692  | 3.0  | 5076  |
| ZG-RC-24-356 | 0.0  | 2.0  | 144  | 2.0  | 288  |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-483 | 8.4  | 9.6  | 320  | 1.2  | 384  |
| T28-24-483 | 14.4  | 22.8  | 375  | 8.4  | 3154  |
| T28-24-484 | 14.4  | 20.4  | 188  | 6.0  | 1128  |
| T28-24-485 | 0.0  | 1.2  | 256  | 1.2  | 307  |
| T28-24-486 | 10.8  | 12.0  | 80  | 1.2  | 96  |
| T28-24-486 | 18.0  | 19.2  | 544  | 1.2  | 653  |
| T28-24-488 | 8.4  | 18.0  | 210  | 9.6  | 2020  |
| T28-24-489 | 0.0  | 4.8  | 369  | 4.8  | 1771  |
| T28-24-497 | 14.4  | 15.6  | 80  | 1.2  | 96  |
| T28-24-497 | 16.8  | 18.0  | 712  | 1.2  | 854  |
| T28-24-497 | 19.2  | 20.4  | 76  | 1.2  | 91  |
| T28-24-498 | 10.8  | 12.0  | 228  | 1.2  | 274  |
| T28-24-501 | 8.4  | 9.6  | 84  | 1.2  | 101  |
| T28-24-502 | 14.4  | 15.6  | 88  | 1.2  | 106  |
| T28-24-512 | 3.6  | 15.6  | 193  | 12.0  | 2314  |
| T28-24-514 | 7.2  | 9.6  | 136  | 2.4  | 326  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| TD28-24-2100-460 | 18.0  | 22.8  | 533  | 4.8  | 2558  |
| TD28-24-2100-461 | 0.0  | 1.2  | 192  | 1.2  | 230  |
| TD28-24-2100-461 | 3.6  | 7.2  | 264  | 3.6  | 950  |
| TD28-24-2100-461 | 10.8  | 18.0  | 313  | 7.2  | 2251  |
| TD28-24-2100-464 | 15.6  | 20.4  | 177  | 4.8  | 848  |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-155 | 32.4  | 37.2  | 159  | 4.8  | 763  |
| YAK-24-155 | 43.2  | 44.4  | 128  | 1.2  | 154  |
| YAK-24-157 | 3.6  | 4.8  | 161  | 1.2  | 193  |
| YAK-24-159 | 15.6  | 16.8  | 96  | 1.2  | 115  |
| YAK-24-159 | 22.8  | 24.0  | 84  | 1.2  | 101  |
| YAK-24-160 | 6.0  | 7.2  | 236  | 1.2  | 283  |
| YAK-24-160 | 15.6  | 16.8  | 280  | 1.2  | 336  |
| YAK-24-185 | 13.2  | 15.6  | 92  | 2.4  | 220  |
| YAK-24-188 | 32.4  | 40.8  | 238  | 8.4  | 1997  |
| YAK-24-188 | 44.4  | 45.6  | 248  | 1.2  | 298  |
| YAKD-24-2050-164 | 30.0  | 31.2  | 194  | 1.2  | 233  |
| YAKD-24-2050-166 | 40.8  | 42.0  | 85  | 1.2  | 102  |

---

<sup>1</sup> Holes were drilled at various angles, true widths are not known at this time.

<sup>2</sup> All assay results are above the cut-off grade of 75 g/t Ag.

## Exhibit 99.2

**Exhibit 99.2**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogoa.jpg](ayalogoa.jpg) |

---

**Aya Gold & Silver Provides Annual Exploration Update** 

**Montreal, Quebec, January 21, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") provides an annual exploration update on its 2024 drill exploration program at the Zgounder Silver Mine and the Boumadine Project in the Kingdom of Morocco.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Highlights**<sup>1</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder Mine Exploration:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant mineralization at depth toward the granite contact, extension of the open pit and West near the fault.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-24-172** intercepted 2,165 g/t grams per tonne ("g/t") silver ("Ag") over 21.0 meters ("m"), including 4,600 g/t Ag over 3.5m <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-277** intercepted 2,425 g/t Ag over 17.0m including 6,311 g/t Ag over 5.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-228** intercepted 1,356 g/t Ag over 20.0m, including 1,799 g/t Ag over 14.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-24-200** intercepted 1,151g/t Ag over 21.0m, including 3,290 g/t Ag over 6.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-028** intercepted 986 g/t Ag over 24.0m, including 4,418 g/t Ag over 4.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed 46,188m of drilling at Zgounder near mine and regionally |
| &nbsp;&nbsp;&nbsp;&nbsp;• Boumadine Exploration: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extension of Boumadine Main trend to 5.4 kilometer ("km") with intersections including:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **BOU-DD23-223** intercepted 763 g/t silver equivalent ("AgEq") over 38.3m (1.53 g/t gold ("Au"), 311 g/t Ag, 4.4% zinc ("Zn"), 1.8% lead ("Pb") and 0.04% copper ("Cu") |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **BOU-DD23-230** 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extension of Tizi Zone to 2.0km with intersection such as:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **BOU-DD24-310** 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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announcement of Mineral Resources Estimate ("MRE") with Inferred Mineral Resource of 23.6 million tonnes ("Mt") containing an estimated 64.7 million ounces ("Moz") of Ag, 1.98 Moz of Au, 546 thousand tonnes ("kt") of Zn and 198 kt of Pb.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15 exploration permits added, expanding the Boumadine exploration footprint to 252.5 square kilometres ("km<sup>2</sup>").<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completion of 219 drillholes totalling 107,683m within the Boumadine main trend and other targets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completion of an extensive helicopter-borne MobileMT electromagnetic and magnetic survey that covers an area of 1,266 km². |

---

<sup>1</sup> *All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 76.9 g/t Ag; 1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; and 1% Zn: 28.1 g/t Ag.*

**"Exploration success at both Zgounder and Boumadine during 2024 has been instrumental in driving the growth of our assets, with exceptional intercepts highlighting the potential to significantly increase high-grade ounces in the near term," commented Benoit La Salle, President & CEO. "Our completion of over 150,000 meters of drilling, combined with the use of high-resolution spectral imagery and geophysics technology, have been crucial in achieving exploration success and uncovering new opportunities. By expanding our footprint with the addition of over 150 km² of ground in Morocco, we are committed to creating value for all shareholders through the drill bit and will continue this growth momentum into 2025."**

**Summary of Exploration Results**

**Zgounder Exploration**

The Zgounder Mine is a volcanic Ag mineralization sediment hosted deposit, underground and open pit mine in the central Anti-Atlas mountains of Morocco. Best intercepts for 2024 are shown in Table 1.

&nbsp;&nbsp;&nbsp;&nbsp;• For the period of January to December 2024, a total of 35,469m were completed. (Figure 1)

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&nbsp;&nbsp;&nbsp;&nbsp;• Infill drilling, underground and surface, on the high-grade mineralization at the main orebody confirmed the mineralization and extended underground production zones. Results include: DZG-SF-24-172 with 21.0m at 2,165 g/t Ag including 3.5m at 4,600 g/t Ag, DZG-SF-24-065 with 6.5m at 2,870 g/t Ag including 2.0m at 7,229 g/t Ag and ZG-23-54 with 7.0m at 1,846 g/t Ag including 5.0m at 2,095 g/t Ag. (Figure 2)

&nbsp;&nbsp;&nbsp;&nbsp;• Silver mineralization at depth, near the granite contact was confirmed and extended 800m along strike, with results including: ZG-SF-23-084 with 13.5m at 1,089 g/t Ag including 7.5m at 1,700 g/t Ag and 4.5m at 4,469 g/t Ag, ZG-SF-24-200 with 21.0m at 1,151 g/t Ag including 6.0m at 3,290 g/t Ag and ZG-SF-24-123 with 2.5m at 5,696 g/t Ag.

&nbsp;&nbsp;&nbsp;&nbsp;• The open pit area is a key contributor to production, reverse circulation ("RC") drilling on the area, at east of the deposit confirmed the continuity of the mineralization at south and at north. Results include: ZG-RC-24-028 with 24.0m at 986 g/t Ag including 4.0m at 4,418 g/t Ag, ZG-RC-24-228 with 20.0m at 1,356 g/t Ag including 14.0m at 1,799 g/t Ag, ZG-RC-24-277 with 17.0m at 2,425 g/t Ag including 5.0m at 6,311 g/t Ag and ZG-RC-24-082 with 16.0m at 1,155 g/t Ag including 5.0m at 2,335 g/t Ag.

**Table 1 –** Best Intercepts at Zgounder in 2024 (core lengths)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length (m)** | **Ag x width** |
| | | | **(g/t)** | | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-23-35 | 85.0  | 100.0  | 683  | 15.0  | 10247  |
| ZG-23-54 | 56.0  | 63.0  | 1846  | 7.0  | 12923  |
| Including | 56.0  | 61.0  | 2095  | 5.0  | 10476  |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| DZG-SF-23-292 | 46.5  | 51.0  | 2430  | 4.5  | 10933  |
| Including | 47.5  | 50.0  | 4174  | 2.5  | 10434  |
| ZG-SF-23-084 | 133.5  | 147.0  | 1089  | 13.5  | 14706  |
| Including | 136.5  | 144.0  | 1700  | 7.5  | 12753  |
| ZG-SF-23-084 | 163.5  | 168.0  | 4469  | 4.5  | 20109  |
| DZG-SF-24-007 | 88.5  | 92.5  | 2511  | 4.0  | 10043  |
| ZG-SF-24-123 | 274.0  | 276.5  | 5696  | 2.5  | 14240  |
| DZG-SF-24-027 | 69.5  | 71.0  | 7631  | 1.5  | 11446  |
| DZG-SF-24-065 | 79.0  | 85.5  | 2870  | 6.5  | 18652  |
| Including | 80.0  | 82.0  | 7229  | 2.0  | 14458  |
| DZG-SF-24-081 | 35.5  | 45.0  | 1339  | 9.5  | 12722  |
| Including | 35.5  | 39.5  | 2984  | 4.0  | 11934  |
| DZG-SF-24-111 | 4.5  | 11.0  | 2372  | 6.5  | 15420  |
| Including | 7.0  | 9.5  | 5674  | 2.5  | 14184  |
| **ZG-SF-24-200** | 265.0  | 286.0  | 1151  | 21.0  | 24166  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Including | 280.0  | 286.0  | 3290  | 6.0  | 19738  |
| DZG-SF-24-145 | 13.0  | 16.0  | 4645  | 3.0  | 13934  |
| Including | 13.0  | 15.0  | 6703  | 2.0  | 13406  |
| DZG-SF-24-153 | 56.0  | 60.0  | 3955  | 4.0  | 15818  |
| **DZG-SF-24-172** | 22.5  | 43.5  | 2165  | 21.0  | 45474  |
| Including | 30.5  | 34.0  | 4600  | 3.5  | 16100  |
| DZG-SF-24-272 | 4.0  | 9.5  | 1849  | 5.5  | 10170  |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| **ZG-RC-24-028** | 2.0  | 26.0  | 986  | 24.0  | 23672  |
| Including | 18.0  | 22.0  | 4418  | 4.0  | 17672  |
| ZG-RC-24-031 | 8.0  | 22.0  | 744  | 14.0  | 10416  |
| ZG-RC-24-082 | 24.0  | 40.0  | 1155  | 16.0  | 18472  |
| Including | 33.0  | 38.0  | 2335  | 5.0  | 11676  |
| ZG-RC-24-243 | 0.0  | 25.0  | 420  | 25.0  | 10504  |
| ZG-RC-24-154 | 19.0  | 38.0  | 711  | 19.0  | 13512  |
| ZG-RC-24-169 | 20.0  | 42.0  | 485  | 22.0  | 10680  |
| **ZG-RC-24-228** | 25.0  | 45.0  | 1356  | 20.0  | 27128  |
| Including | 28.0  | 42.0  | 1799  | 14.0  | 25192  |
| ZG-RC-24-235 | 0.0  | 13.0  | 778  | 13.0  | 10116  |
| **ZG-RC-24-277** | 33.0  | 50.0  | 2425  | 17.0  | 41232  |
| Including | 37.0  | 42.0  | 6311  | 5.0  | 31556  |
| ZG-RC-24-303 | 22.0  | 28.0  | 1970  | 6.0  | 11820  |
| ZG-RC-24-318 | 8.0  | 17.0  | 1143  | 9.0  | 10284  |
| ZG-RC-24-345 | 15.0  | 31.0  | 876  | 16.0  | 14016  |
| Including | 22.0  | 27.0  | 2018  | 5.0  | 10092  |
| ZG-RC-24-355 | 0.0  | 20.0  | 555  | 20.0  | 11092  |

---

------

**Figure 1:** Location of Drill Hole at Zgounder

![figure1a.jpg](figure1a.jpg)

**Zgounder Regional Exploration**

Exploration drilling focused on near-mine targets within a 2km radius around the Zgounder deposit with a total of 10,651m drilled.

• Zgounder West Target: Drilling targeted the along-strike continuity of the Zgounder deposit to the west, intercepting silver occurrences within the same sedimentary unit that hosts mineralization at the main Zgounder deposit. Assays results are still pending for this area.

• Zgounder East Target: Drilling targeted the Proterozoic sedimentary sequence beneath the Sirwa volcanic complex, which overlies the units hosting the Zgounder deposit. Drill holes reached vertical depths of up to 480m, intercepting felsic volcanic units with anomalous Ag intervals. These anomalous assay results from the Sirwa volcanic complex reveal previously undocumented potential for this unit. Follow up work will be carried in 2025.

• Zgounder South Target: Drilling tested the southern contact of the rhyolite unit bounding the main deposit to the north. The drilling intercepted sedimentary units similar to those hosting the Zgounder deposit, at the contact with the rhyolite. Anomalous Ag results were returned and follow up is expected in 2025.

• Zgounder Southeast Target: Drilling tested an area of Ag occurrence identified through previous surface grab sampling. This target is located in a geological window within a riverbed, exposing lithologies buried beneath the younger Sirwa volcanic complex. Drilling assessed a small portion of the target, and follow-up with surface mapping is planned.

------

• Geological mapping and prospecting, focusing on the Tirzzit and Zgounder Far East properties, both acquired late in 2023.

• A stream sediment campaign on Tirzzit, Zgounder Far East, and follow-up on previous stream sediment results from Touchkal property.

• Execution of an airborne geophysical survey over the Tirzzit project (154km²).

• Acquisition of World-View 3 hyperspectral imagery for the Tirzzit and Zgounder Far East properties, followed by ground calibration of the hyperspectral survey using samples collected from the concerning areas.

**Figure 2:** Location of Drill Hole at Zgounder Surface

![figure2.jpg](figure2.jpg)

**Boumadine Project**

Boumadine is a large polymetallic deposit (Ag, Au, Pb, Zn) located in the Anti-Atlas Mountains, 80km south-west of the city of Errachidia. The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. The Tizi and Imarriren

------

zones share the same characteristics except for their N000 orientation. Best intercepts for 2024 are shown in Table 2.

• The estimated mineral resources, as provided on April 16 2024, consist of an Inferred Mineral Resource of 23.6Mt at 85 g/t Ag, 2.62 g/t Au, 2.32% Zn and 0.84% Pb containing an estimated 64.7Moz of Ag, 1.98Moz of Au, 546kt of Zn and 198kt of Pb and an Indicated Mineral Resource of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32% Zn and 1.07% Pb containing an estimated 7.4Moz of Ag, 165koz of Au, 88kt of Zn and 22kt of Pb.

• In 2024, 219 drillholes totalling 107,683m were completed and the Boumadine Main zone was extended to 5.4km and remain open in all directions. (Figure 3)

• Silver-cupper rich mineralization was intercepted in east-west barite vein with result: BOU-DD24-329 intercepted 2,110 g/t AgEq over 1.9m (0.03 g/t Au, 1,937 g/t Ag, 0.16% Zn, 0.17% Pb and 1.66% Cu).

• Polymetallic mineralization on the Tizi zone was extended to 2.0km in length. Significant intercepts include: 1,021 g/t AgEq over 3.0m (11.48 g/t Au, 89 g/t Ag, 0.78% Zn, 0.15% Pb and 0.24% Cu, BOU-DD24-306) and 445 g/t AgEq over 13.7m (4.9 g/t Au, 42 g/t Ag, 0.35% Zn, 0.37% Pb and 0.06% Cu, BOU-DD24-306)

• High grade gold at Imarriren zone below the known mineralization with result: BOU-DD24-284 intercepted 1,317 g/t AgEq over 1.9m (15.7 g/t Au, 91 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu).

• High grade mineralization was intercepted in the Main Trend. Significant intercepts include: 763 g/t AgEq over 3m (1.5 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0.04% Cu, BOU-DD23-223) and 991 g/t AgEq over 17.6m (2.6 g/t Au, 247 g/t Ag, 7.7% Zn, 1.2% Pb and 0.3% Cu, BOU-DD23-230).

• 15 additional exploration permits, expanding the Boumadine exploration footprint to 252.5km<sup>2</sup>. (Figure 4)

• Completion of a satellite mapping and spectral study on Boumadine using WorldView-3 data over 674km<sup>2</sup>. Identification of numerous clay alteration halos similar to Boumadine.

• Completion of an extensive helicopter-borne MobileMT electromagnetic and magnetic survey that covers an area of 1,266 km². Identification of multiple potentially parallel, on-trend conductive anomalies like known conductors identified at Boumadine Main Trend. Very large, potential conductive anomalies occurring 5km west of Boumadine, of similar orientation and stronger intensity than the Boumadine Main Trend conductor. This very large system also includes strong potential conductors occurring in an east-west direction. Continuation of the Boumadine south main trend anomaly, and series of new N340 and north–south oriented potential conductive anomalies.

• Over 27,000 assays are still pending at Boumadine.

------

**Table 2 –** Best Intercepts at Boumadine in 2024 (core lengths)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | **From** | **To** | **Length** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq** |
| **DDH No.** | **Section** | **Zone** | **(m)** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD23-214 | 8850N | Main | 214.0  | 223.0  | 9.0  | 4.77  | 61  | 0.12  | 0.07  | 0.19  | 5  | 535  |
| Including | Including | Including | 216.2  | 221.5  | 5.3  | 6.61  | 90  | 0.18  | 0.10  | 0.27  | 6  | 749  |
| BOU-DD23-218 | 8850N | Para | 244.3  | 247.5  | 3.2  | 14.72  | 19  | 0.02  | 0.19  | 0.15  | 4  | 1411  |
| BOU-DD23-218 | 8850N | Para | 252.6  | 256.8  | 4.2  | 13.59  | 115  | 0.10  | 0.13  | 0.12  | 3  | 1409  |
| BOU-DD23-218 | 8850N | Main | 280.3  | 286.1  | 5.8  | 9.21  | 80  | 0.21  | 0.06  | 0.14  | 8  | 978  |
| Including | Including | Including | 280.3  | 284.3  | 4.0  | 13.05  | 108  | 0.29  | 0.07  | 0.19  | 8  | 1377  |
| BOU-DD23-220 | 6575N | Main | 105.0  | 115.9  | 10.9  | 1.77  | 91  | 0.09  | 1.72  | 4.53  | 133  | 575  |
| Including | Including | Including | 112.3  | 114.7  | 2.4  | 6.26  | 261  | 0.26  | 1.24  | 6.56  | 16  | 1275  |
| BOU-DD23-220 | 6575N | Para | 133.4  | 136.8  | 3.4  | 0.89  | 76  | 0.26  | 2.47  | 6.97  | 7  | 649  |
| **BOU-DD23-223** | 6525N | Main | 131.6  | 169.9  | 38.3  | 1.53  | 311  | 0.04  | 1.8  | 4.4  | 101  | 763  |
| Including | Including | Including | 144.9  | 155.9  | 11.0  | 2.34  | 494  | 0.06  | 1.89  | 3.93  | 36  | 996  |
| BOU-DD23-225 | 9325N | Para | 47.4  | 53.7  | 6.3  | 1.44  | 54  | 0.02  | 0.85  | 5.34  | 12  | 508  |
| Including | Including | Including | 50.8  | 53.7  | 2.9  | 2.88  | 86  | 0.04  | 0.96  | 9.90  | 21  | 927  |
| BOU-DD23-227 | 9325N | Main | 259.7  | 268.3  | 8.6  | 3.34  | 18  | 0.07  | 0.13  | 0.45  | 6  | 369  |
| Including | Including | Including | 263.5  | 268.3  | 4.8  | 5.42  | 21  | 0.07  | 0.08  | 0.11  | 7  | 545  |
| BOU-DD23-228 | 6300N | Main | 267.2  | 276.1  | 8.9  | 1.99  | 81  | 0.02  | 1.03  | 3.36  | 59  | 488  |
| Including | Including | Including | 267.7  | 273.0  | 5.3  | 3.09  | 119  | 0.03  | 1.45  | 4.66  | 87  | 715  |
| BOU-DD23-229 | 6525N | Para | 111.9  | 116.0  | 4.1  | 1.60  | 175  | 0.12  | 1.86  | 7.32  | 259  | 810  |
| **BOU-DD23-230** | 6575N | Main | 166.6  | 184.2  | 17.6  | 2.64  | 247  | 0.27  | 1.24  | 7.74  | 86  | 991  |
| Including | Including | Including | 177.6  | 181.3  | 3.7  | 2.91  | 651  | 0.08  | 3.18  | 11.49  | 106  | 1662  |
| BOU-DD23-230 | 6575N | Para | 188.2  | 202.3  | 14.1  | 2.78  | 97  | 0.24  | 0.41  | 6.52  | 31  | 755  |
| BOU-DD23-245 | 6450N | Main | 198.4  | 206.5  | 8.1  | 0.73  | 122  | 0.02  | 2.32  | 4.68  | 68  | 524  |
| Including | Including | Including | 198.4  | 200.2  | 1.8  | 1.83  | 299  | 0.06  | 4.83  | 13.08  | 269  | 1355  |
| BOU-DD23-248 | 6450N | Main | 329.5  | 335.4  | 5.9  | 5.94  | 59  | 0.13  | 0.95  | 8.75  | 23  | 1136  |
| BOU-DD23-251 | 6450N | Main | 345.9  | 355.3  | 9.4  | 2.66  | 32  | 0.04  | 0.21  | 4.39  | 14  | 531  |
| Including | Including | Including | 346.4  | 348.8  | 2.4  | 7.99  | 91  | 0.13  | 0.30  | 15.77  | 19  | 1719  |
| Including | Including | Including | 314.0  | 318.8  | 4.8  | 6.76  | 36  | 0.06  | 0.11  | 0.16  | 0  | 569  |
| 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 | Imarriren | 439.7  | 441.6  | 1.9  | 15.70  | 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  |

---

------

**Figure 3:** Location of Drill Holes at Boumadine

![figure3.jpg](figure3.jpg)

------

**Figure 4:** Location of New Permits at Boumadine

![figure4.jpg](figure4.jpg)

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference. Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

------

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "confirm", "expected", "potential", "continue", "increase", "create", "significant", , and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to significantly increase high-grade ounces, the potential to create value through exploration to continue the growth momentum enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates

------

(including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise. 

## Exhibit 99.3

**Exhibit 99.3**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogob.jpg](ayalogob.jpg) |

---

**Aya Gold & Silver Surpasses Nameplate Milling Capacity at Zgounder Silver Mine's New Processing Plant**

**Montreal, Quebec, January 23, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce that it has reached and surpassed the nameplate milling capacity at its 100% owned Zgounder Mine located in the Kingdom of Morocco.

The new plant began processing ore on November 4<sup>th</sup>, 2024. The first silver pour was achieved on November 27<sup>th</sup>, with commercial production reached on December 29<sup>th</sup>, less than two months after the new plant began processing the first ore.

Over a consecutive 30-day period ending on January 20<sup>th</sup>, 2025, the new plant processed a total of 65,990 tonnes ("t") of ore, an average of 2,200 tonnes per day ("tpd"), and equivalent to 110% of nameplate capacity. Processing rates averaged 96 tonnes per hour ("tph"), at 96% availability. Silver recovery was 85%.

Between January 11<sup>th</sup> and January 20<sup>th</sup>, mill throughput averaged 2,239 tpd, with mill availability and silver recovery at 98% and 89%, respectively. Recovery improved consistently as processing parameters were adjusted and grade fed to the plant increased.

As of January 18<sup>th</sup>, the flotation plant slurry was successfully integrated into the new plant's leaching circuit. Since then, the combined processing rate of both plants has averaged over 2,900 tpd with a recovery rate exceeding 90%. This integration enables the exclusive production of silver doré, eliminating the previous mix of silver concentrate and doré, increasing the payable value of silver produced.

In the coming months, the goal is to stabilize the combined processing rate at Zgounder above 3,000 tpd while maintaining or exceeding the recovery rate of 89% determined in the feasibility study.

Soutex, a Canadian consulting firm specializing in mineral processing and metallurgy, recently conducted a study analyzing the time required to ramp up mineral processing plants from the first ore in the mill to achieving nameplate capacity (Figure 1). The study identified the new Zgounder plant as delivering amongst the quickest ramp-up performance to nameplate capacity, showcasing the robustness of the plant.

------

&nbsp;&nbsp;&nbsp;&nbsp;**"I am proud to announce the ramp-up of the new plant at Aya's expanded Zgounder mine, where we are now operating above nameplate capacity just weeks after achieving commercial production," commented President & CEO Benoit La Salle. "The performance of the now integrated operations at Zgounder reflects the exceptional expertise and commitment of the Aya team and sets the stage for strong production performance in 2025."**<br>

**Figure 1** – The dataset below was compiled by Soutex and shows the ramp up time for Zgounder's new plant to reach design capacity, which is the shortest (tied with another project) compared to 100+ other mineral processing plants. Database from Rollins and Lam (2017) [1] in comparison with Soutex's experience [2].

![graph.jpg](graph.jpg)

[1] Rollins, D. and W. Lam. Ramp-ups: What to expect when expecting a new mine. RBC Markets Precious Metals and Minerals. September 17th, 2017.

[2] Bouffard, D., A. Berton, S. Gariépy and D. Roy. Plant Commissioning: overcoming challenges and ensuring success. 57th Annual Canadian Mineral Processors Operators Conference, 2025, Ottawa, Canada.

------

Raphaël Beaudoin, P.Eng., Vice President, Operations of the Company, is a Qualified Person as defined by NI 43-101. Mr. Beaudoin has reviewed the technical information in this news release and approves the written disclosure contained herein.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth, business prospects and other opportunities. Wherever possible, words and expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to words such as "increase", "goal", "maintain", "exceed", "continued up", and other statements and information with respect to Aya's capacity to stabilize the combined processing rate at Zgounder above 3,000 tpd while maintaining or exceeding the recovery rate of 89%, its capacity to deliver continued operational performance, its capacity to reach short term and long term objectives, the capacity to generate future cash flows and to ramp up its activities. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the new plant's operation according to expectations and specifications, ramp up of activities continuing

------

as planned, the EPC contractor meeting its contractual obligations, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including reliance on one EPC provider and its subcontractors in the Zgounder expansion project, government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.4

**Exhibit 99.4**

---

| | |
|:---|:---|
| PRESS RELEASE | ![logo.jpg](logo.jpg) |

---

**Aya Gold & Silver Expands Boumadine Footprint, Adding 4 Mining Licences and a 600 km**<sup>2</sup> **Exploration Authorization** 

**Montreal, Quebec, February 4, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce it has secured the right to four (4) additional mining licences, expanding the Boumadine exploration footprint by 28.3% to over 272 square kilometers ("km<sup>2</sup>") in the Kingdom of Morocco.

&nbsp;&nbsp;&nbsp;Highlights <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Acquired 4 mining licences totaling 59.9 km**<sup>2</sup> **in the Boumadine area (Figure 1).**<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Secured a 600 km**<sup>2</sup> **exploration authorization surrounding Boumadine.** <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Completed 17,034 meters ("m") of drilling at Boumadine in January 2025 with over 30,000 assays pending.**<br>

**"Over the past 15 months we have increased our footprint at Boumadine by 848%, aligning with our vision to consolidate ground around this world-class asset,"** commented Benoit La Salle, President & CEO. **"By systematically applying advanced technology and modern exploration techniques, we will continue to generate drill targets potentially leading to a significant resource increase at Boumadine and driving further growth in the near future."**

**Boumadine Project**

With the addition of four new mining licences, Boumadine now covers 272 km<sup>2</sup> of highly prospective ground. Furthermore, the Corporation has secured the rights of a 600 km<sup>2</sup> exploration authorization, which allows Aya to carry out exploration activities and provides Aya with priority over any unclaimed land within the authorized area. Aya will continue to proactively add exploration permits as it develops a greater understanding of the regional geology, structure, and mineralization models.

------

A total of 17,034m of drilling was completed in January. Currently, 11 diamond drill rigs and one reverse circulation drill ("RC") rig are turning at Boumadine, with two additional RC rigs expected to be added in the coming months as part of the 2025 exploration program. The Corporation will test targets generated by previous drilling, hyperspectral survey, detailed airborne geophysics (magnetics and electromagnetics), detailed mapping and prospecting.

Over 30,000 assays are still pending at Boumadine. The Corporation is working closely with external labs to increase the delivery of results and reduce the turnaround time in the coming months.

**Figure 1:** Boumadine Permits Overlaying the Apparent Conductivity Airborne Regional Survey

![figure1b.jpg](figure1b.jpg)

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference. Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech.

------

Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "continue", "significant", "increase", "potential", "confirm", "growth", "near", "add", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to significantly increase high-grade ounces within and near the open pit area, expanding open-pit

------

operations in the near term, enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.5

---

| | |
|:---|:---|
| | **Exhibit 99.5** |
| PRESS RELEASE | ![ayalogoc.jpg](ayalogoc.jpg) |

---

**Aya Gold & Silver Announces January 2025, Fourth Quarter and Full Year 2024 Production Results**

**Montreal, Quebec, February 11, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce production of 491,310 ounces ("oz") of silver ("Ag") in Q4-2024 at its Zgounder Silver Mine, located in the Kingdom of Morocco. In addition, Aya is pleased to report production of 383,515 oz of Ag, in January 2025.

**Select Production Metrics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Production Metrics** | | **Q4-2023** | **Q4-2024** | **January 2025** |
| Silver production | oz | 450046 | 491310 | 383515 |
| Tonnage processed | kt | 66449 | 113674 | 88868 |
| Silver recovery | % | 87 | 85 | 87 |
| Mill availability | % | 91 | 88 | 95 |
| Mine production | t | 176208 | 102485 | 50403 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Production Highlights | &nbsp;&nbsp;Production Highlights |
| &nbsp;&nbsp;&nbsp;● | Silver ("Ag") production of 491,310 oz in Q4-2024 and 383,515 oz in January 2025, the latter of which represents an increase of 77% over December 2024. |
| &nbsp;&nbsp;&nbsp;● | Processed 113,310 tonnes ("t") in Q4-2024 and 88,868t of ore in January 2025, the latter of which represents an increase of 53% over December 2024. |
| &nbsp;&nbsp;&nbsp;● | Silver recovery of 85% in Q4-2024 and 87% silver recovery in January 2025, the latter of which represents an increase of 6% over December 2024. |
| &nbsp;&nbsp;&nbsp;● | Combined mill availability of 88% in Q4-2024 and 95% mill availability in January 2025, the latter of which represents an 8% increase compared to December 2024. |
| &nbsp;&nbsp;&nbsp;● | Mine production of 102,485t in Q4-2024 and 50,403t of ore mined in January 2025, the latter of which represents a 29% increase compared to December 2024, as per Aya's mine ramp up plan. |

---

------

**"I am pleased to announce Q4-2024 and January 2025 production results, achieving 2024 production guidance and highlighting a significant step-change in output and an 77% month-over-month increase from December 2024 to January 2025. This strong performance is driven by improving recoveries and the successful ramp-up of the new Zgounder plant, which is operating above nameplate capacity, alongside the open pit, which continues to exceed expectations,"** stated President & CEO Benoit La Salle. **"Month-over-month improvements across the integrated operations at Zgounder reflect disciplined execution and operational strength, positioning us for sustained production growth and record profitability in 2025."**

Q4-2024 and Full Year 2024 Production Metrics

---

| | | | |
|:---|:---|:---|:---|
| **Key Production Metrics** | | **Q4-2024\*** | **FY-2024\*** |
| Tonnage processed | t | 113674 | 358919 |
| Silver ingots produced | oz | 235227 | 592268 |
| Silver in concentrate for sale produced | oz | 256083 | 1053997 |
| **Total silver produced** | **oz** | **491310** | **1646265** |

---

\* 2024 numbers are preliminary and are subject to final adjustment.

In 2024 the new mill was commissioned and reached commercial production in late December 2024. Underground stopes were further defined, and levels down to 1900 were developed. The open pit performed well which gives further flexibility to reach the objective of 3,000 tonnes per day ("tpd") total mining rate in 2025.

Q4-2024 and Full Year Earnings Release Date

Aya will release its fourth quarter and full year 2024 financial and operational results before market open on March 28, 2025 and will host a conference call shortly afterwards. Details of the call will be released at a later date.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

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For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

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Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "continue", "significant", "increase", "potential", "confirm", "growth", "near", "add", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to increase recoveries and ramp-up and achieve a3,000 tonnes per day mining rate. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document

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should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.6

**Exhibit 99.6**

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|:---|:---|
| PRESS RELEASE | ![ayalogod.jpg](ayalogod.jpg) |

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**Aya Gold & Silver Announces Significant Increase in Boumadine Mineral Resource Estimate**

 **Montreal, Quebec, February 24, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce an updated Mineral Resource Estimate ("MRE") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") at its Boumadine Project in the Kingdom of Morocco. The updated MRE contains an Inferred Mineral Resource of 29.2 million tonnes ("Mt") at 82 grams per tonne ("g/t") silver ("Ag"), 2.63 g/t gold ("Au"), 2.11% zinc ("Zn") and 0.82% lead ("Pb") containing an estimated 76.8 million ounces ("Moz") of Ag, 2.4Moz of Au, 615 thousand tonnes ("kt") of Zn and 237 kt of Pb and an Indicated Mineral Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1 Moz of Ag, 449 kilo ounces ("koz") of Au, 145 kt of Zn and 44 kt of Pb.

&nbsp;&nbsp;&nbsp;Highlights <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Indicated Mineral Resources** of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1 Moz of Ag, 449 koz of Au, 145 kt of Zn and 44 kt of Pb. Representing 74.4 Moz Silver equivalent ("AgEq"), an increase of 120%.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Inferred Mineral Resources** of 29.2 Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8 Moz of Ag, 2.4 Moz of Au, 615 kt of Zn and 237 kt of Pb. Representing 378Moz AgEq, an increase of 19%.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **49% of the Inferred Mineral Resource** is pit-constrained and reported above a cut-off net smelter royalty ("NSR") value of $95/t, and 51% deemed for underground development NSR cut-off value of US$125/t. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Additional mineral resource potential** to expand the deposit in all directions for future mineral resource estimation. With a land package of 271.5 square kilometers ("km<sup>2</sup>") in addition to a 600 km<sup>2</sup> exploration authorization, new targets are being tested.<br>

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**"We are pleased to announce an updated Mineral Resource Estimate for Boumadine, marking a 120% increase in indicated resources and 19% in inferred resources since our April 2024 update,"** said Benoit La Salle, President & CEO. **"In under three years, we have grown silver and gold ounces across all classifications, demonstrating the team's ability to identify and grow Boumadine into a world class asset.**

**"Drilling has primarily focused on the mining permit, which represents only a small portion of the broader mineralized footprint. Over the past two years, we have expanded our footprint by nearly 850% and continue to consolidate the area while aggressively testing extensions of known mineralized trends. Additionally, ongoing metallurgical studies are yielding promising results as we advance the project toward large-scale development."**

**Boumadine Mineral Resource**

The MRE is effective as of February 24, 2025, and includes drilling conducted from 2018 through December 1, 2024. The database comprises 428 surface diamond drill holes ("DDH"), totaling 142,268 meters ("m"). For this updated MRE, 93 new DDH, totaling 44,514m, were incorporated.

Historical mining was not depleted from the MRE as the exact position and physical extent could not be accurately measured. From the historical production reports, approximately 261kt of mineralized material were extracted and processed (less than 1% of the current MRE), therefore it is considered not material. Historical tailings were excluded from the MRE since the bulk density, volumes and grades were not properly evaluated. Molybdenum was excluded from both the cut-off and AgEq/AuEq calculations since the process recoveries were not evaluated.

**Table 1 –Boumadine MRE, as of February 24, 2025** <sup>(1-12)</sup>

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR US$/t** | **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained**<br>**Indicated** | 95  | 3920  | 94  | 2.99  | 0.13  | 0.84  | 2.95  | **476**  | 5.30  | 11881  | 343  | 5  | 33  | 116  | **60051**  | 667  |
| **Pit-constrained**<br>**Inferred** | 95  | 14258  | 90  | 2.89  | 0.10  | 0.81  | 2.38  | **450**  | 5.00  | 41135  | 1102  | 14  | 115  | 339  | **206293**  | 2293  |
| **Out-of-pit**<br>**Indicated** | 125  | 1249  | 80  | 2.11  | 0.08  | 0.87  | 2.32  | **358**  | 3.98  | 3216  | 106  | 1  | 11  | 29  | **14382**  | 160  |
| **Out-of-pit**<br>**Inferred** | 125  | 14938  | 74  | 2.39  | 0.07  | 0.82  | 1.85  | **357**  | 3.97  | 35669  | 1294  | 10  | 122  | 276  | **171393**  | 1905  |
| **Total**<br>**Indicated** | 95/<br>125 | 5169  | 91  | 2.78  | 0.12  | 0.85  | 2.80  | **448**  | 4.98  | 15097  | 449  | 6  | 44  | 145  | **74433**  | 827  |
| **Total**<br>**Inferred** | 95/<br>125 | 29196  | 82  | 2.63  | 0.08  | 0.82  | 2.11  | **402**  | 4.47  | 76804  | 2396  | 25  | 237  | 615  | **377686**  | 4198  |

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**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 in this news release 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, as may be amended from time to time.

**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 in establishing the MRE.

**5.**AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973

**6.**AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*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.

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**Tables 2 and 3 – Cut-Off Sensitivity MRE** <sup>(1-12)</sup>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** | **Indicated InPit and Underground Resources** |
| **UG-OP** | **Tonnes**  | **Ag** | **Ag**  | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR** <br>**US$/t**  | **(kt)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** |
| 145-120 | 4472  | 97  | 13923  | 3.05  | 439  | 0.12  | 0.86  | 2.75  | 484  | **69632**  | 5.40  | 777  |
| 140-115 | 4625  | 95  | 14110  | 2.99  | 444  | 0.12  | 0.86  | 2.72  | 476  | **70751**  | 5.30  | 788  |
| 135-110 | 4791  | 93  | 14359  | 2.92  | 450  | 0.12  | 0.86  | 2.69  | 467  | **71933**  | 5.20  | 801  |
| 130-105 | 4932  | 92  | 14547  | 2.86  | 453  | 0.12  | 0.85  | 2.66  | 460  | **72898**  | 5.11  | 810  |
| 125-95 | 5169  | 89  | 14863  | 2.77  | 460  | 0.11  | 0.84  | 2.63  | 448  | 74433  | 4.98  | 827  |
| 120-90 | 5298  | 88  | 15008  | 2.72  | 463  | 0.11  | 0.83  | 2.60  | 442  | **75250**  | 4.90  | 834  |
| 115-85 | 5481  | 87  | 15265  | 2.66  | 469  | 0.11  | 0.82  | 2.57  | 433  | **76364**  | 4.81  | 848  |
| 110-80 | 5648  | 85  | 15477  | 2.60  | 473  | 0.11  | 0.81  | 2.55  | 426  | **77320**  | 4.73  | 858  |
| 105-75 | 5820  | 84  | 15683  | 2.54  | 476  | 0.10  | 0.80  | 2.53  | 418  | **78268**  | 4.64  | 868  |
| 90-60 | 6284  | 79  | 16061  | 2.39  | 483  | 0.10  | 0.78  | 2.46  | 399  | **80571**  | 4.40  | 890  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** | **Inferred InPit and Underground Resources** |
| **UG-OP** | **Tonnes**  | **Ag** | **Ag**  | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR** <br>**US$/t**  | **(kt)**  | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  |
| 145-120 | 24023  | 90  | 69342  | 2.86  | 2211  | 0.09  | 0.87  | 2.14  | 441  | **340641**  | 4.90  | 3786  |
| 140-115 | 25128  | 88  | 70937  | 2.80  | 2261  | 0.09  | 0.86  | 2.12  | 432  | **349042**  | 4.80  | 3880  |
| 135-110 | 26218  | 86  | 72627  | 2.73  | 2304  | 0.08  | 0.85  | 2.10  | 424  | **357154**  | 4.71  | 3970  |
| 130-105 | 27538  | 84  | 74537  | 2.66  | 2355  | 0.08  | 0.83  | 2.08  | 414  | **366533**  | 4.60  | 4074  |
| 125-95 | 29196  | 82  | 76803  | 2.57  | 2413  | 0.08  | 0.82  | 2.06  | 402  | 377685  | 4.47  | 4198  |
| 120-90 | 30517  | 80  | 78494  | 2.51  | 2463  | 0.08  | 0.80  | 2.03  | 394  | **386356**  | 4.38  | 4294  |
| 115-85 | 31780  | 78  | 80098  | 2.45  | 2506  | 0.08  | 0.80  | 2.01  | 386  | **394344**  | 4.29  | 4383  |
| 110-80 | 33191  | 77  | 81883  | 2.38  | 2543  | 0.08  | 0.79  | 2.00  | 378  | **402842**  | 4.20  | 4478  |
| 105-75 | 34696  | 75  | 83932  | 2.32  | 2584  | 0.08  | 0.78  | 1.97  | 369  | **411615**  | 4.10  | 4575  |
| 90-60 | 39460  | 70  | 89112  | 2.13  | 2706  | 0.07  | 0.75  | 1.92  | 345  | **437219**  | 3.83  | 4860  |

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**Figure 1 – Location of Zones Included in Boumadine MRE, with Drill Holes and Magnetic Data (Residual Total Field)**

![figure1c.jpg](figure1c.jpg)

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**Figure 2 – Surface Plan of Boumadine with Mineralized Envelope Included in the MRE**

![figure2a.jpg](figure2a.jpg)

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**Figure 3 – Longitudinal Projection of the Block Model of Boumadine MRE**

![figure3a.jpg](figure3a.jpg)

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**Figure 4 – Typical Vertical Cross-Section of the Boumadine Central Zone (Section 8850N)**

![figure4a.jpg](figure4a.jpg)

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**Figure 5 – Typical Vertical Cross-Section of the Boumadine South Zone (Section 6525N)**

![figure5.jpg](figure5.jpg)

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**Resource-Supporting Information**

**Geology and Geological Interpretation**

The Boumadine Project is located within the Anti-Atlas belt, on the northwest side of the Ougnat Massif. The geology of the Ougnat Inlier is formed by late-Precambrian (PIII) predominantly calc-alkaline volcanic and intrusive rocks. Mineralization is hosted within polymetallic massive Au-Ag-Zn-Pb sulphide vein systems oriented N340. Mineral assemblage is characterized by high concentration of pyrite and variable amounts of arsenopyrite, sphalerite, and galena with local trace of chalcopyrite. Veins are sub-vertical to steeply dipping (>70°) with thickness generally varying from 1m to 5m: locally reaching over 10m.

Mineralized boundaries for the current MRE have been determined using a combination of logged sulphide percentage and mineralization grade assay. 3D wireframes were created using interval selection with the Seequent software Leapfrog GeoTM.

**Sampling and Sub-sampling Techniques**

Only DDH samples were used for the Boumadine deposit MRE.

DDH were cut and sampled at nominal 1m lengths, except where lengths were altered to match geological boundaries. Sampling was undertaken along the entire length of the DDH. Circa 2-to-4-kilogram ("kg") samples were submitted to the laboratory for analysis.

**Sample Analysis Method**

Samples were prepared by African Laboratory for Mining and Environment ("Afrilab") at its Boumadine prep-laboratory facility or at its Zgounder prep-lab. A total of 250 grams ("g") of pulverized sample material was then submitted for analysis to Afrilab Marrakech. Inductively Coupled Plasma ("ICP") spectrometry was used for Ag, Zn, Pb, Cu. Fire assaying was conducted for Au and Ag results above 200 g/t.

QA/QC samples were inserted at a 5% rate. For a batch of 25 samples: one certified reference material, one blank and one drill core duplicate were inserted. At the end of each month, a selection of 5% from the coarse rejects was submitted to Afrilab and a selection of 5% of the pulp residues was sent to ALS Sevilla, Spain acting as an umpire lab.

Regular reviews of the sampling and QA/QC protocols were carried out by Aya's project geologist under the supervision of Aya's Qualified Person, to ensure all procedures were followed and best industry practices carried out. Monitoring of results of duplicates, blanks and certified reference materials was conducted by the database administrator each time an assay batch was imported in the Geotic database.

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**Drilling Techniques** 

Drilling was carried out by Geosond Maroc SARL using CT20 and CS140 drill rigs; and by FTE Drilling using Versadrill and Marcotte rigs. DDH were drilled with HQ and NQ diameters. Down-hole surveys were completed in each hole with a first reading at 12.5m and then every 25m by reflex Ez-shot and Devico-deviflex. All drill hole collars were surveyed by a DGPS.

**Drill and Data Spacing** 

Most of the deposit has been drilled on a 100m x 50m spacing grid through N70 cross-sections. In the northern and southern sections, the spacing was extended to 200m x 100m. The Indicated Mineral Resource was infilled to 50m x 50m grid spacing.

**Mineral Resource and Estimation Methodology** 

84% of the Mineral Resource Estimate is classified as Inferred, and the remaining 16% in the Indicated category.

Data was composited to 1m. Top cuts were applied to Au, Ag, Zn, Pb, Cu after review of composite log-normal histograms.

Veins were interpolated independently by inverse square distance. Wireframe modelling was developed using Seequent Leapfrog Geo<sup>TM</sup>. Statistics, variography and estimations were completed using the Geovariances Isatis Neo<sup>TM</sup> software. Open-pit optimization was developed using the GEOVIA Whittle software.

Bulk density measurements were collected systematically within mineralized zones and outside boundaries of mineralized zones. Different bulk density values were allocated by veins based on the vein average bulk density value. Transitional materials were also allocated a different bulk density value.

**Cut-off Grades** 

The geological domain boundaries were determined using a cut-off grade of 100 g/t Ag equivalent. Mineral Resources are reported using NSR values of US$125/t for the out-of-pit and US$95/t for the open-pit.

NSR, Ag equivalent and Au equivalent are calculated using the following parameters and formulas (Table 4).

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**Table 4 – Parameters and Formulas used to Calculate NSR, Ag Equivalents and Au Equivalents**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Au (oz)** | **Ag (oz)** | **Zn (lb)** | **Pb (lb)** | **Cu (lb)** |
| **Prices in $USD** | &nbsp;&nbsp;$2200 | &nbsp;&nbsp;$24 | &nbsp;&nbsp;$1.20 | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;$4.00 |
| **Recovery in %** | &nbsp;&nbsp;85.2% | &nbsp;&nbsp;89.1% | &nbsp;&nbsp;72.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;75.3% |
| **NSR ($/t)** | (Pb% x $10.74) + (Zn% x $13.58) + (Au g/t x $58.97) + (Ag g/t x $0.64) +<br>(Cu% x 63.08) | (Pb% x $10.74) + (Zn% x $13.58) + (Au g/t x $58.97) + (Ag g/t x $0.64) +<br>(Cu% x 63.08) | (Pb% x $10.74) + (Zn% x $13.58) + (Au g/t x $58.97) + (Ag g/t x $0.64) +<br>(Cu% x 63.08) | (Pb% x $10.74) + (Zn% x $13.58) + (Au g/t x $58.97) + (Ag g/t x $0.64) +<br>(Cu% x 63.08) | (Pb% x $10.74) + (Zn% x $13.58) + (Au g/t x $58.97) + (Ag g/t x $0.64) +<br>(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 recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag 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 recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag 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 recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag 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 recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag 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 recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag 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 recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au 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 recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au 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 recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au 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 recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au 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 recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*Au recovery)\*685.7147973 |

---

**Mining and Metallurgical Parameters**

The mineralization at Boumadine starts at surface and continues down to more than 600m in depth, making the MRE appropriate for a combination of open pit and underground mining.

Mining dimensions or mining dilution were not considered as part of the pit optimization work, and a block dimension of 2.5m x 5m x 5m was used, which is considered acceptable in terms of a potential smaller selective mining unit. Similarly, a crown pillar has not been accounted for between the open pit and the underground mineral resources.

The preliminary metallurgical recoveries that have been used for the NSR calculation are presented (Table 4) along with the NSR calculation formula, and are 85.2% for Au, 89.1% for Ag, 72% for Zn, 84.5% for Pb, and 75.3% for Cu.

The NSR US$/t value was based on estimated metallurgical recoveries derived from a series of testwork, assumed metal prices, and smelter terms, which include payable factors, treatment charges, penalties, and refining charges.

**Next Steps**

Prior to 2020, the Boumadine Project had seen limited near-mine drilling and no regional exploration. Since 2022, the Aya team has conducted over 140,000 m of DDH programs on the mining permit with the goal of delivering a MRE.

Significant upside potential exists to expand the Boumadine Main Trend, which currently covers 5.4km of strike length and remains open in all directions. Through 2025, the Corporation plans

------

to mobilize eleven diamond and three reverse circulation drill rigs to complete the 140,000m drilling program. Half of the program will test the continuation of the known trends (Boumadine and Tizi) and infill. The remaining 50% will focus on geological targets generated by previous work and will be informed by the hyperspectral survey, high-resolution geophysical survey and the mapping and prospecting campaigns. As the MobileMT survey shows, there is a strong relation between apparent conductivity and Boumadine type mineralization. A total of 24 new permits have been acquired in the vicinity of the Boumadine permits since June 2023 (Figure 6). The results from ongoing geology work will determine additional development work.

**Figure 6 – Location of New Boumadine Permits Overlayed with Apparent Conductivity at 175Hz**

![figure6.jpg](figure6.jpg)

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, Qualified Person, and by Patrick Pérez, P.Eng., Director, Technical Services, Qualified Person.

------

This Mineral Resource Estimate has been completed in accordance with NI 43-101, and the Corporation will prepare and file a Technical Report on SEDAR+ within 45 days of this press release.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Corporation's business plans and financial performance and condition.

All statements, other than statements of historical fact included in this news release, regarding the Corporation's strategy, future operations, financial position, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as "expand", "grow", "increase", "consolidate", "promising", "estimate", "assume", "expect", "intend", "anticipate", "believe", "confirm", "remains", " "potential", "complete", "extend", or variations of such words and phrases

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or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved. In particular and without limitation, this news release contains forward-looking statements pertaining to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine, notably the potential to expand the deposit in all directions and to grow the Resource Estimate.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans, throughput, the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision, the presence of unfavourable content in ore deposits, inaccuracies in life of mine plans, unusual or unexpected geological or structural formations, recoveries being affected by metallurgical characteristics and other factors, such as project execution delays, many of which are beyond the control of Aya. In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's 2023 Annual Information Form dated March 28, 2024 filed on SEDAR+ at www.sedarplus.ca, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations. Furthermore, Aya's corporate update of May 28, 2020, in which it indicated that previous studies regarding assets which the Corporation considered at that time not to constitute material assets, remains applicable as of the date hereof.

------

Although the Corporation 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 thus 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

In the foregoing, all references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.7

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| | |
|:---|:---|
| | **Exhibit 99.7** |
| PRESS RELEASE | ![ayalogoe.jpg](ayalogoe.jpg) |

---

**Aya Gold & Silver Announces February 2025 Production Results**

**Montreal, Quebec, March 11, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce production of 357,333 ounces ("oz") of silver ("Ag") in February at its Zgounder Silver Mine, located in the Kingdom of Morocco.

**2025 Production Metrics**

---

| | | | |
|:---|:---|:---|:---|
| **Production Metrics** | | **January 2025** | **February 2025**<sup>1</sup> |
| Silver production | oz/month | 383515 | 357333 |
|  | oz/day | 12371 | 12762 |
| Tonnes processed | kt | 88686 | 78755 |
| Milling rate | t/op.h<sup>2</sup> | 126 | 133 |
| Silver recovery | % | 87 | 83 |
| Mill availability | % | 95 | 88 |
| Mine production | t | 50403 | 68967 |

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1.&nbsp;&nbsp;&nbsp;&nbsp;Includes five days of planned shut down of the grinding mill of the flotation plant

2.&nbsp;&nbsp;&nbsp;&nbsp;Tonnes per operating hour

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| | |
|:---|:---|
| &nbsp;&nbsp;February Production Highlights | &nbsp;&nbsp;February Production Highlights |
| &nbsp;&nbsp;&nbsp;● | Silver ("Ag") production of 357,333 oz in February 2025 or 12,762 oz per day; an increase in average daily silver production based on 23 days of operation due to lower availability as a result of a planned shutdown.  |
| &nbsp;&nbsp;&nbsp;● | Silver recovery of 83% in February 2025 due to oxidized ore processing and plant shut down. |
| &nbsp;&nbsp;&nbsp;● | Combined mill availability of 88% in February 2025. |
| &nbsp;&nbsp;&nbsp;● | Mine production of 68,967t in February 2025, which represents a 37% increase over January 2025. |

---

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**"I am pleased to share that we continue to improve the production rate at Zgounder. We see a month-over-month increase in the daily average silver production, but also in the milling and mining rates from January to February 2025. This strong performance is driven by improved mine production, alongside sustained processing capacity over 2,800 tpd since January,"** said President & CEO Benoit La Salle**. "This achievement included a planned shutdown in a short month, and highlights our disciplined execution and operational strength, setting the stage for sustained production growth and record profitability in 2025."**

**Q4 and Full Year 2024 Conference Call Details**

As previously announced, Aya will release its Q4 and Full-Year 2024 results on March 28, 2025 before market-open. Management will host a conference call on the same day at 9 a.m. Eastern Time to discuss the Corporation's financial and operational results.

**Webcast link**: **https://edge.media-server.com/mmc/p/gq6awkxb**

**Instructions for obtaining conference call dial-in numbers:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Click on the following call link and complete the online registration form.

**https://register-conf.media-server.com/register/BI3868fe7783244ac1995e4adc45e7520a** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The live webcast will be archived and will be available for replay. Presentation slides that will accompany the conference call will also be posted on Aya's website.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

------

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "continue", "announce", "planned", ""confirm", "growth", "near", "add", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the capacity of the Corporation to achieve continued improved production results namely mining, milling, processing, recoveries and overall production. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability of the plant to operate per its designed and intended purpose, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including

------

government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.8

**Exhibit 99.8**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogof.jpg](ayalogof.jpg) |

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**Aya Gold & Silver Reports High-Grade Silver Results at Depth to the West and Near Pit to the East**

**Montreal, Quebec, March 26, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce additional high-grade silver drill results from its drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

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| |
|:---|
| Highlights *(all intersections are in core lengths)* |
| In the Central Zone from the 2,000m level: |
| Hole **DZG-SF-24-228** intercepted 3,794 grams per tonne ("g/t") silver ("Ag") over 10.0 meters ("m") |
| Hole **DZG-SF-24-353** intercepted 572 g/t Ag over 13.0m |
| In the open-pit area: |
| Hole **ZG-RC-24-413** intercepted 1,001 g/t Ag over 28.0m, including 2,787 g/t Ag over 7.0m  |
| Hole **ZG-RC-24-452** intercepted 1,364 g/t Ag over 14.0m, including 2,433 g/t Ag over 6.0m |
| Hole **ZG-RC-24-232** intercepted 1,054 g/t Ag over 11.0m, including 2,063 g/t Ag over 5.0m |
| Hole **ZG-RC-24-401** intercepted 3,565 g/t Ag over 3.0m |
| Hole **ZG-RC-24-155** intercepted 755 g/t Ag over 13.0m |
| Hole **ZG-RC-24-399** intercepted 1,298 g/t Ag over 7.0m, including 2,081 g/t Ag over 4.0m |
| At depth near the granite contact: |
| Hole **ZG-SF-24-203** intercepted 911 g/t Ag over 10.0m, including 4,855 g/t Ag over 1.5m  |
| Hole **ZG-SF-24-209** intercepted 1,756 g/t Ag over 4.5m including 6,800 g/t Ag over 1.0m |
| Hole **ZG-SF-24-259** intercepted 1,082 g/t Ag over 8.5m, including 2,133 g/t Ag over 2.7m |
| Hole **ZG-SF-25-290** intercepted 823 g/t Ag over 10.0m and 2,055 g/t Ag over 4.5m |
| 2,653m of the 2025 exploration program drilled year to date |

---

------

**"Today's high-grade silver drill results, particularly holes ZG-SF-24-290 and ZG-SF-24-259 near the granite contact, confirm the presence of an additional high-grade zone to the west by the fault, reinforcing the potential to expand Zgounder resources at depth,"** said Benoit La Salle, Aya Gold & Silver President & CEO. **"In addition, high-grade intercepts near the open-pit, including ZG-RC-24-413 and ZG-RC-24-452, confirm the continuity of high-grade mineralization to the east, supporting our confidence in extending the open-pit operation. With two underground rigs and one RC rig currently active, we expect a steady flow of results in the coming months to further enhance our understanding and resource potential."** 

Included in this release are results from 490 holes, which include 27 surface Diamond Drill ("DDH"), 192 underground DDH, 198 Reverse Circulation ("RC"), 37 T28 and 36 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

**Table 1 –** Significant Intercepts from Drilling at Zgounder (core lengths)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length** | **Ag x width** |
| | | | **(g/t)** | **(m)** | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-24-128 | 26.0 | 32.0 | 960 | 6.0 | 5 760 |
| Including | 30.0 | 32.0 | 2 428 | 2.0 | 4 856 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| **ZG-SF-24-203** | 176.0 | 186.0 | 911 | 10.0 | 9 106 |
| Including | 180.5 | 182.0 | 4 855 | 1.5 | 7 282 |
| **ZG-SF-24-209** | 299.0 | 303.5 | 1 756 | 4.5 | 7 900 |
| Including | 300.0 | 301.0 | 6 800 | 1.0 | 6 800 |
| ZG-SF-24-219 | 65.0 | 70.0 | 1 147 | 5.0 | 5 734 |
| Including | 65.0 | 67.5 | 2 174 | 2.5 | 5 434 |
| ZG-SF-24-223 | 97.0 | 108.0 | 439 | 11.0 | 4 832 |
| **ZG-SF-24-259** | 66.0 | 74.5 | 1 082 | 8.5 | 9 197 |
| Including | 67.5 | 70.2 | 2 133 | 2.7 | 5 760 |
| **ZG-SF-25-290** | 275.0 | 285.0 | 823 | 10.0 | 8 228 |
| **ZG-SF-25-290** | 297.5 | 302.0 | 2 055 | 4.5 | 9 246 |
| **DZG-SF-24-228** | 6.0 | 16.0 | 3 794 | 10.0 | 37 940 |
| DZG-SF-24-325 | 52.0 | 58.0 | 1 113 | 6.0 | 6 675 |
| **DZG-SF-24-353** | 46.5 | 59.5 | 572 | 13.0 | 7 430 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| **ZG-RC-24-155** | 0.0 | 13.0 | 755 | 13.0 | 9 812 |
| ZG-RC-24-169 | 0.0 | 17.0 | 484 | 17.0 | 8 220 |
| **ZG-RC-24-232** | 0.0 | 11.0 | 1 054 | 11.0 | 11 596 |
| Including | 0.0 | 5.0 | 2 063 | 5.0 | 10 316 |
| ZG-RC-24-354 | 19.0 | 31.0 | 664 | 12.0 | 7 969 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Including | 22.0 | 25.0 | 1 793 | 3.0 | 5 380 |
| ZG-RC-24-390 | 1.0 | 6.0 | 971 | 5.0 | 4 856 |
| **ZG-RC-24-399** | 63.0 | 70.0 | 1 298 | 7.0 | 9 085 |
| Including | 64.0 | 68.0 | 2 081 | 4.0 | 8 324 |
| ZG-RC-24-401 | 17.0 | 20.0 | 3 565 | 3.0 | 10 696 |
| **ZG-RC-24-413** | 10.0 | 38.0 | 1 001 | 28.0 | 28 026 |
| Including | 26.0 | 33.0 | 2 787 | 7.0 | 19 512 |
| ZG-RC-24-424 | 42.0 | 44.0 | 3 733 | 2.0 | 7 466 |
| **ZG-RC-24-452** | 39.0 | 53.0 | 1 364 | 14.0 | 19 100 |
| Including | 45.0 | 51.0 | 2 433 | 6.0 | 14 596 |
| ZG-RC-24-471 | 0.0 | 7.0 | 826 | 7.0 | 5 780 |
| ZG-RC-24-491 | 0.0 | 15.0 | 538 | 15.0 | 8 068 |
| Including | 4.0 | 10.0 | 949 | 6.0 | 5 692 |
| ZG-RC-25-412 | 27.0 | 37.0 | 745 | 10.0 | 7 452 |
| ZG-RC-25-449 | 11.0 | 15.0 | 1 347 | 4.0 | 5 388 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-525 | 7.2 | 12.0 | 1 397 | 4.8 | 6 706 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-143 | 1.2 | 21.6 | 382 | 20.4 | 7 784 |
| YAK-24-144 | 13.2 | 25.2 | 520 | 12.0 | 6 238 |
| YAK-24-152 | 3.6 | 9.6 | 1 532 | 6.0 | 9 192 |

---

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**Figure 1:** Location of Drill Results at Zgounder

![zgrounder.jpg](zgrounder.jpg)

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

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**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** | **Alex Ball**  |
| President & CEO | VP, Corporate Development & IR |
| **Benoit.lasalle@ayagoldsilver.com** | **alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "confirm", "potential", "expand", "confidence", "extend", "expect", "enhance", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to extend strikes, expand resources at depth, expand open pit operations, obtain results in the coming months to enhance our understanding of the resource potential, increasing ounces within and near the open pit area, expanding open-pit operations in the near term, enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be

------

incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise. 

------

<u>Appendix 1 - Mineral Intercepts from Drilling at Zgounder (</u>*<u>core lengths</u>*<u>)</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length** | **Ag x width** |
| | | | **(g/t)** | **(m)** | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-24-109 | 76.0 | 80.0 | 124 | 4.0 | 496 |
| ZG-24-109 | 84.0 | 84.5 | 132 | 0.5 | 66 |
| ZG-24-112 | 66.0 | 70.5 | 105 | 4.5 | 474 |
| ZG-24-112 | 78.0 | 79.5 | 76 | 1.5 | 114 |
| ZG-24-112 | 91.5 | 98.3 | 132 | 6.8 | 896 |
| ZG-24-119 | 110.0 | 112.8 | 291 | 2.8 | 815 |
| ZG-24-122 | 2.6 | 4.0 | 140 | 1.4 | 196 |
| ZG-24-123 | 1.7 | 10.2 | 404 | 8.5 | 3 437 |
| ZG-24-124 | 4.2 | 6.5 | 361 | 2.3 | 831 |
| ZG-24-125 | 3.3 | 7.3 | 167 | 4.0 | 668 |
| ZG-24-127 | 0.0 | 2.8 | 111 | 2.8 | 312 |
| ZG-24-127 | 23.0 | 24.5 | 358 | 1.5 | 538 |
| ZG-24-128 | 3.0 | 3.7 | 264 | 0.7 | 185 |
| ZG-24-128 | 26.0 | 32.0 | 960 | 6.0 | 5 760 |
| Including | 30.0 | 32.0 | 2 428 | 2.0 | 4 856 |
| ZG-24-128 | 43.5 | 44.0 | 144 | 0.5 | 72 |
| ZG-24-132 | 5.3 | 8.0 | 213 | 2.7 | 575 |
| ZG-24-138 | 5.5 | 6.0 | 78 | 0.5 | 39 |
| ZG-24-138 | 7.0 | 8.0 | 76 | 1.0 | 76 |
| ZG-24-138 | 14.0 | 15.0 | 80 | 1.0 | 80 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-179 | 53.1 | 55.0 | 1 102 | 1.9 | 2 093 |
| ZG-SF-24-200 | 257.0 | 265.0 | 375 | 8.0 | 3 002 |
| ZG-SF-24-201 | 139.0 | 140.5 | 164 | 1.5 | 246 |
| ZG-SF-24-201 | 149.0 | 150.5 | 212 | 1.5 | 318 |
| ZG-SF-24-201 | 155.5 | 162.5 | 138 | 7.0 | 964 |
| ZG-SF-24-201 | 165.5 | 167.0 | 80 | 1.5 | 120 |
| ZG-SF-24-203 | 150.0 | 151.0 | 88 | 1.0 | 88 |
| ZG-SF-24-203 | 155.0 | 156.5 | 75 | 1.5 | 113 |
| ZG-SF-24-203 | 176.0 | 186.0 | 911 | 10.0 | 9 106 |
| Including | 180.5 | 182.0 | 4 855 | 1.5 | 7 282 |
| ZG-SF-24-203 | 195.5 | 197.0 | 77 | 1.5 | 116 |
| ZG-SF-24-207 | 157.5 | 164.0 | 621 | 6.5 | 4 038 |
| Including | 158.5 | 160.0 | 2 036 | 1.5 | 3 054 |
| ZG-SF-24-207 | 166.5 | 168.0 | 76 | 1.5 | 114 |
| ZG-SF-24-208 | 144.5 | 145.5 | 156 | 1.0 | 156 |
| ZG-SF-24-209 | 299.0 | 303.5 | 1 756 | 4.5 | 7 900 |
| Including | 300.0 | 301.0 | 6 800 | 1.0 | 6 800 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-SF-24-209 | 311.0 | 312.5 | 80 | 1.5 | 120 |
| ZG-SF-24-210 | 141.5 | 144.5 | 98 | 3.0 | 294 |
| ZG-SF-24-210 | 150.0 | 151.0 | 92 | 1.0 | 92 |
| ZG-SF-24-213 | 246.5 | 251.0 | 228 | 4.5 | 1 024 |
| ZG-SF-24-213 | 255.5 | 256.5 | 168 | 1.0 | 168 |
| ZG-SF-24-215 | 148.5 | 150.0 | 220 | 1.5 | 330 |
| ZG-SF-24-216 | 90.0 | 91.5 | 236 | 1.5 | 354 |
| ZG-SF-24-216 | 100.7 | 101.7 | 79 | 1.0 | 79 |
| ZG-SF-24-217 | 124.0 | 125.5 | 304 | 1.5 | 456 |
| ZG-SF-24-217 | 126.0 | 126.5 | 104 | 0.5 | 52 |
| ZG-SF-24-219 | 57.5 | 60.0 | 112 | 2.5 | 279 |
| ZG-SF-24-219 | 65.0 | 70.0 | 1 147 | 5.0 | 5 734 |
| Including | 65.0 | 67.5 | 2 174 | 2.5 | 5 434 |
| ZG-SF-24-219 | 82.0 | 83.0 | 159 | 1.0 | 159 |
| ZG-SF-24-220 | 311.0 | 315.0 | 107 | 4.0 | 428 |
| ZG-SF-24-223 | 84.0 | 86.0 | 92 | 2.0 | 184 |
| ZG-SF-24-223 | 89.0 | 92.0 | 118 | 3.0 | 354 |
| ZG-SF-24-223 | 97.0 | 108.0 | 439 | 11.0 | 4 832 |
| Including | 97.0 | 101.0 | 916 | 4.0 | 3 664 |
| ZG-SF-24-224 | 129.0 | 130.1 | 100 | 1.1 | 110 |
| ZG-SF-24-227 | 108.0 | 109.5 | 212 | 1.5 | 318 |
| ZG-SF-24-228 | 279.5 | 284.0 | 499 | 4.5 | 2 244 |
| ZG-SF-24-228 | 302.5 | 305.5 | 98 | 3.0 | 294 |
| ZG-SF-24-228 | 326.0 | 327.0 | 140 | 1.0 | 140 |
| ZG-SF-24-229 | 60.5 | 62.0 | 400 | 1.5 | 600 |
| ZG-SF-24-230 | 243.5 | 244.4 | 77 | 0.9 | 69 |
| ZG-SF-24-232 | 153.0 | 154.5 | 280 | 1.5 | 420 |
| ZG-SF-24-232 | 184.5 | 185.6 | 3 176 | 1.1 | 3 494 |
| ZG-SF-24-235 | 31.0 | 33.0 | 164 | 2.0 | 328 |
| ZG-SF-24-235 | 64.0 | 69.5 | 536 | 5.5 | 2 948 |
| ZG-SF-24-243 | 66.2 | 67.4 | 475 | 1.2 | 570 |
| ZG-SF-24-247 | 45.0 | 47.4 | 625 | 2.4 | 1 501 |
| ZG-SF-24-249 | 77.0 | 78.0 | 1 244 | 1.0 | 1 244 |
| ZG-SF-24-250 | 50.5 | 52.0 | 80 | 1.5 | 120 |
| ZG-SF-24-251 | 48.0 | 54.0 | 204 | 6.0 | 1 224 |
| ZG-SF-24-251 | 62.2 | 63.5 | 104 | 1.3 | 135 |
| ZG-SF-24-252 | 34.0 | 38.0 | 653 | 4.0 | 2 610 |
| ZG-SF-24-252 | 44.0 | 45.5 | 228 | 1.5 | 342 |
| ZG-SF-24-252 | 55.5 | 56.5 | 290 | 1.0 | 290 |
| ZG-SF-24-252 | 73.0 | 73.5 | 672 | 0.5 | 336 |
| ZG-SF-24-256 | 132.0 | 133.0 | 88 | 1.0 | 88 |
| ZG-SF-24-256 | 134.5 | 136.0 | 2 720 | 1.5 | 4 080 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-SF-24-256 | 139.0 | 140.5 | 84 | 1.5 | 126 |
| ZG-SF-24-259 | 60.5 | 62.0 | 112 | 1.5 | 168 |
| ZG-SF-24-259 | 66.0 | 74.5 | 1 082 | 8.5 | 9 197 |
| Including | 67.5 | 70.2 | 2 133 | 2.7 | 5 760 |
| ZG-SF-24-259 | 94.0 | 96.0 | 100 | 2.0 | 200 |
| ZG-SF-24-261 | 45.5 | 51.5 | 401 | 6.0 | 2 406 |
| ZG-SF-24-262 | 116.5 | 117.0 | 76 | 0.5 | 38 |
| ZG-SF-24-263 | 16.0 | 17.5 | 204 | 1.5 | 306 |
| ZG-SF-24-264 | 113.0 | 114.5 | 104 | 1.5 | 156 |
| ZG-SF-24-267 | 39.5 | 41.5 | 82 | 2.0 | 164 |
| ZG-SF-24-268 | 235.8 | 237.3 | 108 | 1.5 | 162 |
| ZG-SF-24-269 | 78.5 | 80.0 | 84 | 1.5 | 126 |
| ZG-SF-24-269 | 86.0 | 90.0 | 388 | 4.0 | 1 553 |
| ZG-SF-24-269 | 94.0 | 94.5 | 84 | 0.5 | 42 |
| ZG-SF-24-269 | 97.0 | 100.0 | 213 | 3.0 | 640 |
| ZG-SF-24-272 | 56.0 | 57.5 | 104 | 1.5 | 156 |
| ZG-SF-24-278 | 100.0 | 101.5 | 111 | 1.5 | 166 |
| ZG-SF-24-281 | 94.5 | 97.4 | 1 033 | 2.9 | 2 994 |
| Including | 95.0 | 96.5 | 1 741 | 1.5 | 2 612 |
| ZG-SF-24-284 | 85.0 | 85.5 | 160 | 0.5 | 80 |
| ZG-SF-24-284 | 92.5 | 93.5 | 184 | 1.0 | 184 |
| ZG-SF-24-284 | 95.0 | 95.5 | 76 | 0.5 | 38 |
| ZG-SF-24-284 | 97.0 | 97.5 | 160 | 0.5 | 80 |
| ZG-SF-24-286 | 117.5 | 121.0 | 151 | 3.5 | 528 |
| ZG-SF-24-286 | 127.0 | 128.5 | 208 | 1.5 | 312 |
| ZG-SF-24-286 | 130.0 | 130.5 | 113 | 0.5 | 57 |
| ZG-SF-24-286 | 131.5 | 132.0 | 92 | 0.5 | 46 |
| ZG-SF-25-290 | 213.0 | 214.0 | 192 | 1.0 | 192 |
| ZG-SF-25-290 | 223.0 | 224.0 | 220 | 1.0 | 220 |
| ZG-SF-25-290 | 275.0 | 285.0 | 823 | 10.0 | 8 228 |
| Including | 279.0 | 281.0 | 2 252 | 2.0 | 4 504 |
| ZG-SF-25-290 | 290.5 | 291.5 | 356 | 1.0 | 356 |
| ZG-SF-25-290 | 297.5 | 302.0 | 2 055 | 4.5 | 9 246 |
| ZG-SF-25-291 | 70.8 | 71.3 | 230 | 0.5 | 115 |
| DZG-SF-24-156 | 33.5 | 36.5 | 460 | 3.0 | 1 380 |
| DZG-SF-24-156 | 55.5 | 56.5 | 244 | 1.0 | 244 |
| DZG-SF-24-167 | 67.5 | 69.0 | 116 | 1.5 | 174 |
| DZG-SF-24-190 | 39.0 | 40.5 | 212 | 1.5 | 318 |
| DZG-SF-24-192 | 34.0 | 35.5 | 216 | 1.5 | 324 |
| DZG-SF-24-203 | 22.0 | 23.0 | 88 | 1.0 | 88 |
| DZG-SF-24-203 | 28.0 | 29.0 | 80 | 1.0 | 80 |
| DZG-SF-24-205 | 28.0 | 31.0 | 272 | 3.0 | 816 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-206 | 22.5 | 31.5 | 261 | 9.0 | 2 350 |
| Including | 24.5 | 25.5 | 1 292 | 1.0 | 1 292 |
| DZG-SF-24-209 | 34.0 | 37.5 | 446 | 3.5 | 1 560 |
| DZG-SF-24-220 | 30.5 | 34.5 | 992 | 4.0 | 3 966 |
| Including | 30.5 | 31.5 | 2 360 | 1.0 | 2 360 |
| DZG-SF-24-220 | 38.5 | 40.0 | 148 | 1.5 | 222 |
| DZG-SF-24-220 | 46.5 | 48.0 | 308 | 1.5 | 462 |
| DZG-SF-24-222 | 28.5 | 30.0 | 268 | 1.5 | 402 |
| DZG-SF-24-228 | 6.0 | 16.0 | 3 794 | 10.0 | 37 940 |
| DZG-SF-24-248 | 59.5 | 60.5 | 188 | 1.0 | 188 |
| DZG-SF-24-248 | 62.5 | 63.5 | 92 | 1.0 | 92 |
| DZG-SF-24-248 | 67.0 | 68.5 | 88 | 1.5 | 132 |
| DZG-SF-24-254 | 31.0 | 37.0 | 88 | 6.0 | 530 |
| DZG-SF-24-254 | 41.5 | 43.0 | 148 | 1.5 | 222 |
| DZG-SF-24-254 | 46.0 | 47.5 | 84 | 1.5 | 126 |
| DZG-SF-24-254 | 55.0 | 56.5 | 140 | 1.5 | 210 |
| DZG-SF-24-262 | 6.0 | 7.0 | 344 | 1.0 | 344 |
| DZG-SF-24-266 | 63.0 | 65.5 | 1 187 | 2.5 | 2 968 |
| DZG-SF-24-268 | 3.0 | 4.5 | 112 | 1.5 | 168 |
| DZG-SF-24-268 | 20.0 | 21.5 | 492 | 1.5 | 738 |
| DZG-SF-24-268 | 26.5 | 29.0 | 364 | 2.5 | 910 |
| DZG-SF-24-268 | 46.0 | 48.5 | 95 | 2.5 | 238 |
| DZG-SF-24-269 | 10.5 | 13.5 | 111 | 3.0 | 332 |
| DZG-SF-24-269 | 19.5 | 21.0 | 496 | 1.5 | 744 |
| DZG-SF-24-269 | 37.0 | 41.0 | 337 | 4.0 | 1 348 |
| DZG-SF-24-269 | 48.0 | 49.0 | 88 | 1.0 | 88 |
| DZG-SF-24-269 | 63.0 | 65.0 | 160 | 2.0 | 320 |
| DZG-SF-24-270 | 27.5 | 32.5 | 826 | 5.0 | 4 128 |
| Including | 29.5 | 32.5 | 1 236 | 3.0 | 3 708 |
| DZG-SF-24-282 | 46.0 | 47.5 | 100 | 1.5 | 150 |
| DZG-SF-24-295 | 28.5 | 30.0 | 98 | 1.5 | 147 |
| DZG-SF-24-295 | 49.5 | 51.0 | 96 | 1.5 | 144 |
| DZG-SF-24-297 | 19.0 | 26.0 | 196 | 7.0 | 1 370 |
| Including | 19.0 | 20.0 | 622 | 1.0 | 622 |
| DZG-SF-24-297 | 39.5 | 47.0 | 342 | 7.5 | 2 562 |
| DZG-SF-24-297 | 55.5 | 60.0 | 357 | 4.5 | 1 605 |
| Including | 56.5 | 57.5 | 868 | 1.0 | 868 |
| DZG-SF-24-303 | 54.5 | 56.5 | 279 | 2.0 | 558 |
| DZG-SF-24-320 | 23.5 | 24.5 | 180 | 1.0 | 180 |
| DZG-SF-24-320 | 33.5 | 35.0 | 172 | 1.5 | 258 |
| DZG-SF-24-321 | 51.5 | 53.5 | 94 | 2.0 | 188 |
| DZG-SF-24-322 | 13.5 | 15.0 | 124 | 1.5 | 186 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-323 | 52.5 | 57.0 | 254 | 4.5 | 1 142 |
| DZG-SF-24-324 | 43.0 | 46.0 | 94 | 3.0 | 282 |
| DZG-SF-24-324 | 49.0 | 50.0 | 252 | 1.0 | 252 |
| DZG-SF-24-325 | 15.0 | 22.0 | 261 | 7.0 | 1 825 |
| DZG-SF-24-325 | 22.5 | 23.0 | 84 | 0.5 | 42 |
| DZG-SF-24-325 | 37.0 | 38.5 | 1 688 | 1.5 | 2 532 |
| DZG-SF-24-325 | 45.5 | 47.0 | 1 608 | 1.5 | 2 412 |
| DZG-SF-24-325 | 52.0 | 58.0 | 1 113 | 6.0 | 6 675 |
| DZG-SF-24-326 | 15.5 | 18.5 | 493 | 3.0 | 1 480 |
| DZG-SF-24-326 | 54.0 | 55.0 | 172 | 1.0 | 172 |
| DZG-SF-24-332 | 5.5 | 8.0 | 631 | 2.5 | 1 578 |
| DZG-SF-24-332 | 39.5 | 41.0 | 116 | 1.5 | 174 |
| DZG-SF-24-333 | 0.0 | 1.5 | 136 | 1.5 | 204 |
| DZG-SF-24-333 | 12.0 | 13.5 | 76 | 1.5 | 114 |
| DZG-SF-24-333 | 22.5 | 24.0 | 88 | 1.5 | 132 |
| DZG-SF-24-333 | 25.5 | 27.0 | 92 | 1.5 | 138 |
| DZG-SF-24-333 | 28.5 | 30.0 | 92 | 1.5 | 138 |
| DZG-SF-24-334 | 10.5 | 13.5 | 192 | 3.0 | 576 |
| DZG-SF-24-334 | 16.5 | 18.0 | 80 | 1.5 | 120 |
| DZG-SF-24-336 | 6.0 | 7.5 | 140 | 1.5 | 210 |
| DZG-SF-24-336 | 44.0 | 47.5 | 123 | 3.5 | 432 |
| DZG-SF-24-338 | 43.0 | 45.5 | 299 | 2.5 | 748 |
| DZG-SF-24-339 | 47.5 | 53.5 | 187 | 6.0 | 1 124 |
| DZG-SF-24-343 | 24.0 | 25.5 | 1 044 | 1.5 | 1 566 |
| DZG-SF-24-343 | 48.0 | 49.5 | 128 | 1.5 | 192 |
| DZG-SF-24-345 | 48.5 | 54.5 | 154 | 6.0 | 921 |
| DZG-SF-24-346 | 30.5 | 38.0 | 141 | 7.5 | 1 056 |
| DZG-SF-24-346 | 44.0 | 45.5 | 120 | 1.5 | 180 |
| DZG-SF-24-346 | 48.5 | 54.5 | 151 | 6.0 | 906 |
| DZG-SF-24-347 | 16.5 | 19.5 | 142 | 3.0 | 426 |
| DZG-SF-24-348 | 13.5 | 16.5 | 100 | 3.0 | 300 |
| DZG-SF-24-348 | 23.0 | 24.5 | 128 | 1.5 | 192 |
| DZG-SF-24-348 | 27.5 | 29.0 | 204 | 1.5 | 306 |
| DZG-SF-24-348 | 36.5 | 37.5 | 116 | 1.0 | 116 |
| DZG-SF-24-348 | 44.5 | 47.5 | 122 | 3.0 | 366 |
| DZG-SF-24-348 | 55.0 | 57.0 | 178 | 2.0 | 356 |
| DZG-SF-24-349 | 29.0 | 30.5 | 96 | 1.5 | 144 |
| DZG-SF-24-350 | 54.5 | 56.0 | 1 013 | 1.5 | 1 520 |
| DZG-SF-24-352 | 20.0 | 21.0 | 84 | 1.0 | 84 |
| DZG-SF-24-353 | 46.5 | 59.5 | 572 | 13.0 | 7 430 |
| Including | 53.5 | 55.0 | 1 376 | 1.5 | 2 064 |
| DZG-SF-24-354 | 17.0 | 18.0 | 202 | 1.0 | 202 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-354 | 52.0 | 60.3 | 439 | 8.3 | 3 640 |
| Including | 52.0 | 53.5 | 1 391 | 1.5 | 2 086 |
| DZG-SF-24-356 | 52.5 | 54.0 | 580 | 1.5 | 870 |
| DZG-SF-24-357 | 43.5 | 45.0 | 98 | 1.5 | 147 |
| DZG-SF-24-357 | 59.0 | 60.0 | 102 | 1.0 | 102 |
| DZG-SF-24-358 | 55.0 | 56.5 | 112 | 1.5 | 168 |
| DZG-SF-24-361 | 36.0 | 37.5 | 440 | 1.5 | 660 |
| DZG-SF-24-364 | 0.0 | 1.0 | 121 | 1.0 | 121 |
| DZG-SF-24-366 | 8.5 | 9.5 | 172 | 1.0 | 172 |
| DZG-SF-24-372 | 10.5 | 12.0 | 208 | 1.5 | 312 |
| DZG-SF-24-376 | 42.0 | 43.0 | 198 | 1.0 | 198 |
| DZG-SF-24-376 | 53.5 | 55.0 | 448 | 1.5 | 672 |
| DZG-SF-24-379 | 22.5 | 24.0 | 132 | 1.5 | 198 |
| DZG-SF-24-379 | 54.0 | 56.5 | 1 243 | 2.5 | 3 108 |
| Including | 54.0 | 55.0 | 2 840 | 1.0 | 2 840 |
| DZG-SF-24-381 | 64.0 | 65.0 | 104 | 1.0 | 104 |
| DZG-SF-24-385 | 38.0 | 39.0 | 100 | 1.0 | 100 |
| DZG-SF-24-385 | 41.0 | 42.0 | 96 | 1.0 | 96 |
| DZG-SF-24-385 | 45.0 | 46.5 | 92 | 1.5 | 138 |
| DZG-SF-24-385 | 70.5 | 71.5 | 144 | 1.0 | 144 |
| DZG-SF-24-386 | 84.0 | 85.5 | 1 025 | 1.5 | 1 538 |
| DZG-SF-24-386 | 88.5 | 90.0 | 495 | 1.5 | 742 |
| DZG-SF-24-389 | 18.0 | 19.5 | 75 | 1.5 | 113 |
| DZG-SF-24-391 | 74.0 | 78.5 | 351 | 4.5 | 1 578 |
| DZG-SF-24-397 | 23.5 | 25.0 | 84 | 1.5 | 126 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-146 | 5.0 | 14.0 | 527 | 9.0 | 4 744 |
| Including | 8.0 | 10.0 | 1 358 | 2.0 | 2 716 |
| ZG-RC-24-146 | 28.0 | 31.0 | 555 | 3.0 | 1 664 |
| ZG-RC-24-146 | 35.0 | 41.0 | 727 | 6.0 | 4 360 |
| Including | 36.0 | 38.0 | 1 520 | 2.0 | 3 040 |
| ZG-RC-24-146 | 52.0 | 53.0 | 208 | 1.0 | 208 |
| ZG-RC-24-155 | 0.0 | 13.0 | 755 | 13.0 | 9 812 |
| ZG-RC-24-155 | 23.0 | 24.0 | 132 | 1.0 | 132 |
| ZG-RC-24-155 | 26.0 | 28.0 | 312 | 2.0 | 624 |
| ZG-RC-24-155 | 84.0 | 85.0 | 2 160 | 1.0 | 2 160 |
| ZG-RC-24-156 | 36.0 | 46.0 | 202 | 10.0 | 2 020 |
| ZG-RC-24-169 | 0.0 | 17.0 | 484 | 17.0 | 8 220 |
| ZG-RC-24-194 | 81.0 | 83.0 | 1 580 | 2.0 | 3 160 |
| ZG-RC-24-202 | 41.0 | 42.0 | 78 | 1.0 | 78 |
| ZG-RC-24-204 | 1.0 | 4.0 | 289 | 3.0 | 868 |
| ZG-RC-24-207 | 5.0 | 6.0 | 84 | 1.0 | 84 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-218 | 0.0 | 7.0 | 141 | 7.0 | 984 |
| ZG-RC-24-218 | 50.0 | 53.0 | 103 | 3.0 | 308 |
| ZG-RC-24-231 | 0.0 | 1.0 | 88 | 1.0 | 88 |
| ZG-RC-24-231 | 17.0 | 19.0 | 108 | 2.0 | 216 |
| ZG-RC-24-232 | 0.0 | 11.0 | 1 054 | 11.0 | 11 596 |
| Including | 0.0 | 5.0 | 2 063 | 5.0 | 10 316 |
| ZG-RC-24-233 | 3.0 | 6.0 | 84 | 3.0 | 252 |
| ZG-RC-24-233 | 11.0 | 13.0 | 78 | 2.0 | 156 |
| ZG-RC-24-245 | 19.0 | 20.0 | 94 | 1.0 | 94 |
| ZG-RC-24-256 | 0.0 | 2.0 | 90 | 2.0 | 179 |
| ZG-RC-24-256 | 4.0 | 7.0 | 111 | 3.0 | 332 |
| ZG-RC-24-257 | 21.0 | 22.0 | 78 | 1.0 | 78 |
| ZG-RC-24-273 | 0.0 | 1.0 | 368 | 1.0 | 368 |
| ZG-RC-24-279 | 91.0 | 92.0 | 80 | 1.0 | 80 |
| ZG-RC-24-283 | 47.0 | 48.0 | 76 | 1.0 | 76 |
| ZG-RC-24-287 | 0.0 | 1.0 | 80 | 1.0 | 80 |
| ZG-RC-24-292 | 17.0 | 18.0 | 76 | 1.0 | 76 |
| ZG-RC-24-292 | 21.0 | 22.0 | 80 | 1.0 | 80 |
| ZG-RC-24-296 | 1.0 | 3.0 | 102 | 2.0 | 204 |
| ZG-RC-24-296 | 14.0 | 15.0 | 112 | 1.0 | 112 |
| ZG-RC-24-298 | 1.0 | 4.0 | 127 | 3.0 | 380 |
| ZG-RC-24-300 | 5.0 | 6.0 | 180 | 1.0 | 180 |
| ZG-RC-24-300 | 13.0 | 15.0 | 442 | 2.0 | 884 |
| ZG-RC-24-307 | 0.0 | 1.0 | 316 | 1.0 | 316 |
| ZG-RC-24-311 | 46.0 | 47.0 | 100 | 1.0 | 100 |
| ZG-RC-24-311 | 55.0 | 58.0 | 275 | 3.0 | 824 |
| ZG-RC-24-354 | 19.0 | 31.0 | 664 | 12.0 | 7 969 |
| Including | 22.0 | 25.0 | 1 793 | 3.0 | 5 380 |
| ZG-RC-24-354 | 34.0 | 35.0 | 140 | 1.0 | 140 |
| ZG-RC-24-354 | 38.0 | 39.0 | 132 | 1.0 | 132 |
| ZG-RC-24-359 | 9.0 | 11.0 | 1 198 | 2.0 | 2 396 |
| ZG-RC-24-359 | 17.0 | 18.0 | 104 | 1.0 | 104 |
| ZG-RC-24-359 | 22.0 | 23.0 | 272 | 1.0 | 272 |
| ZG-RC-24-363 | 2.0 | 7.0 | 204 | 5.0 | 1 021 |
| ZG-RC-24-363 | 13.0 | 19.0 | 177 | 6.0 | 1 059 |
| ZG-RC-24-363 | 36.0 | 37.0 | 76 | 1.0 | 76 |
| ZG-RC-24-363 | 42.0 | 47.0 | 203 | 5.0 | 1 013 |
| ZG-RC-24-363 | 66.0 | 67.0 | 136 | 1.0 | 136 |
| ZG-RC-24-367 | 24.0 | 25.0 | 160 | 1.0 | 160 |
| ZG-RC-24-367 | 31.0 | 34.0 | 161 | 3.0 | 484 |
| ZG-RC-24-371 | 10.0 | 11.0 | 85 | 1.0 | 85 |
| ZG-RC-24-371 | 14.0 | 17.0 | 156 | 3.0 | 467 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-371 | 20.0 | 21.0 | 142 | 1.0 | 142 |
| ZG-RC-24-375 | 44.0 | 47.0 | 443 | 3.0 | 1 328 |
| ZG-RC-24-375 | 48.0 | 49.0 | 76 | 1.0 | 76 |
| ZG-RC-24-377 | 20.0 | 21.0 | 248 | 1.0 | 248 |
| ZG-RC-24-377 | 46.0 | 47.0 | 140 | 1.0 | 140 |
| ZG-RC-24-379 | 39.0 | 40.0 | 508 | 1.0 | 508 |
| ZG-RC-24-380 | 10.0 | 13.0 | 732 | 3.0 | 2 196 |
| ZG-RC-24-381 | 14.0 | 15.0 | 104 | 1.0 | 104 |
| ZG-RC-24-381 | 23.0 | 27.0 | 100 | 4.0 | 400 |
| ZG-RC-24-381 | 66.0 | 67.0 | 264 | 1.0 | 264 |
| ZG-RC-24-382 | 0.0 | 5.0 | 185 | 5.0 | 924 |
| ZG-RC-24-382 | 14.0 | 26.0 | 150 | 12.0 | 1 800 |
| ZG-RC-24-382 | 42.0 | 43.0 | 84 | 1.0 | 84 |
| ZG-RC-24-382 | 52.0 | 53.0 | 84 | 1.0 | 84 |
| ZG-RC-24-382 | 55.0 | 56.0 | 92 | 1.0 | 92 |
| ZG-RC-24-382 | 59.0 | 60.0 | 148 | 1.0 | 148 |
| ZG-RC-24-382 | 62.0 | 63.0 | 88 | 1.0 | 88 |
| ZG-RC-24-385 | 23.0 | 24.0 | 88 | 1.0 | 88 |
| ZG-RC-24-385 | 26.0 | 27.0 | 188 | 1.0 | 188 |
| ZG-RC-24-385 | 30.0 | 35.0 | 223 | 5.0 | 1 116 |
| ZG-RC-24-388 | 0.0 | 1.0 | 92 | 1.0 | 92 |
| ZG-RC-24-389 | 27.0 | 29.0 | 456 | 2.0 | 911 |
| ZG-RC-24-389 | 36.0 | 38.0 | 105 | 2.0 | 209 |
| ZG-RC-24-390 | 1.0 | 6.0 | 971 | 5.0 | 4 856 |
| Including | 1.0 | 4.0 | 1 495 | 3.0 | 4 484 |
| ZG-RC-24-390 | 16.0 | 18.0 | 708 | 2.0 | 1 416 |
| ZG-RC-24-391 | 1.0 | 6.0 | 140 | 5.0 | 700 |
| ZG-RC-24-396 | 17.0 | 18.0 | 136 | 1.0 | 136 |
| ZG-RC-24-397 | 43.0 | 49.0 | 123 | 6.0 | 736 |
| ZG-RC-24-398 | 18.0 | 19.0 | 208 | 1.0 | 208 |
| ZG-RC-24-399 | 47.0 | 49.0 | 366 | 2.0 | 732 |
| ZG-RC-24-399 | 63.0 | 70.0 | 1 298 | 7.0 | 9 085 |
| Including | 64.0 | 68.0 | 2 081 | 4.0 | 8 324 |
| ZG-RC-24-400 | 13.0 | 14.0 | 886 | 1.0 | 886 |
| ZG-RC-24-400 | 43.0 | 44.0 | 4 720 | 1.0 | 4 720 |
| ZG-RC-24-401 | 1.0 | 2.0 | 80 | 1.0 | 80 |
| ZG-RC-24-401 | 11.0 | 13.0 | 94 | 2.0 | 188 |
| ZG-RC-24-401 | 17.0 | 20.0 | 3 565 | 3.0 | 10 696 |
| ZG-RC-24-401 | 53.0 | 54.0 | 92 | 1.0 | 92 |
| ZG-RC-24-405 | 83.0 | 84.0 | 78 | 1.0 | 78 |
| ZG-RC-24-408 | 43.0 | 45.0 | 1 368 | 2.0 | 2 736 |
| ZG-RC-24-409 | 8.0 | 15.0 | 328 | 7.0 | 2 296 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-411 | 0.0 | 4.0 | 163 | 4.0 | 654 |
| ZG-RC-24-413 | 10.0 | 38.0 | 1 001 | 28.0 | 28 026 |
| Including | 26.0 | 33.0 | 2 787 | 7.0 | 19 512 |
| ZG-RC-24-413 | 42.0 | 43.0 | 132 | 1.0 | 132 |
| ZG-RC-24-415 | 9.0 | 10.0 | 84 | 1.0 | 84 |
| ZG-RC-24-415 | 24.0 | 31.0 | 144 | 7.0 | 1 008 |
| ZG-RC-24-415 | 46.0 | 47.0 | 130 | 1.0 | 130 |
| ZG-RC-24-418 | 1.0 | 2.0 | 276 | 1.0 | 276 |
| ZG-RC-24-418 | 3.0 | 4.0 | 112 | 1.0 | 112 |
| ZG-RC-24-418 | 6.0 | 7.0 | 92 | 1.0 | 92 |
| ZG-RC-24-419 | 0.0 | 16.0 | 152 | 16.0 | 2 432 |
| ZG-RC-24-422 | 4.0 | 9.0 | 105 | 5.0 | 524 |
| ZG-RC-24-422 | 12.0 | 13.0 | 236 | 1.0 | 236 |
| ZG-RC-24-422 | 16.0 | 17.0 | 84 | 1.0 | 84 |
| ZG-RC-24-423 | 0.0 | 2.0 | 336 | 2.0 | 672 |
| ZG-RC-24-424 | 3.0 | 4.0 | 124 | 1.0 | 124 |
| ZG-RC-24-424 | 31.0 | 32.0 | 88 | 1.0 | 88 |
| ZG-RC-24-424 | 42.0 | 44.0 | 3 733 | 2.0 | 7 466 |
| ZG-RC-24-425 | 53.0 | 54.0 | 408 | 1.0 | 408 |
| ZG-RC-24-428 | 0.0 | 13.0 | 244 | 13.0 | 3 168 |
| ZG-RC-24-429 | 0.0 | 9.0 | 172 | 9.0 | 1 552 |
| ZG-RC-24-429 | 16.0 | 17.0 | 112 | 1.0 | 112 |
| ZG-RC-24-432 | 0.0 | 3.0 | 172 | 3.0 | 516 |
| ZG-RC-24-432 | 4.0 | 5.0 | 116 | 1.0 | 116 |
| ZG-RC-24-433 | 0.0 | 5.0 | 234 | 5.0 | 1 168 |
| ZG-RC-24-433 | 14.0 | 15.0 | 156 | 1.0 | 156 |
| ZG-RC-24-435 | 46.0 | 49.0 | 457 | 3.0 | 1 372 |
| ZG-RC-24-436 | 11.0 | 12.0 | 88 | 1.0 | 88 |
| ZG-RC-24-436 | 16.0 | 21.0 | 127 | 5.0 | 636 |
| ZG-RC-24-438 | 2.0 | 3.0 | 80 | 1.0 | 80 |
| ZG-RC-24-438 | 32.0 | 34.0 | 88 | 2.0 | 176 |
| ZG-RC-24-439 | 3.0 | 5.0 | 276 | 2.0 | 552 |
| ZG-RC-24-441 | 5.0 | 7.0 | 242 | 2.0 | 484 |
| ZG-RC-24-441 | 16.0 | 17.0 | 92 | 1.0 | 92 |
| ZG-RC-24-441 | 22.0 | 23.0 | 288 | 1.0 | 288 |
| ZG-RC-24-441 | 37.0 | 39.0 | 200 | 2.0 | 400 |
| ZG-RC-24-444 | 24.0 | 25.0 | 96 | 1.0 | 96 |
| ZG-RC-24-445 | 3.0 | 4.0 | 88 | 1.0 | 88 |
| ZG-RC-24-445 | 9.0 | 11.0 | 94 | 2.0 | 188 |
| ZG-RC-24-446 | 4.0 | 5.0 | 116 | 1.0 | 116 |
| ZG-RC-24-446 | 15.0 | 16.0 | 112 | 1.0 | 112 |
| ZG-RC-24-446 | 18.0 | 19.0 | 112 | 1.0 | 112 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-446 | 60.0 | 61.0 | 172 | 1.0 | 172 |
| ZG-RC-24-446 | 69.0 | 70.0 | 184 | 1.0 | 184 |
| ZG-RC-24-448 | 3.0 | 4.0 | 736 | 1.0 | 736 |
| ZG-RC-24-448 | 21.0 | 22.0 | 80 | 1.0 | 80 |
| ZG-RC-24-448 | 25.0 | 26.0 | 376 | 1.0 | 376 |
| ZG-RC-24-450 | 33.0 | 34.0 | 432 | 1.0 | 432 |
| ZG-RC-24-450 | 53.0 | 55.0 | 372 | 2.0 | 744 |
| ZG-RC-24-452 | 0.0 | 9.0 | 196 | 9.0 | 1 768 |
| ZG-RC-24-452 | 10.0 | 11.0 | 76 | 1.0 | 76 |
| ZG-RC-24-452 | 17.0 | 18.0 | 116 | 1.0 | 116 |
| ZG-RC-24-452 | 19.0 | 21.0 | 98 | 2.0 | 196 |
| ZG-RC-24-452 | 27.0 | 28.0 | 80 | 1.0 | 80 |
| ZG-RC-24-452 | 29.0 | 30.0 | 84 | 1.0 | 84 |
| ZG-RC-24-452 | 32.0 | 33.0 | 100 | 1.0 | 100 |
| ZG-RC-24-452 | 34.0 | 35.0 | 568 | 1.0 | 568 |
| ZG-RC-24-452 | 39.0 | 53.0 | 1 364 | 14.0 | 19 100 |
| Including | 45.0 | 51.0 | 2 433 | 6.0 | 14 596 |
| ZG-RC-24-453 | 18.0 | 19.0 | 84 | 1.0 | 84 |
| ZG-RC-24-453 | 24.0 | 25.0 | 120 | 1.0 | 120 |
| ZG-RC-24-453 | 33.0 | 34.0 | 120 | 1.0 | 120 |
| ZG-RC-24-453 | 37.0 | 38.0 | 120 | 1.0 | 120 |
| ZG-RC-24-453 | 67.0 | 68.0 | 80 | 1.0 | 80 |
| ZG-RC-24-455 | 0.0 | 5.0 | 177 | 5.0 | 884 |
| ZG-RC-24-456 | 0.0 | 1.0 | 268 | 1.0 | 268 |
| ZG-RC-24-456 | 9.0 | 22.0 | 145 | 13.0 | 1 888 |
| ZG-RC-24-457 | 9.0 | 12.0 | 118 | 3.0 | 354 |
| ZG-RC-24-457 | 23.0 | 24.0 | 364 | 1.0 | 364 |
| ZG-RC-24-459 | 0.0 | 1.0 | 168 | 1.0 | 168 |
| ZG-RC-24-461 | 0.0 | 1.0 | 100 | 1.0 | 100 |
| ZG-RC-24-461 | 3.0 | 4.0 | 92 | 1.0 | 92 |
| ZG-RC-24-461 | 8.0 | 9.0 | 152 | 1.0 | 152 |
| ZG-RC-24-461 | 14.0 | 15.0 | 148 | 1.0 | 148 |
| ZG-RC-24-463 | 0.0 | 8.0 | 265 | 8.0 | 2 116 |
| ZG-RC-24-463 | 13.0 | 14.0 | 152 | 1.0 | 152 |
| ZG-RC-24-463 | 24.0 | 25.0 | 116 | 1.0 | 116 |
| ZG-RC-24-463 | 47.0 | 49.0 | 486 | 2.0 | 972 |
| ZG-RC-24-464 | 0.0 | 1.0 | 84 | 1.0 | 84 |
| ZG-RC-24-465 | 15.0 | 16.0 | 180 | 1.0 | 180 |
| ZG-RC-24-469 | 1.0 | 8.0 | 316 | 7.0 | 2 212 |
| ZG-RC-24-470 | 3.0 | 4.0 | 76 | 1.0 | 76 |
| ZG-RC-24-470 | 11.0 | 20.0 | 190 | 9.0 | 1 708 |
| ZG-RC-24-471 | 0.0 | 7.0 | 826 | 7.0 | 5 780 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-24-471 | 14.0 | 15.0 | 140 | 1.0 | 140 |
| ZG-RC-24-472 | 12.0 | 13.0 | 80 | 1.0 | 80 |
| ZG-RC-24-472 | 26.0 | 27.0 | 152 | 1.0 | 152 |
| ZG-RC-24-476 | 0.0 | 4.0 | 128 | 4.0 | 510 |
| ZG-RC-24-476 | 48.0 | 49.0 | 88 | 1.0 | 88 |
| ZG-RC-24-486 | 0.0 | 1.0 | 76 | 1.0 | 76 |
| ZG-RC-24-491 | 0.0 | 15.0 | 538 | 15.0 | 8 068 |
| Including | 4.0 | 10.0 | 949 | 6.0 | 5 692 |
| ZG-RC-24-491 | 17.0 | 18.0 | 84 | 1.0 | 84 |
| ZG-RC-24-491 | 19.0 | 20.0 | 156 | 1.0 | 156 |
| ZG-RC-24-491 | 24.0 | 25.0 | 352 | 1.0 | 352 |
| ZG-RC-24-491 | 33.0 | 49.0 | 119 | 16.0 | 1 904 |
| ZG-RC-24-499 | 1.0 | 3.0 | 146 | 2.0 | 292 |
| ZG-RC-24-499 | 8.0 | 9.0 | 172 | 1.0 | 172 |
| ZG-RC-24-499 | 16.0 | 17.0 | 532 | 1.0 | 532 |
| ZG-RC-24-504 | 31.0 | 32.0 | 84 | 1.0 | 84 |
| ZG-RC-24-504 | 35.0 | 36.0 | 84 | 1.0 | 84 |
| ZG-RC-24-504 | 47.0 | 48.0 | 80 | 1.0 | 80 |
| ZG-RC-24-504 | 51.0 | 54.0 | 81 | 3.0 | 244 |
| ZG-RC-24-516 | 1.0 | 2.0 | 124 | 1.0 | 124 |
| ZG-RC-24-516 | 28.0 | 29.0 | 124 | 1.0 | 124 |
| ZG-RC-24-516 | 33.0 | 34.0 | 184 | 1.0 | 184 |
| ZG-RC-24-516 | 37.0 | 40.0 | 212 | 3.0 | 636 |
| ZG-RC-24-592 | 7.0 | 10.0 | 519 | 3.0 | 1 556 |
| ZG-RC-24-594 | 0.0 | 1.0 | 80 | 1.0 | 80 |
| ZG-RC-24-594 | 5.0 | 6.0 | 84 | 1.0 | 84 |
| ZG-RC-24-595 | 51.0 | 54.0 | 921 | 3.0 | 2 764 |
| ZG-RC-24-595 | 57.0 | 58.0 | 304 | 1.0 | 304 |
| ZG-RC-24-595 | 63.0 | 64.0 | 80 | 1.0 | 80 |
| ZG-RC-24-595 | 69.0 | 70.0 | 2 560 | 1.0 | 2 560 |
| ZG-RC-24-598 | 0.0 | 10.0 | 250 | 10.0 | 2 500 |
| ZG-RC-25-412 | 27.0 | 37.0 | 745 | 10.0 | 7 452 |
| ZG-RC-25-412 | 50.0 | 51.0 | 824 | 1.0 | 824 |
| ZG-RC-25-449 | 0.0 | 1.0 | 808 | 1.0 | 808 |
| ZG-RC-25-449 | 11.0 | 15.0 | 1 347 | 4.0 | 5 388 |
| ZG-RC-25-449 | 23.0 | 31.0 | 147 | 8.0 | 1 172 |
| ZG-RC-25-449 | 38.0 | 39.0 | 80 | 1.0 | 80 |
| ZG-RC-25-449 | 46.0 | 47.0 | 104 | 1.0 | 104 |
| ZG-RC-25-451 | 0.0 | 17.0 | 207 | 17.0 | 3 514 |
| ZG-RC-25-451 | 18.0 | 19.0 | 80 | 1.0 | 80 |
| ZG-RC-25-511 | 5.0 | 6.0 | 116 | 1.0 | 116 |
| ZG-RC-25-521 | 6.0 | 8.0 | 344 | 2.0 | 688 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-489 | 20.4 | 22.8 | 438 | 2.4 | 1 051 |
| T28-24-499 | 21.6 | 22.8 | 168 | 1.2 | 202 |
| T28-24-508 | 2.4 | 4.8 | 132 | 2.4 | 317 |
| T28-24-509 | 3.6 | 6.0 | 86 | 2.4 | 206 |
| T28-24-521 | 0.0 | 14.4 | 154 | 14.4 | 2 222 |
| T28-24-522 | 2.4 | 7.2 | 498 | 4.8 | 2 390 |
| T28-24-525 | 4.8 | 6.0 | 76 | 1.2 | 91 |
| T28-24-525 | 7.2 | 12.0 | 1 397 | 4.8 | 6 706 |
| T28-24-526 | 0.0 | 1.2 | 132 | 1.2 | 158 |
| T28-24-526 | 2.4 | 3.6 | 172 | 1.2 | 206 |
| T28-24-526 | 7.2 | 9.6 | 152 | 2.4 | 365 |
| T28-24-526 | 13.2 | 14.4 | 104 | 1.2 | 125 |
| T28-24-527 | 3.6 | 20.4 | 246 | 16.8 | 4 128 |
| T28-24-537 | 0.0 | 2.4 | 162 | 2.4 | 389 |
| T28-24-537 | 9.6 | 10.8 | 124 | 1.2 | 149 |
| T28-24-554 | 4.8 | 6.0 | 80 | 1.2 | 96 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-137 | 0.0 | 6.0 | 82 | 6.0 | 490 |
| YAK-24-137 | 19.2 | 20.4 | 120 | 1.2 | 144 |
| YAK-24-138 | 2.4 | 6.0 | 115 | 3.6 | 414 |
| YAK-24-138 | 14.4 | 20.4 | 111 | 6.0 | 667 |
| YAK-24-143 | 1.2 | 21.6 | 382 | 20.4 | 7 784 |
| YAK-24-144 | 13.2 | 25.2 | 520 | 12.0 | 6 238 |
| YAK-24-146 | 7.2 | 8.4 | 316 | 1.2 | 379 |
| YAK-24-146 | 13.2 | 15.6 | 470 | 2.4 | 1 128 |
| YAK-24-149 | 30.0 | 40.8 | 400 | 10.8 | 4 325 |
| Including | 30.0 | 32.4 | 1 076 | 2.4 | 2 582 |
| YAK-24-150 | 9.6 | 10.8 | 98 | 1.2 | 117 |
| YAK-24-150 | 12.0 | 14.4 | 1 474 | 2.4 | 3 538 |
| YAK-24-151 | 3.6 | 9.6 | 285 | 6.0 | 1 709 |
| YAK-24-151 | 14.4 | 15.6 | 136 | 1.2 | 163 |
| YAK-24-152 | 3.6 | 9.6 | 1 532 | 6.0 | 9 192 |
| YAK-24-152 | 15.6 | 16.8 | 144 | 1.2 | 173 |
| YAK-24-153 | 0.0 | 14.4 | 203 | 14.4 | 2 928 |
| YAK-24-158 | 34.8 | 37.2 | 198 | 2.4 | 475 |
| YAK-24-158 | 45.6 | 46.8 | 76 | 1.2 | 91 |
| YAK-24-161 | 4.8 | 6.0 | 192 | 1.2 | 230 |
| YAK-24-161 | 9.6 | 10.8 | 176 | 1.2 | 211 |
| YAK-24-161 | 19.2 | 21.6 | 184 | 2.4 | 442 |
| YAK-24-183A | 18.0 | 19.2 | 236 | 1.2 | 283 |
| YAK-24-184A | 0.0 | 8.4 | 106 | 8.4 | 888 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| YAK-24-184A | 25.2 | 26.4 | 96 | 1.2 | 115 |
| YAK-24-184A | 48.0 | 50.4 | 538 | 2.4 | 1 291 |
| YAK-24-200 | 14.4 | 20.4 | 360 | 6.0 | 2 160 |
| YAK-24-200 | 36.0 | 37.2 | 168 | 1.2 | 202 |
| YAK-24-206 | 7.2 | 8.4 | 676 | 1.2 | 811 |
| YAK-24-206 | 9.6 | 10.8 | 100 | 1.2 | 120 |

---

## Exhibit 99.9

**Exhibit 99.9**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogog.jpg](ayalogog.jpg) |

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**Aya Gold & Silver Reports Q4 and Full Year 2024 Results; Announces 2025 Production and Cost Guidance**

**Montreal, Quebec, March 28, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") today announced financial and operational results for the fourth quarter and full year ended December 31, 2024. *All amounts are in US dollars, unless otherwise stated.*

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| | |
|:---|:---|
| Full Year 2024 Highlights | Full Year 2024 Highlights |
| ● | **Silver produced** totaled 1,646,265 ounces ("oz") in 2024 compared to 1,970,646 oz in 2023, is in line with revised guidance of 1.6 to 1.8 million ("M") silver ("Ag") oz.  |
| ● | **Ore processed** increased 27% to 358,919 tonnes ("t") in 2024 compared with 281,634t in 2023. |
| ● | **Revenues reported** from silver sales generated $39.1M (decreasing 9% over 2023), at an average realized silver price of $26.04/oz.  |
| ● | **Adjusted cash cost per silver ounce sold**<sup>(i)</sup>totaled $19.62/oz in 2024, compared with $12.50/oz in 2023. The increase in year-over-year ("YoY") cash costs were related to expansion preparations. |
| ● | **Robust financial position reported** with $49.2M of cash and restricted cash<sup>(ii)</sup> as at December 31, 2024. |
| ● | **New plant completed and commercial production declared** at year end. Mill ramp-up is ongoing with plant having reached nameplate capacity. |
| ● | **Boumadine 2024 exploration program led** to a new resource estimate consisting of an Indicated Mineral Resource of 5.2Mt at 448 g/t AgEq<sup>(iii)</sup> containing an estimated 74.4Moz of AgEq oz, and an Inferred Mineral Resource of 29.1Mt at 402 g/t AgEq containing an estimated 377.7Moz of AgEq oz published in 2025. |
| ● | **Boumadine exploration footprint expanded** with the addition of 15 permits, increasing the Boumadine land package by 117% in 2024.  |
| ● | **Total metres drilled** totaled 153,875 metres ("m") in 2024, representing a 138% increase in metres drilled over 2023.  |

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| | |
|:---|:---|
| ● | **Health and safety ("H&S") prioritized** with continued emphasis on preventative measures, analyses and 12,907 hours of H&S training completed for the year. |
| ● | **90km powerline (60kV) commissioned and powered.** |
| ● | **Amizmiz gold project spinout announced** creating a new North African gold focused exploration company, Mx2 Mining Inc.  |
| Q4 2024 Highlights | Q4 2024 Highlights |
| ● | **Silver produced** totaled 491,310 oz in 2024 compared to 450,046 oz in 2023.  |
| ● | **Ore processed** increased 17% to 113,674t (or 1,236 tonnes per day ("tpd") in Q4-2024 compared with 66,449t (or 722 tpd) in Q4-2023. |
| ● | **Plant availabilities reached** 91.5% and 96.5% for the flotation and cyanidation plants, respectively, during the quarter.  |
| ● | **Revenues reported** from silver sales generated $9.3M in Q4-2024 (decreasing 16% year-over-year), at an average realized silver price of $27.65/oz.  |
| ● | **Cash flow generated** from operating activities totaled $2.4M in Q4-2024, supported by working capital, compared to ($12.1M) used in Q4-2023.  |
| ● | **Adjusted cash cost per silver ounce sold**<sup>(iv)</sup> totaled $21.51/oz in Q4-2024, compared with $13.69/oz in Q4-2023. The increase in cash costs were related to expansion preparations. |

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**"2024 was a pivotal year for Aya, highlighted by the successful on budget completion of the Zgounder Mine expansion — a rare achievement in this industry,"** said Benoit La Salle, President and CEO. **"This milestone was essential for the commissioning phase and the declaration of commercial production announced in Q4-2024. We are now focused on optimizing Zgounder's operations, and we expect to complete an updated Technical Report in 2025, which will provide the foundation for future production and cost guidance.**

**"Moreover, within one month of our first silver pour, we declared commercial production, and production is now running above nameplate capacity, while balancing a shift from underground to an open-pit focused operation. As we enter 2025, our focus remains on maximizing profitability while pursuing growth opportunities at both Zgounder and Boumadine — with Boumadine poised to reveal its tremendous potential."**

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**Q4 and Full Year 2024 Operational and Financial Highlights**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-Month periods <br>ended December 31** | **Three-Month periods <br>ended December 31** | | **Years ended<br> December 31** | **Years ended<br> December 31** | |
| **Operational Highlights** | **2024** | **2023** | **Variance** | **2024** | **2023** | **Variance** |
| Ore mined (tonnes) | 102485 | 176208 | (42%) | 444375 | 493340 | (10%) |
| Avg. grade mined (g/t Ag) | 168 | 201 | (17%) | 162 | 213 | (24%) |
| Ore processed (tonnes) | 113674 | 66449 | 71% | 358919 | 281634 | 27% |
| Avg. grade processed (g/t Ag) | 159 | 239 | (33%) | 171 | 250 | (32%) |
| Combined mill recovery | 84.8% | 86.7% | (1.9%) | 83.7% | 86.9% | (3.2%) |
| Milling operations (tpd) | 1236 | 722 | 71% | 981 | 772 | 27% |
| Silver ingots produced (oz) | 235.227 | 173117 | 36% | 592268 | 740236 | (20%) |
| Silver in concentrate produced (oz) | 256083 | 276929 | (8%) | 1053997 | 1230410 | (14%) |
| **Total silver produced (oz)** | **491310** | **450046** | **9%** | **1646265** | **1970646** | **(16%)** |
| Silver ingots sold (oz) | 88725 | 206731 | (57%) | 455451 | 726395 | (37%) |
| Silver in concentrate sold (oz) | 249007 | 300904 | (17%) | 1046475 | 1285 | (19%) |
| **Total silver sales (oz)** | **337733** | **507635** | **(33%)** | **1501927** | **2012344** | **(25%)** |
| Avg. net realized silver ($/oz) | 27.65 | 21.81 | 27% | 26.04 | 21.29 | 22% |
| Cash costs per silver ounce sold<sup>(v)</sup> | 26.57 | 13.69 | 94% | 21.71 | 12.50 | 74% |
| Adjusted cash costs per silver ounce sold<sup>(vi)</sup> | 21.51 | 13.69 | 57% | 19.62 | 12.50 | 57% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-Month periods ended December 31** | **Three-Month periods ended December 31** | | **Years ended <br>December 31** | **Years ended <br>December 31** | |
| **Financial Highlights** | **2024** | **2023** | **Variance** | **2024** | **2023** | **Variance** |
| Revenues | 9338 | 11070 | (16%) | 39117 | 42849 | (9%) |
| Cost of sales | 11084 | 6276 | 77% | 33735 | 27042 | 25% |
| Gross (loss) profit | (1746) | 4794 | (136%) | 5382 | 15807 | (66%) |
| Operating (loss) income | (34469) | 1399 | (2,564%) | (38747) | 4931 | (886%) |
| Net (loss) income | (29983) | 3590 | (935%) | (26027) | 5332 | (588%) |
| Operating cash flows | 2356 | (12136) | (119%) | (8615) | 3377 | (355%) |
| Working capital<sup>(vii)</sup> | 23424 | 33704 | (31%) | 23424 | 33704 | (31%) |
| Cash and restricted cash<sup>(viii)</sup> | 49190 | 70333 | (30%) | 49190 | 70333 | (30%) |
| **Shareholders** |  |  |  |  |  |  |
| (Loss) Earnings per share – basic | (0.23) | 0.03 | NM | (0.20) | 0.05 | NM |
| (Loss) Earnings per share – diluted | (0.23) | 0.03 | NM | (0.20) | 0.04 | NM |

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**Operational Review**

Aya completed the construction of the new processing plant at Zgounder in 2024, in addition to expanding underground and open-pit mining operations. Construction and development activities completed in 2024 included:

&nbsp;&nbsp;&nbsp;&nbsp;• Tailings and water storage facilities.

&nbsp;&nbsp;&nbsp;&nbsp;• Underground development, both lateral and vertical.

&nbsp;&nbsp;&nbsp;&nbsp;• Surface and underground mine infrastructures, including workshops, warehouses, backfill station and the electrical substation.

&nbsp;&nbsp;&nbsp;&nbsp;• New assay laboratory.

In 2024, 444,375t of ore was mined at an average grade of 162 g/t. Stripping ratio for the open pit was 16. As of December 31, 2024, 336,371t of ore was stockpiled at an estimated grade of 153g/t, allowing a comfortable buffer for the mine ramp up, which is expected to reach steady state 3,000tpd processing rate in 2025.

Commercial production was declared in December 2024 for the expanded operations. During the year, 358,919 tonnes of ore were processed at an average grade of 171 g/t. Combined mill recovery was 83.7% and is expected to reach the feasibility study recovery rate of 89% in 2025 as the new mill is optimized.

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**Figure 1: The mineral processing plant in operation at night**

![mineral.jpg](mineral.jpg)

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**Figure 2: New Merrill Crowe and Refinery Building**

![merrillcrowe.jpg](merrillcrowe.jpg)

**Exploration**

**Zgounder Near Mine and Regional**

Drilling at Zgounder near the mine focused on targets west, near the major fault, at depth toward the granite contact and at east around the open-pit area in 2024. Infill drilling, underground and surface, on the high-grade mineralization at the main ore body confirmed the mineralization and extended underground production zones. A total of 35,931m were drilled in the year.

Regionally, a total of 10,257m of diamond drill holes ("DDH") were completed on Zgounder permits, mostly on targets inside a two-kilometre ("km") radius of the mine. Although many results of this campaign are still pending, preliminary results received show anomalous silver occurrences indicating the potential for discovery of satellite deposits to the Zgounder Mine. A high resolution airborne geophysical survey was completed over the Tirzzit area in addition to a stream sediment geochemistry campaign on both Tirzzit and Zgounder Far East permits. Results will be reviewed, which will inform the 2025 drilling program.

**Boumadine**

In 2024, Aya completed 107,687m of drilling compared to the initial 120,000m program planned, extending the strike length from 4.2 km to 5.4 km.

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A new mineral resource estimate for Boumadine, was released on April 16 2024, consisting of an Inferred Mineral Resource of 23.6Mt at 85 g/t Ag, 2.62 g/t Au, 2.32% Zn and 0.84% Pb containing an estimated 64.7Moz of Ag, 1.98Moz of Au, 546kt of Zn and 198kt of Pb and an Indicated Mineral Resource of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32% Zn and 1.07% Pb containing an estimated 7.4Moz of Ag, 165koz of Au, 88kt of Zn and 22kt of Pb. This mineral resource estimate was subsequently updated in early 2025, showing a 120% increase in Indicated resources and a 19% increase in Inferred resources (**see mineral resource update news release dated February 24, 2025**).

In the first half of 2024, Aya completed a satellite mapping and spectral study on Boumadine using WorldView-3 data over 674km<sup>2</sup>. The study identified numerous clay alteration halos similar to Boumadine. In addition, an extensive regional airborne geophysical survey, covering an area of 1,266km<sup>2</sup> with 13,714-line km was completed. The survey identified multiple parallel, on-trend conductive anomalies similar to known conductors identified at Boumadine Main Trend. The continuation of the Boumadine south main trend anomaly and a series of new N340 and north–south oriented conductive anomalies; and a very large, apparent conductive anomalies occurring 5km west of Boumadine, of similar orientation and stronger intensity than the Boumadine Main Trend conductor. This very large system also includes strong potential conductors occurring in an east-west direction. Some of these anomalies were drill tested in Q4, but most will be drilled in 2025.

Also, during 2024, Aya continued to expand its Boumadine land holdings through the acquisition of 15 permits. The Boumadine land package increased by 117% to total 212 km² by year-end 2024.

**2025 Guidance and Outlook**

**2025 Production and Cost Guidance**

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| | |
|:---|:---|
| **Zgounder** | **2025 Guidance** |
| Silver production (M oz Ag) | 5.0 – 5.3 |
| Silver cash cost ($/oz)<sup>(ix)</sup> | 15.00 – 17.50 |
| Recovery (%) | 84 – 88 |
| Average grade processed (g/t Ag) | 170 – 200 |
| Exploration and development for all Moroccan projects ($ millions) | 25 – 30 |

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The Corporation's primary focus for 2025 is ramping up the plant and mining to steady state of 3,000tpd while rationalizing costs.

The Corporation expects Zgounder production to range between 5.0 and 5.3 million silver ounces at a cash cost<sup>(x)</sup> of between $15.00 - $17.50/oz. Costs are expected to be higher in the

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first part of the year and steadily improve as production ramps up to reach steady state. The following foreign currency assumptions were used in the guidance: US$/C$1.40; and US$/MAD 10.10.

**Sales Mix and Product Strategy**

In 2024, the Corporation's silver sales were comprised of approximately 70% silver concentrate and 30% silver ingots. Sales of silver concentrate are typically payable at 85% once treatment charges and refining charges are considered. With the new Zgounder mill in operation, only silver ingots will be produced and sold starting in Q2-2025. This shift is expected to improve overall realized price for a given sales volume by increasing the payable of silver ingots compared to concentrate.

**Cost of Sales and Production Strategy**

In 2024, approximately 60% of ore mined originated from the underground mine, while the remaining 40% was sourced from the open pit. The underground mine operates at a higher cost per tonne of ore mined compared to the open pit, and recent history shows that open pit has performed better in terms of ore recovery and grade predictability. To enhance cost efficiency and improve margins, the Corporation is transitioning its production strategy to approximately 1/3 underground and 2/3 open pit mix. This shift is expected to significantly reduce overall mining costs in the coming quarters and contribute to improved cash costs in 2025. An updated mine plan is being completed this year to support this change in mining strategy.

**2025 Exploration Program**

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| | |
|:---|:---|
| **Asset** | **2025 Drilling Planned** |
| Zgounder – near-mine and regional | 20,000m – 25,000m |
| Boumadine | 100,000m – 140,000m |

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Drilling at Zgounder (near-mine) will follow up on underground targets generated from the 2024 program. An additional 10,000m will be drilled on targets within the Zgounder Regional permits with the objective of finding satellite mineralization to Zgounder. Drilling data obtained from exploration in 2023, 2024 and 2025 will be used to publish an updated mineral resource estimate for Zgounder later in 2025.

At Boumadine, 50% of the drilling will focus along the Main Trend and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment, which is targeted for 2026. The remaining drilling budgeted will focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work.

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**Sustainability**

In 2025, Aya will continue to focus on consolidating its management processes with the goal of minimizing the environmental and social impacts from current and expanded operations, while continuously enhancing its safety culture. The following activities will be prioritized:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct a comprehensive double materiality assessment to enhance the accuracy and relevance of our sustainability reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Migrate climate-related reporting from TCFD to IFRS S2 reporting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further embed a zero-incident H&S culture and operationalize the mine response teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve the waste management plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase data gathering and environmental monitoring at Zgounder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collaborate with local authorities to enhance local water access, strengthen livelihood projects particularly for women and build community resiliency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Health** – Mobile and weekly health clinics in partnership with Moroccan institutions and community organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Education** – Reinforce local capacity through school supplies, online support for middle-school children, and an adult literacy program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Livelihood projects** – Launch an inaugural "Call for Proposals" where community members are invited to submit their business projects on various livelihood projects, and those selected will earn support from the Corporation to develop their project and seek further funding opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stakeholder engagement** – Deepen communication and awareness of the revised Stakeholder Engagement Plan and grievance mechanism.

**Q4 and Full Year 2024 Conference Call Details**

As previously announced, Aya will release its Q4 and Full-Year 2024 results on March 28, 2025 before market-open. Management will host a conference call on the same day at 9 a.m. Eastern Time to discuss the Corporation's operational and financial results.

**Webcast link**: **https://edge.media-server.com/mmc/p/gq6awkxb**

**Instructions for obtaining conference call dial-in numbers:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form.

**https://register-conf.media-server.com/register/BI3868fe7783244ac1995e4adc45e7520a** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The live webcast will be archived and will be available for replay. Presentation slides that will accompany the conference call will also be posted on Aya's website.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphaël Beaudoin, P. Eng, Vice-President, Operations, both of whom a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** | **Alex Ball**  |
| President & CEO | VP, Corporate Development & IR |
| **benoit.lasalle@ayagoldsilver.com** | **alex.ball@ayagoldsilver.com** |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects

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management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "guidance", "ongoing", "focus", "optimize", "expect", "maximize", "pursue", "similar", "potential", "improve", "transition", "objective", "continue", "target", "prioritize", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to (1) Aya reaching milling nameplate capacity in early 2025; (2) optimization of Zgounder's operations; (3) Aya to complete an updated Technical Report in 2025; (4) maximization of profitability; (5) growth opportunities at both Zgounder and Boumadine; (6) Boumadine potential, namely statement to the effect that Boumadine is to reveal its potential in 2025; (7) Zgounder plant mining capacity to process ore at a steady rate of 3,000tpd in 2025; (8) mill recovery rate to reach the feasibility study recovery rate of 89% in 2025; (9) mill optimization; (10) potential for discovery of satellite deposits to the Zgounder Mine; (11) results from the geophysical and geochemical survey; (12) execution of the 2025 drilling program; (13) growing Boumadine mineralized footprint including through the multiple potentially parallel, on-trend conductive anomalies; (14) similarity to Boumadine of the multiple potentially parallel, on-trend conductive anomalies; (15) drilling of the Boumadine anomalies in 2025; (16) Aya's guidance, namely the Corporation's ability to attain 5.0 – 5.3 Moz Ag of annual production, a cash cost raging between $15.00 – $17.50/oz, a recovery of 84% – 88%, an average grade processed of 170 – 200 g/t Ag, and to deploy an exploration and development budget of 25 – 30 million dollars; (16) timing for ramp up of the Zgounder plant and optimization of its mining capacity rationalizing costs; (17) foreign exchange rate; (18) sales mix and product strategy, including only silver ingots to be produced and sold starting in Q2-2025; (19) results of the sales mix shift, including improvement to overall realized price for a given sales volume; (20) transition to a production strategy at Zgounder Mine to 1/3 underground and 2/3 open pit; (21) impacts of the shift to 1/3 underground and 2/3 open pit at Zgounder Mine on cost efficiency, margins, mining costs, and cash cost in 2025; (22) the completion of a mine plan in 2025 to support the shift in mining strategy at the Zgounder Mine plant; (23) the 2025 exploration program, namely the 2025 drilling program at Zgounder – near-mine and regional of 20,000m – 25,000m, and at Boumadine of 100,000m – 140-000m; (24) planned drilling campaign at Zgounder (near-mine) to follow up on the underground targets generated from the 2024 program; (25) finding satellite mineralization at Zgounder; (26) update of the mineral resources estimate for Zgounder later in 2025; (27) focus of the drilling at Boumadine, namely along the Main Trend and Tizi; (28) expending of the know mineralization trend along strike, at depth and to infill areas at Boumadine; (29) advancement of the

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preliminary economic assessment, which is targeted for 2026; (30) the greenfield exploration to test geological hypotheses and drill targets generated from the past three years of work; (31) Aya's strategy and priorities with respect to Environment, Social and Governance. Such statements reflect the Corporation's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Corporation as of the date of such statements, are inherently subject to significant business, geological, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to Aya's capacity to execute on its plan, its capacity to achieve each item of its guidance, and those material factors and assumptions set forth in Corporation's management's discussion and analysis ("MD&A") and the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2024 available with Canadian securities regulators, as well as: (1) there being no significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including, without limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Corporation's operations and development projects being consistent with current expectations including, without limitation the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies, including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for silver; (7) prices

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for diesel, fuel oil, electricity and other key supplies being approximately consistent with the Corporation's expectations; (8) attributable production and cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Corporation's analysis thereof being consistent with expectations (including but not limited to grade, ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Corporation, mine plans for the Corporation's current and future mining operations, and the Corporation's internal models; (10) labour and materials costs increasing on a basis consistent with our current expectations; (11) the terms and conditions of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent with their intent and our expectations; (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining in Morocco being consistent with our current expectations; (14) access to capital markets; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Corporation's expectations, and (18) transactions announced by the Corporation, including the Mx2 spinoff advancing and closing per the Corporation's timeline and expectations. For a more detailed discussion of such risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

**Notes to Investors Regarding the Use of Mineral Resources**

Zgounder technical information on resources and reserve is based on 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 (the "Zgounder Report") which was prepared under the supervision of Daniel M. Gagnon, DRA, with the participation of William Stone, Antoine Yassa, Jarita Barry, Fred Brown, Eugene Puritch, Daniel Morrison, André-François Gravel, Claude Bisaillon, Julie Gravel, Kathy Kalenchuk, Hugo Dello Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coatesall "qualified persons" for the purpose of the Zgounder Report.

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Boumadine technical information is based on Aya's press release of February 24, 2025. The mineral reserve and mineral resource estimates contained in this press release have been prepared in accordance with NI 43-101.

Mineral resources are reported exclusive of mineral reserves and as such the mineral resources do not have demonstrated economic viability. Numbers may not add or multiply accurately due to rounding. Inferred mineral resources 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 therefore no certainty that the conclusions of the initial exploration drilling results will be realized. Additionally, where the Corporation discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated using industry-standard methods appropriate for each mineral project with support of various commercially available mining software packages. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of the Corporation's mineral properties are provided in the respective NI 43-101 Technical Reports which are available atwww.sedar.com and the Corporation's website at **www.ayagoldsilver.com**.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

_____________________________

<sup>(i)</sup> The Corporation reports non-GAAP measures, including adjusted cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

<sup>(ii)</sup> Non-GAAP Measures, consisting of cash and cash equivalents of $30.9 million and restricted cash of $18.2 million (December 31, 2024).

<sup>(iii)</sup> All intersections are in core lengths. Ag equivalent is based on 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% resulting on the following ratios: 1g/t Au: 76.9 g/t Ag; 1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; 1% Zn: 28.1 g/t Ag.

<sup>(iv)</sup> The Corporation reports non-GAAP measures, including adjusted cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

<sup>(v)</sup> The Corporation reports non-GAAP measures, including cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies

------

with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

<sup>(vi)</sup> The Corporation reports non-GAAP measures, including adjusted cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

<sup>(vii)</sup> Non-GAAP Measures, consisting of current assets of $76.5 million less current liabilities of $53.1 million (December 31, 2023, current assets of $80.4 million less current liabilities of $46.7 million).

<sup>(viii)</sup> Non-GAAP Measures, consisting of cash of $30.9 million and restricted cash of $18.2 million (December 31, 2023, balances of $49.8 million and $20.5 million respectively).

<sup>(ix)</sup> The Corporation reports non-GAAP measures, including cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

<sup>(x)</sup> The Corporation reports non-GAAP measures, including cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

## Exhibit 99.10

**Exhibit 99.10**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>ELIAS, Elias</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>ELIAS, Elias</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>ELIAS,</u> <u>Elias</u> | <u>25 Feb</u> <u>2025</u> |
| Name: ELIAS, Elias | Date: |
| Title: Corporate Secretary |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | &nbsp;&nbsp;AYA GOLD AND SILVER INC. / AYA OR AND ARGENT INC. (000026913) |
| **End date of previous financial year:** | &nbsp;&nbsp;31 Dec 2024 |
| **Type of Reporting Issuer:** | &nbsp;&nbsp;**[X] Class 1 reporting issuer [_] Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | &nbsp;&nbsp;Toronto Stock Exchange (TSX) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market value of listed or quoted 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)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/01/24 to 31/03/24 |
| 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 | $11.6600<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 | 130046603.00 |
|  | (ii) |
|  | $1516343390.98<br>(A) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) x (ii) | $1516343390.98<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/04/24 to 30/06/24 |
| 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 | $13.5800<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 | 130433471.00<br>(iv) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) x (iv) | $1771286536.18<br>(B) |
| **3rd Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| **3rd Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/07/24 to 30/09/24 |
| 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 |  |
| 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 | $17.6000<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 | 130586321.00<br>(vi) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) x (vi) | $2298319249.60<br>(C) |

---

------

---

| | |
|:---|:---|
| **4th Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | |
| **4th Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/10/24 to 31/12/24 |
| 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 | $10.7400<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 | 130770053.00<br>(viii) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) x (viii) | $1404470369.22<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)) |  |
| **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)) | $1747604886.50<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:**<br>(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)** | $1747604886.50 |
| **Participation Fee**<br>(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<br>(As determined under section 8 of OSC Rule 13-502 Fees) | $0.00 |
| **Total Fee Payable**<br>(Participation Fee plus Late Fee) | $59350.00 |

---

## Exhibit 99.11

**Exhibit 99.11**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>ELIAS, Elias</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>ELIAS, Elias</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>ELIAS, Elias</u> | <u>25 Feb</u> <u>2025</u> |
| Name: ELIAS, Elias | Date: |
| Title: Corporate Secretary |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | AYA GOLD AND SILVER INC. / AYA OR AND ARGENT INC. (000026913) |
| **End date of previous financial year:** | 31 Dec 2024 |
| **Type of Reporting Issuer:** | **[X] Class 1 reporting issuer [_] Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |
| &nbsp;&nbsp;(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees) | &nbsp;&nbsp;(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees) |

---

**<u>Market value of listed or quoted 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)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/01/24 to 31/03/24 |
| 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 | $11.6600<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 | 130046603.00 |
| | (ii) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) x (ii) | $1516343390.98<br>(A) |
| **2nd Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/04/24 to 30/06/24 |
| 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 | $13.5800<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 | 130433471.00<br>(iv) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) x (iv) | $1771286536.18<br>(B) |
| **3rd Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | <br>01/07/24 to 30/09/24 |
| 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 | $17.6000<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 | 130586321.00<br>(vi) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) x (vi) | $2298319249.60<br>(C) |
| **4th Quarterly Trading Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/10/24 to 31/12/24 |

---

------

---

| | |
|:---|:---|
| 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 | $10.7400<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 | 130770053.00<br>(viii) |
| Market value of class or series&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) x (viii) | $1404470369.22<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)) | $1747604886.50<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:**<br>(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)** | $1747604886.50 |
| **Participation Fee**<br>(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<br>(As determined under section 8 of OSC Rule 13-502 Fees) | $0.00 |
| **Total Fee Payable**<br>(Participation Fee plus Late Fee) | $59350.00 |

---

## Exhibit 99.12

**Exhibit 99.12**

**Form 52-109F1** 

***Certification of Annual Filings***

***Full Certificate*** 

I, **Benoit La Salle, CEO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the annual financial statements and annual MD&A (together, the "annual filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial year ended December 31, 2024

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: March 27, 2025 |
| <u>//ss// Benoit La Salle</u> |
| [Signature] |
| Benoit La Salle CEO |

---

## Exhibit 99.13

**Exhibit 99.13**

**Form 52-109F1** 

***Certification of Annual Filings***

***Full Certificate*** 

I, **Ugo Landry-Tolszczuk, CFO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the annual financial statements and annual MD&A (together, the "annual filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial year ended December 31, 2024

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

5.3***Limitation on scope of design:*** N/A

------

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| March 27, 2025 |
| *//s//Ugo Landry-Tolszczuk* |
| [Signature] |
| Ugo Landry-Tolszczuk, CFO |

---

## Exhibit 99.14

![cover_fsxq3-2024x8a.jpg](cover_fsxq3-2024x8a.jpg)

Exhibit 99.14

CONSOLIDATED

FINANCIAL

STATEMENTS

For the years ended December 31,

2024 and 2023

![cover_fsxq3-2024xv2x13a.jpg](cover_fsxq3-2024xv2x13a.jpg)

AYA GOLD & SILVER INC.

1320 Boulevard Graham, bureau 132, Mont-Royal, Québec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Management's responsibilities over financial reporting**

The Consolidated Financial Statements of Aya Gold & Silver Inc. (the "Corporation" or "Aya") are the responsibility of the

Corporation's management. The consolidated financial statements are prepared in accordance with IFRS Accounting

Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International

Financial Reporting Interpretations Committee ("IFRIC") and reflect management's best estimates and judgment based on

information available at the date the financial statements are available for issuance.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the

results of the consolidated financial statements prior to their submission to the Board of Directors for approval.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated

with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

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**KPMG LLP**

Tour KPMG

600 de Maisonneuve Blvd West, Suite 1500

Montréal, QC H3A 0A3

Canada

Telephone 514 840 2100

Fax 514 840 2187

**INDEPENDENT AUDITOR'S REPORT**

To the Shareholders of Aya Gold & Silver Inc.

***Opinion***

We have audited the consolidated financial statements of Aya Gold & Silver Inc. (the "Entity"),

which comprise:

• the consolidated statements of financial position as at December 31, 2024 and December

31, 2023

• the consolidated statements of comprehensive (loss) income for the years then ended

• the consolidated statements of changes in equity for the years then ended

• the consolidated statements of cash flows for the years then ended

• and notes to the consolidated financial statements, including a summary of material

accounting policy information

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the

consolidated financial position of the Entity as at December 31, 2024 and December 31, 2023,

and its consolidated financial performance and its consolidated cash flows for the years then

ended in accordance with IFRS Accounting Standards as issued by the International Accounting

Standards Board.

***Basis for Opinion***

We conducted our audit in accordance with Canadian generally accepted auditing standards.

Our responsibilities under those standards are further described in the **"*Auditor's*** 

***Responsibilities for the Audit of the Financial Statements*"** section of our auditor's report.

We are independent of the Entity in accordance with the ethical requirements that are relevant

to our audit of the financial statements in Canada and we have fulfilled our other ethical

responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our opinion.

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***Key Audit Matters***

Key audit matters are those matters that, in our professional judgment, were of most

significance in our audit of the financial statements of the current period. These matters were

addressed in the context of our audit of the financial statements as a whole and in forming our

opinion thereon, and we do not provide a separate opinion on these matters.

***Evaluation of Indicators of Impairment for Exploration and Evaluation Assets***

***Description of the Matter***

We draw attention to Notes 4 and 7 of the financial statements. The Entity has exploration and

evaluation assets totaling $67,904 which comprise rights on mining properties of $5,554 and

deferred exploration and evaluation expenses of $62,350. The carrying amounts of exploration

and evaluation assets are reviewed by the Entity for impairment when indicators of impairment

exist, typically when one of the following circumstances applies:

• Exploration rights have expired or will expire in the near future.

• No significant future exploration expenditures are foreseen.

• No commercially viable quantities are discovered, and exploration and evaluation activities

will be discontinued.

• Exploration and valuation assets are unlikely to be fully recovered from successful

development or sale.

The Entity completes an evaluation at each reporting period of potential impairment indicators. If

any such indicators exist, then the asset's recoverable amount is estimated.

***Why the Matter is a Key Audit Matter***

We identified the evaluation of indicators of impairment for exploration and evaluation assets as

a key audit matter. This matter represented an area of significant risk of material misstatement

given the magnitude of rights on mining properties and deferred exploration and evaluation

expenses. This matter was of most significance due to the difficulties in evaluating the results of

our audit procedures to assess the Entity's determination of whether the factors, individually and

in aggregate, resulted in indicators of impairment.

***How the Matter was Addressed in the Audit***

The primary procedures we performed to address this key audit matter included the following:

• We evaluated the Entity's impairment indicators analysis and considered whether the

analysis was consistent with evidence in other areas of the audit, by examining internal and

external communications and the Entity's technical reports.

• We assessed the status of the Entity's exploration rights by discussing with management

and inspecting available correspondence with government authorities to identify if any rights

could be lost or not renewed by the government authorities.

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• We assessed future exploration expenditures and whether exploration and evaluation

activities will be discontinued by inspecting budgeted expenditures for the upcoming year,

the Entity's technical reports, and internal and external communications. We evaluated the

Entity's ability to accurately budget the exploration expenditures by comparing the Entity's

prior year budgeted exploration expenditures to the actual exploration expenditures incurred.

***Evaluation of Indicators of Impairment for property, plant and equipment and*** 

***mineral property***

We draw attention to Notes 4 and 6 of the financial statements. The Entity has property, plant

and equipment and mineral property totaling $231,205, mainly related to the Zgounder Mine.

Nonfinancial assets are reviewed each reporting date or when a triggering event is identified,

to determine whether there is any indication of impairment. If any such indication exists, then the

asset's recoverable amount is estimated.

The Entity has determined that there were no material events or changes in circumstances

indicating that the carrying amount of property, plant and equipment and mineral property may

not be recoverable. As such, no impairment test was performed.

***Why the Matter is a Key Audit Matter***

We identified the evaluation of indicators of impairment for property, plant and equipment and

mineral property as a key audit matter. This matter represented an area of significant risk of

material misstatement given the magnitude of the property, plant and equipment and mineral

property and significant auditor judgment was required in evaluating the results of our audit

procedures over the evaluation of indicators of impairment.

***How the Matter was Addressed in the Audit***

The primary procedures we performed to address this key audit matter included the following:

• We evaluated the Entity's impairment indicators analysis and considered whether the

analysis is consistent with evidence in other areas of the audit, by examining internal and

external communications and the Entity's technical reports.

• We evaluated the Entity's ability to accurately budget the capital expenditure relating to the

construction of the new Zgounder mill, which reached commercial production on December

29, 2024, by comparing the Entity's prior year's budgeted capital expenditure to the actual

capital expenditure incurred to reach commercial production.

***Other Information***

Management is responsible for the other information. Other information comprises the

information included in Management's Discussion and Analysis filed with the relevant Canadian

Securities Commissions.

Our opinion on the financial statements does not cover the other information and we do not and

will not express any form of assurance conclusion thereon.

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In connection with our audit of the financial statements, our responsibility is to read the other

information identified above and, in doing so, consider whether the other information is

materially inconsistent with the financial statements or our knowledge obtained in the audit and

remain alert for indications that the other information appears to be materially misstated.

We obtained the information included in Management's Discussion and Analysis filed with the

relevant Canadian Securities Commissions as at the date of this auditor's report. If, based on

the work we have performed on this other information, we conclude that there is a material

misstatement of this other information, we are required to report that fact in the auditor's report.

We have nothing to report in this regard.

***Responsibilities of Management and Those Charged with Governance for the*** 

***Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements

in accordance with IFRS Accounting Standards as issued by the International Accounting

Standards Board, and for such internal control as management determines is necessary to

enable the preparation of financial statements that are free from material misstatement, whether

due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Entity's

ability to continue as a going concern, disclosing as applicable, matters related to going concern

and using the going concern basis of accounting unless management either intends to liquidate

the Entity or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting

process.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue an

auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with Canadian generally accepted auditing standards will always

detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of the financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we

exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

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• Identify and assess the risks of material misstatement of the financial statements, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing

an opinion on the effectiveness of the Entity's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Entity's ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are

required to draw attention in our auditor's report to the related disclosures in the financial

statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions

are based on the audit evidence obtained up to the date of our auditor's report. However,

future events or conditions may cause the Entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including

the disclosures, and whether the financial statements represent the underlying transactions

and events in a manner that achieves fair presentation.

• Communicate with those charged with governance regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

• Provide those charged with governance with a statement that we have complied with

relevant ethical requirements regarding independence, and communicate with them all

relationships and other matters that may reasonably be thought to bear on our

independence, and where applicable, related safeguards.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding

the financial information of the entities or business units within the group as a basis for

forming an opinion on the group financial statements. We are responsible for the direction,

supervision and review of the audit work performed for the purposes of the group audit. We

remain solely responsible for our audit opinion.

• Determine, from the matters communicated with those charged with governance, those

matters that were of most significance in the audit of the financial statements of the current

period and are therefore the key audit matters. We describe these matters in our auditor's

report unless law or regulation precludes public disclosure about the matter or when, in

extremely rare circumstances, we determine that a matter should not be communicated in

\*CPA auditor, public accountancy permit No. A13180

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our auditor's report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this auditor's report is Marc-André Fontaine.

![image_5d.jpg](image_5d.jpg)

Montréal, Canada

March 28, 2025

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>1</sub>

**Consolidated Statements of Financial Position**

(Expressed in thousands of US dollars)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| **ASSETS** |  |  |
| Current  |  |  |
| Cash | **30944** | 49830 |
| Accounts receivable | **1827** | 607 |
| Sales taxes receivable | **9979** | 10806 |
| Income tax receivable | **3415** | - |
| Inventories (<u>[Note 5](#i5a3211ae9aaf45069caf26a0eb6d5421_34)</u>) | **27389** | 16810 |
| Deposit in trust (<u>No</u><u>[te 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | **695** | - |
| Prepaid expenses and security deposits | **2249** | 2346 |
| Options contracts (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_82)</u><u>1</u>) | **42** | - |
|  | **76540** | 80399 |
| Non-current  |  |  |
| Restricted cash (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_82)</u><u>1</u>) | **18246** | 20503 |
| Deferred financing fees (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_46)</u>) | **-** | 1888 |
| Non-refundable deposits to suppliers (<u>[Note 6](#i5a3211ae9aaf45069caf26a0eb6d5421_37)</u>) | **2787** | 8136 |
| Deferred tax assets (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_70)</u><u>17</u>) | **3425** | 617 |
| Property, plant, and equipment and mineral property (<u>[Note 6](#i5a3211ae9aaf45069caf26a0eb6d5421_37)</u>) | **231205** | 161502 |
| Exploration and evaluation assets (<u>[Note 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | **67904** | 60012 |
| **TOTAL ASSETS** | **400107** | 333057 |
| **LIABILITIES** |  |  |
| Current  |  |  |
| Accounts payable and accrued liabilities | **51351** | 41743 |
| Balance of purchase price payable (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_43)</u><u>8</u>) | **1483** | 1516 |
| Income tax payable  | **-** | 3058 |
| Current portion of lease liabilities (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_49)</u><u>10</u>) | **282** | 233 |
| Options contracts (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_82)</u><u>21</u>) | **-** | 145 |
|  | **53116** | 46695 |
| Non-current  |  |  |
| Lease liabilities (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_49)</u><u>10</u>) | **1121** | 887 |
| Long-term debt (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_46)</u><u>9</u>) | **95517** | 57672 |
| Asset retirement obligations (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_52)</u><u>1</u>) | **2872** | 2667 |
| Deferred tax liabilities (<u>[Note](#i5a3211ae9aaf45069caf26a0eb6d5421_70)</u><u>17</u>) | **1000** | - |
| **TOTAL LIABILITIES** | **153626** | 107921 |
| **EQUITY** |  |  |
| Share capital (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_55)</u><u>2</u>) | **323148** | 260897 |
| Equity reserves | **(940)** | 12067 |
| Deficit | **(75732)** | (52243) |
|  | **246476** | 220721 |
| Non-controlling interests (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_97)</u><u>6</u>) | **5** | 4415 |
| **TOTAL EQUITY**  | **246481** | 225136 |
| **TOTAL LIABILITIES AND EQUITY** | **400107** | 333057 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

On behalf of the Board,

---

| | |
|:---|:---|
| *Benoit La Salle /s/* | *Yves Grou /s/* |
| President, CEO, Director | Director |

---

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>2</sub>

**Consolidated Statements of Comprehensive (Loss) Income**

(Expressed in thousands of US dollars, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | 2023 |
| | **$** | $|
| **Revenue from silver sales** (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_64)</u><u>5</u>) | **39117** | 42849 |
| Cost of sales (<u>[Note 16](#i5a3211ae9aaf45069caf26a0eb6d5421_67)</u>) | **33735** | 27042 |
| **Gross profit** | **5382** | 15807 |
| **Expenses** |  |  |
| General and administrative (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_73)</u><u>8</u>)<sup>(1)</sup> | **16488** | 10876 |
| Impairment on exploration and evaluation assets (<u>[Note 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | **27350** | - |
| Loss on capital asset disposal | **291** | - |
| **Operating (loss) income** | **(38747)** | 4931 |
| Net finance income (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_73)</u><u>8</u>) | **13947** | 4285 |
| **Net (loss) income before income taxes** | **(24800)** | 9216 |
| Income tax expense (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_70)</u><u>7</u>) | **1227** | 3884 |
| **Net (loss) income** | **(26027)** | 5332 |
| **Net (loss) income attributable to** |  |  |
| Equity holders of Aya Gold & Silver Inc. | **(21617)** | 5504 |
| Non-controlling interests (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_97)</u><u>6</u>) | **(4410)** | (172) |
| **Net (loss) income** | **(26027)** | 5332 |
| **Other comprehensive (loss) income**<br>**Items that will subsequently be reclassified to net income:**<br>Foreign currency translation adjustment<br>| **(19266)** | 4345 |
| **Comprehensive (loss) income**  | **(45293)** | 9677 |
| Basic (loss) income per common share (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_88)</u><u>3</u>)  | **(0.20)** | 0.05 |
| Diluted (loss) income per common share (<u>[Note 23](#i5a3211ae9aaf45069caf26a0eb6d5421_88)</u>) | **(0.20)** | 0.04 |
| Weighted average number of shares - basic (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_88)</u><u>3</u>)  | **129385384** | 118011122 |
| Weighted average number of shares - diluted (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_88)</u><u>3</u>)  | **129385384** | 123205322 |

---

*(1) Included in general and administrative is share-based payments expense of $7,651 during the year ended December 31, 2024* 

*($3,201 during the year ended December 31, 2023)*

*For the year ended December 31, 2023, share-based payments expense was previously reported as a separate line item and now* 

*has been reclassified into the related functional expense item and therefore has been included in general and administrative* 

*(<u>[Note 18](#i5a3211ae9aaf45069caf26a0eb6d5421_73)</u>) for consistency with the current year presentation. This reclassification has no effect on the 2023 reported net income.*

*The accompanying notes are an integral part of these consolidated financial statements.*

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>3</sub>

**Consolidated Statement of Changes in Equity**

(Expressed in thousands of US dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Equity Reserves** | **Equity Reserves** | **Equity Reserves** |  |  |  |
|  | **Number of** <br>**issued and** <br>**outstanding** <br>**shares**<br>| **Share** <br>**capital**<br>| **Contributed** <br>**surplus(a)**<br>| **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income(b)**<br>| **Equity** <br>**Reserves**<br>| **Deficit** <br>**attributable to** <br>**equity holders** <br>**of Aya Gold &** <br>**Silver Inc.**<br>| **Non-**<br>**controlling** <br>**interests**<br>| **Total** <br>**equity**<br>|
|  |  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **Balance as at December 31, 2023** | **122377703** | **260897** | **19893** | **(7826)** | **12067** | **(52243)** | **4415** | **225136** |
| Exercise of options  | 511950 | 3037 | (1375) | - | (1375) | - | - | 1662 |
| Shares issued upon vesting of restricted share units | 306500 | 1917 | (1917) | - | (1917) | - | - | - |
| Share-based payments (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u><u>3</u>) | - | - | 9551 | - | 9551 | - | - | 9551 |
| Share issuance (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_55)</u><u>2</u>) | 7573900 | 57297 | - | - | - | - | - | 57297 |
| Share issue costs, net of tax of $1,444 | - | - | - | - | - | (1872) | - | (1872) |
|  | **130770053** | **323148** | **26152** | **(7826)** | **18326** | **(54115)** | **4415** | **291774** |
| **Net loss** | **-** | **-** | **-** | **-** | **-** | **(21617)** | **(4410)** | **(26027)** |
| Other comprehensive loss | - | - | - | (19266) | (19266) | - | - | (19266) |
| **Comprehensive loss** | **-** | **-** | **-** | **(19266)** | **(19266)** | **(21617)** | **(4410)** | **(45293)** |
| **Balance as at December 31, 2024** | **130770053** | **323148** | **26152** | **(27092)** | **(940)** | **(75732)** | **5** | **246481** |
| **Balance as at December 31, 2022** | **105020190** | **170684** | **20760** | **(12171)** | **8589** | **(53551)** | **4587** | **130309** |
| Exercise of warrants and options (<u>[Note 12](#i5a3211ae9aaf45069caf26a0eb6d5421_55)</u>)  | 5549447 | 17295 | (3851) | - | (3851) | - | - | 13444 |
| Vested and issued units (<u>[Note 12](#i5a3211ae9aaf45069caf26a0eb6d5421_55)</u> & <u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u><u>3</u>) | 33788 | 217 | (217) | - | (217) | - | - | - |
| Share-based payments (<u>[Note 14](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u>) | - | - | 3201 | - | 3201 | - | - | 3201 |
| Share issuance for mineral titles (<u>[Note 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | 622728 | 3936 | **-** | **-** | **-** | **-** | **-** | 3936 |
| Share issuance (<u>[Note 12](#i5a3211ae9aaf45069caf26a0eb6d5421_55)</u>) | 11151550 | 68765 | **-** | **-** | **-** | **-** | **-** | 68765 |
| Share issue costs | - | - | - | - | - | (4196) | - | (4196) |
|  | **122377703** | **260897** | **19893** | **(12171)** | **7722** | **(57747)** | **4587** | **215459** |
| Net income (loss) | - | - | - | - | - | 5504 | (172) | 5332 |
| Other comprehensive income | - | - | - | 4345 | 4345 | - | - | 4345 |
| **Comprehensive income (loss)** | **-** | **-** | **-** | **4345** | **4345** | **5504** | **(172)** | **9677** |
| **Balance as at December 31, 2023** | **122377703** | **260897** | **19893** | **(7826)** | **12067** | **(52243)** | **4415** | **225136** |

---

**a)**Contributed surplus reserve records the cumulative amounts of compensation expense recognized under IFRS 2 Share-Based Payment with respect to share purchase options granted, shares

purchase warrants, restricted share units and deferred share units issued but not yet exercised.

**b)**Accumulated other comprehensive (loss) income reserve records the gains and losses arising from the translation of the Corporation's Financial Statements to the presentation currency.

*The accompanying notes are an integral part of these consolidated financial statements.*

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>4</sub>

**Consolidated Statement of Cash Flows**

(Expressed in thousands of US dollars)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | 2023 |
| **Cash flows provided by (used in)** | **$** | $|
| **OPERATING ACTIVITIES** |  |  |
| **Net (loss) income** | **(26027)** | 5332 |
| **Adjustments for non-cash items** |  |  |
| Share-based payments recorded in net (loss) income (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u><u>3</u>) | **8231** | 3201 |
| Depreciation and depletion of property, plant, and equipment and mineral property | **3370** | 5004 |
| Impairment loss on exploration and evaluation assets (<u>[Note 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | **27350** | - |
| Loss on disposal of capital assets | **291** | - |
| Accretion expense (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_73)</u><u>8</u>) | **152** | 73 |
| Gain on foreign currency translation | **(10355)** | (1861) |
| Deferred income taxes (recovery) (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_70)</u><u>7</u>) | **(300)** | (1765) |
| Change in fair value of options contracts (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_82)</u><u>1</u>) | **(57)** | (296) |
|  | **2655** | 9688 |
| **Changes in working capital items (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_85)</u><u>2</u>)** | **(11270)** | (6311) |
|  | **(8615)** | 3377 |
| **INVESTING ACTIVITIES** |  |  |
| Net change in restricted cash (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_46)</u>) | **2250** | (18000) |
| Deposits to suppliers for capital expenditures | **(2569)** | (7556) |
| Deposit in trust <u>(No</u><u>[te 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | **(695)** | - |
| Acquisition of property, plant and equipment and mineral property (<u>[Note 6](#i5a3211ae9aaf45069caf26a0eb6d5421_37)</u> and <u>[Note 22](#i5a3211ae9aaf45069caf26a0eb6d5421_85)</u>) | **(62881)** | (79353) |
| Addition to mining properties (<u>[Note 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u>) | **(223)** | (854) |
| Additions to exploration and evaluation assets (<u>[Note 7](#i5a3211ae9aaf45069caf26a0eb6d5421_40)</u> and <u>[Note 22](#i5a3211ae9aaf45069caf26a0eb6d5421_85)</u>) | **(29891)** | (21860) |
|  | **(94009)** | (127623) |
| **FINANCING ACTIVITIES** |  |  |
| Repayment of lease liabilities (<u>[Note 10](#i5a3211ae9aaf45069caf26a0eb6d5421_49)</u>) | **(333)** | (290) |
| Deferred financing costs | **(306)** | (4370) |
| Proceeds from long-term debt (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_46)</u>) | **40000** | 60000 |
| Payment of borrowing costs on long-term debt (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_46)</u>) | **(6526)** | - |
| Proceeds from exercise of warrants | **-** | 11276 |
| Proceeds from exercise of options (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u><u>3</u>) | **1662** | 2168 |
| Proceeds from share issuance (<u>[Note 12](#i5a3211ae9aaf45069caf26a0eb6d5421_55)</u>) | **57297** | 68765 |
| Share issue costs | **(3316)** | (4196) |
|  | **88478** | 133353 |
| Effect of exchange rate changes on cash in foreign currencies | **(4740)** | 1363 |
| **Net change in cash**  | **(18886)** | 10470 |
| Cash, beginning of year | **49830** | 39360 |
| **Cash, end of year** | **30944** | 49830 |

---

*Supplemental cash flow information (<u>[Note 2](#i5a3211ae9aaf45069caf26a0eb6d5421_85)</u><u>2</u>)*

*The accompanying notes are an integral part of these consolidated financial statements.*

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>5</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**1. GENERAL INFORMATION**

Aya Gold & Silver Inc. (the "Corporation or "Aya") is a Canadian based precious metals mining corporation which focuses on

the exploration, development, production and acquisition of precious metals mining projects. The Corporation is concentrated

on producing silver and exploration activities at its flagship project, the Zgounder property through its 100% ownership of

Zgounder Millennium Silver Mine S.A ("ZMSM"). On December 29, 2024, the Corporation reached commercial production at the

new Zgounder mill. The Corporation also owns 85% of the Boumadine polymetallic project and is the sole owner of the

permits related to the Amizmiz, Azegour, Zgounder Regional, Tirzzit and Imiter bis properties. All of these properties are

located in the Kingdom of Morocco. The Corporation also owns through Algold Resources Ltd. ("Algold"), 75% of the Tijirit

project located in Mauritania. All projects other than the Zgounder Mine are at the exploration and evaluation stage.

Aya's registered office is located at 1320 boulevard Graham, suite 132, Mont-Royal, Quebec, Canada, H3P 3C8.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31 and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX market under the symbol "AYASF".

**2. BASIS OF PRESENTATION**

***Statement of compliance***

The consolidated financial statements of the Corporation have been prepared in accordance with IFRS Accounting Standards

("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Board of Directors approved and authorized for issue these consolidated financial statements on March 27, 2025.

***Basis of measurement***

The consolidated financial statements have been prepared on a historical cost basis, except for:

**(i)**Option contracts, which are accounted for at fair value;

**(ii)**Share-based payment arrangements, which are measured at fair value on grant date;

**(iii)**Asset retirement obligations, which are measured at the discounted estimated cost of future remediation;

**(iv)**Lease liabilities, which are initially measured at the present value of minimum lease payments; and

**(v)**Non-controlling interest which is initially measured at the proportionate share of the acquiree's identifiable net

assets as at the date of acquisition.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>6</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**3. NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED**

**IFRS 18, Presentation and Disclosure in Financial Statements**

On April 9, 2024, the IASB issued IFRS 18 to improve reporting of financial performance. The new standard replaces IAS 1

Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. The new Accounting

Standard introduces significant changes to the structure of income statements and introduces new principles for aggregation

and disaggregation of information.

IFRS 18 introduces the concept of "management-defined performance measures" (MPMs) and requires such financial

measures to be disclosed in a note to the financial statements. MPMs are subtotals of income and expenses that meet

specific criteria outlined in IFRS 18. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027, with

earlier application permitted.

The impact of adoption of the amendments has not yet been determined by the Corporation.

**Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instrument Disclosure**

In May 2024, the IASB published Amendments to the Classification and Measurement of Financial Instruments (Amendments

to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments Disclosures), The amendments to IFRS 9 clarify

derecognition and classification of specific financial assets and liabilities respectively while the amendments to IFRS 7 clarify

the disclosure requirements for investments in equity instruments designated at fair value through other comprehensive (loss)

income and contractual terms that could change the timing or amount of contractual cash flows on the occurrence or non-

occurrence of a contingent event. The amendments to IFRS 9 and IFRS 7 are effective for annual reporting beginning on or

after January 1, 2026. Earlier application is permitted. The impact of adoption of the amendments has not yet been

determined by the Corporation.

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS**

***Consolidation, functional and presentation currency***

These consolidated financial statements include the accounts of Aya, and its subsidiaries. The list of material subsidiaries are

as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiary** | **Registered** | **Ownership,** <br>**voting right**<br>| **Principal** <br>**activity**<br>| **Functional currency** |
| Aya Gold & Silver Morocco S.A. (« AGSM »)  | Morocco | 100% | Exploration | Moroccan dirham |
| Zgounder Millennium Silver Mining S.A. ("ZMSM") | Morocco | 100% | Production | Moroccan dirham |
| Boumadine Global Mining S.A. ("BGM") | Morocco | 85% | Exploration | Moroccan dirham |
| Société Tijirit Recherche et Exploration S.A.R.L. ("TIREX") | Mauritania | 75% | Exploration | Mauritanian Ouguiya |

---

Subsidiaries are fully consolidated from the date on which control is transferred to Aya and are de-consolidated from the date

that control ceases. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. Where

the Corporation's interest in a subsidiary is less than 100%, the Corporation recognizes non-controlling interests.

The functional currency of Aya is the Canadian dollar. The functional currency of the Corporation and its subsidiaries has

remained unchanged during the reporting period. The Corporation's presentation currency is the US dollar. The US dollar is the

Corporation's presentation currency.

***Inventories***

Supply, stockpiled ore, and precious metals inventories are valued at the lower of cost and net realizable value ("NRV"). Write-

downs of inventories to NRV are included in cost of sales in the period of the write-down. The cost of supply inventories is

measured at the lower of cost using the weighted average cost formula and net realizable value. The cost of ore and precious

metals inventories includes all expenses directly attributable to the mineral extraction and processing processes, including the

cost of supply consumed, direct labour and a systematic allocation of fixed and variable production overheads that are

incurred in extracting and processing ore. NRV is the estimated selling price in the ordinary course of business less any

applicable estimated cost of completion and estimated selling expenses. A NRV impairment may be reversed in a subsequent

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>7</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

period if the circumstances that triggered the impairment no longer exist. Stockpiled ore inventories represent ore that has

been extracted from the mine and is available for further processing. The costs included in stockpiled ore inventories are

based on mining costs incurred up to the point of stockpiling the ore and are removed at the weighted average cost as ore is

processed and added to finished goods inventories. The current portion of stockpiled ore is determined based on the amounts

expected to be processed within the next twelve months. When applicable, stockpiled ore not expected to be processed or

used within the next twelve months are classified as non-current.

***Property, plant and equipment and mineral property***

Property, plant and equipment and mineral property ("PP&E") are carried at cost, less accumulated depreciation and any

accumulated impairment losses. The cost of PP&E consists of the purchase price and any costs directly attributable to

bringing the asset to the location and condition necessary for its intended use, and an initial estimate of the costs of

dismantling and removing the item and restoring the site on which it is located.

When a mining project reaches the development phase, exploration and evaluation expenditures, as well as development

expenditures, are capitalized to mining assets under development. Capitalized costs, including mineral property acquisition

costs, mine development and construction costs, are not depreciated until the time at which the related mining property has

reached a pre-determined level of operating capacity intended by management.

Commercial production

Management considers several factors in determining when a mining property is ready for use in the manner intended by

management including:

• When the mine is substantially complete and ready for its intended use;

• The ability to sustain ongoing production at or near nameplate capacity;

• Mineral recoveries are at or near the expected level; and

• The completion of a reasonable period of testing of the mine plant and equipment.

On December 29, 2024, the Corporation reached commercial production at the new Zgounder mill in ZMSM. Commercial

production was determined to be a period of 30 consecutive days of operations during which the plant operated at 76% of

nameplate capacity, silver recovery was 79% and availability was 75%. Metal sales are recognized as revenue and production

costs as a component of mine operating costs until the Corporation reaches commercial production.

Once commercial production is reached, depreciation, depletion and amortization commences, the capitalization of borrowing

costs and certain mine construction costs ceases, and expenditures are either capitalized to inventories or expensed as

incurred. Exceptions could include costs incurred for additions or improvements to property, plant and equipment and mine

development activities.

***Depreciation, depletion and amortization***

Upon reaching the commercial production, costs are transferred from Assets under Construction into the appropriate asset

classes and depreciation commences.

The estimated useful lives, depreciation method and rates for the current and comparative years are as follows:

---

| | | |
|:---|:---|:---|
| **Asset** | **Basis** | **Rate/period** |
| Mining equipment | Straight-line | 5-10 years |
| Mining assets in production | Units of production | Life of mine |

---

Mining assets in production are depleted based on the unit of production method, which is based on production and estimated

recoverable ounces of silver based on estimated proven and probable reserves.

The Corporation reviews the estimated total recoverable reserves annually and when events and circumstances indicate that

such a review should be made. Changes to estimated total recoverable reserves are accounted for prospectively.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>8</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

Expenditures on major maintenance or repairs, including the cost of the replacement of parts of assets and overhaul costs are

capitalized and the remaining carrying amount of the item repaired, overhauled or replaced is derecognized when it is probable

that future economic benefits associated with the item will not be available to the Corporation. All other costs are expensed as

incurred.

Estimates for depreciation methods, useful lives and residual value are reviewed at the end of each financial period and

adjusted prospectively, if appropriate.

***Exploration and evaluation assets***

Exploration and evaluation assets ("E&E") are comprised of rights on mining properties or options to acquire undivided

interests in mining rights, deferred exploration and evaluation expenses and mining properties. Once the legal right to explore

has been acquired, they are recorded property-by-property at their acquisition cost or at their recoverable amount being the

higher of their fair value less cost to sell or their value in use following a write-down caused by an impairment of value.

Expenditures incurred prior to securing the legal rights to explore an area are expensed immediately.

E&E costs typically include prospecting, sampling, trenching, drilling and other work involved in searching for ore like

topographical, geological, geochemical and geophysical studies. They also reflect costs related to establishing the technical

and commercial viability of extracting a mineral resource identified through exploration or acquired through a business

combination or asset acquisition. E&E expenditures also include overhead expenses directly attributable to the related

activities.

Upon determination of the technical feasibility and commercial viability of extracting a mineral resource, the Corporation

performs an impairment test, based on the recoverable amount, prior to reclassification of E&E to Mining assets under

development in PP&E in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources. The demonstration of

the technical feasibility and commercial viability, and its approval by the Board of Directors, are the key points at which the

Corporation determines that it will develop the project.

Proceeds on the sale of interests in exploration properties are applied to reduce the related carrying costs; any excess is

recognized as a gain in the consolidated statement of comprehensive (loss) income. Losses on partial sales are recognized in

the consolidated statement of comprehensive (loss) income. Whenever a mining property is considered no longer viable or is

abandoned, the capitalized amounts are written down to their recoverable amounts; the difference is then immediately

recognized in profit or loss.

***Impairment of non-financial assets***

At the end of each reporting year and when impairment indicators are identified, the Corporation reviews the carrying amounts

of its non-financial assets which are composed of property, plant and equipment and mineral property and exploration and

evaluation assets, to determine whether there is any indication that those assets have suffered an impairment loss. Where

such an indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss. If it

is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash generating unit

to which the asset belongs must be determined. In testing an individual asset or cash generating unit for impairment and

identifying a reversal of impairment losses, management estimates the recoverable amount of the asset or the cash-

generating unit.

The recoverable amount is the higher of an asset or a cash generating unit's fair value less cost to sell or its value in use. Value

in use considers estimated future cash flows associated with the asset or cash generating unit, such amount being discounted

to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the

risks specific to the asset or cash generating unit.

In the case of exploration and evaluation assets, impairment reviews are carried out on a property-by-property basis or by

areas of interest, with each property representing a potential cash-generating unit.

A previous impairment is reversed if the asset's recoverable amount exceeds its carrying amount. However, the impairment is

reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been

determined, net of depreciation, if no impairment loss had been recognized.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>9</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Provisions***

Provisions include asset retirement obligations and environmental remediation, restructuring costs and legal claims.

A provision is recognized when the Corporation has a present legal or constructive obligation as a result of a past event, it is

probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be

reliably estimated. Timing or amount of the outflow may still be uncertain. If the time value of money is material, provisions are

determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessment of the time

value of money and, where appropriate, the risks specific to the liability. Provisions are measured at the estimated expenditure

required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks

and uncertainties associated with the present obligation. All provisions are reviewed at each reporting date and adjusted to

reflect the current best estimate.

The increase in the provision due to passage of time is recognized as finance expense. Changes in assumptions or estimates

are reflected in the year in which they occur.

Provisions for asset retirement obligations represents the legal and constructive obligations associated with the eventual

dismantling of the Corporation's buildings and equipment related to mining production. These obligations consist of all costs

associated with the removal of tangible assets. When the initial estimate of the reclamation obligation is included as part of

the cost of an asset, changes in the measurement of the reclamation obligation (other than those due to the accretion of the

reclamation obligation) are generally added to or deducted from the cost of the related asset in the period of change.

The discount rate used is based on a pre-tax rate that reflects current market assessments of the time value of money and the

risks specific to the obligation, excluding the risks for which future cash flow estimates have already been adjusted. The

schedule and timing of expenditures was determined by taking into account the proven and probable reserves, the estimated

annual production levels and the estimated life of the mine.

***Income taxes***

Income tax on income for the years presented comprises current and deferred tax. Income tax is recognized in income except

to the extent that it relates to items recognized in other comprehensive loss or in equity, in which case it is recognized in other

comprehensive loss or in equity, respectively.

Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at

the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of

assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary

differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that do

not affect accounting or taxable income; and differences relating to investments in subsidiaries to the extent that they will

probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of

realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at

the financial position reporting date and which are expected to apply when the related deferred income tax asset is realized, or

the deferred income tax liability is settled. A deferred tax asset is recognized only to the extent that it is probable that future

taxable income will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset only when

the Corporation has a legally enforceable right and intention to set-off current tax assets and liabilities from the same taxation

authority.

***Long-term debt and borrowing costs***

Long-term debt is initially recorded at fair value, net of any transaction costs, and subsequently carried at amortized cost.

Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized

as part of the cost of that asset until the asset is substantially complete and ready for its intended use. All other borrowing

costs are expensed as incurred. Borrowing costs paid are classified as a financing cost on the statement of cash flow.

***Share capital and warrants***

Share capital and warrants are classified as equity. The Corporation allocates the proceeds from an equity financing between

common shares and warrants based on the relative fair value of each instrument using the Black-Scholes pricing model for the

warrants' valuation.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>10</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Share-based payment transactions***

Equity-settled share-based payments are made in exchange for services received, for the acquisition of properties or for

settlement of debentures. The exercise price is based on the volume-weighted average price of the Common Shares on the

Exchange for the five trading days immediately preceding the date of grant. The value of the equity instruments granted is

determined upon the fair value of the services received or the properties acquired unless impracticable. In such case, the fair

value of the services rendered, or the properties acquired is determined indirectly by reference to the fair value of the equity

instruments granted. The fair value of share-based payments to directors, officers, employees and consultants with employee-

related functions is recognized as an expense over the vesting period with a corresponding increase to the contributed

surplus. The fair value is measured at the grant date and recognized over the period during which the share purchase options

vest or the service period for a consultant that does not qualify as an employee of the Corporation.

The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model and takes into

account the terms and conditions upon which the share purchase options were granted. Historical exercise and post-vesting

cancellation behavior across disaggregated populations is used to estimate (where within this range) the exercise or post-

vesting cancellation may occur. At each reporting date, the amount recognized as an expense is adjusted to reflect the actual

number of share purchase options that are expected to vest. Upon the exercise of share-based payments, the proceeds

received and the related compensation expense previously recorded in contributed surplus are credited to share capital.

***Deferred share units***

The Deferred Share Unit Plan ("DSU Plan") provides for the payment of directors' compensation with deferred share units

("DSU"). Each DSU is a right granted by the Corporation to an eligible director to receive an equivalent to the value of one

common share on termination of service. DSU compensation is ultimately recognized as an expense in the consolidated

statements of comprehensive (loss) income as deferred share unit expense. The DSUs are issued for past services. The DSUs

can be settled either in cash or equity in the sole discretion of the Corporation. The Corporation intends to settle all DSUs in

equity. The number of DSUs to be granted under the DSU Plan is determined by dividing the director's compensation by the

volume-weighted average price of the Common Shares on the Exchange for the five trading days immediately preceding the

last business day of the fiscal quarter. The compensation expense is recorded based on the fair value of the DSU at grant date.

***Restricted share units***

The Restricted Share Unit Plan (the "RSU Plan") allows the grant to directors, employees, or service providers non-transferable

restricted share units ("RSUs") based on the value of the Corporation's share price at the volume-weighted average price of the

Common Shares on the Toronto Stock Exchange for the five trading days immediately preceding the date of grant. Unless

otherwise stated, the awards typically have a vesting schedule over a three-year period and can be settled either in cash or

equity upon vesting at the discretion of the Corporation. The Corporation intends to settle all RSUs in equity. The

compensation expense is recorded based on the fair value of the RSU at grant date.

***Share issue expenses***

Share issue expenses are accounted for as decrease in equity when incurred through an increase in the deficit.

***Other elements of equity***

Accumulated other comprehensive (loss) income includes the impact of converting the accounts of Aya and the Corporation's

foreign subsidiaries into US dollars which is the reporting currency. Contributed surplus includes charges related to share

purchase options and warrants expired and amounts allocated to the equity component of convertible debentures when the

conversion option expired.

***Revenue recognition***

The principal activity from which the Corporation generates its revenue is the sale of silver to third parties. Revenue is

measured based on the consideration specified in the contract with the customer and is recognized when control of the

product is transferred. Revenue derived from the sale of silver is recorded in the consolidated statement of comprehensive

(loss) income, net of treatment and refining expenses remitted to counterparties in accordance with the sales agreements.

Revenue of sales of silver ingots is recognized at a point of time when the Corporation transfers control of a product to the

customer, which generally occurs when the silver ingots are loaded onto the first carrier at the mine site. Aya has full

discretion over when to sell silver ingots, and the ingots can remain in inventory at its refiner until a decision is made to sell.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>11</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

The final price is determined at the time the decision to sell is made, based on prevailing market conditions.

Revenue of silver concentrate is recognized at a point of time when the Corporation transfers control of a product to the

customer, which generally occurs when the silver concentrate is transferred to the ship transporting the product (free on

board). Silver concentrates are sold under pricing arrangements wherein the final prices are determined by the prevailing

market prices subsequent to the date of sale. Revenue generated from the sale of concentrates is provisionally priced at the

date control is transferred. Upon such transfer, the company recognizes revenue on a provisional basis, based upon the

prevailing market prices at that time. The ultimate selling price is established based on the 30-day average silver price

subsequent to the transfer of control.

***Financial assets and liabilities***

Financial assets and liabilities are recognized when the Corporation becomes a party to the contractual provisions of the

instrument. Financial assets and liabilities are measured initially at fair value. If the financial asset or liability is not

subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that

are directly attributable to the asset's or liability's acquisition or origination. Financial assets are derecognized when the rights

to receive cash flows from the assets have expired or have been transferred and the Corporation has transferred substantially

all risks and rewards of ownership. A financial liability is derecognized when it is extinguished, discharged, cancelled, or

expired.

Financial assets and liabilities are offset, and the net amount is reported in the consolidated statement of financial position

when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or

realize the asset and settle the liability simultaneously. At initial recognition, the Corporation classifies its financial instruments

in the following categories depending on both the entity's business model for managing the financial asset and the contractual

cash flow characteristics of the financial asset:

---

| | |
|:---|:---|
| **Financial assets and liabilities** | **Classification** |
| Cash | Amortized cost |
| Restricted cash | Amortized cost |
| Accounts receivable | Amortized cost |
| Deposit in trust | Amortized cost |
| Options contracts | Fair value through profit and loss |
| Accounts payable and accrued liabilities  | Amortized cost |
| Balance of purchase price payable | Amortized cost |
| Long-term debt | Amortized cost |

---

Income and expenses related to financial assets that are recognized in the consolidated statement of comprehensive (loss)

income are presented as finance income and finance expense.

***Financial assets at amortized cost***

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal

and interests are subsequently measured at amortized cost using the effective interest method. Interest income, foreign

exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in

profit or loss. Discounting is omitted where the effect of discounting is immaterial.

***Financial liabilities at amortized cost***

Financial liabilities at amortized cost are measured at amortized cost using the effective interest rate method.

***Options contracts at fair value through profit and loss***

Options contracts are measured at fair value with changes in fair value recognized through profit and loss. Assets that are

held within a different business model other than "hold to collect" or "hold to collect and sell" are categorized as Fair Value

Through Profit and Loss ("FVTPL"). Furthermore, irrespective of business model, financial assets whose contractual cash

flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>12</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements

apply. The Corporation does not use hedge accounting for its derivative financial instruments.

***Impairment of financial assets***

The Corporation uses the expected credit losses impairment model with respect to its financial assets carried at amortized

cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since the initial

recognition of the respective financial instrument.

The Corporation accounts for the expected credit losses using the simplified approach over the life of trade receivables.

Expected credit losses over the life of the asset are expected credit losses for all the default events that a financial instrument

may experience over its expected life. The assessment of expected credit losses reflects reasonable and justifiable

information about past events, current circumstances and forecasts of events and economic conditions and considers the

factors specific to the account receivable, the general condition of the economy and a current as well as expected

appreciation of the condition prevailing at the financial position date, including the time value of the money, if any.

***New or revised accounting standards or interpretations and modifications to significant accounting policies***

***Standards, amendments and interpretations to existing standards that are not yet effective and have not been***

***adopted early by the Corporation.***

At the date of authorization of these consolidated financial statements, several new, but not yet effective, Standards and

amendments to existing Standards, and Interpretations have been published by the IASB (see note 3). None of these

Standards or amendments to existing Standards have been adopted early by the Corporation. Management anticipates that all

relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement.

***Areas of significant judgments and estimation uncertainty***

The preparation of these consolidated financial statements in accordance with IFRS requires management to make

judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities and

disclosures of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of

revenues and expenses during the reported year. The determination of estimates requires the exercise of judgement based on

various assumptions and other factors such as historical experience and current and expected economic conditions. Actual

results could differ from those estimates. Significant estimates and judgments used in applying accounting policies that have

most significant effect on the amount recognized in the consolidated financial statements are as follows:

***Significant Judgements***

***Start of development phase***

The Corporation evaluates the potential of each project to determine when the project should progress from the exploration

and evaluation phase to the development phase. Once management has determined that a project has demonstrated a

potential for development based on a number of judgmental criteria, such as technical feasibility and commercial viability, and

once approved by the Board of Directors, the project moves into the development phase. At this point, all related amounts are

reclassified from mining assets under development to mining properties.

***Start of commercial production phase***

The Corporation assesses the stage of completion of each mining assets under development to determine when it begins

commercial production when the mine is substantially complete and ready for its intended use. The criteria used to assess the

start date are determined based on the unique nature of each mine construction project, such as the complexity of the project

and its location. The Corporation considers various relevant criteria to assess when the production phase is considered to

have commenced. Some of the criteria used to identify the commercial production start date include, but are not limited to:

• When the mine is substantially complete and ready for its intended use;

• The ability to sustain ongoing production at or near nameplate capacity;

• Mineral recoveries are at or near the expected levels; and

• The completion of a reasonable period of testing of the mine plant and equipment.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>13</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

The Corporation determined that the new Zgounder mill was capable of operating at levels intended by management effective

December 29, 2024.

***Impairment of non-financial assets***

Non-financial assets are reviewed for an indication of impairment at each consolidated statement of financial position date or

when a triggering event is identified. This determination requires significant judgment. Factors which could trigger an

impairment review for exploration and evaluation assets include, but are not limited to:

• Exploration rights have expired or will expire in the near future;

• No significant future exploration expenditures are foreseen;

• No commercially viable quantities are discovered and exploration and evaluation activities will be discontinued;

• Exploration and evaluation assets are unlikely to be fully recovered from successful development or sale.

If such circumstances exist, the recoverable amount of the asset is estimated.

The Corporation's recoverable amount measurements with respect to the carrying amount of non-financial assets are based

on numerous assumptions and may differ significantly from actual recoverable amounts. The recoverable amounts are based,

in part, on certain factors that may be partially or totally outside of the Corporation's control. This evaluation involves a

comparison of the estimated recoverable amounts of non-financial assets to their carrying values. The estimated recoverable

amounts may differ from actual recoverable amounts, and these differences may be significant and could have a material

impact on the Corporation's financial position and results of operations.

Management's assumptions and estimates of future cash flows used in the Corporation's impairment assessment of non-

financial assets are subject to risk and uncertainties, particularly in market conditions where higher volatility exists, and may

be partially or totally outside of the Corporation's control.

If an indication of impairment or reversal of a previous impairment charge exists, an estimate of the Cash Generation Unit's

("CGU") recoverable amount is calculated. The recoverable amount is based on the higher of fair value less costs of disposal

("FVLCD") and value-in-use ("VIU") using a discounted cash flow method taking into account assumptions that would be made

by market participants, unless there is a market price available based on a recent purchase or sale of a similar group of assets.

Cash flows cover periods up to the date that mining is expected to cease, which depends on a number of variables including

recoverable mineral reserves and resources, expansion plans and the forecasted silver price.

Both internal and external sources of information are required to be considered when determining whether there is any

indication of impairment or that a previous impairment has reversed. Judgment is required around adverse changes in the

business climate which may be indicators for impairment such as a significant decline in the asset's market value, decline in

resources and/or reserves as a result of geological re-assessment or change in timing of extraction of resources and/or

reserves which would result in a change in the discounted cash flow obtained from the site, and lower metal or product prices

or higher input cost prices than would have been expected since the most recent valuation of the site. Judgment is also

required when considering whether significant positive changes indicate that a previous impairment of assets may have

reversed.

Judgment is required to determine whether there are indications that the carrying amount of the Zgounder project is unlikely to

be recovered in full from successful development of the project or by sale. Judgment is also required when considering

whether significant positive changes indicate that a previous impairment of assets may have reversed.

The Corporation also realized exploration work on the Boumadine, Imiter, Zgounder Regional, Tijirit and other properties during

2024 and 2023 and intends to pursue it in 2025, except for Tijirit which was fully impaired at year-end. No other impairment

indicators were identified for the remaining properties as at December 31, 2024 and 2023.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024<sub>14</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

**Significant Accounting Estimates**

***Basis of depletion of mining sites in production***

Property, plant and equipment of mining sites in production are depleted according to the units-of-production method to

depreciate the cost to residual value. Management estimates the residual value of the property, plant and equipment based on

the estimated fair value as at the statement of financial position date. For these assets, the depletion rate is calculated based

on the number of ounces of silver sold in proportion to the number of ounces in measured and indicated resources.

The Corporation estimates its resources using information compiled by qualified persons who work as external consultants

for the Corporation. This information relates to geological data on the size, depth and shape of the deposit and requires

geological assessments to interpret the data.

The assessment of measured and indicated resources is based on factors such as the estimated exchange rate, price of

metals, capital investments required and production costs stemming from geological assumptions based on the size and

grade of the deposit. Changes in measured and indicated resources could have an impact on the net carrying amount of

property, plant and equipment, asset retirement obligations, recognition of deferred tax assets and amortization, depreciation

and depletion expenses.

***Income taxes***

The Corporation is subject to income taxes in different jurisdictions. Significant estimate is required in determining the total

provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is

uncertain. The Corporation recognizes liabilities for anticipated tax audit issues based on estimates of whether additional

taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such

differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is

made.

The assessment of availability of future taxable profits involves estimates. A deferred tax asset is recognized to the extent that

is probable that taxable profits will be available which deductible temporary differences and the carry-forward of unused tax

credits and unused losses can be utilized.

***Asset retirement obligations***

The Corporation's activities are subject to various laws and regulations governing the protection of the environment. The

Corporation recognizes management's best estimate for decommissioning and restoration obligations in the period in which

they are incurred. Actual costs incurred in future periods could differ materially from the estimates.

Additionally, future changes to environmental laws and regulations, timing of cash outflows and discount rates could affect

the carrying amount of this provision.

***Share-based payments***

The valuation of the Corporation's share options involves the use of the Black-Scholes valuation model, which requires the

Corporation to estimate factors the most significant of which are the expected life and volatility. The valuation of these share

options and the assumptions used are further outlined in note 13.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **15** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**5. INVENTORIES**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| Mining supplies | **11094** | 8714 |
| Silver bars | **2636** | 340 |
| Silver in concentrate | **1187** | 552 |
| Silver in circuit | **545** | 22 |
| Ore stockpile | **11927** | 7182 |
|  | **27389** | 16810 |

---

For the year ended December 31, 2024, the Corporation recognized $30,385 (December 31, 2023 - $24,188) of inventory costs

in the cost of sales.

**6. PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTY**

The majority of properties, plant and equipment and mineral property are located in Morocco and are related to the Zgounder

mine. As at December 31, 2024, the Corporation evaluated for any indications of impairment on their assets under

construction as the new Zgounder mill reached commercial production on December 29, 2024. It was determined that there

was no impairment loss to be taken in the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Cost** |  |  |  |  |  |
| As at January 1, 2023 | 2982 | 37704 | 31062 | 912 | 72660 |
| Transfer | 82 | 15515 | (15597) | - | - |
| Additions | 148 | 4294 | 93240 | 1137 | 98819 |
| Borrowing costs (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | - | - | 2104 | - | 2104 |
| Lease terminations | - | - | - | (770) | (770) |
| Asset retirement obligation (<u>[Note 11](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | - | 1613 | - | - | 1613 |
| Foreign exchange | 169 | 2166 | 2805 | 32 | 5172 |
| As at December 31, 2023 | 3381 | 61292 | 113614 | 1311 | 179598 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **16** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**6. PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTY** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets**<br>**under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| As at January 1, 2024 | 3381 | 61292 | 113614 | 1311 | 179598 |
| Additions | 646 | 12158 | 55737 | 612 | 69153 |
| Disposals | (237) | (392) | - | - | (629) |
| Transfers | 7232 | 146000 | (153232) | - | - |
| Borrowing costs (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | 71 | 8872 | - | - | 8943 |
| Asset retirement obligation (<u>[Note 11](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | - | 355 | - | - | 355 |
| Foreign exchange | (234) | (4469) | (281) | (249) | (5233) |
| **As at December 31, 2024** | **10859** | **223816** | **15838** | **1674** | **252187** |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2023 | 145 | 11543 | - | 738 | 12426 |
| Depreciation | 274 | 5075 | - | 300 | 5649 |
| Lease terminations | - | - | - | (770) | (770) |
| Foreign exchange | 11 | 837 | - | (57) | 791 |
| As at December 31, 2023 | 430 | 17455 | - | 211 | 18096 |
| Transfers | 1578 | (1578) | - | - | - |
| Depreciation | 1158 | 2043 | - | 303 | 3504 |
| Disposals | (27) | - | - | - | (27) |
| Foreign exchange | (67) | (520) | - | (4) | (591) |
| **As at December 31, 2024** | **3072** | **17400** | **-** | **510** | **20982** |
| **Carrying amounts** |  |  |  |  |  |
| At December 31, 2023 | 2951 | 43837 | 113614 | 1100 | 161502 |
| **At December 31, 2024** | **7787** | **206416** | **15838** | **1164** | **231205** |

---

Assets under construction at December 31, 2024 are located in Morocco and represent expenditures for the construction and

development of assets which the Corporation intends to put into production by the end of 2025.

Since July 1, 2023, all Mining assets in production are amortized over the expected mineral reserve as reported in the

Feasibility Study on the Zgounder Silver Mine published on June 16, 2022.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **17** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**7. EXPLORATION AND EVALUATION ASSETS**

During the years ended December 31, 2024 and 2023, changes in exploration and evaluation assets were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| **Rights on mining properties**  |  |  |
| Balance, beginning of the year | **24114** | 19920 |
| Impairment | **(18276)** | - |
| Additions  | **223** | 4790 |
| Foreign exchange | **(507)** | (596) |
| Balance, end of the year | **5554** | 24114 |
| **Deferred exploration and evaluation expenses** |  |  |
| Balance, beginning of the year | **35898** | 13767 |
| Impairment | **(9074)** | - |
| Additions: |  |  |
| Drilling, Sampling, Geology, and others  | **36841** | 21344 |
| Foreign exchange | **(1315)** | 787 |
| Balance, end of the year | **62350** | 35898 |
| **Total** | **67904** | 60012 |

---

All exploration and evaluation assets are located in Morocco and relate to the Boumadine, Imiter Bis, Azegour, Tirzzit, and

Zgounder Regional projects except for the Tijirit project, which is located in Mauritania. The following schedule represents the

Corporation's exploration and evaluation expenses:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **18** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**7. EXPLORATION AND EVALUATION ASSETS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Tijirit** | **Others** | **Total** |
|  | **$** | **$** | **$** | **$** | &nbsp;&nbsp;&nbsp;&nbsp;**$** | **$** |
| Opening Balance | 22926 | 4112 | 4817 | 26489 | 1668 | 60012 |
| Additions to mining rights | 223 | - | - | - | - | 223 |
| Impairment on mining rights | - | - | - | (18276) | - | (18276) |
| Impairment on exploration and evaluation <br>assets<br>| - | - | - | (9074) | - | (9074) |
| Drilling, sampling, geology, and others | 31641 | 2974 | 360 | 1024 | 842 | 36841 |
| Foreign exchange | (1069) | (95) | (332) | (163) | (163) | (1822) |
| **Closing Balance** | **53721** | **6991** | **4845** | **-** | **2347** | **67904** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Tijirit** | **Others** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** |
| Opening Balance | 7607 | 2391 | - | 22133 | 1556 | 33687 |
| Additions to mining rights | - | - | 4790 | - | - | 4790 |
| Drilling, sampling, geology, and others | 14787 | 1552 | - | 4979 | 26 | 21344 |
| Foreign exchange | 532 | 169 | 27 | (623) | 86 | 191 |
| **Closing Balance** | **22926** | **4112** | **4817** | **26489** | **1668** | **60012** |

---

***Acquisition of Tirzzit*** 

On June 28, 2023, the Corporation acquired Tirzzit, a collection of seven permits located 25 kilometers from the Zgounder

Silver Mine in the Kingdom of Morocco. As consideration for the assets acquired, the Corporation issued 622,728 of its shares

at C$8.36 (having a value of $3,936) and paid $854 in cash for a total consideration of $4,790.

Management concluded that Tirzzit does not meet the definition of a business, and consequently the transaction was

accounted for as an asset acquisition. The assets acquired include seven permits within a property of 67.7 square kilometers

("km"), comprising five exploration permits and two mining licenses, one of which hosts historical copper mining works.

***Tijirit project*** 

In 2017, a 30-year mining permit for Tijirit was decreed in favor of the Corporation. Included in the permit was an obligation to

start construction within two years. In 2020, given past events and the ongoing COVID pandemic, the obligation to start

construction was delayed by two years. This additional time delay came with an obligation to reduce the land package by 50%

and pay additional royalties to the government and government entities. Upon attempting to restart fieldwork at Tijirit, illegal

miners forced fieldwork to stop. In November 2022, land access was restored, and the Corporation was able to restart the

fieldwork and the two-year delay began.

In December 2023, the Corporation provided a feasibility report for its Tijirit gold project to the government of Mauritania, as

required by the obligations stated in the mining permit. The results of the feasibility study demonstrated a project with good

economics but with a short mine life.

The Corporation engaged with the Mauritanian government to seek an additional three-year extension to start construction to

allow for further exploration and extend the life of mine. In December 2024, the Mauritanian government took a unilateral

decision to grant a 6-month extension ending in June 2025.

This decision by the Mauritanian government renders the validity of the mining permit post June 2025 uncertain. Given the

decision of the government, the Corporation has decided to abandon the Tijirit project.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **19** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**7. EXPLORATION AND EVALUATION ASSETS** (continued)

The Corporation has deemed the recoverable amount to be $nil and an impairment loss of $27,350 on the Tijirit exploration

and evaluation asset was taken as of December 31, 2024.

***Deposit in trust***

The Corporation has invested C$1 million ($695) as part of a C$16 million equity financing in Mx2 Mining Inc., a gold

exploration company focused on the North Africa and Gulf regions. The Corporation has signed a non-binding term sheet in

relation to the sale of the Amizmiz permit in the Kingdom of Morocco to Mx2 Mining Inc. The funds on deposit are currently

held in trust pending the closing of the transaction related to the sale of the Amizmiz permit.

**8. BALANCE OF PURCHASE PRICE PAYABLE**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| Balance, beginning of the year | **1516** | 1436 |
| Foreign exchange | **(33)** | 80 |
| Balance, end of the year | **1483** | 1516 |

---

A non-interest-bearing payable to National Office of Hydrocarbons and Mines (OHNYM) in an amount of 15,000 Moroccan

Dirham (MAD) ($1,483) can be used as a capital contribution in the Corporation's subsidiary, BGM, or be repaid if the property

reaches production and generates sufficient cash flow at the option of OHNYM.

As part of the agreement between BGM and ONHYM a work program, including certification of resources, must begin within

three months of the permit transfer from ONHYM to BGM. The permit transfer occurred on July 26, 2023. The current work

program fulfills the obligations set out in this agreement.

ONHYM is entitled to receive a 3% royalty on sales from the Boumadine project. If delays in production are greater than 60

months from the date of transfer of the property, the Corporation undertakes to pay the seller a delay royalty of 100 MAD ($10)

annually until production begins.

**9. LONG-TERM DEBT**

On January 19, 2023, the Corporation entered into a credit agreement for a secured project financing facility with the European

Bank for Reconstruction and Development ("EBRD") (the "Facility") to provide financing for the Zgounder expansion (see note

6) of up to $100,000.

The loan consists of a $92,000 loan provided by the EBRD ("EBRD Tranche") and an $8,000 tranche (pari-passu with the EBRD)

by the Climate Investment Funds ("CTF") ("CTF Tranche"), managed by the EBRD. Amounts borrowed under the loan incur

interest at a rate of SOFR plus 5% for the EBRD Tranche and 9.31% for the CTF Tranche before any changes to the interest rate

and from the accomplishment of milestones described below. Payments are made bi-annually in January and July.

Interest rate on the CTF $8,000 tranche is equal to the all-in rate at the time of signing reduced following achievement of three

milestones:

**•**Milestone 1: The Corporation's Task Force on Climate-related Financial Disclosures ("TCFD") report was published by

end of 2023, therefore, has resulted in a 25% rate reduction. The revised interest rate on the CTF Tranche is 6.98%;

**•**Milestone 2: Completion of certain capital expenditures set out in the TCFD report and in the development plan by end

of 2024 will result in a 50% rate reduction;

**•**Milestone 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%.

Effective July 1, 2024, the new interest rate on the CTF Tranche is 1.00%

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **20** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**9. LONG-TERM DEBT** (continued)

All debts under the loan are guaranteed by the Corporation and its subsidiaries and secured by the assets of the Corporation

and pledges of the securities of the Corporation's subsidiary, ZMSM. The loan is subject to adherence to debt covenants. As at

December 31, 2024 ZMSM was in compliance with its financial covenants.

The long-term debt has been recorded at amortized cost, net of transaction costs, and will be accreted to face value over the

life of the long-term debt using the effective interest rate method.

The Corporation paid a front-end commission, an underwriting fee, commitment charges and related transaction costs for a

total of $(4,676) in transaction costs. These expenses were capitalized as deferred financing fees and allocated against the

debt in accordance with the drawdowns that occurred during the year. As at December 31, 2024, the full $100,000 had been

drawn under the loan and therefore $nil was recorded as deferred financing fees (December 31, 2023 - $1,888).

In addition, a cost overrun account of $18,000 is funded and included in restricted cash and has been since inception of loan.

Once the expansion has reached financial completion, the cost overrun account will be liberated and replaced with a Debt

Service Reserve Account ("DSRA"). The Corporation must keep a balance up to $16,250 in the DSRA which will be considered

restricted cash.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| Balance, beginning of the year | **59622** | - |
| Drawdown in cash | **40000** | 60000 |
| Payments on interest and fees | **(6526)** | - |
| Interest expense  | **9456** | 2104 |
| Gain resulting from the change in expected cash flows | **(430)** | - |
| Transaction costs | **(2194)** | (2482) |
| Balance, end of the year | **99928** | 59622 |
| Current portion of long-term debt, being the interest payable and commitment <br>charges, presented in accounts payable and accrued liabilities<br>| **(4411)** | (1950) |
|  | **95517** | 57672 |

---

The loan includes a two-year principal grace period. The first principal payment is scheduled for January 2026. The

repayments related to the long-term debt and accrued interest for the forthcoming years are as follows

---

| | |
|:---|:---|
|  | **$** |
| 2025 | 4411 |
| 2026 | 28571 |
| 2027 | 28571 |
| 2028 | 28571 |
| 2029 | 9804 |
| **Total** | **99928** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **21** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**10. LEASE LIABILITIES**

The Corporation leases office space, mining vehicles and dwellings for employees. Theses leases are for a period of one to

seven years. Certain leases include an option to renew after the end of the contract term and/or provide for payments that are

indexed to local inflation rates.

The movement in lease liabilities during the years ended December 31, 2024 and 2023 is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| Balance, beginning of the year | **1120** | 287 |
| Additions | **612** | 1137 |
| Terminations | **-** | (93) |
| Accretion | **73** | 25 |
| Repayments | **(333)** | (290) |
| Foreign exchange  | **(69)** | 54 |
| Balance, end of the year | **1403** | 1120 |
| Current portion | **282** | 233 |
| Long-term portion | **1121** | 887 |

---

The undiscounted minimum lease payments on lease liabilities for the forthcoming years are as follows:

---

| | |
|:---|:---|
|  | **$** |
| 2024 | 356 |
| 2025 | 330 |
| 2026 | 258 |
| 2027 | 202 |
| 2028 and above | 504 |
| **Total minimum payments** | **1650** |
| Less interest  | 247 |
| **Total minimum capital payments** | **1403** |

---

The Corporation's weighted average incremental borrowing rate is 6.15%.

**11. ASSET RETIREMENT OBLIGATIONS**

The asset retirement obligations represent legal and contractual obligations associated with the eventual dismantling of the

Corporation's assets. As at December 31, 2024 the estimated inflation-adjusted discounted cash flows required to settle the

asset obligations amount to $2,872, (December 31, 2023 - $2,667). The discount rate used is 3.17% (December 31, 2023 -

2.14%) and the disbursements are expected to be made in 2032. The estimated undiscounted value of this liability was

estimated using an expected value approach, which combines probability weighted outcomes for a variety of different

scenarios and takes into consideration an inflation rate over time until 2032, for costs of $3,700 (December 31, 2023 - $3,233).

Additions of $551 for the year ended December 31, 2024 (December 31, 2023 - $1,623) are related primarily to the expansion

of the Zgounder Silver Mine.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **22** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**11. ASSET RETIREMENT OBLIGATIONS** (continued)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
|  | **$** | $|
| Balance, beginning of the year | **2667** | 1021 |
| Additions | **551** | 1623 |
| Change in assumptions used | **(196)** | (10) |
| Accretion expense | **84** | 33 |
| Foreign exchange  | **(234)** | - |
| Balance, end of the year | **2872** | 2667 |

---

**12. SHARE CAPITAL**

***Authorized***

Unlimited number of common shares without par value.

***Common Shares***

As at December 31, 2024, the Corporation had 130,770,053 issued and outstanding common shares (December 31, 2023 -

122,377,703).

Transactions during the year ended December 31, 2024***:***

• On February 14, 2024 the Corporation closed its bought deal financing and issued 7,573,900 common shares at a price

of C$10.25 per share for total consideration of C$77,632 ($57,297).

• A total of 266,850 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$382

($280) and an ascribed value reclassification of C$314 ($231) from contributed surplus to share capital.

• A total of 245,100 share purchase options were exercised for a strike price of C$7.69 for total proceeds of C$1,885

($1,382) and an ascribed value reclassification of C$1,561 ($1,144) from contributed surplus to share capital.

• A total of 306,500 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.77 for an ascribed value reclassification of C$2,689 ($1,917) from contributed surplus to share

capital.

During the period in which the options were exercised, the Corporation's lowest share price was C$9.75 ($7.20) and the

highest share price was C$19.23 ($13.91).

***Transactions during the year ended December 31, 2023:***

• On January 25, 2023 the Corporation closed its bought deal financing and issued 11,151,550 common shares for total

consideration of C$92,000 ($68,765).

• On June 28, 2023 the Corporation has acquired the Tirzzit project and has issued 622,728 common shares at a value of

C$8.36 per share for a total consideration of C$5,206 ($3,936).

• A total of 50,000 share purchase options were exercised for a strike price of C$2.00 for total proceeds of C$100 ($74)

and an ascribed value reclassification of C$35 ($26) from contributed surplus to share capital.

• A total of 90,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$129 ($96)

and an ascribed value reclassification of C$106 ($79) from contributed surplus to share capital.

• A total of 800,000 share purchase options were exercised for a strike price of C$3.30 for total proceeds of C$2,640

($1,996) and an ascribed value reclassification of C$1,320 ($998) from contributed surplus to share capital.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **23** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**12. SHARE CAPITAL** (continued)

• A total of 33,788 deferred share units were issued at an average price of C$8.47 for an ascribed value reclassification

$217 from contributed surplus to share capital.

• A total of 4,609,447 share purchase warrants were exercised for a strike price of C$3.30 for total proceeds of C$15,211

($11,278) and an ascribed value reclassification of C$3,712 ($2,748) from contributed surplus to share capital following

which there were no warrants outstanding at December 31, 2023.

During the period in which the warrants and options were exercised, the Corporation's lowest share price was C$7.61 ($5.66)

while the highest was C$10.72 ($7.87).

**13. SHARE-BASED PAYMENTS**

***Share purchase options***

The Corporation's incentive share purchase option plan (the "Plan") which provides that the Board of Directors of the

Corporation may, from time to time, in its discretion, and in accordance with the TSX policies, grant to directors, officers,

employees and consultants to the Corporation, non-transferable share purchase options to purchase common shares of the

Corporation, provided that the number of common shares issuable under the Plan, combined with the number of common

shares issuable under all share compensation arrangements, shall not exceed 10% of the outstanding common shares as at

the date of any grant of options. The vesting period for the share purchase options is determined at the discretion of the

Corporation's Board of Directors at the time the share purchase options are granted. The stock options granted prior to 2024

were vested on an annual pro-rata basis over three years starting at the date of grant for which accelerated compensation

expense was recorded. The stock options granted in 2024 are vested on an annual pro-rata basis over three years at which

accelerated compensation expense is recorded.

The outstanding share purchase options and their exercise price in Canadian dollars as at December 31, 2024 and 2023 are

summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | Year ended | Year ended |
|  | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  | **Number** | **C$** <sup>(1)</sup> | Number | C$ <sup>(1)</sup> |
| Balance, beginning of the year | 5101401 | 2.07 | 6041401 | 2.29 |
| Granted | 5000000 | 15.63 | - | - |
| Exercised | (511950) | 4.43 | (940000) | 3.05 |
| **Balance, end of the year** | **9589451** | **9.02** | **5101401** | **2.07** |
| Exercisable | 4589451 | 1.81 | 5101401 | 2.07 |

---

(1)Weighted average exercise price in Canadian dollars.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **24** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**13. SHARE-BASED PAYMENTS** (continued)

The following table reflects the share purchase options that could be exercisable for an equal number of common shares:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4141484 | 4141484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9589451 | 4589451 |  |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4408334 | 4408334 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 333400 | 333400 | 7.69 |
|  | 5101401 | 5101401 |  |

---

The fair value of share purchase options granted was determined using the Black & Scholes valuation model based on the

following weighted average assumptions:

---

| | |
|:---|:---|
|  | **August 23, 2024** |
| Weighted average fair value of awards | 6.57 C$ |
| Market share price | 15.85 C$ |
| Grant option exercise price | 15.63 C$ |
| Volatility | 39.7% - 45.1% |
| Risk-free rate | 2.92% |
| Dividend yield | 0% |
| Expected life | 4.0 - 5.7 |

---

Share-based payments of $5,085 were recognized during the year ended December 31, 2024 of which $394 was capitalized to

property, plant and equipment, $452 was capitalized to exploration and evaluation assets, $265 was included in cost of sales

and $3,974 was included in general and administrative expenses ($144 during the year ended December 31, 2023) related to

options granted during the current year.

***Restricted share units***

The RSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the DSU Plan.

The RSUs are time-based awards and all the amount of RSUs granted will vest upon the continuous employment of the

Participants on the third anniversaries of the RSU grant, starting from the date of the grant or such other period not exceeding

three years determined by the Board of Directors.

Pursuant to the terms of the RSU Plan, Participants will receive, upon vesting of the RSUs, either cash or common shares of the

Corporation issued from treasury. The outstanding RSUs as at December 31, 2024 and 2023 are as follows:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **25** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**13. SHARE-BASED PAYMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | Year ended | Year ended |
|  | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  | **Number** | **C$**<sup>(2)</sup> | Number | C$<sup>(2)</sup> |
| Balance, beginning of the year | 982328 | 9.52 | 591017 | 8.73 |
| Granted | 450006 | 10.13 | 406758 | 10.66 |
| Settled | (306500) | 8.77 | - | - |
| Forfeited | (5084) | 10.19 | (15447) | 9.07 |
| **Balance, end of the year** | **1120750** | **9.97** | **982328** | **9.52** |
| Vested | - | - | - | - |

---

(2)Weighted average fair value in Canadian dollars at grant date.

Share-based payments of $3,273 were recognized during the year ended December 31, 2024 of which $256 was capitalized to

property, plant and equipment, $218 was capitalized to exploration and evaluation assets, $315 was included in cost of sales

and $2,484 was included in general and administrative expenses ($2,056 during the year ended December 31, 2023).

***Deferred share units***

The DSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the RSU Plan.

The DSUs are time-based awards and all the amount of DSUs granted will be settled on termination of service.

Pursuant to the terms of the DSU Plan, Directors will receive, on the second December after the termination date, common

shares of the Corporation issued from treasury. The outstanding DSU's as at December 31, 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | Year ended | Year ended |
|  | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  | **Number** | **C$**<sup>(3)</sup> | Number | C$<sup>(3)</sup> |
| Balance, beginning of the year | 328512 | 8.41 | 209765 | 8.10 |
| Granted | 128612 | 13.53 | 152535 | 8.89 |
| Settled | - | - | (33788) | 8.47 |
| **Balance, end of the year** | **457124** | **9.85** | **328512** | **8.41** |
| Exercisable | 37503 | 9.50 | - | - |

---

(3)Weighted average fair value in Canadian dollars at grant date.

Share-based compensation payments of $1,193 were recognized in general and administrative expenses during the year

ended December 31, 2024 ($1,001 during the year ended December 31, 2023).

**14. SEGMENTED INFORMATION**

All of the Corporation's operations are within the mining industry and its major products are precious metals ingots and

concentrate which are refined or smelted into pure silver and sold to global metal brokers. An operating segment is defined as

a component of the Corporation that:

• Engages in business activities from which it may earn revenues and incur expenses;

• Whose operating results are reviewed regularly by the entity's executive management; and

• For which discrete financial information is available.

For the year ended December 31, 2024, the Corporation's operating segments include the production segment, with its

Zgounder silver project in Morocco. All other properties are in the "non-producing properties" segment (i.e. referred to as

Exploration, evaluation and development segment) for the years ended December 31, 2024 and 2023. Corporate consists

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **26** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**14. SEGMENTED INFORMATION** (continued)

primarily of the Corporation's corporate assets including cash and corporate expenses which are not allocated to operating

segments.

Management evaluates segment performance based on segment operating loss (income). Therefore, finance income and

expense items and income taxes are not allocated to the segments. Significant information relating to the Corporation's

operating segments is summarized in the tables below.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 236733 | 282794 | 138968 |
| Exploration, evaluation, and development | 68836 | 73370 | 10975 |
| Corporate | 17998 | 43943 | 3683 |
| **Total per consolidated statement of financial position** | **323567** | **400107** | **153626** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 172143 | 217790 | 100569 |
| Exploration, evaluation, and development  | 60012 | 61752 | 5400 |
| Corporate | 20503 | 53515 | 1952 |
| **Total per consolidated statement of financial position** | **252658** | **333057** | **107921** |

---

As at December 31, 2024, all production and exploration, evaluation and development segments are located in Morocco,

except for one exploration, evaluation and development segment that is located in Mauritania, that has total assets of $8

(December 31, 2023 - $26,495) and total liabilities of $166 (December 31, 2023 - $226). Corporate is based in Canada.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024 and** <br>**2023**<br>|  | **Revenue** | **Cost of sales** | **Other** | **Operating** <br>**(loss) income**<br>|
|  |  | **$** | **$** | $— | **$** |
| **Production (**Zgounder Silver Mine**)** | **2024** | **39117** | **33735** | **148** | **3360** |
|  | 2023 | 42849 | 27042 | - | 14535 |
| **Exploration** | **2024** | **-** | **-** | **27493** | **(28099)** |
|  | 2023 | - | - | - | (641) |
| **Corporate unallocated costs** | **2024** | **-** | **-** | **-** | **(14008)** |
|  | 2023 | - | - | - | (8963) |
| **Consolidated** | **2024** | **39117** | **33735** | **27641** | **(38747)** |
|  | 2023 | 42849 | 27042 | - | 4931 |

---

Other consists of impairment of E&E and loss on capital assets. Corporate is mainly unallocated items from the Corporation's

head office that comprises of corporate assets (mainly cash and restricted cash), liabilities and expenses for the years ended

December 31, 2024 and 2023.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **27** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**15. ADDITIONAL INFORMATION ON THE NATURE OF REVENUE FROM SILVER SALES**

The following is a breakdown of the nature of revenue included in silver sales for the years ended December 31, 2024, and

2023:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
| **Revenue from sales** | **2024** | 2023 |
|  | **$** | $|
| Ingots | **13127** | 17251 |
| Silver concentrate | **28982** | 28595 |
| Less: treatment, smelting, and refining costs | **(2992)** | (2997) |
|  | **39117** | 42849 |

---

The Corporation's sales are with two clients (2023 – two clients) located in Switzerland.

**16. ADDITIONAL INFORMATION ON THE NATURE OF COST OF SALES**

The following is a breakdown of the nature of cost of sales for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
| **Cost of sales** | **2024** | 2023 |
|  | **$** | $|
| Production costs | **27894** | 20364 |
| Share-based payments (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u><u>3)</u> | **580** | - |
| Freight outbound | **551** | 505 |
| Inventory write-down | **294** | - |
| Royalties | **1170** | 1289 |
| Depreciation and depletion | **3246** | 4884 |
|  | **33735** | 27042 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **28** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**17. INCOME TAXES**

The reconciliation of the effective tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**December 31,** | **Year ended**<br>**December 31,** |
|  | **2024** | 2023 |
|  | **$** | $|
| (Loss) income before income tax | **(24800)** | 9216 |
| Statutory income tax rate | **26.5%** | 26.5% |
| Expected income tax (recovery) expense  | **(6572)** | 2442 |
| Share-based payments | **1670** | 847 |
| Effect of differences in tax rates in foreign jurisdictions | **196** | 1312 |
| Tax effect of permanent differences | **(1304)** | (50) |
| Change in unrecognized benefit of losses (recovery) and temporary differences | **6329** | (403) |
| Recognition of previously unrecognized deductible temporary differences and tax losses <br>of prior periods<br>| **(1988)** | (1081) |
| Foreign withholdings  | **1527** | 795 |
| Prior year adjustments | **1104** | - |
| Other | **265** | 22 |
|  | **1227** | 3884 |
| Current income taxes | **1527** | 5649 |
| Deferred income taxes | **(300)** | (1765) |
|  | **1227** | 3884 |

---

Zgounder Millennium Silver Mining S.A. corporate tax rate was 26.5% for the year ended December 31, 2024 (26.5% for the

year ended December 31, 2023). Unrecognized deductible temporary differences for which no deferred tax assets have been

recognized are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**December 31,** | **Year ended**<br>**December 31,** |
|  | **2024** | 2023 |
|  | **$** | $|
| Non-capital losses carry-forward | **10537** | 11979 |
| Property, plant and equipment | **2917** | 5 |
| Exploration and evaluation assets | **5631** | 3783 |
| Share issue costs | **-** | 5362 |
| Other assets and liabilities | **7222** | 13063 |
| Capital losses | **-** | 581 |
|  | **26307** | 34773 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **29** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**17. INCOME TAXES** (continued)

Recognized deferred tax assets and liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** <br>**2023**<br>| **Recognized in** <br>**profit or loss**<br>| **Recognized in** <br>**AOCI**<br>| **December 31,** <br>**2024**<br>|
|  | **$** | **$** | **$** | **$** |
| Non-capital loss carry-forward | 3692 | (520) | 337 | 3509 |
| Property, plant and equipment | 5273 | (3337) | 67 | 2003 |
| Balance of purchase price payable | (29) | 32 | (4) | - |
| Foreign exchange and other | (6144) | 4517 | 1376 | (252) |
| Exploration and evaluation assets | (2175) | (392) | (268) | (2835) |
|  | **617** | **300** | **1508** | **2425** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** <br>**2022**<br>| **Recognized in** <br>**profit or loss**<br>| **Recognized in** <br>**AOCI**<br>| **December 31,** <br>**2023**<br>|
|  | $| $| $| $|
| Non-capital loss carry-forward | 4166 | (485) | 11 | 3692 |
| Property, plant and equipment | (1709) | 7357 | (375) | 5273 |
| Balance of purchase price payable | 28 | (4) | (53) | (29) |
| Foreign exchange and other | (100) | (6140) | 96 | (6144) |
| Exploration and evaluation assets | (3491) | 1037 | 279 | (2175) |
|  | **(1106)** | **1765** | **(42)** | **617** |

---

Composition of deferred income taxes in the consolidated statement of financial position:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**December 31,** | **Year ended**<br>**December 31,** |
|  | **2024** | 2023 |
|  | **$** | $|
| Deferred tax assets | **3425** | 617 |
| Deferred tax liabilities | **(1000)** | - |
|  | **2425** | 617 |

---

Non-capital losses available in Canada expire as follows:

---

| | |
|:---|:---|
| **CANADA** |  |
|  | **$** |
| 2035 | 641 |
| 2036 | 1084 |
| 2037 | 1595 |
| 2038 | 1898 |
| 2039 | 566 |
| 2040 | - |
| 2041 | 3398 |
| 2042 | 397 |
| 2043 | 84 |
| 2044 | 59 |
|  | **9722** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **30** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**17. INCOME TAXES** (continued)

Non-capital losses available in Morocco expire as follows:

---

| | |
|:---|:---|
| **MOROCCO** |  |
|  | **$** |
| 2025 | 23 |
| 2026 | - |
| 2027 | 23 |
| 2028 | 451 |
|  | **497** |

---

**18. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE (LOSS) INCOME COMPONENTS**

The following is a breakdown of the nature of expenses included in general and administrative expenses and finance expense

for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
| **General and administrative expenses** | **2024** | 2023 |
|  | **$** | $|
| Salaries and benefits | **3172** | 2043 |
| Share-based payments (<u>[Note 13](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u>) | **7651** | 3201 |
| Consulting fees | **1907** | 2071 |
| Investor relations | **1255** | 885 |
| Depreciation | **124** | 120 |
| Office | **1086** | 897 |
| Professional fees | **1134** | 1480 |
| Reporting issuer costs | **159** | 179 |
|  | **16488** | 10876 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **31** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**18. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE (LOSS) INCOME COMPONENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
| **Finance income (expense)** | **2024** | 2023 |
|  | $| $|
| Change in fair value of options contracts | **57** | 296 |
| Interest income | **3867** | 2491 |
| Gain on foreign exchange | **10175** | 1571 |
| Accretion expense | **(152)** | (73) |
|  | **13947** | 4285 |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
| **Expenses recognized for employee benefits** | **2024** | 2023 |
|  | **$** | $|
| Salaries and fringe benefits | **19627** | 10948 |
| Share-based payments (<u>[Note 1](#i5a3211ae9aaf45069caf26a0eb6d5421_58)</u><u>3</u>) | **8358** | 3201 |
|  | **27985** | 14149 |

---

**19. CAPITAL MANAGEMENT** 

The Corporation defines capital as external debt and total equity. When managing capital, the Corporation's objectives are to:

• Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

• Ensure the externally imposed capital requirements relating to debt obligations are being met;

• Increase the value of the Corporation's assets; and

• Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at December 31, 2024 managed capital is $341,993 (December 31, 2023 - $278,393) representing external

debt and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **32** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**19. CAPITAL MANAGEMENT** (continued)

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | 2023 |
|  | **$** | $|
| External debt | **95517** | 57672 |
| Total equity before non-controlling interest | **246476** | 220721 |
|  | **341993** | 278393 |

---

**20. FINANCIAL RISK MANAGEMENT**

The Corporation is exposed to various financial risks resulting from both its operations and its investment activities. There

were no changes to the financial objectives, policies and processes during the years ended December 31, 2024 and 2023. The

Corporation's main financial risks exposure and its financial risks management policies are as follows:

***Credit risk***

Credit risk refers to the risk of an unexpected loss if a party to a 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 restricted cash. The Corporation's cash, options and restricted cash are mostly held with reputable Canadian or

Moroccan banks.

Credit risk arises from the possibility that its customers may experience financial difficulties and be unable to fulfil their

obligations. The Corporation requires that it is paid the majority of what it is owed on transfer of property and deals with only

creditworthy counterparties to mitigate the risk of financial loss from defaults. The Corporation monitors the credit risk of

customers through credit rating reviews and constant communication with customers. The Corporation establishes an

allowance for expected credit losses taking into account the credit risk of specific customers, historical trends and other

information. For the years ended December 31, 2024 and 2023, the Corporation sells its ingots and silver concentrated ore to a

limited number of large customers and has never experienced a credit loss. Consequently, credit risk is considered to be

limited. In management's opinion, the maximum credit risk exposure for all of the Corporation's current financial assets is the

carrying value of those assets.

***Commodity price risk***

The Corporation's profitability is exposed to commercial risks notably those linked to the price of silver. The Corporation does

not have financial instruments to hedge exposures to silver price fluctuations.

***Liquidity risk***

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 mine. As part of its $100,000 financing with EBRD (<u>[note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_46)</u>), the Corporation is required to maintain $18,000 in

restricted cash for a Cost Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project

Completion, any unused portion of the COF may be reallocated to fund the $16,250 Debt Service Reserve Account ("DSRA").

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **33** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**20. FINANCIAL RISK MANAGEMENT** (continued)

The following are the contractual maturities of financial liabilities and other liabilities, including interest interest included in

accounts payable as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities | 51351 | 51351 | 51351 | - | - |
| Long-term debt (excluding interest)  | 95517 | 100000 | - | 28571 | 71429 |
| Balance of purchase price payable (<u>[Note 8](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>)  | 1483 | 1483 | 1483 | - | - |
| Lease liabilities (<u>[Note 10](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | 1403 | 1650 | 356 | 330 | 964 |
|  | **149754** | **154484** | **53190** | **28901** | **72393** |

---

The following are the contractual maturities of financial liabilities as at December 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities  | 41743 | 41743 | 41743 | - | - |
| Long-term debt (excluding interest)  | 57672 | 60000 | - | - | 60000 |
| Balance of purchase price payable (<u>[Note 8](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>)  | 1516 | 1516 | 1516 | - | - |
| Lease liabilities (<u>[Note 10](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | 1120 | 1293 | 290 | 257 | 746 |
|  | 102051 | 104552 | 43549 | 257 | 60746 |

---

***Foreign currency risk***

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, BGM and AGS, for which the functional currency is

the Moroccan dirham, and for TIREX and ALGOLD S.A.R.L., for which the functional currency is the Mauritanian Ouguiya.

Transactions related to the Corporation's exploration and evaluation activities are mainly denominated in Moroccan dirhams

and Mauritanian ouguiyas.

Foreign currency denominated financial assets and liabilities which expose the Corporation to currency risk are presented

below.

The Corporation enters into option contracts to mitigate some of the risk of fluctuations in the exchange rate of its holdings of

US dollars. 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 (loss) income. 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.

The fair value of option contracts, which represents the amount that would be received/(paid) by the Corporation if the

contracts were terminated at December 31, 2024 was $42 (December 31, 2023 - $(145)). As a December 31, 2024 the

Corporation had cash collateral balances related to option contracts being held of $nil (December 31, 2023 - $2,250). They are

reflected as part of restricted cash in escrow in the consolidated statement of financial position.

Balances in the table below are dominated in US dollars, the presentation currency of the Corporation:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **34** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**20. FINANCIAL RISK MANAGEMENT** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **USD** | **CAD** | **MAD** | **Total** |
|  | **$** | $— | **$** | **$** |
| Cash | 25774 | - | - | 25953 |
| Accounts receivable | 1053 | - | - | 1053 |
| Long-term debt | (100000) | - | - | (100000) |
| Accounts payable and accrued liabilities | (5514) | (666) | - | (7240) |
| Balance of purchase price payable (<u>[Note 8](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | - | - | (1483) | (1483) |
|  | **(78687)** | **(666)** | **(1483)** | **(81717)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2023** | **USD** | **EUR** | **MAD** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Cash | 36914 | 235 | - | 37149 |
| Accounts receivable | 451 | - | - | 451 |
| Long-term debt | (60000) | - | - | (60000) |
| Accounts payable and accrued liabilities | (5457) | (5692) | - | (11149) |
| Balance of purchase price payable (<u>[Note 8](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | - | - | (1516) | (1516) |
|  | (28092) | (5457) | (1516) | (35065) |

---

The impact on net (loss) income and equity of a 10% increase or decrease in foreign currencies on the Corporation's financial

instruments based on balances on December 31, 2024 would be approximately $8,172 (December 31, 2023 - $3,507).

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **35** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**21. FINANCIAL INSTRUMENTS**

The classification of financial instruments is summarized as follows, as at December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Financial Assets** | **Classification** | **December 31,** <br>**2024**<br>| December 31, <br>2023<br>|
|  |  | **$** | **$** |
| Cash | Financial assets at amortized cost | **30944** | 49830 |
| Accounts receivable | Financial assets at amortized cost | **1827** | 607 |
| Deposit in trust | Financial assets at amortized cost | **695** | - |
| Restricted cash | Financial assets at amortized cost | **18246** | 20503 |
|  |  | **51712** | 70940 |
| **Financial Liabilities** | **Classification** | **December 31,** <br>**2024**<br>| December 31, <br>2023<br>|
|  |  | **$** | **$** |
| Long-term debt (<u>[Note 9](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | Financial liabilities at amortized cost | **95517** | 57672 |
| Accounts payable and accrued liabilities | Financial liabilities at amortized cost | **51351** | 41743 |
| Balance of purchase price payable (<u>[Note 8](#i5a3211ae9aaf45069caf26a0eb6d5421_22)</u>) | Financial liabilities at amortized cost | **1483** | 1516 |
|  |  | **148351** | 100931 |
| **Financial Assets** | **Classification** | **December 31,** <br>**2024**<br>| December 31, <br>2023<br>|
|  |  | **$** | **$** |
| Option contracts | Fair value through profit & loss | **42** | (145) |
|  |  | **42** | (145) |

---

***Fair value of financial instruments***

Current financial instruments that are not measured at fair value consist of by cash, accounts receivable, deposit in trust,

restricted cash, accounts payable and accrued liabilities, balance of purchase price payable and long-term debt. Their carrying

values are considered a reasonable approximation of their fair value because of their short-term maturity. The long-term debt

is predominantly subject to a variable interest rate. As a result, the carrying value is considered to be presented at approximate

its fair value.

***Fair value hierarchy***

The following table classifies financial assets and liabilities that are recognized on the consolidated statement of financial

position at fair value in a hierarchy that is based on significance of the inputs used in making the measurements. The levels in

the hierarchy are:

Level 1:Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3:Inputs for the asset or liability that are not based on observable market data.

As at December 31, 2024, the following represents the classification of instruments measured at fair value:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **36** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**21. FINANCIAL INSTRUMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | **42** | **-** | **42** |

---

As at December 31, 2023, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | (145) | - | **(145)** |

---

The Corporation's foreign currency option contracts are not traded in active markets. The fair value of these instruments has

been determined using observable forward exchange rates. The effects of non-observable inputs are not significant for foreign

contract positions. As at December 31, 2024, the Corporation had options to purchase Canadian dollars by selling US dollars

with the a notional amounts of $7,000 USD-CAD at an average exchange rate of 1.3928 and options to purchase US dollars by

selling Canadian dollars with the a notional amounts of $2,000 USD-CAD at an average exchange rate of 1.4272. All these

options are short-term as they mature in Q1 2025. As at December 31, 2023, the Corporation had options to purchase US

dollars by selling euros with the notional amounts of $3,000 EUR-USD at an average exchange rate of 1.0900, options to

purchase EURO by selling US dollars with the notional amounts of $5,000 EUR-USD at an average exchange rate of 1.1117,

options to purchase Canadian dollars by selling US dollars with the notional amounts of $6,000 USD-CAD at an average

exchange rate of 1.3654 and options to purchase US dollars by selling Canadian dollars with a notional amounts of $6,500

USD-CAD at an average rate of 1.3456. All these options are short-term as they matured by Q2 2024.

**22. SUPPLEMENTAL CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
|  |  | **Year ended**<br>**December 31,**<br>|
|  | **2024** | 2023 |
|  | **$** | $|
| Accounts receivable | **(1220)** | 1780 |
| Sales tax receivable | **827** | (2459) |
| Income tax receivable | **(3415)** | - |
| Inventories | **(10579)** | (9122) |
| Prepaid expenses and security deposits | **97** | (852) |
| Accounts payable and accruals | **6078** | 1759 |
| Income tax payable | **(3058)** | 2583 |
|  | **(11270)** | (6311) |
| **Non-cash transactions** |  |  |
| Additions of new lease right-of-use assets  | **612** | 1137 |
| Addition of new lease liabilities  | **(612)** | (1137) |
| Net change to suppliers for capital expenditures | **7918** | - |
| Proceeds from sale of PP&E assets included in accounts receivable | **311** | - |
| Change in accounts payable and accrued liabilities related to PP&E | **(2908)** | 18329 |
| Change in accounts payable and accrued liabilities related to E&E assets | **6442** | (516) |
| Share-based compensation in PP&E additions | **650** | - |
| Share-based compensation in E&E additions | **508** | - |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **37** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**23. (LOSS) INCOME PER COMMON SHARE**

Basic income or loss per share is the net income or loss available to common shareholders divided by the weighted average

number of common shares outstanding during the period. Diluted net income or loss per share adjusts basic net income per

share for the effects of potential dilutive common shares such as options, RSUs and DSUs. The calculations for basic and

diluted income per share for the years ended December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | 2023 |
|  | **$** | $|
| Net (loss) income | **(26027)** | 5332 |
| Weighted average number of shares – basic | **129385384** | 118011122 |
| Impact of dilutive securities |  |  |
| Stock options, RSUs and DSUs | **-** | 5194200 |
| Weighted average number of shares – diluted | **129385384** | 123205322 |
| (Loss) income per share - basic | **(0.20)** | 0.05 |
| (Loss) income per share - diluted | **(0.20)** | 0.04 |

---

Weighted average number of shares - diluted excludes the effects of 9,589,451 share purchase options, 1,120,750 restricted

share units, and 457,124 deferred share units as at December 31, 2024 as they were anti-dilutive. There were no anti-dilutive

securities for 2023.

**24. COMMITMENTS AND GUARANTEES**

The Corporation has the following commitments regarding its properties:

***Royalties***

As per the terms of property purchase agreements, the Corporation is also committed to pay, in perpetuity, the following

royalties:

• 1.5% Net Smelter Royalty ("NSR") to Société d'Exploration Géologique des Métaux on the Amizmiz property and an 8km

radius area of interest;

• 2.5% royalty to Ouiselat Mines (a private Moroccan company) on revenue from the Azegour property;

• 3.0% royalty to ONHYM on revenue from the Zgounder property or 11,645 dirhams ($1,170) for the year ended

December 31, 2024 and 13,054 dirhams ($1,289) for the year ended December 31, 2023; and

• 3.0% royalty to ONHYM on revenue from the Boumadine property.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **38** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**25. RELATED PARTY TRANSACTIONS** 

During the years ended December 31, 2024 and 2023, the following related party transaction occurred in the normal course of

operations for management and consulting fees to Groupe Conseils Group, La Salle Inc., a company owned by the President

and Chief Executive Officer of $758 for the year ended December 31, 2024 ($772 for the year ended December 31, 2023). As at

December 31, 2024, $305 (December 31, 2023 - $412) was due to that company.

***Remuneration of key management personnel of the Corporation*** 

Key management included members of the Board of Directors and executive officers of the Corporation. During the years

ended December 31, 2024 and 2023, the remuneration awarded to key management personnel (including the amounts above)

was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br> **December 31,** | **Year ended**<br> **December 31,** |
|  | **2024** | 2023 |
|  | **$** | $|
| Salaries and benefits | **1288** | 1226 |
| Management consulting and professional fees | **1110** | 1146 |
| Share-based compensation | **6905** | 2320 |
|  | **9303** | 4692 |

---

**26. NON-CONTROLLING INTEREST**

The Corporation's consolidated financial statements include two subsidiaries, BGM, and TIREX, with non-controlling interests

("NCI").

ONHYM has a 15% non-dilutive participation in BGM. ANARPAM has a 15% non-dilutive participation in TIREX and WAFA

Mining & Petroleum has a 10% dilutive participation in TIREX. The Corporation had the following NCIs for the years ended

December 31, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proportion of ownership interest** <br>**and voting rights held by NCI** | **Proportion of ownership interest** <br>**and voting rights held by NCI** | **Total comprehensive** <br>**income allocated to NCI** | **Total comprehensive** <br>**income allocated to NCI** | **Accumulated NCI** | **Accumulated NCI** |
|  | **2024** | 2023 | **2024** | 2023 | **2024** | 2023 |
|  | **%** | % | **$** | $| **$** | $|
| BGM | **15** | 15 | **-** | (6) | **5** | 5 |
| TIREX | **25** | 25 | **(4410)** | (166) | **-** | 4410 |
|  |  |  | **(4410)** | (172) | **5** | 4415 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2024 | **39** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2024 and 2023** 

(Expressed in thousands of US dollars unless otherwise noted)

**26. NON-CONTROLLING INTEREST** (continued)

The following table summarizes the information relating to these subsidiaries before any intercompany eliminations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **BGM** |  | **TIREX** | **Total NCI** | **Total NCI** |
|  | **2024** | 2023 | **2024** | 2023 | **2024** | 2023 |
|  | **$** | $| **$** | $| **$** | $|
| Non-current assets | **47885** | 19061 | **-** | 25221 | **47885** | 44282 |
| Current assets | **4484** | 1862 | **8** | 6 | **4492** | 1868 |
| Total assets | **52369** | **20923** | **8** | **25227** | **52377** | 46150 |
| Non-current liabilities | **45** | - | **-** | - | **45** | - |
| Current liabilities | **55222** | 21479 | **11284** | 9828 | **66506** | 31307 |
| (Deficit) equity attributable to owners | **(2903)** | (561) | **(11276)** | 10989 | **(14179)** | 10428 |
| Non-controlling interest | **5** | 5 | **-** | 4410 | **5** | 4415 |
|  | **52369** | **20923** | **8** | **25227** | **52377** | 46150 |
| Loss attributable to parent | **-** | (34) | **(22217)** | (499) | **(22217)** | (533) |
| Loss attributable to NCI | **-** | (6) | **(4410)** | (166) | **(4410)** | (172) |
| Loss for the year | **-** | (40) | **(26627)** | (665) | **(26627)** | (705) |
| Net cash from (used in) operating activities | **(12)** | (6) | **(173)** | (166) | **(185)** | (172) |
| Net cash used in investing activities | **(3271)** | (1708) | **(241)** | (1146) | **(3512)** | (2854) |
| Net cash outflow | **(3283)** | (1714) | **(414)** | (1312) | **(3697)** | (3026) |

---

## Exhibit 99.15

![cover_mdaxq4-2024a.jpg](cover_mdaxq4-2024a.jpg)

**Exhibit 99.15**

**MANAGEMENT'S** 

**DISCUSSION** 

**AND ANALYSIS**

**For the year and quarter ended** 

**December 31, 2024**

![cover_mdaxq4-20243a.jpg](cover_mdaxq4-20243a.jpg)

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 2024 2

**Management's Discussion and Analysis of Financial** 

**Condition and Results of Operations**

This Management's Discussion and Analysis ("MD&A") of the operations, results, and financial position of Aya Gold & Silver

Inc. ("Aya") and its subsidiaries (together the "Corporation"), dated March 27, 2025, covers the three months ("Q4-2024" or the

"Quarter") and the year ended December 31, 2024. This MD&A is prepared by management and should be read in conjunction

with the Corporation's Audited Consolidated Financial Statements ("FS") and related notes for the years ended December 31,

2024 and 2023. The Corporation uses certain non-GAAP financial measures in this MD&A as described under "Non-GAAP

Measures." Additional information relating to the Corporation, including the most recent Annual Information Form (the "AIF"),

will be available on SEDAR+ at www.sedarplus.com on March 31, 2025.

The Corporation's December 31, 2024 FS and the related financial information contained in this MD&A have been prepared in

accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"),

unless otherwise stated. All amounts are stated in thousands of United States dollars ("US"), except for per share amounts, or

unless otherwise indicated. References to "C$" are to the Canadian dollar while "MAD" refers to the Moroccan Dirham.

This MD&A contains forward-looking information that is subject to risk factors set out in a cautionary note in this MD&A under

"Cautionary Statement Regarding Forward-Looking Information". All information contained in the FS and this MD&A has been

reviewed by the Audit Committee and approved by the Corporation's Board of Directors. This MD&A is current as of March 27,

2025, unless otherwise stated.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20243

**Contents**

---

| | |
|:---|:---|
| **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0bcc0c6ff7cd45f4a5623896f5763549)** | **[2](#i0bcc0c6ff7cd45f4a5623896f5763549)** |
| **[Contents](#i0dc6738b45ea44d683047cdc380dfe9a)** | **[3](#i0dc6738b45ea44d683047cdc380dfe9a)** |
| **[Business Overview](#i57dbf94a298f432fb735568ecd4d2529)** | **[4](#i57dbf94a298f432fb735568ecd4d2529)** |
| **[2024 Highlights](#ia78e77eb94b94e6d815b729f2252a9c4)** | **[5](#ia78e77eb94b94e6d815b729f2252a9c4)** |
| **[Q4-2024 and 2024 Operational and Financial Highlights](#i1f1c85b9ade8446f8c42a923684152f9)** | **[6](#i1f1c85b9ade8446f8c42a923684152f9)** |
| **[Operating Results](#ib4fe96c0e45e46fca0a18a17cb9b74ff)** | **[8](#ib4fe96c0e45e46fca0a18a17cb9b74ff)** |
| **[Development and Exploration](#ia172867d39d94cc7ab61afbfdb16ce5e)** | **[9](#ia172867d39d94cc7ab61afbfdb16ce5e)** |
| **[Sustainability](#ie8eec61cc0104c81b37bd06910f17ea3)** | **[15](#ie8eec61cc0104c81b37bd06910f17ea3)** |
| **[2024 Guidance Review](#i1137abf0832547be8af0045fe54b87a6)** | **[17](#i1137abf0832547be8af0045fe54b87a6)** |
| **[2025 Guidance and Outlook](#iabfe70ac65a84441807d093ed7403d64)** | **[18](#iabfe70ac65a84441807d093ed7403d64)** |
| **[Overview of Financial Performance](#i7150e89232ab411f9c105c54eec3b026)** | **[20](#i7150e89232ab411f9c105c54eec3b026)** |
| **[Selected Annual information](#i05e011b6649b4324b2f93ec0bfbec9dc)** | **[22](#i05e011b6649b4324b2f93ec0bfbec9dc)** |
| **[Summary of Quarterly Results](#i429bf61646334d248b9f937452784161)** | **[23](#i429bf61646334d248b9f937452784161)** |
| **[Liquidity and Capital Resources](#ia94690a07c60459eb396ce6b86648269)** | **[24](#ia94690a07c60459eb396ce6b86648269)** |
| **[Financial Position](#i8c2b1b7c388d4ad89ac10b76b4d59a6f)** | **[27](#i8c2b1b7c388d4ad89ac10b76b4d59a6f)** |
| **[Capital Management](#i4f8c0ea23a244c57a9033342a775ece4)** | **[28](#i4f8c0ea23a244c57a9033342a775ece4)** |
| **[Commitments and Contingency](#i8e044a107b0844da8ef6999e21e04a45)** | **[29](#i8e044a107b0844da8ef6999e21e04a45)** |
| **[Non-GAAP Measures](#iaf795a72302f4c52963a05367f2d00a0)** | **[30](#iaf795a72302f4c52963a05367f2d00a0)** |
| **[Risks and Uncertainties](#i60aea2c61f4041ac85764da86ba387bf)** | **[31](#i60aea2c61f4041ac85764da86ba387bf)** |
| **[Other Financial Information](#i12a303e1853441e388d2ad7f767d2185)** | **[41](#i12a303e1853441e388d2ad7f767d2185)** |
| **[Accounting Policies, Judgments and Estimates](#if1c305ff797e4c1d933430639c61bffb)** | **[42](#if1c305ff797e4c1d933430639c61bffb)** |
| **[Proposed Transaction](#i1ad78226b2224e70bea41f8c7b4d6420)** | **[43](#i1ad78226b2224e70bea41f8c7b4d6420)** |
| **[Management's Report on Internal Controls and Financial Reporting](#ibad09d307b71409a942a3cc8d9eafc46)** | **[43](#ibad09d307b71409a942a3cc8d9eafc46)** |
| **[Cautionary Note Regarding Forward-Looking Information](#i30c280d0fddc4e93936c7f4bea2ddb65)** | **[44](#i30c280d0fddc4e93936c7f4bea2ddb65)** |
| **[Additional Information and Continuous Disclosure](#i8bdf3ebf96944e508d93fb249c8862f3)** | **[46](#i8bdf3ebf96944e508d93fb249c8862f3)** |
| **[Technical Information](#i4eaf215ce08342d9970cba66a80942bf)** | **[46](#i4eaf215ce08342d9970cba66a80942bf)** |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20244

**Business Overview**

Aya Gold & Silver Inc. (the "Corporation" or "Aya") is a Canadian based precious metals mining corporation which focuses on

the exploration, development, production and acquisition of precious metals mining projects. The Corporation is focused on

producing silver and exploration activities at its flagship project, the Zgounder property through its 100% ownership of

Zgounder Millennium Silver Mine S.A ("ZMSM"). On December 29, 2024, the Corporation reached commercial production at the

new Zgounder mill. The Corporation also owns 85% of the Boumadine polymetallic project and is the sole owner of the permits

related to the Amizmiz, Azegour, Zgounder Regional, Tirzzit and Imiter bis properties. All of these properties are located in the

Kingdom of Morocco. The Corporation also owns through Algold Resources Ltd. ("Algold"), 75% of the Tijirit project located in

Mauritania. Aya's registered office is located at 1320 boulevard Graham, suite 132, Mont-Royal, Quebec, Canada, H3P 3C8.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF". Aya's issued and outstanding

share capital totals 130,790,053 common shares on March 27, 2025. The Zgounder Silver Mine is in operation while all other

projects are at the exploration and evaluation stage.

![map_operationsxappel-projec.jpg](map_operationsxappel-projec.jpg)

<sup>1</sup> Non-GAAP measures, refer to page 30.

<sup>2</sup> Non-GAAP Measures, consisting of cash of $30,944 and restricted cash of $18,246 (December 31, 2023, balances of $49,830 and $20,503 respectively).

<sup>3</sup> Commercial production is defined herein as a period of 30 days of operations during which the new mill operated at a minimum of 60% of the mill nameplate

throughput of 2,000 tpd. This milestone was reached on December 29, 2024. 45,683t were processed for the period averaging 76% capacity.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20245

**2024 Highlights**

**•Operational and Financial:** 

• Silver production of 1,646,265 ounces ("oz") in 2024 compared to 1,970,646 oz in 2023.

• Ore processed increased to 358,919 tonnes ("t") in 2024 compared to 281,634 tonnes in 2023.

• 444,375 tonnes of ore mined in 2024 for an average of 1,214 tonnes per day ("tpd").

• Revenue of $39.1 million in 2024, a 9% decrease from 2023.

• Adjusted cash cost per silver ounce sold of $19.62 in 2024 compared to adjusted cash cost of $12.50 in 2023.<sup>1</sup>

• Robust financial position with $49 million of cash and restricted cash as at December 31, 2024, compared to $70

million as at December 31, 2023.<sup>2</sup>

• Signed a non-binding term sheet for the spinout of Amizmiz Gold Project and provides an exclusive option on Tijirit

Gold Project to Mx2 Mining, a new North Africa-focused gold company (See Proposed Transaction section).

**•Expansion, Development and Exploration:** 

• Reached commercial production<sup>3</sup> of the Zgounder Mine on December 29<sup>th</sup>, less than two months after the mill began

processing the first ore.

• Conducted 35,931 meters ("m") of diamond drill hole ("DDH") drilling at Zgounder.

• Completed 10,257m of DDH on Zgounder Regional.

• Acquired 15 new permits at Boumadine, land position of 212km<sup>2</sup> at year-end.

• Advanced development of Boumadine through 107,687m of drilling of combined DDH and reverse circulation ("RC").

Drilling at Boumadine culminated in a mineral resource update on February 24, 2025.

• Completed a 13,710-line km geophysical survey which identified multiple apparent conductivity anomalies on the

Boumadine project.

**•Environmental, Social and Governance ("ESG"):**

• Continued solidifying health and safety ("H&S") processes through preventive measures, analyses, and 12,907 hours of

training.

• 90km, 60kV power line was commissioned and powered, providing low-carbon electricity for expanded operations:

• The renewable electricity is sourced from the Nareva-EEM wind farms in Morocco.

• Participated in the 2024 S&P Global Corporate Sustainability Assessment ("CSA") and, for the first time, submitted

enhanced disclosure to the 2024 Carbon Disclosure Project ("CDP") questionnaire .

• Strengthened community engagement by launching livelihood and water access programs in partnership with local

authorities.

• Established an experimental community saffron farm to serve as a training center and entrepreneurial incubator for

local farmers.

<sup>4</sup> Non-GAAP measures, refer to page 30.

<sup>5</sup> Non-GAAP measures, refer to page 30.

<sup>5</sup> Non-GAAP Measures, consisting of current assets of $76,540 less current liabilities of $53,116 (December 31, 2023, current assets of $80,399 less current liabilities

of $46,695).

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20246

**Q4-2024 and 2024 Operational and Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Years ended** | **Years ended** | **Years ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Operational for Zgounder** | **2024** | **2023** | **Variance** | **2024** | **2023** | **Variance** |
| Ore Mined (tonnes) | 102485 | 176208 | (42)% | 444375 | 493340 | (10)% |
| Average Grade Mined (g/t Ag)  | 168 | 201 | (17)% | 162 | 213 | (24)% |
| Ore Processed (tonnes) | 113674 | 66449 | 71% | 358919 | 281634 | 27% |
| Average Grade Processed (g/t Ag) | 159 | 239 | (33)% | 171 | 250 | (32)% |
| Combined Mill Recovery (%) | 84.8% | 86.7% | (1.9)% | 83.7% | 86.9% | (3.2)% |
| Milling Operations (tpd) | 1236 | 722 | 71% | 981 | 772 | 27% |
| Silver Ingots Produced (oz) | 235227 | 173117 | 36% | 592268 | 740236 | (20)% |
| Silver in Concentrate Produced (oz) | 256083 | 276929 | (8)% | 1053997 | 1230410 | (14)% |
| **Total Silver Produced (oz)** | **491310** | **450046** | **9%** | **1646265** | **1970646** | **(16)%** |
| Silver Ingots Sold (oz) | 88725 | 206731 | (57)% | 455451 | 726395 | (37)% |
| Silver in Concentrate Sold (oz) | 249007 | 300904 | (17)% | 1046475 | 1285949 | (19)% |
| **Total Silver Sales (oz) (A)** | **337733** | **507635** | **(33)%** | **1501927** | **2012344** | **(25)%** |
| Avg. Net Realized Silver ($/oz) (B/A) | 27.65 | 21.81 | 27% | 26.04 | 21.29 | 22% |
| Cash Costs per Silver Ounce Sold<sup>4</sup> | 26.57 | 13.69 | 94% | 21.71 | 12.50 | 74% |
| Adjusted Cash Costs per Silver Ounce Sold<sup>5</sup> | 21.51 | 13.69 | 57% | 19.62 | 12.50 | 57% |
| **Financial** |  |  |  |  |  |  |
| Revenues (B) | 9338 | 11070 | (16)% | 39117 | 42849 | (9)% |
| Cost of Sales | 11084 | 6276 | 77% | 33735 | 27042 | 25% |
| Gross (Loss) Profit | (1746) | 4794 | (136)% | 5382 | 15807 | (66)% |
| Operating (Loss) Income | (34469) | 1399 | (2564)% | (38747) | 4931 | (886)% |
| Net (Loss) Income | (29983) | 3590 | (935)% | (26027) | 5332 | (588)% |
| Operating Cash Flows | 2356 | (12136) | (119)% | (8615) | 3377 | (355)% |
| Working Capital<sup>6</sup> | 23424 | 33704 | (31)% | 23424 | 33704 | (31)% |
| Cash  | 30944 | 49830 | (38)% | 30944 | 49830 | (38)% |
| **Shareholders** |  |  |  |  |  |  |
| (Loss) Earnings per Share – basic | (0.23) | 0.03 | NM | (0.20) | 0.05 | NM |
| (Loss) Earnings per Share – diluted | (0.23) | 0.03 | NM | (0.20) | 0.04 | NM |

---

***\*NM*** *– Not Meaningful*

<sup>7</sup> Non-GAAP Measures, refer to page 30.

<sup>8</sup> Non-GAAP Measures, refer to page 30.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20247

**Q4-2024 Operational Highlights:**

• Silver production of 491,310 oz, comprising 256,083 oz as silver concentrate and 235,227 oz as silver ingots.

• Mill average feed grade of 159 g/t Ag was recorded in Q4-2024 compared to 239 g/t Ag in Q4-2023, a decrease of 33%.

• Milling operations reached 1,236 tpd in Q4-2024 compared to 722 tpd in Q4-2023.

• Average combined mill recovery of 84.8% in Q4-2024 compared to 86.7% in Q4-2023, a decrease of 1.9%.

• Plant availabilities reached 91.5% and 98.4% for the flotation and cyanidation plants, respectively.

• 102,485t of ore were mined in Q4-2024 for an average of 1,114 tpd mined compared to 176,208 tonnes (1,915 tpd) in

Q4-2023. The mining cadence was adjusted to reach stockpile levels planned for the start of the new plant.

• A total of 10,769m of drilling was completed at Zgounder, 424m on Zgounder Regional permits and 38,394m at

Boumadine.

• Cost of sales of $11,084 (Q4-2023 – $6,276) with an average adjusted cash cost per silver oz sold of $21.51 in Q4-2024

compared to $13.69 oz in Q4-2023.<sup>7</sup>

**Q4-2024 Financial Highlights:**

• Revenue from silver sales totaled $9,338 in Q4-2024, (Q4-2023 – $11,070), a decrease of 16% representing an average net

realized price of $27.65 per oz (Q4-2023 - $21.81/oz).

• Operations generated a gross loss of $1,746 in Q4-2024 compared to a gross profit of $4,794 in Q4-2023, a decrease of

136%.

• Net loss was $(29,983) (diluted EPS of $(0.23)) in Q4-2024 primarily due to a non-recurring non-cash impairment charge

of $27,350 related to the Tijirit Project, compared to a net income of $3,590 (diluted EPS of $0.03) in Q4-2023.

• Cash flow generated by operating activities of $2,356 in Q4-2024 compared to $(12,136) used in Q4-2023.

**2024 Operational Highlights:**

• Silver production totaled 1,646,265 oz, of which 1,053,997 oz as silver concentrate and 592,268 oz as silver ingots, in

2024. The 16% decrease compared with the silver ounces produced in 2023, is a direct result of the lower feed grade and

recovery.

• Mill average feed grade processed of 171 g/t Ag was recorded in 2024 compared to 250 g/t Ag in 2023, a decrease of

32%.

• Milling operations averaged 981 tpd in 2024 compared to 772 tpd in 2023, an increase of 27%. Combined mill recovery

averaged 83.7% in 2024 compared to 86.9% in 2023, a decrease of 3.2%.

• 35,931m of DDH were completed at Zgounder, 10,257m on Zgounder Regional permits and 107,687m at Boumadine in

2024. •Cost of sales of $33,735 in 2024 (2023– $27,042) with an average adjusted cash cost per silver ounce sold of $19.62/oz

in 2024 compared to $12.50/oz in 2023.<sup>8</sup>

**2024 Financial Highlights:**

• Revenue from silver sales for 2024 totaled $39,117 (2023 – $42,849), a decrease of 9% representing an average net

realized price of $26.04 per oz (2023 – $21.29/oz).

• Operations generated a gross profit of $5,382 in 2024 compared to $15,807 in 2023, a decrease of 66%.

• Net loss was $(26,027) (diluted EPS of $(0.20)) in 2024 primarily due to a non-recurring non-cash impairment charge of

$27,350 related to the Tijirit Project, compared to a net income of $5,332 (diluted EPS of $0.04 in 2023).

• Cash flow used by operating activities of $8,615 in 2024, compared to $3,377 generated in operating cash flow in 2023.

• On February 14, 2024, the Corporation closed a bought deal public financing and issued 7,573,900 common shares in the

capital of the Corporation at a price of C$10.25 per share for gross proceeds of approximately C$77.6 million ($57.3

million). The Offering was completed by way of a prospectus supplement filed on February 8, 2024. The proceeds from

the financing are intended for the advancement of exploration and development programs at Boumadine, the exploration

program at Zgounder Regional and other properties, as well as for working capital and general corporate purposes.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20248

**Operating Results**

**Q4-2024 Zgounder Silver Mine Operations**

The total mining rate for the quarter averaged 1,114 tpd, for a total of 102,485t of ore mined at a grade of 168 g/t Ag. Overall

mining rate was slightly reduced from previous quarters given the delay in start-up of the new plant. This mining rate ensured

stockpiles were at 336,371 tonnes at the end of the year, in line with planned stockpile at the start of the new plant. Mining rate

accelerated after commercial production was declared and is planned to reach 3,000 tpd by the end of 2025.

In Q4-2024, 60,000t of ore was mined from the open pit at an average grade of 186 g/t Ag. The open pit mine had a strip ratio

of 23 during Q4-2024, in preparation for the increase in mining rate in 2025. The open pit mining rate was 15,360 tpd of total

material moved in Q4, nearly double the 8,040 tpd rate in Q3, and nearly triple the 5,325 tpd rate in Q2. In January 2025, the

open pit mining rate of total material moved increased above 22,000tpd. By the end of 2025, a mining rate of 40,000tpd of total

material moved is planned for the open pit.

In Q4-2024, 42,485t was mined in the underground mine at an average grade of 142 g/t Ag. Cement backfill was

commissioned and fully operational by year end. Old stopes were backfilled and mining resumed, the impacts of which are

expected to be seen in early 2025. Underground development is progressing as planned, with new, deeper levels, being

opened. The ramp is now past level 1,900 and the ramp is going down at an approximate rate of 25 vertical meters every two

months.

In Q4-2024, 113,674t of ore was processed. Total mill availability for the quarter was 88%. Mill average processed feed grade

was 159 g/t Ag, and combined mill recovery averaged 85%. Q4-2024 was highlighted by the declaration of commercial

production of the new mill on December 29, 2024. During Q4-2024, the Corporation produced a total of 491,310 ounces of

silver.

![img_3633a.jpg](img_3633a.jpg)

Figure 1 - Zgounder Emergency Responder Drills

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20249

**Capital Projects**

Capital projects in Q4-2024 were mainly related to the mine de-watering circuit and finalizing the new plant. Underground work

focused on the ramp to lower levels. Level 1900 was reached, and the ramp is now going down continuously as per the long

term mine plan.

In 2024, the expansion project as a whole was completed. The electrical line, mineral processing plant, underground

electrification and other services such as ventilation on all levels were completed. Warehouses and the new assay laboratory

were also completed.

The commercial production was declared on December 29, 2024, and ramp-up has been ongoing since.

**Year 2024 - Zgounder Silver Mine Operations**

The year 2024 was marked by the completion of the Zgounder mine and mill expansion, and the start of commercial

production.

In 2024, 444,375t of ore was mined at an average grade of 162 g/t. Stripping ratio for the open pit was 16. As of December 31,

2024, 336,371t of ore was stockpiled at an estimated grade of 153g/t, allowing a comfortable buffer for the mine ramp-up.

358,919t of ore was processed at an average grade of 171 g/t. Combined mill recovery was 83.7% and is expected to reach a

recovery rate of 89% in 2025, the feasibility study recovery rate, as the new mill is optimized.

The annual safety program is ongoing with interdepartmental safety meetings and training solidifying best practices at

Zgounder.

**Development and Exploration**

**Zgounder Exploration**

In Q4-2024, the Corporation drilled 10,769m of DDH on near-mine permits (definition and exploration drilling) with the aim of

defining at-depth and lateral mineralization. Initial results from the at-depth program outlined significant down-plunge

extensions of the deposit with thick high-grade interceptions. Underground holes ZG-SF-24-206 and ZG-SF-24-218 intersected

1,071 g/t Ag over 3.5m and 636 g/t Ag over 11.0m, respectively, confirming mineralization at depth at the granite contact

outside of the current resource boundary. Four underground rigs were mobilized with the aim of expanding mineral resources

at depth.

In 2024, drilling focused on targets west, near the major fault, at depth toward the granite contact and at east around the open-

pit area. Infill drilling, underground and surface, on the high-grade mineralization at the main ore body confirmed the

mineralization and extended underground production zones. A total of 35,931m were drilled in the year.

Results include: DZG-SF-24-172 with 21.0m at 2,165 g/t Ag including 3.5m at 4,600 g/t Ag, DZG-SF-24-065 with 6.5m at 2,870

g/t Ag including 2.0m at 7,229 g/t Ag and ZG-23-54 with 7.0m at 1,846 g/t Ag including 5.0m at 2,095 g/t Ag. Silver

mineralization at depth, near the granite contact was confirmed and extended 800m along strike, with results including: ZG-

SF-23-084 with 13.5m at 1,089 g/t Ag including 7.5m at 1,700 g/t Ag and 4.5m at 4,469 g/t Ag, ZG-SF-24-200 with 21.0m at

1,151 g/t Ag including 6.0m at 3,290 g/t Ag and ZG-SF-24-123 with 2.5m at 5,696 g/t Ag.

**Zgounder Regional** 

In Q4-2024, a total of 424m of DDH were drilled on Zgounder Regional permits which concluded the 2024 regional drill

program. In addition, detailed mapping and prospecting was carried out on both Tirzzit and Zgounder Far East permits.

In 2024, a total of 10,257m of DDH were completed on the Zgounder Regional permits, mostly on targets inside a two km

radius of the mine. Although many results of this campaign are still pending, preliminary results received are showing

anomalous silver occurrences indicating the potential for discovery of satellite deposits for the Zgounder Mine. A high

resolution airborne geophysical survey was carried over the Tirzzit area in addition to a stream sediment geochemistry

campaign on both Tirzzit and Zgounder Far East permits. Results will be reviewed and will inform the 2025 drilling program.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202410

**Zgounder Construction** 

The Corporation completed the Zgounder Silver Mine expansion. Commercial production was declared on December 29, 2024

and ramp-up is ongoing to reach nameplate capacity in early 2025.

• Mine expansion was completed.

• Open pit and underground mines are ramping up as planned.

• New mill reached commercial production end of December 2024.

• Tailings and water storage facilities are complete and operational.

• Electrical infrastructure is fully complete and operational.

• Underground development, both lateral and vertical, is complete.

**Underground Mine Development**

All mine development included in the expansion initial capital budget has been completed. Mine development is now focused

on stope access and definition as part of our ramp-up program. Installation of mine services included in the expansion are

completed, with the exception of full 4G coverage and sub level de-watering that are ongoing.

Construction of both surface and underground mine infrastructures, including workshops, warehouses, backfill station, and the

electrical substation are completed and all sectors are fully functional or ramping up. The current ore stockpile allowed the

team to mine at a steady rate in Q4-2024 and delivered new stopes for mine ramp-up as the mill is being commissioned.

**Open Pit**

The open pit operation has been ongoing and ramping up steadily. With a north east extension confirmed and deeper western

sector viable, the pit design is consistently improved, adding comfort to 2025 ramp-up.

![dji_20250117215006x0150xdxa.jpg](dji_20250117215006x0150xdxa.jpg)

Figure 2 - Open pit progression at Zgounder

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202411

**Processing Plant**

The plant was fully operational as of December 31, 2024. Commercial production was declared. Mill ramp-up is expected to

reach name-plate capacity in early 2025.

![dji_20250118023100x0461xd-a.jpg](dji_20250118023100x0461xd-a.jpg)

Figure 3 - The new mineral processing plant in operation during the night

![dji_0172a.jpg](dji_0172a.jpg)

Figure 4 - New Merrill Crowe and Refinery Building

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202412

**Infrastructure**

Commissioning of the new assay laboratory was completed by year-end. Construction of the new warehouses and workshops

are complete, and both are in use.

Water storage infrastructures were at full capacity, securing water supply for the year, the new tailing storage facility in

operation as well as the new plant, fully commissioned.

![dji_20250118183611x0540xdxa.jpg](dji_20250118183611x0540xdxa.jpg)

Figure 5 - Overview of the tailing storage facility and water storage basins

<sup>9</sup> All intersections are in core lengths. Ag equivalent is based on 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% resulting on the following ratios: 1g/t Au: 76.9 g/t Ag; 1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; 1% Zn: 28.1 g/t Ag.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202413

**Boumadine Development**

The fourth quarter saw the Corporation drill 36,515m DDH and 1,879m RC at Boumadine to explore along strike and test new

targets identified by the mapping and geophysical program. Priority of assaying was given to Zgounder samples in Q4-2024,

resulting in an increase in turn-around time for Boumadine results. The Corporation also acquired a new permit, in the vicinity

of the Boumadine Main Trend.

**2024**

107,687m out of the initial 120,000m program was completed in 2024, extending the strike length from 3.8 km to 5.4 km.

An estimated mineral resources, was released on April 16, 2024, consisting of an Inferred Mineral Resource of 23.6Mt at 85 g/t

Ag, 2.62 g/t Au, 2.32% Zn and 0.84% Pb containing an estimated 64.7Moz of Ag, 1.98Moz of Au, 546kt of Zn and 198kt of Pb

and an Indicated Mineral Resource of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32% Zn and 1.07% Pb containing an estimated

7.4Moz of Ag, 165koz of Au, 88kt of Zn and 22kt of Pb.

An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24, 2025, consisting of an

Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag,

2.4Moz of Au, 615 kt of Zn and 237 kt of Pb. Representing 378Moz AgEq<sup>8</sup>, an increase of 19%, and an Indicated Mineral

Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145

kt of Zn and 44 kt of Pb. Representing 74.4Moz Silver equivalent ("AgEq"), an increase of 120%.

In H1-2024, the Corporation completed a satellite mapping and spectral study on Boumadine using WorldView-3 data over

674km<sup>2</sup>. The study identified numerous clay alteration halos like Boumadine. In addition, an extensive regional airborne

geophysical survey, covering an area of 1,266km<sup>2</sup> with 13,714-line km was completed. The survey identified multiple parallel,

on-trend conductive anomalies similar to known conductors identified at Boumadine Main Trend. The continuation of the

Boumadine south main trend anomaly and a series of new N340 and north–south oriented conductive anomalies; and a very

large, apparent conductive anomalies occurring 5km west of Boumadine, of similar orientation and stronger intensity than the

Boumadine Main Trend conductor. This very large system also includes strong potential conductors occurring in an east-west

direction. Some of these anomalies started to be test drilled in Q4 but most of these are expected to be test drilled in 2025.

Drilling results for 2024 include: high grade mineralization intercepted in the Main Trend including: 763 g/t AgEq<sup>9</sup> over 3m

(1.53 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0.04% Cu, BOU-DD23-223) and 991 g/t AgEq<sup>8</sup> over 17.6m (2.64 g/t Au, 247 g/t

Ag, 7.7% Zn, 1.2% Pb and 0.3% Cu, BOU-DD23-230). Polymetallic mineralization on the Tizi Zone which was extended from

400m to 2.0km in length with intercepts of: 1,021 g/t AgEq<sup>8</sup> over 3.0m (11.48 g/t Au, 89 g/t Ag, 0.78% Zn, 0.15% Pb and 0.24%

Cu, BOU-DD24-306) and 445 g/t AgEq<sup>8</sup> over 13.7m (4.9 g/t Au, 42 g/t Ag, 0.35% Zn, 0.37% Pb and 0.06% Cu, BOU-DD24-306).

High grade gold at Imarriren Zone below the known mineralization with: BOU-DD24-284 intercepting 1,317 g/t AgEq<sup>8</sup> over 1.9m

(15.7 g/t Au, 91 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu).

In 2024, the Corporation continued to shore up its Boumadine land holdings through the acquisition of 15 permits. Its

Boumadine land package increased by 117% to total 212 km² by year-end 2024. The Corporation also added 4 mining licenses

in January 2025 to extend its land package to 272 km<sup>2</sup>.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202414

![permisboumadine_engxv61.jpg](permisboumadine_engxv61.jpg)

Figure 6 - Plan View of Boumadine Property with Existing Permits over Apparent Conductivity at 175Hz

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202415

**Sustainability**

**Q4-2024 Sustainability**

During Q4-2024, the Corporation continued to implement its Environment and Social Management System ("ESMS"). Below are

the main activities during the quarter:

• Provided 1,387 hours of health and safety training.

• Continued training and drills on mining rescue team for Emergency Preparedness and Response Plan ("EPRP"), and

started creating of a new team specialized for emergency situations at the new plant, including environmental

emergency.

• Conducted a biodiversity inventory to account for seasonal variation.

• Continued community engagement:

• Education – Launched an online educational program for middle school children in a second school.

• Health – Conducted glycated hemoglobin and ENT mobile clinics.

• Water access – Distributed water distribution equipment to the village of Tamaloute for 60 households.

• Livelihood projects:

• Harvested saffron for the second year on the pedagogic saffron farm in partnership with a local NGO.

• Held several brainstorming workshops with communities to help draft project proposals for 2025 ZMSM

Annual Community Investment Plan.

• Stakeholder engagement plan – Held workshops with communal councils and cooperatives to discuss revised plan.

![img_5008a.jpg](img_5008a.jpg)

Figure 7 - Graduate from Aya-supported Literacy Program

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202416

**2024 Sustainability**

Sustainability and responsible mining is a key part of Aya's business strategy and an essential part of maintaining our social

license to operate.

The Corporation issued its inaugural Modern Slavery Report in May 2024 as per the new Fighting Against Forced Labour and

Child Labour in Supply Chains Act, which came into effect on January 1, 2024. This report provides a comprehensive overview

of the Corporation's efforts to combat modern slavery within its operations and supply chains.

We also published our annual Sustainability Report in June 2024, highlighting progress and achievements in 2023 across a

range of ESG practices. During the year, the Corporation continued to implement its ESMS which is aligned with EBRD

performance requirements. ESG policies and practices are being embedded across the business, and the Corporation's ESG

Report was aligned with the Global Reporting Initiative ("GRI"), Sustainability Accounting Standards Board ("SASB")

frameworks, and the Task Force on Climate-Related Financial Disclosures ("TCFD"). For the first time, we published a

dedicated ESG data table alongside the Sustainability report as part of our continued efforts to provide transparent, accessible,

and comparable data to investors and all stakeholders.

In 2024, the Corporation mandated consultants to review and assist the Corporation in enhancing its ESG disclosures. The

mandate included a review of the 2023 Sustainability report and preparation for the 2024 report.

**Environment** 

The Corporation is in the early stages of its climate change journey, with strong progress made over the past three years. The

Corporation has launched and is improving its reporting by developing and implementing its climate change roadmap.

The year 2024 saw the Corporation make significant progress towards decarbonizing its expanded Zgounder operations. In

July 2024, the Corporation completed the commissioning of its electrical line and began powering its Zgounder Silver Mine

with renewable energy. The power line ensures low-carbon electricity for expanded operations, where the green electricity is

sourced from the Nareva-EEM wind farms in Morocco, and is expected to lower Zgounder's carbon intensity by 88% in 2025

compared to 2021.

The Corporation's environment department continued to work closely with the construction and operational readiness teams

as the Zgounder Mine expansion neared completion. Throughout the year, the Corporation continued implementing the Global

Industry Standard on Tailings Management and monitoring local water and air emissions quality through third-party providers.

Furthermore, the Corporation updated the biodiversity baseline study for Zgounder, which informed a new biodiversity

management plan.

**Health and Safety**

Protecting the health and safety of its employees is the Corporation's number one priority. Through its programs, the

Corporation continuously promotes a safe work environment at its operating and development sites. After having more than

doubled training hours in 2023 on a year-on-year basis, the number of training hours continued its trajectory in 2024, reflecting

the Corporation's focus on safety. There was a slight increase in the overall frequency of accidents at Zgounder operations in

2024, which is highly correlated with the increase in construction intensity with increase manpower and new contractors

present on site. Severity rates, however, decreased slightly compared to 2023.

We continued drills and training for our response team in emergency readiness and carried out a range of rescue scenarios

simulating real-life situations, including ground movement, equipment fires, and evacuating trapped miners. The team became

fully operational in 2024 and will continue to train on a continuous basis.

**Community Engagement** 

Creating shared value between the Zgounder Silver Mine and its host communities creates a positive legacy that will last

beyond the life of the mine. The Corporation partners with local authorities in administering a social development program in

the areas of education, health, water access and livelihood projects.

In 2024, the Corporation continued the path laid in the previous year. We expanded the implementation of our Stakeholder

Engagement Plan ("SEP") and Community Grievance Management System that are aligned with the IFC and EBRD best

practices. With the help of local experts in community engagement, workshops with local stakeholders were held to continue

building awareness and capacity of the SEP.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202417

Community activities expanded throughout the year with the launch of new livelihood projects designed to empower

communities through sustainable business practices. The livelihood program included the launch of an experimental

community saffron farm that will serve as a training center for farmers in the region. Furthermore, the Corporation initiated a

project to help co-operatives reach their full potential by reinforcing governance best practices and by offering as-needed

training.

The Corporation continued supporting regional health authorities by holding several mobile health clinics in addition to

continuing the mine doctor's weekly community clinic. Local education capacity was strengthened during the period through

donation of school supplies, organization of literacy classes and online support for local schoolchildren. The first water access

program was rolled out to expand water infrastructure in seven villages.

**Governance** 

Aya's corporate governance transformation has been central to its success. In 2024, the Corporation took the next step in its

journey by further strengthening governance practices and moving beyond compliance.

As part of its commitment to maintaining diversity at the Board level, the Board nominated Ghislane Guedira Bennouna to fill

the vacancy left by the resignation of Natacha Garoute. Mrs. Guedira, a seasoned mining executive with extensive experience

in mining, finance and audit, is the first Moroccan member of Aya's Board of Directors, further reinforcing the Corporation's

commitment to inclusivity and governance excellence.

In 2024, Aya also enhanced its measurement and disclosure practices beyond its annual ESG and Sustainability reports by

publishing its inaugural voluntary sustainability performance report to the 2024 Carbon Disclosure Project ("CDP"), focusing on

forest and water. The Corporation continued its participation in S&P Global's Corporate Sustainability Assessment ("CSA"),

achieving an improved score of 47, up from 40. This places Aya on par with or ahead of many larger mining companies and

significantly above its peers.

**2024 Guidance Review**

This section provides a review of 2024 revised guidance provided on November 13, 2024 in Q3-2024 Management's

Discussion and Analysis.

---

| | | |
|:---|:---|:---|
| **Zgounder** | **2024 Actuals** | **2024 Revised Guidance** |
| Total Silver production (M oz) | 1.65 | 1.60 – 1.80 |

---

On September 6, 2024, the Corporation announced a delay in commissioning due to the EPC provider having to correct the

installation of the ball mill hydraulic unit. Along with this delay, the Corporation indicated it would revise 2024 production

guidance. Production guidance was expected to be 1.6 - 1.8Moz for 2024. As a result of the delay in commissioning and its

impact on the Corporation's prior production guidance, the Corporation withdrew all other guidance figures presented in the

year-end 2023 MD&A and March 28, 2024 press release.

Actual 2024 production is within the range expected at 1.65Moz.

<sup>10</sup> Non-GAAP Measures, refer to page 30.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202418

**2025 Guidance and Outlook**

This section provides management's production outlook and cost guidance for 2025. These are forward-looking estimates and

are subject to the cautionary note regarding the risks associated with relying on forward-looking statements at the end of this

MD&A. Actual results may vary based on internal and/or external factors.

The Corporation expects 2025 production from Zgounder to range between 5.0 and 5.3 million silver ounces at a cash cost<sup>10</sup>

bracket of between $15.00 - $17.50/oz. Costs are expected to be higher in the first part of the year and steadily improve as

production is expected to ramp up to reach steady state. The following foreign currency assumptions were used in the

guidance: US$/C$1.40; and US$/MAD 10.10.

The Corporation's primary focus for 2025 is ramping up the plant and mining to steady state of 3,000 tpd while rationalizing

costs.

The table below provides the Corporation's guidance in 2025:

---

| | |
|:---|:---|
| **Zgounder** | **2025 Guidance** |
| Silver production (M oz Ag) | 5.0 – 5.3 |
| Silver cash cost ($/oz)<sup>9</sup>  | 15.00 – 17.50 |
| Recovery (%) | 84 – 88 |
| Average grade processed (g/t Ag) | 170 – 200 |
| Exploration & development for all Moroccan projects ($ million) | 25 – 30 |

---

The Corporation may revise guidance during the year to reflect changes in expected results.

**Sales Mix and Product Strategy**

In 2024, the Corporation's silver sales were comprised of approximately 70% silver concentrate and 30% silver ingots. Sales of

silver concentrate are typically payable at 85% once treatment charges and refining charges are considered. With the new

Zgounder mill in operation, only silver ingots will be produced and sold starting in Q2-2025. This shift is expected to improve

overall realized price for a given sales volume by increasing the payable of silver ingots compared to concentrate.

**Cost of Sales and Production Strategy**

In 2024, approximately 60% of ore mined originated from the underground mine, while the remaining 40% was sourced from

the open pit. The underground mine operates at a higher cost per tonne of ore mined compared to the open pit, and recent

history shows that open pit has performed better in terms of ore recovery and grade predictability. To enhance cost efficiency

and improve margins, the Corporation is planning to transition its production strategy to approximately 1/3 underground and

2/3 open pit mix. This shift is expected to significantly reduce overall mining costs in the coming quarters and contribute to

improved cash costs. An updated mine plan is being completed to support this change in mining strategy.

**2025 Exploration Program** 

An exploration budget of between $25-30 million has been set for 2025, focusing on Boumadine (100,000m – 140,000m),

Zgounder and Zgounder Regional (20,000m – 25,000m).

At Boumadine, 50% of the drilling is expected to focus along the Main Trend and Tizi with the objective to continue extending

the known mineralization trend along strike and at depth and to infill known areas as the project keep advancing towards a

preliminary economic assessment. The remaining drilling is greenfield exploration designed to test geological hypotheses and

drill targets generated from the past three years of work.

At Zgounder, follow up on underground targets generated from the 2024 program will be executed. An additional 10,000m will

be drilled on targets within the Zgounder Regional permits with the objective of finding similar mineralization to Zgounder.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202419

**2025 Sustainability Outlook**

In 2025, the Corporation maintains its focus on consolidating its management processes with the goal of minimizing the

environmental and social impacts from current and expanded operations, while continuously enhancing its safety culture. The

following activities will be prioritized:

• Engage in a comprehensive double materiality assessment to enhance the accuracy and relevance of our sustainability

reporting.

• Advance the migration of climate-related reporting from TCFD to IFRS S2 reporting standards.

• Further embed a zero-incident health and safety culture and operationalize the mine response teams.

• Improve the waste management plan.

• Increase data gathering and environmental monitoring at Zgounder.

• Collaborate with local authorities to enhance local water access, strengthen livelihood projects particularly for women,

and build community resiliency:

• Health – Mobile and weekly health clinics in partnership with Moroccan institutions and community organizations.

• Education – Reinforce local capacity through school supplies, online support for middle-school children, and an

adult literacy program.

• Livelihood projects – Launch an inaugural "Call for Proposals" where community members are invited to submit

their business projects on various livelihood projects, and those selected will earn support from the Corporation to

develop their project and seek further funding opportunities.

• Stakeholder engagement – Deepen communication and awareness of the revised Stakeholder Engagement Plan

and grievance mechanism.

<sup>11</sup> Non-GAAP Measures, refer to page 30.

<sup>12</sup> Non-GAAP Measures, refer to page 30.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202420

**Overview of Financial Performance**

For the three and twelve-month periods ended December 31, 2024 and 2023 (in thousands of dollars):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Year ended** | **Year ended** | **Year ended** | |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |  |
| | **2024** | **2023** | **Variance** | **2024** | **2023** | **Variance** |  |
| <br>**Revenues** | **9338** | **11070** | **(16)%** | **39117** | **42849** | **(9)%** | **(1)** |
| Cost of sales | 11084 | 6276 | 77% | 33735 | 27042 | 25% | (2) |
| **Gross (loss) profit** | **(1746)** | **4794** | **(136)%** | **5382** | **15807** | **(66)%** | **(3)** |
| General and administrative expenses | 5082 | 3395 | 50% | 16488 | 10876 | 52% | (4) |
| Impairment on exploration and evaluation <br>assets <br>| 27350 |  | NM | 27350 |  | NM | (5) |
| Loss on capital asset disposal | 291 |  | NM | 291 |  | NM |  |
| **Operating (loss) income** | **(34469)** | **1399** | **NM** | **(38747)** | **4931** | **NM** |  |
| Net finance income  | 2619 | 2885 | (9)% | 13947 | 4285 | 225% | (6) |
| **Net (loss) income before income taxes** | **(31850)** | **4284** | **(843)%** | **(24800)** | **9216** | **(369)%** |  |
| Income tax (recovery) expense | (1867) | 694 | (369)% | 1227 | 3884 | (68)% | (7) |
| **Net (loss) income for the period** | **(29983)** | **3590** | **(935)%** | **(26027)** | **5332** | **(588)%** | **(8)** |
| Income per share (diluted) | (0.23) | 0.03 | NM | (0.20) | 0.04 | NM | (8) |

---

***NM*** *– Not Meaningf****ul***

**Three-month period ended December 31, 2024, compared to the three-month period ended December 31, 2023**

1.**Revenues from silver sales** totaled $9,338 in Q4-2024 compared to $11,070 in Q4-2023, driven by a 33% decrease in

ounces sold to 337,733 oz in Q4-2024 compared with 507,635 oz in Q4-2023. The average net realized silver price per oz

sold increased by 27% to $27.65 in Q4-2024 compared to $21.81 in Q4-2023.

2.**Cost of sales** in Q4-2024 increased by 77% compared to Q4-2023, driven by lower processed grades, which required higher

tonnage to produce the same silver output, thereby increasing unit costs. Additional operational costs for expansion

preparations, mine ramp-up, health and safety activities, hiring of new staff, training and the two-month delay in the

expansion of the new Zgounder plant. In aggregate these costs of approximately $1.7 million raised the cash cost per silver

ounce sold to $26.57 in Q4-2024 compared to $21.71 in Q4-2023.<sup>11</sup> These extra costs are expected to normalize in the

coming quarters as production ramps up with the operation of the new Zgounder plant. The additional costs represented

$5.06/oz sold. On an adjusted basis, excluding these non-recurring costs, the adjusted cash cost per silver ounce sold is

$21.51/oz in Q4-2024.<sup>12</sup> A write-down of inventory of $294 was also booked in Q4-2024 to bring the inventory of silver

concentrate to its net realizable value, further increasing the cost of sales. In addition, the non-cash expense related to

share-based compensation has increased by $580 in Q4-2024 compared to Q4-2023.

3.**Gross (loss) profit** for the quarter was $(1,746) compared to $4,794 in Q4-2023, representing a decrease of 136%. The

decline reflects the impact of lower sales volumes and increased cost of sales as explained above with a partially offset

from the higher average net realized silver price per oz.

4.**General and administrative expense** increased by 50% in Q4-2024 compared with Q4-2023. The Corporation now has

multiple projects in Morocco and one in Mauritania and, as such, G&A expenses increased to manage these projects. To

support the continued growth of the Corporation and ensure adequate resources for project execution and corporate

functions, additional headcount was added at the head office in Montreal and in Morocco. The non-cash expense related to

share-based compensation has increased by $1,959 in Q4-2024 compared to Q4-2023 largely due to the grant of 5 million

share purchase options at an exercise price of C$15.63.

5.**Impairment on exploration and evaluation assets** includes a $27,350 impairment charge related to the Tijirit Project owned

by the Corporation at 75%. Given the contemplated transaction with Mx2 (see Proposed Transaction section), the

Corporation requested a three-year extension to the Tijirit permit. In December 2024, the Mauritanian government took a

<sup>13</sup> Non-GAAP Measures, refer to page 30.

<sup>14</sup> Non-GAAP Measures, refer to page 30.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202421

unilateral decision to grant a 6-month extension ending in June 2025, for commissioning a production facility. The validity

of the Tijirit permit is expected to be uncertain at the end of the extension, and the asset's recoverable amount was deemed

to be $nil, resulting in a full impairment loss as of December 31, 2024. (See Note 7 of the FS).

6.**Net finance income** decreased by $266 in Q4-2024 compared to Q4-2023 due to a decrease in foreign exchange gain of

$163 and a decrease in the fair value of options contracts of $118 between Q4-2024 and Q4-2023.

7.**Income tax expense** in Q4-2024 decreased by 369% compared with Q4-2023, due to a decrease in the net taxable income

of our Moroccan operating entity and by the recognition of net deferred income taxes of $300. The Corporation recognized

net deferred tax assets for an amount of $1,808. The decrease was partially offset by $553 in accrued withholding taxes on

interest on advances in Morocco in 2024.

8.**Net (loss) income** of $(29,983) (diluted EPS of $(0.23)) was recorded in Q4-2024 compared to net income of $3,590

(diluted EPS of $0.03 in Q4-2023).

**Year ended December 31, 2024, compared to the year ended December 31, 2023**

**1. Revenues from silver sales** totaled $39,117 in 2024 compared to $42,849 in 2023, representing a 9% decrease. The

decrease is largely due to a decrease of 25% in silver sold to 1,501,927 oz in 2024 compared with 2,012,344 oz in 2023.

Year to date, the average grade processed at Zgounder was 171 g/t compared to 250 g/t over the same period last year, a

decrease of 32%. Grade impacts mill recovery which decreased by 3.2% compared to 2023. The decrease in sales quantity

was partially offset by the average net realized silver price per oz sold which increased by 22% to $26.04 in 2024 compared

to $21.29 in 2023.

**2. Cost of sales** increased by 25% in 2024 compared to 2023, driven by lower processed grades, which required higher

tonnage to produce the same silver output, raising the cash cost per oz sold to $21.71 in 2024 compared to $12.50 in

2023.<sup>13</sup> This is largely due to an increase in operational costs associated with preparation for the expansion, mine ramp-up,

hiring of new staff, training, health and safety activities and the two-month delay in the expansion of the Zgounder Mine.

Underground mine costs increased following a change of contractor to catch up on the installation of retaining bolts and

screens. In aggregate, these additional costs totaled approximately $3.1 million. The additional costs represented $2.09/oz

sold. On an adjusted basis, excluding these non-recurring costs, adjusted cash cost per ounce sold is $19.62/oz in 2024.<sup>14</sup>

A write-down of inventory of $294 was also booked at year end 2024 to bring the inventory of silver concentrate to its net

realizable value, further increasing the cost of sales. In addition, the non-cash expense related to share-based

compensation has increased by $580 in 2024 compared to $nil in 2023.

3.**Gross profit** decreased by 66% in 2024 compared to 2023 due to lower sales volume and higher cost of sales. Higher costs

of ounces sold was largely due to lower average grade processed and lower combined mill recovery offset by an increase

of 22% in average net realized silver price per oz sold.

4.**General and administrative expenses** increased, by 52%, in large part because of the increase in personnel as the

Corporation continues to build out operations, exploration and development teams. The Corporation now has multiple

projects in Morocco and one in Mauritania and, as such, G&A expenses have increased to manage these projects. To

support the continued growth of the Corporation and ensure adequate resources for project execution and corporate

functions, additional headcount was added at the head office in Montreal and in Morocco. The non-cash expense related

to share-based compensation has increased by $4,450 in 2024 compared to 2023 largely due to the grant of 5 million share

purchase options at an exercise price of C$15.63.

5.**Impairment on exploration and evaluation assets** includes a $27,350 impairment charge related to the Tijirit Project owned

by the Corporation at 75%. Given the contemplated transaction with Mx2 (see Proposed Transaction section), the

Corporation requested a three-year extension to the Tijirit permit. In December 2024, the Mauritanian government took a

unilateral decision to grant a 6-month extension ending in June 2025, for commissioning a production facility. The validity

of the Tijirit permit is expected to be uncertain at the end of the extension, and the asset's recoverable amount was deemed

to be $nil, resulting in a full impairment loss as of December 31, 2024. (See Note 7 of the FS).

6.**Net finance income** increased by $9,662 in 2024 compared with 2023 mainly due to a foreign exchange gain of $10,175 in

2024 compared to a foreign exchange gain of $1,571 in 2023. These gains are due to the 8% appreciation of the USD

against the Canadian dollar mainly on advances made in USD to Moroccan subsidiaries which generated approximately

$9.7 million gain in 2024. In addition, there was an increase in interest income in 2024, which amounted to $3,867

compared to $2,491 in 2023, due to a higher cash balance. The gain in fair value of options contracts has been reduced by

$239 compared to 2023.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202422

7.**Income tax expense** in 2024 decreased by 68% compared with 2023 due to a decrease in the taxable income of our

Moroccan operating entity and by the recognition of net deferred income taxes of $300. The Corporation recognized net

deferred tax assets for an amount of $1,808. The decrease was partially offset by approximately $1,417 in accrued

withholding taxes on interest on advances in Morocco in 2024.

8. As a result of the foregoing, a net loss of $(26,027) (diluted EPS of (0.20)) was recorded in 2024 compared to a net income

of $5,332 (diluted EPS of $0.04) in 2023.

**Selected Annual information** 

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2024** | **2023** | **2022** |
| Revenues  | 39117 | 42849 | 38245 |
| Net (Loss) Income | (26027) | 5332 | 1398 |
| (Loss) Earnings per Share – basic | (0.20) | 0.05 | 0.01 |
| (Loss) Earnings per Share – diluted | (0.20) | 0.04 | 0.01 |
| Dividends per share |  |  |  |
| Total Assets | 400107 | 333057 | 156804 |
| Total Non-Current Financial Liabilities | 97638 | 58559 | 1233 |

---

<sup>15</sup> Non-GAAP Measures, refer to page 30.

<sup>16</sup> Non-GAAP Measures, refer to page 30.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202423

**Summary of Quarterly Results**

Selected quarterly information

---

| | | | |
|:---|:---|:---|:---|
|  | **Revenues** | **Net (Loss) Income** | **Net (Loss) Income per share (diluted)** |
| **Quarter ended** | **$** | **$** | **$** |
| December 31, 2024 | 9338 | (29983) | (0.23) |
| September 30, 2024 | 11024 | (263) | (0.00) |
| June 30, 2024 | 13678 | 6813 | 0.05 |
| March 31, 2024 | 5077 | (2594) | (0.02) |
| December 31, 2023 | 11070 | 3590 | 0.03 |
| September 30, 2023 | 11714 | 1206 | 0.01 |
| June 30, 2023 | 9621 | (525) | (0.00) |
| March 31, 2023 | 10444 | 1061 | 0.01 |

---

Revenues in Q4-2024 were $9,338 compared to $11,024 in Q3-2024. The Corporation sold 337,733 oz compared to 403,957 oz

of silver in Q3-2024. In addition, the cost of sales increased in proportion to the oz sold due to an increase in operational costs

associated with the finalization of the expansion, mine ramp-up, additional staff, training and health and safety activities that

have accelerated in Q4-2024 since the new Zgounder plant reached commercial production on December 29, 2024. These

additional costs will represent a smaller portion of revenues once additional production from the new plant increases as

planned in Q1-2025. In addition, an impairment charge of $27,350 related to the Tijirit Project owned by the Corporation at 75%

was taken in Q4-2024. (See Note 7 of the FS).

Revenues in Q3-2024 were $11,024 compared to $13,678 in Q2-2024. The Corporation sold 403,957 oz compared to 521,971

oz of silver in Q2-2024. The 23% reduction in oz sold is mainly explained by the average grade processed that came in lower at

159 g/t compared to 196 g/t in Q2-2024, partially offset by higher average selling prices. The cost of sales rose in line with the

increase in ounces sold due to higher operational costs from expansion preparation, mine ramp-up, and health and safety

activities in Q3-2024, as the new Zgounder plant neared completion.

Revenues in Q2-2024 were $13,678 compared to $5,077 in Q1-2024. The Corporation sold 521,971 oz of silver in Q2-2024

compared to 238,266 oz of silver in Q1-2024 since 157,457 oz of silver concentrate was held in inventory and was sold at a

higher price in Q2-2024. The average grade processed came in higher at 196 g/t in Q2-2024 compared to 173 g/t in Q1-2024,

resulting in a net income of $6,813 compared to a net loss of $(2,594) in Q1-2024.

Revenues in Q1-2024 were $5,077 compared to $11,070 in Q4-2023. The Corporation sold 238,266 oz of silver in Q1-2024

compared to 507,635 oz of silver in Q4-2023. The average grade processed came in lower at 173 g/t in Q1-2024 compared to

239 g/t in Q4-2023. The Corporation increased its inventory of silver in concentrate by $1,830 in Q1-2024, affecting sales

negatively during the quarter since fewer ounces were sold. As a result of lower revenues and higher G&A expenses, the

Corporation recorded a net loss of $(2,594) in Q1-2024 compared to a net income of $3,590 in Q4-2023.

The net income in Q4-2023 increased by 198% from Q3-2023 due to a net finance expense of $1,385 in Q3-2023 compared to a

net finance income of $2,885 in Q4-2023 and the recognition of a deferred tax asset of $1,765 in Q4-2023 compared to $(138)

in Q4-2022. The increase has been partially offset by the increase in cash cost per silver ounce sold<sup>15</sup> which went from $10.73

in Q3-2023 to $13.69 in Q4-2023.

Revenues in Q3-2023 increased by 24% from Q2-2023 mainly due to the increase in sales volume in Q3-2023 to 543,983 oz

compared with 439,080 oz in Q2-2023, resulting in a net profit of $1,206 compared to a net loss of $(525) in Q2-2023.

Revenues in Q2-2023 decreased by 8% from Q1-2023 mainly due to the decrease in sales volume in Q2-2023 to 452,523 oz

compared with 508,204 oz in Q1-2023, resulting in a net loss of $(525) compared to a net income of $1,061 in Q1-2023.

Revenues in Q1-2023 decreased by 22% from Q4-2022 due to a 24% decrease in the sales volume to total 508,204 oz sold in

Q1-2023, compared to 669,506 oz sold in Q4-2022. The net profit was negatively affected by the cash cost<sup>16</sup> per silver ounce

sold that went from $10.94 in Q4-2022 to $14.56 in Q1-2023. This increase in cash cost was partially offset by the average net

realized silver price per ounces sold that went from $19.90 in Q4-2022 to $20.55 in Q1-2023, resulting in a net income of

$1,061 in Q1-2023 compared to $1,963 in Q4-2022.

<sup>17</sup> Non-GAAP Measures, consisting of current assets of $76,540 less current liabilities of $53,116 (December 31, 2023, current assets of $80,399 less current liabilities

of $46,695).

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202424

**Liquidity and Capital Resources**

As at December 31, 2024, the Corporation had working capital of $23,424 compared to $33,704 as at December 31, 2023<sup>17</sup>

including cash of $30,944 ($49,830 on December 31, 2023). The Corporation has sufficient liquidity to finance its operations

for at least the next 12 months. Although the Corporation used $8,615 in operating cash flow in 2024, principally from the

Zgounder operation, the Corporation anticipates generating cash flow from the Zgounder mine in 2025. The Corporation's

principal sources of financing in the past have been equity and debt financing. The success of equity and debt financing is

dependent on capital markets, the attractiveness of mining companies to investors, and metal prices. To continue its

exploration, development, expansion activities and be able to support its ongoing operations the Corporation may be required

to raise further equity or debt financing in the capital markets.

As part of its $100 million financing with EBRD, the Corporation is required to maintain $18 million in restricted cash as a Cost

Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, any unused

portion of the COF may be reallocated to fund the $16.25 million Debt Service Reserve Account ("DSRA"). Project Completion

is defined as achieving at least 90% of forecasted silver production over a 90-day period, with no month below 85%, based on

the banking base case model. While timing remains uncertain, the requirement to maintain the full COF, and eventually the

DSRA, limits the Corporation's accessible cash. As these funds are not available for general corporate use, and with existing

debt facilities fully drawn and no new equity financing currently arranged, the Corporation's liquidity are constrained.

The following table summarizes the corporation's cash flow activity during the three and twelve-month periods ended

December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Cash Flow** | **2024** | **2023** | **2024** | **2023** |
| Operating cash flows before working capital | 198 | (648) | 2655 | 9688 |
| Change in non-cash operating working capital | 2158 | (11488) | (11270) | (6311) |
| Net cash flow from (used in) operating activities | 2356 | (12136) | (8615) | 3377 |
| Net cash flow (used) in investing activities | (22470) | (14711) | (94009) | (127623) |
| Net cash flow (used in) from financing activities | (389) | 24515 | 88478 | 133353 |
| Effect of exchange rate changes on cash in foreign currencies | (3388) | 1552 | (4740) | 1363 |
| **Net (decrease) increase in cash** | **(23891)** | **(780)** | **(18886)** | **10470** |
| Cash beginning of the period | 54835 | 50610 | 49830 | 39360 |
| **Cash end of period** | **30944** | **49830** | **30944** | **49830** |

---

**Operating**

The operating cash flow in Q4-2024 was positively impacted by changes of $2,158 in working capital items, mainly due to a

decrease in accounts receivable, higher accounts payable and lower prepaid and security deposits. The increase was partially

offset by an increase in inventory, income tax receivable and sales tax receivable.

During the year ended December 31, 2024 the Corporation's generated operating cash flow before working capital items of

$2,655, compared to $9,688 for the same prior-year period. The decrease was driven by higher operating loss in 2024

compared to 2023. See section Overview of Financial Performance.

The operating cash flow in 2024 was negatively impacted by changes of $11,270 in working capital items, mainly due to an

increase in accounts receivable, inventories, income tax receivable, deposit in trust, a decrease in income tax payable, which

were partially offset by a decrease in prepaid and security deposits, sales tax receivable and an increase in accounts payable.

**Investing**

During the three-month period ended December 31, 2024, the Corporation used cash of $22,470 in investing activities

compared to $14,711 in Q4-2023. The decrease in due to higher capital expenditures with $17,253 spent in Q4-2024 primarily

for the Zgounder expansion, compared to $7,034 in Q4-2023. This reflects the current stage of the Zgounder expansion

compared to last year as the project is now completed. Additions to mining properties were $223 in Q4-2023 compared to $54

in Q4-2023. Exploration and evaluation assets, mainly for the Boumadine, Zgounder and Zgounder Regional projects, were

<sup>18</sup> Includes $3.2 million in share issue costs related to the February 14, 2024 C$77.6 million financing.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202425

$4,310 in Q4-2024 compared to $7,623 in Q4-2023, in line with the planned budget for exploration. Aya invested $695 in Mx2's

financing (see Proposed Transaction section).

During the year ended December 31, 2024, the Corporation used cash of $94,009 in investing activities compared to $127,623

in the same prior-year period. The decrease is related to the acquisition of property plant and equipment and deposits to

supplier for capital expenditures, both of which relate to the Zgounder expansion for $65,450 in 2024 compared to $86,909 in

2023. Additions to mining properties were $223 in 2024 compared to $854 in 2023. An investment of $29,891 was made in

exploration and evaluation assets for the various exploration assets of the Corporation in 2024 compared to $21,860 in 2023.

$2.2 million in restricted cash which served as collateral for a foreign exchange line of credit was released in 2024 compared

to $18,000 of cash that was moved to restricted cash in 2023 to securitize the EBRD loan. Aya invested $695 in Mx2's

financing (see Proposed Transaction section).

**Financing**

During the three-month period ended December 31, 2024:

• The Corporation drew down $nil from the EBRD loan compared to $25,000 for the same prior-year period. The proceeds

have been solely used for the Zgounder expansion. $306 deferred financing costs were paid in Q4-2024 compared to $460

in Q4-2023.

• No stock options were exercised in Q4-2024 compared to proceeds of $43 in Q4-2023.

• Lease liabilities payments between Q4-2024 and Q4-2023 were at a comparable level.

During the year ended December 31, 2024:

• The Corporation drew down $40,000 from the EBRD loan compared to $60,000 for prior year. The drawdowns have been

solely used for the Zgounder expansion and the Corporation paid $306 in financing costs in relation to the EBRD loan in

2024 compared to $4,370 in 2023.

• Options were exercised for proceeds totaling $1,662 compared to $2,168 for the same period in 2023 and no warrants

were exercised in 2024 compared to $11,276 in 2023.

• Payments related to long-term debt of $6,526 were made in 2024 compared to $nil in 2023.

• The Corporation closed an equity financing and issued 7,573,900 common shares of the Corporation at C$10.25 per

common share for net proceeds of $57,297 compared to an equity financing of 11,151,550 common shares of the

Corporation at C$8.25 per common share for net proceeds of $68,765 in 2023.

• Lease liabilities payments between 2024 and 2023 were at a comparable level.

**Use of Proceeds**

February 14, 2024 Financing

On February 14, 2024, the Corporation closed a bought deal public financing and issued 7,573,900 common shares in the

capital of the Corporation at a price of C$10.25 per share for gross proceeds of approximately C$77.6 million ($57.3 million).

The Offering was completed by way of a prospectus supplement filed on February 8, 2024 in each Canadian province, to the

short form base shelf prospectus dated January 12, 2023.

Below is an update, in tabular form, reflecting the use of the funds as of December 31, 2024 compared to the budgeted

amounts initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 36.9 | 28.0 |
| Zgounder regional and other projects | 4.4 | 4.4 |
| General corporate purposes<sup>18</sup> | 16.0 | 8.9 |
| **Total** | **57.3** | **41.3** |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202426

**Financing Sources**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** |
| **Date** | **Type** | **Financings** | **Gross** <br>**Amounts ($)**<br>| **General description of the use of proceeds** |
| February 14, 2024 | Short Form <br>Prospectus<br>| Common <br>shares<br>| 57297 | The net proceeds of the financing after financing costs are <br>being used for the exploration and development of <br>Boumadine, for Zgounder Regional exploration programs <br>and for general corporation purposes (see Use of <br>Proceeds section for a reconciliation of the usage).<br>|
| January 25, 2023 | Short Form <br>Prospectus<br>| Common <br>shares<br>| 68765 | The net proceeds of the financing after financing costs <br>were used for the expansion of the Zgounder Mine, for <br>advancement of its exploration programs at Zgounder, <br>Zgounder Regional and Boumadine; and for general <br>corporation purposes.<br>|
| From Jan 13, 2023 <br>to Sep 2, 2023<br>| Warrants | Common <br>shares<br>| 11276 | The net proceeds from the exercise of warrants were used <br>for the expansion of the Zgounder Mine, for advancement <br>of other properties and for general corporation purposes.<br>|
| From Apr 4, 2023 to <br>Sep 24, 2024<br>| Options <br>exercised<br>| Common <br>shares<br>| 3828 | The net proceeds from the exercise of options were used <br>to fund general administrative expenses, investing <br>activities and other working capital needs.<br>|

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202427

**Financial Position**

The following table details the changes to the statements of financial position as at December 31, 2024 compared to

December 31, 2023:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As at December** <br>**31, 2024** | **As at December** <br>**31, 2023** | **Variance** | |  |  |  |
| | **As at December** <br>**31, 2024** | **As at December** <br>**31, 2023** | **Variance** | <br>Cash  | 30944 | 49830 | (38)% |
| Accounts receivable | 1827 | 607 | 201% |  |  |  |  |
| Sales taxes receivable | 9979 | 10806 | (8)% |  |  |  |  |
| Income tax receivable | 3415 |  | NM |  |  |  |  |
| Inventories  | 27389 | 16810 | 63% |  |  |  |  |
| Deposit in trust | 695 |  | NM |  |  |  |  |
| Prepaid expenses and security deposits | 2249 | 2346 | (4)% |  |  |  |  |
| Options contracts | 42 |  | NM |  |  |  |  |
| **Total current assets** | **76540** | **80399** | **(5)%** |  |  |  |  |
| Restricted cash  | 18246 | 20503 | (11)% |  |  |  |  |
| Deferred financing fees |  | 1888 | (100)% |  |  |  |  |
| Non-refundable deposits to suppliers  | 2787 | 8136 | (66)% |  |  |  |  |
| Deferred income tax | 3425 | 617 | 455% |  |  |  |  |
| Property, plant, and equipment  | 231205 | 161502 | 43% |  |  |  |  |
| Exploration and evaluation assets  | 67904 | 60012 | 13% |  |  |  |  |
| **Total assets** | **400107** | **333057** | **20%** |  |  |  |  |
| **Total current liabilities** | **53116** | **46695** | **14%** |  |  |  |  |
| Lease liabilities  | 1121 | 887 | 26% |  |  |  |  |
| Long-term debt  | 95517 | 57672 | 66% |  |  |  |  |
| Asset retirement obligations  | 2872 | 2667 | 8% |  |  |  |  |
| **Total liabilities** | **153626** | **107921** | **42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **246481** | **225136** | **9%** |  |  |  |  |
| **Total liabilities and equity** | **400107** | **333057** | **20%** |  |  |  |  |

---

***\*NM:*** *Not Meaningful*

**Assets** 

The change in the Corporation's cash balance on December 31, 2024 compared to the amount held on December 31, 2023, is

detailed in the section Liquidity and Capital Resources.

The increase in accounts receivable of $1,220 between December 31, 2023, and December 31, 2024, is mainly due to large lots

of silver concentrate that were sold at the end of Q4-2024. The cash was received at the beginning of Q1-2025.

The decrease in sales taxes receivable as at December 31, 2024 compared to December 31, 2023 of $827 is related to

reimbursements of over $6 million received during YTD-2024 partially offset by the increase of roughly $5 million mainly

related to the Zgounder expansion. The Corporation's sales tax receivable collection cycle has been reduced significantly in

2024. Higher ore stockpile inventories are required at the Zgounder Mine in preparation for the ramp-up planned in H1-2025. The

current stockpile of 336,371 tonnes has been gradually decreasing since the achievement of commercial production on

December 29, 2024, and is expected to continue declining during H1-2025 to maintain a stock equivalent to 3 to 6 months of

production. In addition, all the production from the new Zgounder plant of 130,194 oz is being held in inventory at year-end.

The increase of $3,415 in income tax receivable is related to installments done in 2024 calculated based on last year's taxable

income.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202428

The Corporation has invested C$1 million ($695) as part of a C$16 million equity financing for Mx2 Mining Inc. The funds are

currently held in trust pending the closing of the transaction related to the sale of the Amizmiz permit. (See Proposed

Transaction section).

The change in non-current assets balance on December 31, 2024 compared to the amount held on December 31, 2023, is

detailed in the Liquidity and Capital Resources section.

**Liabilities and Equity**

The current liabilities increased by 14% between 2024 and 2023, mainly related to an increase of $9,608 in accounts payable

and accrued liabilities due to the Zgounder expansion and the increased exploration expenses at Boumadine. It was partially

offset by the reduction of $3,058 in income tax payable.

The lease liabilities have increased in 2024 following the extension of the lease at the Canadian headquarters.

The increase in asset retirement obligation is mainly due to the expansion of the Zgounder Mine and its anticipated

reclamation costs at the end of the mine life.

The increase of $37,845 in long-term debt is related to the EBRD loan (See Note 7 of the FS).

The Corporation recorded a deferred tax liabilities of $1,000 in 2024.

The change in total equity is mainly attributable to net income during the period ended 2024 and the financing of C$77.6

million ($57.3 million) completed in February 2024 (See February 2024 Corporate Financing). In addition, 511,950 stock

options with an average strike price of C$4.43 were exercised and 306,500 RSUs were settled at an average price of C$8.77

during 2024.

**Capital Management**

The Corporation defines capital as long-term debt and equity. When managing capital, the Corporation's objectives are to:

1. Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

2. Ensure the externally imposed capital requirements relating to debt obligations are being met;

3. Increase the value of the Corporation's assets; and

4. Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at December 31, 2024 managed capital is $341,993 ($278,393 December 31, 2023) representing long-term

debt and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2023** |
| Long-term debt | **95517** | 57672 |
| Total equity before non-controlling interests | **246476** | 220721 |
|  | **341993** | 278393 |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202429

**Commitments and Contingency**

The Corporation had the following undiscounted contractual obligations at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments due by period** | **Less than 1** <br>**year**<br>| **1-3 Years** | **4-5 years** | **After 5 Years** | **Total** |
| **Contractual obligations** | **$** | **$** | **$** | **$** | **$** |
| Accounts payable and accrued liabilities\*  | 51351 |  |  |  | 51351 |
| Long-term debt |  | 57143 | 42857 |  | 100000 |
| Interest on long-term debt\*\* | 4917 | 14397 | 3942 |  | 23256 |
| Balance of purchase price payable  | 1483 |  |  |  | 1483 |
| Lease liabilities | 356 | 588 | 386 | 320 | 1650 |
| Asset reclamation obligations |  |  |  | 3352 | 3352 |
|  | **58107** | **72128** | **47185** | **3672** | **181092** |

---

\* Includes interest on long-term debt of $4,411 payable on January 19, 2025.

\*\* The interest on the US$100 million long-term debt with EBRD has been calculated using the SOFR+5% (8.79%) rate as at December 31, 2024 for the $92 million

EBRD Tranche and at 1% for the Climate Investment Funds tranche of $8 million.

**Royalties**

As per the terms of the property purchase agreements, the Corporation is committed to pay the following royalties:

• 3.0% royalty to ONHYM on revenue from the Zgounder property or $280 and $1,170 for the three and twelve-month

periods ended December 31, 2024 respectively ($336 and $1,289 for the three and twelve-month periods ended

December 31, 2024 and 2023 respectively);

• 3.0% royalty to ONHYM on revenue from the Boumadine property;

• 1.5% Net Smelter Royalty ("NSR") to Société d'Exploration Géologique des Métaux ("SEGM") on the Amizmiz property and

on an 8 km radius area of interest; and

• 2.5% royalty to Ouiselat Mines on revenue from the Azegour property.

All royalty agreements are payable in perpetuity.

<sup>19</sup> As per note 16 of the FS for the total cost of sales.

<sup>20</sup> As per note 15 of the FS for treatment, smelting and refining costs reported as net of sales.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202430

**Non-GAAP Measures**

The Corporation uses non-GAAP key performance metrics to monitor and assess the operational performance of each active

mining unit by calculating the adjusted operating cash cost per silver ounce sold and a new measure in fiscal 2024, adjusted

cash cost per silver ounce sold, all to assess operating performance at the Corporation's active mining unit of Zgounder.

These indicators are commonly used as measures of performance in the mining sector, but they are presented in addition to

the IFRS indicators, although there is no consistent definition. These non-GAAP financial measures are not standardized

financial measure under IFRS used to prepare the financial statements of the Corporation to which the measure relate. These

indicators are used by management to assess the cost of operations compared to peers and the performance of each mine in

the portfolio.

The below indicators are non-GAAP performance indicators and were calculated using World Gold Council (or "WGC")

guidelines. WGC is not an industry regulatory agency and therefore does not have the authority to develop accounting

standards for disclosure specifications. Due to differences in underlying accounting rules and procedures, the different

groupings used in the presentation on non-GAAP measures, other mining companies may calculate cash costs in a variety of

ways. This measure is used by management and investors to evaluate operating efficiency on a per-ounce basis and to

compare performance across periods and with other producers. The following table reconciles costs of sales, the closest IFRS

measure, to adjusted operating cash costs and also provides the calculation of the non-gaap ratios.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Year ended** | **Year ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Zgounder Silver Mine – Morocco** | **2024** | **2023** | **2024** | **2023** |
| Cost of sales<sup>19</sup> | 11084 | 6276 | 33735 | 27042 |
| Share-based compensation | (580) |  | (580) |  |
| Depreciation | (1953) | (60) | (3246) | (4884) |
| Inventory write-down | (294) |  | (294) |  |
| Treatment, smelting and refining costs<sup>20</sup> | 718 | 733 | 2992 | 2997 |
| **Adjusted operating cash costs (A)** | **8975** | **6949** | **32607** | **25155** |
| **Total silver sales (oz) (B)** | **337733** | **507635** | **1501927** | **2012344** |
| **Cash cost per silver ounce sold (A/B)** | **26.57** | **13.69** | **21.71** | **12.50** |
| **Additional cogs due to ramp-up (C)** | **1710** | **—** | **3137** | **—** |
| **Adjusted operating cash costs (A-C)** | **7265** | **6949** | **29470** | **25155** |
| **Adjusted cash cost per silver ounce sold (A-C)/(B)** | **21.51** | **13.69** | **19.62** | **12.50** |

---

In H2-2024 additional operational costs for expansion preparations, mine ramp-up, health and safety activities, hiring of new

staff, training and the two-month delay in the expansion of the Zgounder Mine. Underground mining costs also increased in the

quarter as we used our mining contractor to increase the rate of stope development and catch up on bolting and screening. In

aggregate these additional costs totaled approximately $3.1 million for the year ($1.7 million for Q4-2024). The additional

costs represented $5.06 per oz sold in Q4-2024 and $2.09 per oz sold for fiscal 2024. Excluding these costs, the adjusted cash

cost per silver ounce sold is $21.51 in Q4-2024 and $19.62 for fiscal 2024.

**Available Liquidity**

Available liquidity is a new non-IFRS measure used by Management to monitor its cash. Available liquidity is comprised of

cash and undrawn amounts under available credit facilities. The Corporation uses available liquidity to measure the liquidity

required to satisfy its lenders, fund capital expenditures and support operations. This measure does not have any standardized

meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2023** |
| Cash  | **30,944** | 49,830 |
| Undrawn amount under long-term debt |  | 40,000 |
| **Available liquidity** | **30,944** | **89,830** |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202431

**Risks and Uncertainties**

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 common

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 MD&A 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' financial

condition, results of operations, valuation and the trading price of its shares.

**Financial Risk Factors**

Disclosure and description of the Corporation's capital management, financial risk management and financial instruments,

including the risks pertaining to credit, commodity prices, liquidity and currencies, are in notes 19, 20 and 21 of the FS.

**Uncertainty in the Calculation of Mineral Reserves, Resources and Silver** 

**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 National Instrument 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 and silver 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 silver

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 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; 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.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202432

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 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, weather 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 mining operations in Morocco. The Corporation's

Zgounder Silver Mine and Boumadine Project, located within the Atlas Mountains region, 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 prevent

transportation to or from the work sites. 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 have outsourced a major portion of the EPC work related to the Expansion Project to DF (see

"Material Contracts") and, we currently outsource our open-pit operations to qualified contractors in Morocco. 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. More specifically, 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, our operations could be suspended, delayed or be entirely stopped,

which may materially impact our operations as a whole. 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.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202433

**Indebtedness**

In connection with the financing of the Zgounder Expansion, the Corporation and its subsidiaries entered into various

agreements with the EBRD and the CTF. 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 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.

If we default under the Agreements, and such event of default is not cured or waived, the lenders could terminate their

commitments under the debt instruments and cause all 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, which are subject 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.

**Boumadine project**

The gold and silver within the pyrite of the Boumadine ore is encapsulated leaving it unleachable by traditional methods. The

Au/S ratio for Boumadine is far from the generally seen ratio for existing projects. The Corporation is currently assessing the

potential of various gold and silver extraction technologies. Should no solution be identified, the economic viability of the

Boumadine Project may be compromised, and the mineral resource estimate related to the project may prove to be materially

inaccurate or otherwise negatively or positively affected.

**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, 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. 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.

**Additional Funding Requirements** 

The continuation of our exploration and development activities 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 will also require additional capital, notably for project engineering and construction purposes. 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 free 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 Corporation does not currently have

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202434

arranged sources of incremental financing. There is 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,

such as that experienced in the past years because of the COVID-19 pandemic, could increase the Corporation's cost of capital

and adversely affect its ability to obtain financing. Should the Corporate 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.

**Integration of Future Acquisitions in Current Operations**

The Corporation may make select 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

results, financial condition and the price of the Corporation's Common 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 and permits are currently, and may in the future be,

required in connection with the Corporation's mining exploration and development projects. To the extent such approvals are

required and not obtained, the Corporation may be restricted or prohibited from proceeding with planned exploration or

development activities.

In addition, as its common 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. There are some groups located in

Morocco, near the Zgounder Silver Mine, 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. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202435

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, continue its operations, the laws governing its activities and its reputation. Such impacts

may lead to decreased investor confidence and 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 can

fully mitigate 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's 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. 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.

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.

**Uncertainty of Titles**

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 or transfers or undetected defects. Third parties may, unbeknownst to the Corporation, have

valid claims to underlying portions of the Corporation's interests.

**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 to manage 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.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202436

**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 in reason of the necessary work

visas and permits the government requires. Shortages of suitably qualified personnel could have a material adverse effect on

the Corporation's business and operational results. 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 work force. 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.

**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. Persistent or severe shortages or

delay in availability could potentially lead to the alteration or abandonment of the Corporation's exploration and development

plans.

**Dependence on a Single Mine**

Aya's only material property is the Zgounder Silver Mine. Unless new projects are acquired or advances our exploration

properties are advanced to material status, 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 seeking

new projects and exploring its non-material 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**

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 and media crisis. 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.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202437

**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 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.

**Geopolitics, Restrictions on Repatriation of Earning and Changes in Tax** 

**Regimes**

The governments of Morocco and Mauritania, 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, these governments will not adopt

new or different policies, laws, regulations or interpretations thereof respecting foreign ownership of mineral resources,

taxation, exchange rates, environmental protection, labour relations, community rights, repatriation of income or return of

capital, restrictions on production, price controls, capital controls, export controls, currency controls, local beneficiation of

silver or gold production, 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 Mauritania and 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 Mauritania or 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.

**Public Health Threats** 

Any pandemic, epidemic, endemic or other public health threat, including the emergence of any COVID-19 variant, 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 COVID-19 or 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

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202438

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.

**Wars**

Following the attacks by Hamas on Israel's border in October 2023, Israel declared war against Hamas and launched a series

of responding attacks in Palestine. Since the beginning of the Israel-Palestine war, global oil prices have increased and, there is

a risk that the instability in Middle East caused by the war result in further price increases, trade embargos, supply chain

disruptions and other uncertain outcomes that may have material adverse effects on the Corporation.

**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. Regulation relating to emission levels (such as carbon emission taxes) and energy efficiency

is becoming more stringent. If the current regulatory trend continues, this may result in increased costs at some or all the

Corporation's operations.

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

Corporations 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.

• 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 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 Anti-Corruption and Anti-Bribery Policy ("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

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202439

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

Russia, among others. Supply chain impacts may also manifest as rising costs or shortages of certain commodities and

labor.

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

**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 targeted milestones pertaining to the Zgounder Expansion or any other exploration or development project of

the Corporation, affect its ability to raise sufficient funds for the advancement of projects, cause the Corporation to choose to

indefinitely postpone or abandon a project or, cause the project expenditures, operation and financial outcomes to be

inconsistent with the budget, plans and forecasts. The materialization of any such risk could have a material adverse effect on

the Corporation's business, financial condition and results of operations.

**Illegal Miners**

Since the acquisition of the Tijirit gold project n June of 2021, the Corporation has faced and may continue to face risks

associated with illegal artisanal mining on its properties in Mauritania. Illegal miners may compromise the safety of the

operations on site, cause contamination of the environment as the result of unauthorized use of chemicals, including cyanide

and mercury, and in certain cases, accelerate the depletion of our ore bodies. Although the local government authorities have

undertaken measures that have reduced the occurrence of illegal mining and removed same from the area of interest on the

Corporation 's mining permit, the Corporation cannot provide assurance that these measures will be sustainable or successful

in reducing or eliminating illegal mining in the future or on the entirety of its permit. The Corporation may also be held liable for

environmental damage and/or personal injury associated with illegal mining activity on its properties despite its efforts to

prevent that activity. Any of these factors could have a material adverse effect on the Corporation's business, results of

operations and financial condition.

**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.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202440

**Fund Repatriation**

Repatriating funds from Morocco to the Corporation's mother company in Canada, in Dirhams and foreign currency requires

several authorizations from the 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.

**Price of Commodities**

The profitability of Aya's operations 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 the control of Aya. The price of gold and/or

silver can be subject to volatile price movements and future significant price declines could cause continued commercial

production to be uneconomical. 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. 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.

Silver prices may also be affected by macroeconomic factors, including: expectations of the future rate of inflation; the

strength of, and confidence in, the U.S. dollar, the currency in which the price of the metal is generally quoted, and other

currencies; interest rates; and global or regional political or economic uncertainties.

**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 and other relevant accounting standards

and securities legislation. 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.

**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. 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 Facility, which accrues interest at a

variable rate of SOFR + 5% on US$92. 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 Climate Investment Funds ("CTF Tranche") of $8 million,

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 Facility, 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. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202441

**Use of Derivative Instruments**

Aya sometimes 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 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 Corporation's cash is mostly held with reputable Canadian or Moroccan banks.

Credit risk arises from the possibility that the clients which the Corporation sells its product to may experience financial

difficulties and be unable to fulfil their obligations. The Corporation requires that it is paid the majority of what it is owed on

transfer of property and deals with creditworthy counterparties to mitigate the risk of financial loss from defaults. The

Corporation monitors the credit risk of customers through credit rating reviews and constant communication with customers.

The Corporation sells its ingots and silver concentrated ore to a limited number of large customers and has never experienced

a credit loss. Consequently, credit risk is considered to be limited. In management's opinion, the maximum credit risk exposure

for all of the Corporation's current financial assets is the carrying value of those assets.

**Impairment**

Regular assessments are to be conducted by Aya to determine whether impairment is necessary for any of 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.

**Other Financial Information**

**Share Purchase Options**

The following table reflects the share purchase options issued and outstanding as at the date of this MD&A:

---

| | | |
|:---|:---|:---|
| **Expiry dat**e | **Number of options** | **Exercise Price** |
|  | **Number** | **C$** |
| July 1, 2030 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | 15.63 |
|  | 9569451 | 9.03 |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202442

**Outstanding Share Data**

---

| | |
|:---|:---|
|  | **Number of shares outstanding (diluted)** |
| Outstanding as of March 27, 2025 | 130790053 |
| Shares reserved for issuance pursuant to share purchase options  | 9569451 |
| Shares reserved for issuance pursuant to deferred share units | 457124 |
| Shares reserved for issuance pursuant to restricted share units | 1504891 |
|  | 142321519 |

---

**Off-Balance Sheet Arrangements**

As at December 31, 2024 the Corporation had no material off-balance sheet arrangements such as contingent interest in

assets transferred to an entity, derivative instruments obligations or any obligations that generate financing, liquidity, market or

credit risk to the Corporation, other than commitments, contingent liabilities and interest, as disclosed in this MD&A and the

FS.

**Related Party Disclosures**

During the three and twelve-month periods ended December 31, 2024 and the year ended December 31, 2023, the following

related party transactions occurred in the normal course of operations:

• Management and consulting fees to Groupe Conseils Grou, La Salle Inc., a company owned by the President and Chief

Executive Officer of $55 and $758 for the three and twelve-month periods ended December 31, 2024 2024 ($207 and

$772 for the three and twelve-month periods ended December 31, 2024 2023 respectively). As at December 31, 2024,

$305 (December 31, 2023 - $412) was due to that company;

 **Remuneration of Key Management Personnel of the Corporation**

Key management included members of the Board of Directors and executive officers of the Corporation. During the three and

twelve-month periods ended December 31, 2024 and 2023, the remuneration awarded to key management personnel

(including the amounts above) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  | **$** | **$** | **$** | **$** |
| Salaries and benefits | **307** | 664 | **1288** | 1226 |
| Management consulting and professional fees | **138** | 364 | **1110** | 1146 |
| Share-based payments | **3763** | 608 | **6905** | 2320 |
|  | **4208** | 1636 | **9303** | 4692 |

---

**Accounting Policies, Judgments and Estimates**

**Critical Accounting Judgments and Estimates**

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments,

estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the

financial statements and the reported amounts of revenue and expenses during the reporting year. Although these estimates

are based on management's best knowledge of the amount, events or actions, actual results may differ from these estimates.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202443

In preparing the Corporation's audited consolidated financial statements for the years ended December 31, 2024 and 2023, the

Corporation applied the critical judgments and estimates disclosed in note 4 of its audited consolidated financial statements

for the year ended December 31, 2024.

**Proposed Transaction**

On September 12, 2024, the Corporation announced a non-binding term sheet for the spinout of its Amizmiz Gold Project in

Morocco and an exclusive option on its Tijirit Project in Mauritania to Mx2 Mining Inc. ("Mx2"), a new North Africa-focused gold

company. Aya will transfer its rights to the Amizmiz Property to Mx2 and is expected to own approximately 42% of Mx2,

becoming its largest shareholder. The transaction requires confirmatory due diligence and standard closing conditions.

On November 20, 2024, Mx2 announced the closing of C$16 million brokered equity financing for exploration and working

capital, with funds available upon closing of the transaction scheduled for late H1-2025. Aya invested $695 (C$1 million) in

Mx2's financing.

Following the Mauritanian government's decision to grant a six-month extension of the Tijirit mining permit, ending in June

2025, the Corporation has determined that the long-term viability of the project is no longer assured. Consequently, the

Corporation has decided to abandon the Tijirit Project, wind down its local operations, and exit Mauritania to concentrate its

efforts in Morocco. An impairment on its exploration and evaluation assets of $27,350 was recorded in Q4 2024.

As a result, the transaction with Mx2 is now expected to close with the Amizmiz gold project as the sole asset transferred to

Mx2 by the Corporation.

**Management's Report on Internal Controls and Financial** 

**Reporting**

**Disclosure Controls and Procedures**

The Corporation's board, officers and management are responsible for establishing and maintaining disclosure controls and

procedures (DC&P) for the Corporation. Disclosure controls and procedures are designed to provide reasonable assurance

that material information regarding our reports filed or submitted under securities legislation fairly presents the financial

information of Aya and its subsidiaries and to ensure that required information is gathered and communicated to the

Corporation's management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to

permit timely decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of

disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide

reasonable assurance of achieving their control objectives.

An evaluation of the effectiveness of the Corporation's disclosure controls and procedures, as defined under the rules of the

Canadian Securities Administration, was conducted as at December 31, 2024 under the supervision of the Corporation's

Disclosure Committee and with the participation of management.

Based on the results of that evaluation, the CEO and the CFO concluded that the Corporation's disclosure controls and

procedures were effective as at December 31, 2024.

**Internal Controls over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") as

defined in NI 52-109. A Corporation's internal control over financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with applicable generally accepted accounting principles.

A Corporation's internal control over financial reporting includes those policies and procedures that (i) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets

of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202444

Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii)

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

Corporation's assets that could have a material effect on the financial statements. It should be noted that a control system, no

matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of

the control system are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and

procedures may deteriorate. Management, under the supervision of the Chief Executive Officer (CEO) and Chief Financial

Officer (CFO), has evaluated the effectiveness of ICFR and based on that evaluation, the Certifying Officers have concluded

that the Corporation's ICFR was effective as at December 31, 2024. In making this assessment, management used the criteria

set forth in the Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the

Treadway Commission ("COSO").

**Changes in Internal Control over Financial Reporting**

There were no changes to the Corporation's ICFR for the quarter ended December 31, 2024 that have materially affected, or are

reasonably likely to materially affect, the Corporation's ICFR.

**Cautionary Note Regarding Forward-Looking Information**

All statements, other than statements of historical fact, contained or incorporated by reference in this MD&A including, but not

limited to, any information as to the future financial or operating performance of the Corporation, constitute "forward-looking

information" or "forward-looking statements" within the meaning of certain securities laws and are based on expectations,

estimates and projections as of the date of this MD&A. 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 contained in this MD&A, include, but are not limited to, those under the headings

"Environmental, Social and Governance", "Development and Exploration", "Operating Results", "2025 Guidance and Outlook",

and "Liquidity and Capital Resources" and amongst others include, without limitation, statements with respect to mining rate

of 40,000 tpd of total material moved to be achieved at the open pit by end of 2025, the impacts of the backfilling of the stopes

in the underground mine, the advancement of the development ramp at a rate of 25 vertical meters every two months, reaching

mill recovery rate as per the Feasibility Study of approximately 89% in 2025, reaching 2700 tpd or nameplate capacity of

processing rate in 2025, our 2025 guidance and outlook specifically guidance for production of between 5 to 5.3 M oz Ag, cost

guidance, including silver cash cost of between $15 and $18 per oz, production costs of sales, all-in sustaining cost of sales,

and capital expenditures; average recoveries being between 84% and 88%, average grade processed being between 170g/t Ag

and 200g/t Ag, statements with respect to timelines of certain events and plans including timelines related to the ramp-up to

commercial production, advancement of mining rates, milling rates, achieving nameplate capacities at the mill, advancement

rate of the ramps, increase of processing capacities, statements with respect to recoveries, average grades mined or

processed, exploration budgets; identification of additional resources and reserves or the conversion of resources to reserves;

the Corporation's liquidity and access to cash; ESG objectives; greenhouse gas reduction initiatives and targets; the

implementation and effectiveness of the Corporation's ESG or Climate Change strategy; forecast for the Corporation's projects

including the new plant; budgets for and future prospects for exploration, development and operation at the Corporation's

operations and projects, including the Zgounder project; potential mine life extensions at the Corporation's operations; the

Corporation's balance sheet and liquidity outlook, as well as references to other possible events including, the future price of

silver, the timing and amount of estimated future production, costs of production, operating costs; price inflation; capital

expenditures, costs and timing of the development of projects and new deposits at Zgounder or Boumadine, estimates and the

realization of such estimates (such as mineral or silver reserves and resources or mine life), success of exploration,

development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit

applications, environmental risks and proceedings, and resolution of pending litigation. The words "expect", "on track", "on

target", "continue", "plan", "remain", "confirm", "guidance", "outlook", "estimate", "range", "extend", "design", "objective",

"advance", "continue", "plan", "potential", or variations of or similar such words and phrases or statements that certain actions,

events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions

identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and

assumptions that, while considered reasonable by the Corporation as of the date of such statements, are inherently subject to

significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of

the Corporation referenced, contained or incorporated by reference in this MD&A, which may prove to be incorrect, include, but

are not limited to, the various assumptions set forth herein and in our MD&A for the year ended December 31, 2024, and the

Annual Information Form dated March 31, 2025 as well as: (1) there being no significant disruptions affecting the operations

of the Corporation, whether due to extreme weather events (including, without limitation drought, lack of rainfall) and other or

related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions,

power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202445

from the Corporation's operations and development projects being consistent with current expectations including, without

limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations

necessary for the operation of our assets; and the successful completion of exploration consistent with the Corporation's

expectations at the Corporation's projects; (3) political and legal developments in any jurisdiction in which the Corporation

operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or

actions taken, by any government, including but not limited to amendments to the mining laws in Morocco and Mauritania,

potential third party legal challenges to existing permits; (4) the completion of studies, including scoping studies, preliminary

economic assessments, pre-feasibility or feasibility studies, on the timelines currently expected and the results of those

studies being consistent with our current expectations namely on the Boumadine project or resource updates on Zgounder; (5)

the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being approximately consistent with

current levels; (6) certain price assumptions for silver; (7) prices for diesel, fuel oil, electricity and other key supplies being

approximately consistent with the Corporation's expectations; (8) attributable production and cost of sales forecasts for the

Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the

Corporation's analysis thereof being consistent with expectations (including but not limited to grade, ore tonnage and ore

grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by

the Corporation, mine plans for the Corporation's current and future mining operations, and the Corporation's internal models;

(10) labour and materials costs increasing on a basis consistent with our current expectations; (11) the terms and conditions

of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent with their intent and our

expectations; (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining in Morocco being

consistent with our current expectations; (14) access to capital markets; (15) potential direct or indirect operational impacts

resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other

government actions; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded

in a manner consistent with the Corporation's expectations, (18) having and maintaining human and technical capacities to

execute on its plans to achieve the 2025 Guidance figures, and (19) transactions announced by the Corporation, including the

Mx2 spinoff advancing and closing per the Corporation's timeline and expectations. Known and unknown factors could cause

actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not

limited to: the inaccuracy of any of the foregoing assumptions; innacuracies of mining reserve and ressource calculations,

challenges related to underground mining, fluctuations in the currency markets; fluctuations in the spot and forward price of

silver or certain other commodities; price inflation of goods and services; changes in the discount rates applied to calculate

the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the

market valuations of peer group silver producers and the Corporation, and the resulting impact on market price to net asset

value multiples; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market

risk);risks arising from reliance on a single operating mine, risks arising from reliance on contractors namely one EPC provider

at the Zgounder expansion project and one open pit mining contractor, changes in national and local government legislation,

taxation (including but not limited to income tax, advance income tax, withholding tax, capital tax, tariffs, value-added or sales

tax, production royalties, excise tax, customs/import or export taxes/duties, together with any related fine, penalty, surcharge,

or interest imposed in connection with such taxes), controls, policies and regulations; the security of personnel and assets;

political or economic developments in Morocco or Mauritania; operating or technical difficulties in connection with mining,

development or refining activities; employee relations; litigation or other claims against, or regulatory investigations and/or any

enforcement actions, administrative orders or sanctions in respect of the Corporation (and/or its directors, officers, or

employees) including, but not limited to, securities class action litigation in Canada, environmental litigation or regulatory

proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international

sanctions and/or anti-money laundering laws and regulations or any other applicable jurisdiction; the speculative nature of

silver or gold exploration and development including, but not limited to, the risks of obtaining and maintaining necessary

licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to

undeveloped properties. In addition, there are risks and hazards associated with the business of silver and gold exploration,

development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures,

cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover

these risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Aya's actual

results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Aya,

including but not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that

forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those

anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about

management's expectations and plans relating to the future. Due to the risks, uncertainties, and assumptions inherent in

forward-looking statements, readers should not place undue reliance on forward-looking statements. All of the forward-looking

statements made in this MD&A are qualified by this cautionary statement and those made in our other filings with the

securities regulators of Canada including, but not limited to, the "Risk Factors" set forth in the Corporation's Annual

Information Form dated March 31, 2025. These factors are not intended to represent a complete list of the factors that could

affect Aya. The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims

any intention or obligation to update or revise any forward-looking statements or to explain any material difference between

subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202446

**Additional Information and Continuous Disclosure**

Additional information about the Corporation FS for the year ended December 31, 2024, will be available on SEDAR+ at

www.sedarplus.ca and on the Corporation's website at www.ayagoldsilver.com on March 28, 2025. The Corporation's AIF will

be available on March 31, 2025.

**Technical Information**

David Lalonde, B. Sc, Vice-President Exploration, designated as a Qualified Person under National Instrument 43-101 for Aya

Gold and Silver has reviewed and approved the technical content of this document.

## Exhibit 99.16

**Exhibit 99.16**

Unofficial consolidation for financial years beginning *on or after* January 1, 2011

This is an unofficial consolidation of Form 52-109F1 *Certification of Annual Filings Full Certificate* reflecting amendments made effective January 1, 2011 in connection with Canada's changeover to IFRS. The amendments apply for financial periods relating to financial years beginning ***on or after*** January 1, 2011. This document is for reference purposes only and is not an official statement of the law.<br>

**Form 52-109F1** 

***Certification of Annual Filings***

***Full Certificate*** 

I, **Benoit La Salle, CEO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the annual financial statements and annual MD&A (together, the "annual filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial year ended December 31, 2024

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

------

Unofficial consolidation for financial years beginning *on or after* January 1, 2011

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** The issuer has disclosed in its annual MD&A for each material weakness relating to design existing at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a description of the material weakness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for each material weakness relating to operation existing at the financial year end

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)a description of the material weakness;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

------

Unofficial consolidation for financial years beginning *on or after* January 1, 2011

---

| |
|:---|
| Date: March 28, 2025 |
| //ss// *Benoit La Salle* |
| [Signature] |
| Benoit La Salle CEO |

---

## Exhibit 99.17

**Exhibit 99.17**

Unofficial consolidation for financial years beginning *on or after* January 1, 2011

This is an unofficial consolidation of Form 52-109F1 *Certification of Annual Filings Full Certificate* reflecting amendments made effective January 1, 2011 in connection with Canada's changeover to IFRS. The amendments apply for financial periods relating to financial years beginning ***on or after*** January 1, 2011. This document is for reference purposes only and is not an official statement of the law.<br>

**Form 52-109F1** 

***Certification of Annual Filings***

***Full Certificate*** 

I, **Ugo Landry-Tolszczuk, CFO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the annual financial statements and annual MD&A (together, the "annual filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial year ended December 31, 2024

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

------

Unofficial consolidation for financial years beginning *on or after* January 1, 2011

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** The issuer has disclosed in its annual MD&A for each material weakness relating to design existing at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a description of the material weakness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for each material weakness relating to operation existing at the financial year end

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)a description of the material weakness;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

------

Unofficial consolidation for financial years beginning *on or after* January 1, 2011

---

| |
|:---|
| March 28, 2025 |
| //s//*Ugo Landry-Tolszczuk* |
| [Signature] |
| Ugo Landry-Tolszczuk, CFO |

---

## Exhibit 99.18

**Exhibit 99.18**

![annual1a.jpg](annual1a.jpg)

------

![annual2a.jpg](annual2a.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **AUDIT COMMITTEE INFORMATION** | **95** |
| **Table of Contents** | **Table of Contents** |  |  |
| **Table of Contents** | **Table of Contents** | The Audit Committee Charter | 95 |
|  |  | Composition of the Audit Committee | 95 |
| **DATE OF INFORMATION, CURRENCY AND DEFINITIONS** | **4** | Relevant Education and Experience | 96 |
| General | 4 | Reliance on Certain Exemptions | 96 |
| Abbreviations | 9 | Audit Committee Oversight | 96 |
| Note to Investors Concerning Certain Measures of Performance | 10 | Pre-Approval Policies and Procedures | 96 |
| Technical Information | 10 | External Auditor Service Fees | 97 |
| **FORWARD-LOOKING STATEMENTS** | **11** | **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** | **97** |
| **CORPORATE STRUCTURE** | **13** | **INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS** | **97** |
| Name, Address and Incorporation | 13 | **TRANSFER AGENT AND REGISTRAR** | **97** |
| Intercorporate Relationships | 14 | **MATERIAL CONTRACTS** | **98** |
| **GENERAL DEVELOPMENT OF THE BUSINESS** | **15** | **INTERESTS OF EXPERTS** | **99** |
| Year ended December 31, 2022 | 15 | **ADDITIONAL INFORMATION** | **100** |
| Year Ended December 31, 2023 | 17 | **SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER** | **a** |
|  |  | **SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER** | **a** |
| Year ended December 31, 2024 | 20 | **SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER** | **a** |
| Recent events - 2025 | 23 |  |  |
| **BUSINESS** | **24** |  |  |
| Summary | 24 |  |  |
| Production | 24 |  |  |
| **MINING PROPERTIES** | **28** |  |  |
| Zgounder Silver Mine | 28 |  |  |
| Boumadine | 50 |  |  |
| **RISK FACTORS** | **75** |  |  |
| Operational Risks | 75 |  |  |
| Financial Risks | 86 |  |  |
| **DIVIDENDS** | **88** |  |  |
| **CAPITAL STRUCTURE** | **88** |  |  |
| **MARKET FOR SECURITIES** | **89** |  |  |
| Trading Price and Volume | 89 |  |  |
| **DIRECTORS AND OFFICERS** | **89** |  |  |
| Directors and Officers | 89 |  |  |
| Cease Trade Orders, Bankruptcies, Penalties or Sanctions | 93 |  |  |
| Conflicts of Interests | 95 |  |  |

---

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024<sub>3</sub>

------

**DATE OF INFORMATION, CURRENCY AND DEFINITIONS**

All the information contained in this AIF is up to date as at December 31, 2024, unless stated otherwise. For greater certainty, this AIF sets forth the results for the fiscal year ended December 31, 2024 and is dated March 31, 2025.

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:

**General**

**ACAB Policy** means the Corporation's Anti-Corruption and Anti-Bribery Policy.

**AIF** means this Annual Information Form.

**AfriLab** means African Laboratory for Mining and Environment.

**AGSM** means Aya Gold & Silver Morocco S.A.

**ALS** means ALS Global / ALS Laboratory.

**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 a 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.

**2023** Bought Deal Offering has the meaning set forth in "*General Business – Year Ended December 31, 2023*".

**Boumadine** or **Boumadine Project** means the polymetallic deposit and exploration project located in 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 Report** means the NI 43-101 and 43-101F1 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 Report Authors** means David Lalonde and Patrick Pérez.

**BRPM** means Bureau de Recherches et de Participations Minières.

**Capex** means Capital Expenditures/Capital Cost Estimate.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

------

**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 – 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*".

**ESG** means Environmental, Social and Governance.

**ESIA** means Environmental and Social Impact Assessment.

**Existing Plant #1** has the meaning set forth in "*Mining Properties – Zgounder Silver Mine – Processing and Recovery Operations*".

**Existing Plant #2** has the meaning set forth in "*Mining Properties – Zgounder Silver Mine – Processing and Recovery Operations*".

**FEED** means Front-End Engineering Design.

**FORM 52-110F1** means FORM 52-110F1 Audit Committee Information Required in an AIF within Regulation 52-110 Respecting Audit Committees, ch. V-1.1, r. 28.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

------

**GCIM** means Groupement des Consultants et Ingénieurs du Maroc.

**GMG** means GoldMinds Geoservices Inc.

**Guarantee Agreement** has the meaning set forth in "*Material Contract – EBRD Agreements*".

**ICP** means Inductively Coupled Plasma.

**IFRS** means International Financial Reporting Standards.

**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.

**Issue Price** has the meaning set forth in "*General Business – Year Ended December 31, 2024*".

**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.

**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,

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

------

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.

**New Plant #3** has the meaning set forth in "*Mining Properties – Zgounder Silver Mine – Processing and Recovery Operations*".

**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.

**Offering** has the meaning set forth in "*General Business – Year Ended December 31, 2024*".

**ONEE** means the Office National de l'Électricité et de l'Eau Potable.

**ONYHM** means the Office National des Hydrocarbures et des Mines.

**Opex** means Operating expenditures.

**OTCQX** means OTCQX® Best Market.

**PEA** means Preliminary Economic Assessment, as defined in NI 43-101.

**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.

**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.

**RC** means reverse circulation drilling.

**RQD** means Rock Quality Designation.

**SEDAR+** means the System for Electronic Document Analysis and Retrieval+.

**SGS** means SGS Canada Inc.

**Shares** means the common shares in the capital of the Corporation.

**SNAM** means Société Nationale des Autoroutes du Maroc.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**SOFR** means the 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.

**TSF** means tailings storage facility.

**TSX** means the Toronto Stock Exchange.

**TTF** means the Tamerzaga-Timrachine Formation as further defined in "*Mining Properties – Boumadine - Geological Setting, Mineralization, and Deposit Types*".

**T28** means T28 percussion hammer drill rig (Jackleg drill).

**Upsized 2023 Bought Deal Offering** has the meaning set forth in "*General Business – Year Ended December 31, 2023*".

**USD** or **$ US** means United States Dollar.

**VTEM** means versatile time domain electromagnetic.

**XRD** means X-Ray Diffraction.

**YAK** means percussion drill Yak.

**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 Silver 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 Report** or **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 Della 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.

**2023 Underwriters** has the meaning set forth in "*General Business – Year Ended December 31, 2023*".

**2024 Underwriters** has the meaning set forth in "*General Business – Year Ended December 31, 202*4".

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**Abbreviations**

---

| | |
|:---|:---|
| **ABBREVIATION** | **DEFINITION** |
| **Ag** | **silver** |
| **Ag2S** | **silver sulfide** |
| **Ag3AsS3** | **silver arsenic sulfide** |
| **AgEq\*** | **silver equivalent** |
| **Au** | **gold** |
| **AuEq** | **gold equivalent** |
| **cm** | **centimeter** |
| **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** |
| **kg** | **kilogram** |
| **km** | **kilometer** |
| **koz** | **thousand troy ounces** |
| **kPa** | **kilopascal** |
| **kt** | **thousand tonnes** |
| **kV** | **kilovolt** |
| **L** | **liter** |
| **m** | **meter** |
| **mm** | **millimeter** |
| **M** | **million** |
| **MASL** | **meters above sea level** |
| **Moz** | **million troy ounces** |
| **Mt** | **million tonnes** |
| **NaCN** | **sodium cyanide** |
| **oz** | **troy ounce** |
| **Pb** | **lead** |
| **pH** | **potential of hydrogen** |
| **ppm** | **parts per million** |
| **S** | **sulphur** |
| **t** | **metric tonne** |
| **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.**

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**Note to Investors Concerning Certain Measures of Performance** 

This AIF discloses certain financial performance measures, including "cash and restricted cash", that are non-IFRS 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 according to 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 our operating performance and trends and facilitate comparisons across reporting periods. For a description and reconciliation of "cash and restricted cash" to the most directly comparable IFRS measure, please refer to the section entitled "Non-GAAP Measures" in the Corporation's MD&A for the year ended December 31, 2024, dated March 27, 2025, available under Aya's profile on SEDAR+ at www.sedarplus.ca., which section is incorporated herein by reference.

**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 under NI 43-101.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**FORWARD-LOOKING STATEMENTS**

Certain statements in this AIF, referred herein as "forward-looking statements", constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may occur, are forward-looking statements. These statements relate to, among other things, Aya's plans, objectives, expectations, estimates, beliefs, strategies and intentions. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of operations (including, without limitation, past and expected future production and capital expenditures);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated financial and operational performance and results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business prospects and opportunities (including the timing and development of new deposits and the success of exploration activities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's expectation regarding its ability to raise capital and grow its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated trends and challenges in Aya's business and the industry in which it operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• budgets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market price and demand for gold and silver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permitting or other timelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government regulations and relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimates of expected or anticipated results and economic returns from mining projects and operations at the Zgounder Silver Mine, as reflected in feasibility studies or other reports prepared in relation to development of the Zgounder Expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of Mineral reserve and Mineral resources estimates at the Zgounder Silver Mine and Boumadine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated exploration expenditures and budgets to be incurred or allocated to exploration projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expectations related to the building of the powerline at Zgounder and its capacity of supporting the Zgounder Silver Mine's projected expanded power requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the planned and expected timelines for and the progression of the completion of the various steps of construction of the new infrastructure and commissioning of the Zgounder Expansion as well as for the operations team's mobilization and ore processing and silver production milestones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the guidance and corporate outlook provided for Aya's activities in Morocco, including in relation to anticipated silver production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effects of the development plans related to the Zgounder Expansion, mining costs, and additional on-site health and safety initiatives on the Ag cash cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary results from exploration programs, including at Zgounder Regional and Boumadine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the intended use of the proceeds of public offerings to advance the business objectives,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Zgounder Expansion, the exploration programs at Boumadine and Zgounder and general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statement to the effect that the PPA with Energie Éolienne du Maroc will allow for the new and existing processing plants and surrounding infrastructure to operate predominantly with renewable electricity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the objectives and ability of Aya to implement responsible mining and climate change initiatives in Morocco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated use of fieldwork to enhance Aya's understanding of Tirzzit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ramp up plan of Aya related to the Zgounder Expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the resiliency of the Zgounder Silver Mine to climate impacts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's ability or opportunity to spinout or sell certain properties, such as Amizmiz and Tijirit, in alignment with the terms and conditions of non-binding term sheets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's ability to develop its present properties, search, select and acquire valuable future exploration and/or producing properties and permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's objective to minimize potential impacts of its mines and to continue to improve its environmental performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's ability to deliver on its policy to conduct business in a way that safeguards public health and the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conduction of Aya's operations in conformity with laws and regulations, including those pertaining to environment, health and safety;

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expectation that certain exploration permits will be effectively transformed into mining licenses or that mining licenses will be renewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of silver and exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timeline for commencement of a second construction phase at the Zgounder Silver Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of the initial Capex and Opex for the Zgounder Expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LOM of the Zgounder Silver Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimated project cash flows and economic viability of exploration and expansion projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the objects of focus of the project developments in the upcoming years at the Zgounder Silver Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sufficiency of the water and storage facilities as the Zgounder Silver Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the pursuit of legal and commercial avenues to collect amounts owing to us under our contracts.

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 the 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; general business and economic conditions and 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk factors included in the "Risk Factors" section of this AIF and those identified in documents incorporated by referenced herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the speculative nature of mineral exploration and development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diminishing quantities or grades of mineral reserves as properties are mined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in forward markets for silver and other commodities (such as natural gas, fuel oil and electricity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on mining in the jurisdictions in which Aya operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Corporaiton's ability to mitigate the risks pertaining to fund repatriation;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's ability to correctly evaluate and mitigate the risks of fluctuations in interest and exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's ability to obtain necessary permits and licenses, including for current or future operations, project development and expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya's ability to maintain relationships of trust with our stakeholders and community support for its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inherent risks associated with tailings facilities and heap leach operations, including failure or leakages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• work stoppages or other impacts of roadblocks, civil unrest, riots, terrorism, and other similar events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relations with and claims by local communities and non-governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to the reliance on third-party contractors, including for the operations of our open pit mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in currency markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volatility of the metals markets, and its potential to impact our ability to meet our financial obligations;

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims and legal proceedings that can arise in the ordinary course of business activities, including class action claims and derivative claims.

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 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.

The Corporation is a reporting issuer in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland. Its common shares are listed on the TSX under the ticker symbol "AYA" and on the OTCQX under the ticker symbol "AYASF".

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**Intercorporate Relationships**

The following figure shows the intercorporate relationships among Aya and its material subsidiaries:

![ayagoldc.jpg](ayagoldc.jpg)

**Figure 1: Intercorporate Relationships**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 by Aya and ONHYM, respectively. BGM is involved in the exploration of mining properties in Morocco.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**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+ at www.sedarplus.ca.

**THREE-YEAR HISTORY** 

**Year ended December 31, 2022**

**Operations**

On January 19, 2022, the Corporation reported 2021 operational results with a production of 1.6M oz Ag at the Zgounder Silver Mine, representing a 120% year-over-year increase in production. It was also reported that the Ag production in the fourth quarter of 2021 totaled 433,742 oz, a 6% increase compared with the 2020 fourth quarter, that the quarterly head grade was of 248 g/t and that the 2021 head grade was of 269 g/t and, that the throughput had increased to 716 tpd in the fourth quarter of 2021. The Ag recovery was reported to be of 82.4% for the fourth quarter of 2021 and of 82.1% for the year 2021.

On February 22, 2022, the Corporation announced results from its feasibility study to expand the Zgounder Silver Mine from 700 tpd to 2,700 tpd capacity. The project economics announced included a before-tax 5% net present value of $471M, a before-tax internal rate of return of 57%, an after-tax 5% net present value of $373M, an after-tax internal rate of return of 48%, a payback period of 1.7 years post expansion and an initial life of mine of 11 years. It was further announced that the increased throughput was expected to drive a 394% increase in annual Ag production, bringing it to 7.9M oz/year by 2024 and, that the annual revenue was expected to increase from $37M in 2021 to $172M by 2024, representing an increase of 364%. The Corporation also announced that that the initial proven and probable mineral reserves estimate of 8.59M t grading 257 g/t Ag for 71M oz of Ag positioned the Zgounder Silver Mine among the highest-grade silver projects globally. Additionally, it was announced that the LOM all-in sustaining cost was expected to be of $9.58/oz and, that the Zgounder Expansion was expected to be completed with the first silver pour planned for the first quarter of 2024.

On February 28, 2022, the Corporation announced the receipt of regulatory approval by Moroccan authorities of the EIA for the Zgounder Expansion. The Corporation also announced its partnership with the Biotechnology for Sustainable Development in Africa Foundation to develop and support local agribusinesses and provide access to international markets in the Askaoun region in Morocco.

On March 1, 2022, the Corporation announced initial drill results from its 2021 drill exploration program at its Imiter bis property in Morocco. Among other highlights, it was announced that new mineralization and many anomalous gold and silver values had been discovered within the middle and northeast zones within the 4 km initial strike, including hole IM-DD21-014 which intercepted 1.81 g/t Au over 2.20m, hole IM-DD21-013 which intercepted 2.74 g/t Au over 1m while hole IM-DD21-010 intercepted 2.24 g/t Au over 0.9m.

On March 30, 2022, the Corporation reported results for the fourth quarter and year ended December 31, 2021, including a record annual Ag production of 1,600,646 oz, operating cash flows of $17.5M, revenue from Ag sales of $34.3M, net income of $1,27M and a milling averaged 609 tpd throughput.

On April 5, 2022, the Corporation announced that, further to a tender launched by the Corporation in November 2021, Moroccan-based company TRAV SOUSS MASSA had been selected to carry out lateral underground development at the Zgounder Silver Mine and had already executed 314 m of development. The Corporation also informed that it had selected Canadian contractor CMAC-Thyssen to carry out the vertical underground mine development, including Alimak raises and that their mobilization to the site was scheduled for June 2022.

On April 21, 2022, the Corporation reported high-grade silver results from its drill exploration program at the Zgounder Silver Mine, including hole D28-22-2030-042 which intercepted of 4,101 g/t Ag over 14.4m, representing the thickest high-grade silver intercept publicly recorded on the property.

On May 13, 2022, the Corporation reported interim financial and operational results for the first quarter ended March 31, 2022, including Ag production of 308,345 oz, Ag sales of 406,808 oz, revenue of $9.2M, total ore processed of 62,001 t, mill recoveries reaching 80.4%, head grade of 192g/t and, a total milling rate of 689 tpd.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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On May 24, 2022, the Corporation announced that it has completed airborne geophysics surveys at its Boumadine and Imiter bis projects and was launching their 2022 drill exploration program at the Boumadine property.

On July 7, 2022, the Corporation reported that it had completed the FEED with Lycopodium Minerals Canada Ltd. and provided an update on the Zgounder Expansion. A simplified processing flowsheet was developed through the FEED phase. Procurement of the new plant was advanced with principal packages quotes already received. The company provided details on the earthwork contractor mobilization, start of detailed engineering of the future tailings storage facility and the underground development ongoing rate.

On August 12, 2022, the Corporation reported interim financial and operational results for the second quarter ended June 30, 2022, including the production of 459,061 oz of Ag, Ag sales of 439,080 oz, revenue of $8.6M, total ore processed of 59,995 t, mined 63,817 t mined, mill recovery of 87.9% and, operating cash flows for the period of $1.1M.

On September 13, 2022, the Corporation announced high-grade silver results and further continuity from its ongoing drilling program at the Zgounder Silver Mine, including with high-grade intercept TD-22-2075-155 extending a known zone down dip and highlighting near-surface potential and holes DZG-SF-22-102, -110, and -112 representing a cluster of significant intervals that open up a new high-grade zone below the 1,975m level.

On October 17, 2022, the Corporation reported, for the third quarter of 2022, record mine throughput and mill throughput of 825 tpd and 803 tpd, respectively, along with a production of 451,681 oz of Ag, head grade of 216 g/t mined and 232 g/t Ag mined and, an Ag recovery rate of 86,2%.

On November 1, 2022, the Corporation announced the launch of its 7,500-meter drill exploration program at Zgounder Regional and, an addition of 4,000m to the 2022 drilling program at Boumadine to explore strike length extensions and the central zone at depth. The Corporation also announced full results from the first phase of drilling at Imiter bis, which returned new mineralized intersections on the north target including hole IM-DD22-041 which intercepted 3.94 g/t Au over 5.0m and hole IM-DD22-039 which intercepted 1.46 g/t Au over 11.5m. The Corporation finally announced the mobilization and launch of the 25,000m drilling program at the Tijirit property in Mauritania.

On November 15, 2022, the Corporation reported interim financial and operational results for the third quarter ended September 30, 2022, including record mill and mine throughput of 758 tpd and 825 tpd, respectively, Ag production of 451,681 oz, Ag sales of 419,760 oz, revenue of $7.2M, combined mill recovery of 86.2%, operating cash flow of $5.7M and a financial position of $58.1M of cash. The Corporation also reported having completed over 7,000m of drilling on the eastern zone of the Zgounder Silver Mine and that the Zgounder Expansion was one time and on budget. Finally, the Corporation reported having completed 7,500m of the initial diamond drill hole program at Boumadine and having expanded budget twice to 17,500m, to follow up on promising results.

On December 21, 2022, the Corporation announced additional drill exploration results, confirming the extension of high-grade silver mineralization at depth towards the granite contact at the Zgounder Silver Mine, including ZG-22-64, intersected 2,074 g/t over 3.50m.

**Corporate**

On March 15, 2022, the Corporation announced that its subsidiary ZMSM had signed an agreement with the ONEE, Morocco's state-owned utility, for the construction of a 90km, 60kV powerline and substation upgrades, ensuring access to clean energy long-term from ONEE's electrical grid. The Corporation informed that the line is expected to be built over the next 2 years and will be capable of supporting the Zgounder Silver Mine's projected expanded power requirements.

On April 7, 2022, the Corporation announced that its commons shares had commenced trading on the OTCQX under the ticker symbol "AYASF".

On June 9, 2022, the Corporation announced the completion of its first mobile health clinic near the Zgounder Silver Mine.

On June 16, 2022, the Corporation announced that it had filed on SEDAR an amended version of the independent feasibility study technical report prepared in accordance with National Instrument 43-101, for the Zgounder

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Expansion. The amendments pertained to the replacement of certain members as external independent qualified persons and the did not change the mineral reserve estimates, economic analysis, conclusions, and recommendations of said report filed on March 31, 2022.

On September 12, 2022, the Corporation reported that it had reached an agreement with the ONYHM to acquire their 15% interest in the Zgounder Silver Mine project and five adjacent permits to the Zgounder Silver Mine for a total consideration of 67 million dirhams (approximately $6.5 million). The agreement entailed that the ONHYM would maintain its 3% royalty on the Zgounder Silver Mine property and, that a 3% royalty would be granted on production coming from the new permits.

On October 25, 2022, the Corporation announced that its subsidiary, ZMSM, secured a $100M debt financing package to support the Zgounder Expansion. The EBRD received final board approval to provide a senior debt facility of $92M, while the CTF will be providing a $8M tranche, pari-passu with the EBRD.

On November 4, 2022, the Corporation announced that it had filed a preliminary base shelf prospectus with the securities regulatory authorities in all the provinces of Canada (except the territories).

On December 1, 2022, the Corporation announced that its subsidiary, ZMSM, had entered into a multicurrency fixed price EPC contract with DF for the construction of the new process plant at the Zgounder Silver Mine. Mobilization to site was planned in early 2023 and commissioning of the plant in 2024. The Corporation has also announced that it had awarded contracts for the construction of its ball mill and crushing equipment package, in line with the Zgounder Expansion development timeline. See "Material Contracts – EPC Agreements"

On December 14, 2022, the Corporation announced the completion of its deal with the ONHYM to acquire its 15% interest in the Zgounder Silver Mine and five adjacent permits to the Zgounder Silver Mine, for the price and under the terms announced on September 12, 2022.

**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.

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-

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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.

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.

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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 CAD$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 CAD$8.25 per Share for gross proceeds of CAD$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 CAD$8.25 per Share for gross proceeds of $80,000,250 (the "**Upsized 2023 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.

On January 25, 2023, the Corporation announced that it had closed its previously announced Upsized Bought Deal Offering of 11,151,550 Shares at a price of $8.25 per Share for gross proceeds of approximately CAD$92,000,000, including the full exercise of the over-allotment option in the amount of approximately CAD$12,000,000.

On February 7, 2023, the Corporation announced that it had closed the $100M EBRD Facility to support the Zgounder Expansion, previously announced on October 25, 2022. The key terms of the 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.

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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 female Board representation to over 37%.

On June 29, 2023, the Corporation announced its acquisition of the 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 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.

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

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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 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.

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On November 14, 2024, the Corporation announced announce 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 CAD$10.25 per Share (the "**Issue Price**") for gross proceeds of CAD$67,506,500 (the "**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 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 Offering and that 7,573,900 Shares were purchased at the Issue Price, for gross proceeds of approximately CAD$77,600,000. In connection with the 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 CAD$10,125,000.

On February 20, 2024, the Corporation announced a third drawdown on the 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 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.

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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 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 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.

**Recent events - 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 announced confirmed the continuity of silver mineralization at Zgounder.

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 5.4lkm 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<sup>th</sup>, 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,confirm 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

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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 of cash and restricted cash<sup>1</sup>, as at December 31, 2024.

**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>.

**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 100% owned Zgounder Silver Mine, and one advanced stage development asset – the Boumadine Project, which it owns on an 85%-15% basis with ONHYM. The Zgounder Silver Mine, the Boumadine Project and its exploration assets, namely Zgounder Regional, Imiter-bis, Amizmiz and Azegour are located along the prospective South-Atlas Fault in Morocco.

**Summary**

The Corporation mines, produces, exports and sells its silver as dore, ingots and silver concentrate. Silver dore and ingots are sold to one customer in Switzerland based on either the prevailing spot over the counter price or the London Bullion Market Association silver price. Silver concentrate is sold to a Swiss trading company via an offtake agreement where silver is sold based on a 30-day average silver price from the date of sale less refining and treatment charges of approximately 15%. Silver can easily be sold on numerous markets throughout the world therefore, the Corporation is not economically dependent upon this specific customer.

In 2024, total sales of silver for the year amounted to $39,116,711 compared to $42,848,638 in 2023. Silver prices fluctuate widely and are affected by numerous factors such as, but not limited to, industrial and 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**

The method of production at the Zgounder Silver Mine as of 2025 will be cyanide leaching to silver ingots. Previously, production also included silver concentrate from flotation. Silver concentrate production was stopped in January 2025. Since, only silver ingots are produced.

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.

<sup>1</sup> Non-GAAP Measures, consisting of cash and cash equivalents of $30.9M and restricted cash of $18.2M (December 31, 2024). Please refer to the section entitled "Note to Investors Concerning Certain Measures of Performance" of this AIF for additional information about this measure.

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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, an 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 ppm. 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 ppm.

**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".

**Competitive Conditions**

Mining is a competitive industry, particularly in the acquisition of mineral reserves and mineral resources. Aya competes with numerous other mining companies, including larger and well-established mining companies with established capabilities and significant financial and technical resources, in the search and acquisition of prospective silver and other precious metals mining properties. Aya's continued success and growth not only depends on its ability to develop its present properties, but also on its search, selection and acquisition of future valuable silver exploration and/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 the cycles of mineral and commodity prices. Gold and silver prices can be highly volatile and are impacted by a variety of factors, including global supply and demand, inflation, exchange rates, interest rates, producers' forward selling, central bank buying and selling, production levels, and political, economic and financial conditions on both a global and regional scale, as well as other elements outside the Corporation's control.

**Environmental Protection**

Aya's primary objective is to minimize potential impacts of its mines and to continue to improve its environmental performance. Each mine 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

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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, 2024 was $2,872,120. For more information, please see note 11 to the Corporation's annual financial statements for the fiscal year ended December 31, 2024.

**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 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 March 25, 2025, Aya owns or has options to own, in relation to all of its properties in Morocco: 20 mining licenses; 1 mining permit issued under the former mining legal regime in Morocco and currently in process of being converted into a mining license; 42 exploration permits, 8 of which are in the process of being converted into 2 distinct mining licenses, and one exploration authorization.

**Employees**

As at March 1, 2025, the Corporation had a total of 472 full-time employees, of which 20 employees worked in Canada and 452 in Morocco .

**Foreign Operations**

As at December 31, 2024, all mining properties in exploration and development of the Corporation as well as production activities and equipment are located in Morocco.

**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/corporate-governance/.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code of Business Conduct and Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Health, Safety, Environment, and Community Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human Rights Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anti-Corruption and Anti-Bribery Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• People Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whistleblowing Policy

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workplace Harassment Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suppliers Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings Management 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 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 annually 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.

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**MINING PROPERTIES**

**Zgounder Silver Mine**

**Current Technical Report**

The information in this section which is of a scientific or technical in nature has been derived from the Zgounder Report and is stated as of its effective date, except for the updated information regarding: mining and exploration permits under "Property Description, Location Access"; production and pit depletion under "Mineral Resource and Reserve Estimates"; updated information related to drilling in "History", "Exploration" and "Drilling" and; updated information reflecting the new infrastructure and operations further to the completion of the Expansion Project under "Processing and Recovery Operations" and "Infrastructure, Permitting and Compliance Activities".

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.

The Zgounder Report is available under Aya's profile on SEDAR+ at www.sedarplus.ca.

**Property Description, Location and Access**

The Zgounder Project is a silver mining project located in Morocco, approximately 265 km east of the City of Agadir (population: 575,320), in the Taroudant Province.

Aya was authorized by the ONYHM to prospect and exploit base and precious metals at the Zgounder Silver Mine. The mining title number 09/2096 and exploitation permit No. 2306 (now mining license LE-393459) provide surface rights and access to the Zgounder Project and allows any type of mining. The mining license LE-393459 covers 16 km<sup>2</sup>. As of December 14, 2022, the Corporation completed its deal with the ONHYM to acquire its 15% interest in the Zgounder Silver Mine and five adjacent permits to the Zgounder Silver Mine. ZMSM then became a wholly owned subsidiary of Aya and, as part of the transaction, a 3% NSR was granted to ONHYM.

Table 4.1 below summarizes the ownership of Aya and of its subsidiaries in the 7 mining license and 24 exploration permits covering the Zgounder Deposit and the Zgounder Property, as well as their and dates of grant and expiry.

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**Table 4.1 Aya Mining Licenses and Exploration Permits in the Zgounder Property Area**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Permit ID | Permit Type | Interest of Aya7 | Area<br>(km2) | Granted | Expires |
| LE-393459\* | Licence d'exploitation | 100% ownership | 16 | 10/17/2017 | 10/16/2027 |
| LE-383782\*\* | Licence d'exploitation | 100% ownership | 16 | 7/28/2023 | 7/27/2033 |
| LE-383784\*\* | Licence d'exploitation | 100% ownership | 15.1 | 7/28/2023 | 7/27/2033 |
| LE-393478\*\* | Licence d'exploitation | 100% ownership | 11.9 | 11/16/2018 | 11/15/2028 |
| LE-393507\*\* | Licence d'exploitation | 100% ownership | 4.4 | 7/30/2018 | 7/29/2028 |
| LE-393571\*\* | Licence d'exploitation | option to earn 100% interest | 52 | 8/4/2019 | 8/3/2029 |
| LE-393612\*\* | Licence d'exploitation | 100% ownership | 12.4 | 7/29/2022 | 7/28/2032 |
| PR-3843287\*\* | Permis de Recherche | 100% ownership | 13.9 | 6/17/2023 | 6/16/2026 |
| PR-3843289\*\* | Permis de Recherche | 100% ownership | 15.9 | 6/17/2023 | 6/16/2026 |
| PR-3942111\*\* | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-3942112\*\*<sup>4</sup> | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-3942113\*\*<sup>4</sup> | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-3942114\*\*<sup>4</sup> | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-2341044\*\*<sup>4</sup> | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-2341045\*\*<sup>4</sup> | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-2341046\*\*<sup>4</sup> | Permis de Recherche | 100% ownership | 71.1 |  |  |
| PR-2341047\*\*<sup>5</sup> | Permis de Recherche | 100% ownership | 15.62 | 7/29/2018 | 7/28/2022 |
| PR-3842368\*\* | Permis de Recherche | 100% ownership | 16 | 4/29/2024 | 4/28/2028 |
| PR-3842385\*\* | Permis de Recherche | 100% ownership | 15.8 | 4/29/2024 | 4/28/2028 |
| PR-3842387\*\* | Permis de Recherche | 100% ownership | 9.5 | 4/29/2024 | 4/28/2028 |
| PR-3842394\*\* | Permis de Recherche | 100% ownership | 13.1 | 4/29/2024 | 4/28/2028 |
| PR-3842424\*\* | Permis de Recherche | 100% ownership | 3.6 | 4/29/2024 | 4/28/2028 |
| PR-3941549\*\* | Permis de Recherche | 100% ownership | 4.2 | 3/23/2021 | 3/22/2025 |
| PR-3941550\*\* | Permis de Recherche | 100% ownership | 11.3 | 3/23/2021 | 3/22/2025 |
| PR-3941551\*\* | Permis de Recherche | 100% ownership | 12.4 | 3/23/2021 | 3/22/2025 |
| PR-3941552\*\* | Permis de Recherche | 100% ownership | 14.6 | 3/23/2021 | 3/22/2025 |
| PR-3941553\*\* | Permis de Recherche | 100% ownership | 9 | 3/23/2021 | 3/22/2025 |
| PR-3941556\*\* | Permis de Recherche | 100% ownership | 16 | 3/23/2021 | 3/22/2025 |
| PR-3941557\*\* | Permis de Recherche | 100% ownership | 6.9 | 3/23/2021 | 3/22/2025 |
| PR-3941559\*\* | Permis de Recherche | 100% ownership | 16 | 3/23/2021 | 3/22/2025 |
| PR-3941282\*\*<sup>6</sup> | Permis de Recherche | 100% ownership | 16 |  |  |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Mineral tenure information effective February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)"Permis de Recherche" means "exploration permit" and "license d'exploitation" means "mining license".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Mining license LE-393459 marked with \* is the Zgounder Mining License and contains the Zgounder Deposit and permits marked with \*\* are located outside the Zgounder Mining License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Exploration permits PR-3942111, PR-3942112, PR-394-2113, PR-3942114, PR-2341044, PR-2341045 and PR-2341046 are currently being transformed into a single mining license.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)PR-2341047 is expired and is currently being transformed into a mining license.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)PR-3941557 is currently being transferred to ZMSM, awaiting new validity dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)For this table, Aya means Aya or one of its subsidiaries AGSM, ZMSM or BGM.

**Accessibility, Climate, Local Resources, Infrastructure, and Physiography**

The Zgounder Silver Mine 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 Zgounder Silver

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Mine are via a paved road to the village of Askaoun. The final 5 km drive to the Mine is via a dirt road. The Zgounder Silver Mine is also accessible via a 278 km drive on paved highway from the City of Marrakesh.

The Zgounder Silver Mine is located 2,000 MASL, on the western flank of the Siroua Massif in 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 is subject to the Sahara Desert climate.

The main villages are located near rivers for water sources and select vegetation (cereals, vegetables and some trees). The local population is mostly 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. Basic supplies, such as food and limited accommodation, are available at Askaoun. The larger City of Taliouine 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.

The Zgounder Silver Mine site facilities include crew houses, offices, drill core shack, kitchen, change rooms, sport facility, two assay laboratories and their respective sample preparation laboratories. The mines consist of an open pit and an underground mine, accessible through various mine portals and surface roads. Since 2022, an open pit mine is in operation and various underground infrastructures were built. There are three mineral processing plants at Zgounder. The largest and the newest, which represents over 70% of the processing capacity was built in 2022-2024. There are five tailing dams at Zgounder, two of which are in operation. The three others are being closed and rehabilitated. The site benefits from a full 4G cellphone coverage used for internet connection and communication.

The Zgounder Project is powered from a 60kV electrical power line and the site includes a vast distribution network to various plants and mine infrastructures such as mine ventilators and cement backfill plants. Finally there are over 300,000m<sup>3</sup> of water storage infrastructures and relevant pumping facilities.

The topography at Zgounder consists of moderately steep hills with high altitudes, in the range of 2,000 MASL, and low valleys with seasonal water 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.

**History** 

The Zgounder Deposit has a long history of intermittent exploration and mining activities from ancient times to present day. The Zgounder Deposit 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. Since then, exploration campaigns and mining activities have been completed by SNAM-BRGM (1950-1979), SOMIL (1982-1990); BRPM (1990-1999); CMT (2000-2004) and Maya (2012-2020).

In 2014, Maya commissioned GMG to prepare a NI 43-101 compliant MRE and a PEA of the Zgounder Silver Mine, in order to resume mining and exploitation. Maya publicly disclosed a pre-feasibility study on May 2014, which was jointly prepared by GMG and SGS. Processing operations commenced in July 2014 and Maya announced the first silver pour in August 2014 and production of the first 20 silver ingots.

The surface diamond drilling programs of 2015 and 2017 allowed Maya to increase the Mineral Resource of Zgounder and intersect silver-rich mineralization in the East zone, close to surface. Maya also intersected very rich silver mineralization that probably corresponded to the extension of known underground mineralization at elevation 1,655 MASL.

On April 12, 2017, Maya commissioned GMG to prepare a MRE and PEA of the Zgounder Silver Mine. Maya publicly disclosed the MRE on January 8, 2018 and the PEA on February 5, 2018. The PEA was based on the January 8, 2018 MRE.

In 2021, Aya mandated P&E to prepare a new MRE based on new drilling information. A MRE was initially prepared in April 2021 and subsequently updated in December 2021, within the Zgounder Report.

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In 2022, Aya added 26,507m of DD and depleted the MRE with mining until December 31<sup>st</sup>, 2022.

In 2023, Aya added 25,889m of drilling (14,781m of DD and 11,108m of RC), and depleted the MRE with mining until December 31<sup>st</sup>, 2023.

In 2024, Aya added 88,074m of drilling (59,797m of DD and 28,277m of RC) . As of December 31<sup>st</sup>, 2024 the MRE was depleted with mining until then.

**Geological Setting, Mineralization and Deposit Types** 

The Zgounder Deposit occurs within the Proterozoic Siroua Massif that occupies a transitional position between the northern mobile Panafrican Belt and the southern Eburnean Domain in the West-African Craton. The Siroua Massif is composed of geological assemblages belonging to the Precambrian I, II and III; each separated by major discontinuities. The oldest rocks of the Siroua Massif (P1) consist of gneisses and amphibolites unconformably overlain by ophiolitic complexes, volcano-sedimentary units, alternating schist-sandstones and limestones, quartzites, and turbidites (PII). The Zgounder Deposit occurs in the PIII assemblage (Late Neoproterozoic), which is characterized by felsic calc-alkaline/alkaline volcanic units corresponding to the initiation of rifting at the start of the Infracambrian-Cambrian Transgression.

The Zgounder volcano-sedimentary assemblage forms a large EW-oriented monoclinal structure with a general southerly tilt. To the north, the assemblage sits on an andesite basement, to the west it is intruded by the Askaoun Granodioritic Massif (PIII), whereas to the east, it is overlain by volcano-sedimentary rocks of the Ouerzazate series (PII) and Neogene phonolites.

The Zgounder series is divided into three units, which in stratigraphic (oldest to youngest) order are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Formation (300 m to 400 m thick) composed of sandstone, greywacke and shale with layers of tuff and quartz keratophyre followed by an orange rhyolite unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brown Formation (350 m to 450 m thick) composed of micaceous schistose sandstone overlain by a 45 m thick dolerite sill/dyke; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Black Formation (900 m thick) containing at its base a felsic volcanic complex (ignimbrite, rhyolitic breccia, devitrified rhyolite) and forming the hanging wall rock of the silver mineralisation in the Brown Formation. To the south, the Black Formation transitions into sandstone, greywacke and conglomerate.

The Zgounder shale-sandstone strikes east and dips steeply to the south, forming the south flank of an anticline generated by north-to-south compression. There are four faulting and fracturing system sets at Zgounder:

East to West oriented set corresponding to the opening and filling of fractures with argillaceous material and to subvertical fractures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• North to South oriented set;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NNE to NNW oriented set dipping 60º to 75º E; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NNE-SSW sub-horizontal set.

The silver mineralisation occurs in three, commonly superimposed styles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mm-thick beds of well crystallized, finely disseminated pyrite associated with quartz and other sulphides found in chloritized and tuffaceous pelitic layers of the Brown Formation with silver grades of 5 g/t to 25 g/t Ag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Native silver veinlets associated with proustite (Ag3AsS3), argentite (Ag2S) and filling micro-fractures discordant with the stratification and suggesting stockwork-type mineralisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Native silver dissemination with or without sulphide veinlets (sphalerite, galena, argentite and cinnabar) in brecciated sandstone-shale layers and spotted by nodules and flakes of chlorite and (or) carbonate.

The paragenetic sequence indicates 2 stages of mineralization: an early Fe-As stage (silver-bearing pyrite and arsenopyrite) and a later Ag-bearing polymetallic (Zn, Pb, Cu, Hg; sphalerite and chalcopyrite) stage. Native silver is

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the most common silver mineral and forms an amalgam with Hg. Tension gashes originally trapped the silver mineralization within a NNE-oriented shear zone affecting the Brown Formation shale-sandstone beds containing anomalous Ag values. These mineralized structures were subsequently transposed by EW-oriented structures to form isolated Ag-mineralized lenses and bodies.

Zgounder is a low-sulphidation epithermal silver deposit hosted in Neoproterozoic age, sedimentary rocks.

**Exploration**

Since 2013, exploration programs included geological mapping, trenching, sampling and prospecting activities at Zgounder. These activities focused mainly on mineralized fracture sets. In addition, 3-D laser scan surveys were completed in all of the underground workings.

The purpose of these laser surveys was to generate accurate 3-D maps of the underground development and stopes.

Several exploration surface and underground drilling, channelling and trenching campaigns have been completed, starting in the 1980s by previous operators followed by Maya in 2013, 2015 and 2017 through 2019 and Aya in 2020-2024. The drilling database comprised a total of 7,908 holes for 397,520 m.

Percussion drilling (T28 and YAK-T28) is routinely used for production purposes and for exploration purposes. Data gathered from T28/YAK-T28 holes is used in Mineral Resource estimation and to identify new mineralized areas for short-term mine planning. A total of 4,523 T28/YAK-T28 holes for 110,042 m were drilled historically and until the end of December 2024 as exploration and production holes.

In addition to drilling, underground wall and roof channel sampling were performed on all adits, galleries and stopes. A total of 658 channels for 9,071 m are used in the drilling database supporting the Mineral Resource Estimate presented in Section 14 of the Zgounder Report.

Reverse circulation and percussion drill programs (T28) were completed in 2015, 2016, 2018 to 2019 and 2023 to 2024. The 2015 RC percussion hole data have not been included in the Zgounder database, due to issues with that program.

**Drilling** 

In 2015, Maya completed a diamond drill program of 17 drill holes totaling 5,896 m. Native silver was observed in all eight of the holes drilled. The silver mineralization is associated with sphalerite and galena.

In 2016, a total of 1,598 m was drilled using T28 percussion drills on the 2000 and 2100 levels of the Zgounder Silver Mine. The percussion holes drilled in the North zone intersected some mineralized intervals and confirmed the extension to the east of Panel 9.

In 2017, Maya conducted a diamond drilling program planned and supervised by GMG.

The program consisted of 57 drill holes totaling 14,823 m of DD. A new zone was intersected to the East, where the mineralization was identified at the surface. At the North Zone, hole ZG-17-03 extended mineralization at depth from known occurrences (panels 8 & 9) at higher elevation. Similar mineralization was observed in drill hole ZG-17-10. Drill hole ZG-17-16 is the deepest hole drilled to date at Zgounder, with a depth of 684 m (at an elevation of 1,613 MASL). The drill hole intersected disseminated native silver over 3 m at 630 m and an altered granite contact was intersected at 653 m along the drill hole. Zinc in the form of sphalerite is associated with high-grade silver reaching up to 2.38% over 1.5 m. It was the first time that Aya intersected this type of mineralization at depth at Zgounder.

The 2019 RC drilling program consisted of 32 drill holes totaling 3,611 m that were drilled from the surface on the East Zone of the Zgounder Property. The RC drilling campaign aimed to provide a better understanding of the distribution, orientation and thickness of the mineralized structures, and to explore the vertical extensions of the exposed mineralized structures. The results confirmed the continuity of the known mineralized domains and new occurrences hosted in the same major East to West oriented structures. The RC drilling results of this campaign led to an underground diamond drilling program to explore the vertical extensions of the mineralization in the western

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and the central part of the Zgounder Mine. Drill holes ZG-RC-1, -2, -3, -4, -5, -6, -7, and -9 intersected silver mineralization <50 g/t, in attempt to expand mineralized zones to the south.

In 2019, Maya completed an eight-hole drill program totaling 2,033.9 m. The drill program focused to the east, which corresponded to a new zone. This new zone covers an area of 200 m x 150 m that includes several mineralized envelopes, which are oriented mostly E-W with a vertical extent of 185 m below the surface intersected in drill hole ZG-19-01. The presence of the mineralization near the surface was confirmed by the trenches results (Trench 02 11 m at 130.9 g/t Ag) and requires further work to fully define the extent of mineralization.

In 2020 and 2021, Aya also conducted localized definition drilling using T28. Hole ZG-20-30, which intersected 1,946 g/t Ag over 9 m extended the strike to the east. Furthermore, hole ZG-20-31, located east of ZG-20-30, intersected 688 g/t Ag over 17.5 m.

Drill holes ZG-SF-20-03 and ZG-SF-20-07 from the underground drill program confirm extensions of mineralized lenses toward the west at underground level 1975. Additionally, drill hole ZG-SF-20-15 intersected several significant high-grade intervals including 1,505 g/t Ag over 6 m and 855 g/t Ag over 5.5 m, confirming high-grade silver mineralization at depth to the east and below the 1,975 m level. Drill holes ZG-SF-20-25 and ZG-SF-20-23 intersected 2,728 g/t Ag and 4,517 g/t Ag over 6 m and 3.5 m, respectively, below the previous (March 2021) Mineral Resources and to the east. Drill hole ZG-SF-20-18 intersected 854 g/t Ag over 12 m below the previous (March 2021) Mineral Resources. In the post-February 2021 period, drill hole T28-21-2125-203 intersected 2,417 g/t Ag over 12 m, drill hole T28-21-1975-253 returned 3,272 g/t Ag over 7.2 m, and drill hole T28-21-1975-253bis intersected 3,101 g/t Ag over 7.2 m. These three drill holes indicated continuity of high-grade mineralization in a previously untested area below current operations.

Diamond drilling programs were completed at Zgounder in 2015, 2017 and 2019 through 2021. A total of 84,362 m has been drilled in 449 surface and underground diamond drill holes at Zgounder. In 2015, Maya completed a diamond drill program of 17 drill holes totaling 5,896 m. Native silver was observed in all eight of the holes drilled. The silver mineralization is associated with sphalerite and galena. A 10 m sample from drill hole HL-Ext-012 was selected as a high priority sample to evaluate a sub-parallel mineralised trend north of the main Zgounder Deposit. This sample was collected from 31.3 m to 41.3 m in drill hole HL-Ext-012. GMG's independent assay prepared and analyzed by Fire Assay at Bourlamaque Assay Laboratories Ltd. in Val d'Or (Quebec) returned an average grade of 1,098 g/t Ag. This drill hole was collared in the valley going northward and likely intersected an extension to the east of the northern body. Three diamond holes were drilled in West zone. Sulphide mineralization consisting of sphalerite, galena and pyrite was encountered in altered sandstone. Multi-element analysis, particularly for zinc, lead and copper, led to identification of at least two important polymetallic corridors with horizontal widths of approximately 25 m and 40 m, extending over 1,000 m in length, with shoots of higher-grade silver mineralization.

In 2020, the initial DD program at Zgounder was expanded twice to follow-up on promising results, completing the year with 13,904 m of surface and underground diamond drilling. Aya extended the mineralization approximately 90 m along the eastern strike extension and at depth. Drilling at the Zgounder Silver Mine commenced in September 2020 and continued to mid-January 2021. Four diamond drills were operating on surface and two drills operated underground. High-grade mineralized extensions were encountered at 408 m and 467 m (ZG-20-04 and ZG-20-09, respectively) from surface, which indicates potential for new underground mineralized zones. In addition, drill holes ZG-20-19 and ZG-20-22 both extend the mineralization eastward. The results confirm high-grade silver mineralization below the current mining operations (ZG-20-06) with an intercept of 4.0 m at 9,346 g/t Ag. In addition, drill hole ZG-20-01 confirms new high-grade mineralization at depth at the granite contact. Results from drill hole ZG-20-13 confirm high-grade Ag mineralization at depth with an intercept of 5.5 m at 1,273 g/t Ag. In addition, drill hole ZG-20-36 intercepted 1,587 g/t Ag over 3 m, confirming a new high-grade extension to the east.

In the post-February to December 2021 period, 166 surface and underground diamond holes were drilled totaling 33,987 m at Zgounder. The drilling campaign had two objectives: increase the confidence level of the exploration target area identified in the March 2021 resource estimate; and further extend mineralization in the eastern part of the Deposit. Up to eight diamond drill rigs were in operation on the permit. Hole ZG-SG-21-67 encountered 1,383 g/t Ag over 13.5 m to extend the mineralization trend below the 1975 level; drill hole ZG-21-51 intersected 1,615 g/t Ag over 8.5 m to confirm eastern vertical continuity 200 m below surface; hole ZG-21-50 returned 2,446 g/t Ag over 4.0 m continued definition of high-grade mineralization below the 2030 m Level; drill hole ZG-21-43 (surface) returned 2,311 g/t Ag over 2.0 m to continue definition of eastern high-grade mineralization. An outcome of this DD program was extension of the mineralized strike length eastward by an additional 375 m.

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In 2022, 288 surface and underground diamond holes were drilled totaling 35,993 m at Zgounder. The objectives of the campaign were to better define the existing resources and to extend mineralization both at depth and toward the East. To support the eastern target exploration, 4 trenches for 543 m were completed. In addition, 695 T28 and YAK-T28 holes totaling 20,056m were completed. Historical best results came from TD28-22-2000-308 with 3,956 g/t Ag over 21.6 m while several other important intersections like DZG-SF-22-176 with 4,980 g/t Ag over 7.5 m ZG-DCD-22-06 with 5,132 g/t Ag over 2.5 m successfully extended the mineralization at depth.

In 2023, 333 surface and underground diamond holes were drilled totaling 37,205 m at Zgounder. The objectives of the campaign were to better define mineralization at depth toward the granite. To support the open-pit operation, 404 RC holes for 13,328 m were completed. In addition, 720 T28 and YAK holes totaling 20,381m were completed.

In 2024, 602 surface and underground diamond holes were drilled totaling 59,797 m at Zgounder. The objectives of the campaign were to complete the definition at depth and in the eastern area near the open pit mine. To support the open-pit operation, 472 RC holes for 28,277 m were completed. In addition, to support grade control activities, 12,917m of T28 and 9,680 m of YAK drilling were completed.

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**Sample Preparation, Analysis, Security and Data Verification**

**Logging and Sampling**

Logging drill core or RC chipped materials and sampling are performed at the Zgounder Silver Mine drill core shed facility. Internationally accepted procedures and standards are applied by Aya's technical team.

Drill core logging is carried out directly into Geotic Log since January 2022, significantly increasing the speed and the integrity of the data set. Geotic Log greatly improved the quality of the data by increasing the validation process and eliminating transcription errors. Each hole, once fully described, are validated by a geologist and by the database administrator before being integrated into the Geotic database.

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 logs. Samples for bulk density determination are also selected.

Nominal drill core sample intervals are 1.0 m and 1.5 m, but are adjusted to respect lithological contacts or abrupt changes in mineralization, generally between 0.3 m to 2.0 m. Hard drill core material is cut 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 sent to the assay laboratory for analysis, and the remaining half-drill core is carefully returned to its original position in the drill core boxes. An arrow to mark downhole direction is drawn along each drill core sample by the geologist, for future reference. 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 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 10 cm to 15 cm are used for the determinations. When this process is complete, the drill core is cut and one-half 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.

**Bulk Density Factor for Each Rock Type and Mineralized Material Observed at the Zgounder Project**

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| | | | |
|:---|:---|:---|:---|
| Facies | Rock Code | No. Samples | Dry Bulk Density |
| Brown Formation | Brown Formation | Brown Formation | Brown Formation |
| **Schist + Ag** | 300 | 62 | 2.76 |
| **Schists not mineralised** | 200, 310, 320, 330, 350 | 256 | 2.75 |
| **Schist + Pyrite** | 340 | 20 | 2.77 |
| Volcanics | Volcanics | Volcanics | Volcanics |
| **Andesite** | 400 | 7 | 2.54 |
| **Diorite** | 500 | 19 | 2.70 |
| **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 | 2.70 |
|  | **Total** | **425** |  |

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**Preparation and Analysis**

Sample preparation and analysis for samples collected from T28 production drilling are carried out in Aya's laboratory facilities at the Zgounder Silver Mine. Chip samples collected from the T28 drilling operation are collected on a 1.2 m 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 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.

Sample preparation and analysis for samples generated from diamond drill holes are performed 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. All individual samples represent approximately one-metre length ½-cut drill cores, with half of the drill core length stored on-site for reference.

Since 2024, a new modern assay laboratory was commissioned by ALS. The laboratory includes sample preparation, fire assay, and microwave plasma assay (MP-AES).

The table below lists various independent and reputable Spanish, Moroccan, and Canadian laboratories used since the 1980s and includes the laboratory certification/accreditation details.

**Summary of the Independent and Reputable Assay Laboratories Used Since 1980s**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Drill Program** | **Sample Preparation** | **Analytical Laboratory** | **Analytical Methods** | **Accreditation /** <br>**Independent of Aya** | **Accreditation /** <br>**Independent of Aya** |
| **1980s to present** | Aya | Aya | Aqua Regia ICP-AES |  | 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 present** | AfriLab, Morocco | ALS Spain-Ireland | AG-GRA21 | INAB NO.173T | Yes |

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**Zgounder Laboratory Sample Preparation and Analysis**

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 2 mm and riffle-split to obtain a 100 g 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.

**AfriLab Laboratory Sample Preparation and Analysis**

The total sample is 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 waste rock.

The crushed sample is then divided using a Riffle splitter, to have a sub-sample of between 250 g to 300 g. The splitter is cleaned thoroughly between each sample using compressed air.

The sub-sample is pulverized using a ROCKSLABS 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 is analyzed by atomic absorption after aqua regia. Silver grades of >200 g/t Ag are further analyzed by a fire assay method.

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**ALS Laboratory Sample Preparation and Analysis**

After ALS logs the sample into its tracking system, the sample is crushed, riffle split, and then pulverized to >85% passing 75 μm screen. Routine QC pulp testing is randomly carried out on at least one in 50 samples. Silver is analyzed by fire assay fusion with gravimetric finish.

**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.

**Mineral Processing and Metallurgical Testing**

A main composite and five variability samples were selected to represent the ore body spatially, by lithology and to cover a range of grades. Comminution testing showed all the samples can be classified as very hard but only mildly abrasive. Mineralogical examination revealed the potential for nugget effects as a few unexpectedly large silver particles were observed. Gravity concentration testing yielded an average gravity recovery of 15% for conventional tests and 34% for the EGRG test. This is sufficient to warrant inclusion of a gravity concentration step. Whole ore rougher flotation tests showed an insensitivity to grind size hence a P₈₀ of 100 microns was adopted for the remainder of the test program. Comparative cleaner flotation tests showed a significant shift of the grade vs recovery curve when regrinding the rougher concentrate to 80% passing 20 microns. Locked cycle tests (LCT) revealed that inclusion of a gravity step would results in a small improvement in overall silver recovery.

Cyanidation tests were performed on whole-ore, gravity tails as well as both flotation products. Whole-ore cyanidation yielded an 89% silver recovery. Leaching of flotation tails yielded silver extractions of around 65% at a NaCN consumption of 1.4 kg/t. Pre-oxygenation tests indicated that the cyanide consumption can be effectively curbed through oxidizing cyanide consumers prior to and during the initial part of the leach. The NaCN consumption decreased to 0.96 kg/t at a constantly maintained concentration of 2 g/l. Further reductions are possible at lower cyanide concentrations, but the silver extraction also decreases.

Leaching of flotation concentrate showed a sensitivity to NaCN with the extraction of silver increasing by 5% when increasing the NaCN concentration from 4 to 12 g/l. Unfortunately, the cyanide consumption also doubled over this range. Tests performed using samples of the current operating flotation plant concentrate showed that it behaves similarly to the samples tested during this testwork program.

Merrill-Crowe cementation tests indicated that almost all (>99.8%) of the silver will precipitate from the combined pregnant solutions and that excess zinc is not required.

Cyanide destruction tests were conducted on barren solution from a cementation test at 4 different hydrogen peroxide additions. It showed an optimum minimum free cyanide is achieved when adding 250% of the stoichiometric H2O2 requirement.

Carbon adsorption kinetic and equilibrium tests were conducted to derive modelling parameters for subsequent simulations of various CIP scenarios. These showed that a 12 t/d carbon advancement through an 8-stage carousel with 12 tonnes carbon in each tank would yield loaded carbon silver grades of around 5.5 kg/t and dissolved silver losses of 0.34 mg/l. It may be more economical to target even higher loadings in order to decrease elution costs at the expense of additional dissolved losses. When moving only 10 t/d the predicted dissolved loss can be expected to increase to 0.5 mg/l which is still acceptable and justifiable given the saving in elution costs.

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Flotation concentrate samples were subjected to dynamic settling test. These showed that a 66% w/w solids underflow density is achievable at a unit rate of 0.2 m<sup>2</sup>/(t/d). This would decrease to 59.9% w/w solids at 0.12 m<sup>2</sup>/(t/d). A critical solids density of 68% w/w solids was established with a yield stress of 36 kPa (unsheared). CCD thickener testing and modelling showed a 5 stage CCD train would provide 99.5% washing efficiency using 1.69 m<sup>3</sup>/t washing water.

Sedimentation testing of the flotation tailings showed that a 54% underflow density is readily achievable at a unit area of around 0.22 m<sup>2</sup>/(t/d) but it demands 110 g/t flocculation.

Variability testing yielded overall silver recoveries ranging from 84.4% to 94% when subjecting these samples to tests mimicking the selected flowsheet.

**Mineral Resource and Mineral Reserve Estimates**

Metal prices used for the MRE in the Zgounder Report are listed in Table 1.4 .

For the economic analysis of the Zgounder Expansion, a silver price of $22.00/oz was used.

**Table 1.4 – Silver Metal Prices Used for the Mineral Resources and Mineral Reserves Estimates**

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| | | |
|:---|:---|:---|
| **Unit** | **Mineral Resource Estimate** | **Mineral Reserves Estimate** |
| **$US/oz** | **22.00** | **20.00** |

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**Mineral Resource Estimate**

The MRE incorporates drilling carried out on Zgounder between February 2018 and December 2021. The MRE is reflected in the Zgounder Report which effective date is December 13, 2021 and is summarized in Table 1.1, along with the depleted MIRE. The depleted Mineral Resource and Reserve Estimates were prepared by Mr. David Lalonde, P. Geo., Vice-President, Exploration of the Corporation, a Qualified Person. In preparing the estimates, Mr. Lalonde has taken account of changes to the mineral reserves and resources due to mining depletion as of the effective date of the Zgounder Report to December 31, 2024. The changes to the resource and reserve report reflect mine depletion due to mining activities; no other adjustments to the estimate have been made to the mineral resource and reserve estimate in the Zgounder Report. All economic parameters are based on the Zgounder Report. All risks associated with the Zgounder Silver Mine are defined in the risks section of the Zgounder Report. Disclosure follows assumptions and parameters used in the Zgounder Report.

As at December 31, 2024, at a cut-off grade of 65 g/t Ag, Pit-Constrained Measured and Indicated Mineral Resource totals 236 kt grading 566 g/t Ag for 4.3 Moz Ag. At a cut-off grade of 75 g/t Ag, out-of-pit Measured and Indicated Mineral Resource totals 8.0 Mt grading 322 g/t Ag for 82.8 Moz Ag and Inferred Mineral Resource totals 542 kt grading 367 g/t Ag for 6.4 Moz Ag. At a cut-off grade of 50 g/t Ag, tailings Indicated Mineral Resource totals 272 kt grading 94 g/t Ag for 817 koz Ag. Rom-Pad Measured and Indicated Mineral Resource totals 336 kt grading 153 g/t Ag for 1.7 Moz Ag. The Measured and Indicated Mineral Resources for Zgounder totaling 8.9 Mt averaging 315 g/t Ag for 89.6 Moz Ag.

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**Table 1.1 –Mineral Resource Estimate and Depleted Mineral Resource Estimate** <sup>(1-15)</sup>

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Class** | **Cut-Off** <sup>(1)</sup> | **Cut-Off depleted** <sup>(2)</sup> | **Tonnes**<br><sup>(1)(2)</sup> | **Tonne<br>depleted** <sup>(2)</sup> | **Ag**<sup>(1)</sup> | **Ag**<br>**depleted** <sup>(2)</sup> | **Ag**<sup>(1)</sup> | **Ag depleted**<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
| **Area** | **Class** | **(Ag g/t)** | **(Ag g/t)** | **(kt)** | **(kt)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** |  |  |  |  |  |  |  |  |  |
| **Area** | **Class** | **(Ag g/t)** | **(Ag g/t)** | **(kt)** | **(kt)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **Pit Constrained** | Measured | 65 | 108 | 108 | 477 | 477 | 1656 | 1656 |
| **Area** | **Class** | **(Ag g/t)** | **(Ag g/t)** | **(kt)** | **(kt)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** |  | Indicated | 65 | 406 | 128 | 325 | 642 | 4242 | 2633 |
|  | Measured +Indicated | 65 | 65 | 514 | 236 | 357 | 566 | 5898 | 4289 |  |  |  |  |  |  |  |  |  |
|  | Inferred | - | - | - | - | - | - | - | - |  |  |  |  |  |  |  |  |  |
| **Out-of-Pit** | Measured | 75 | 75 | 3403 | 2531 | 343 | 394 | 37527 | 32053 |  |  |  |  |  |  |  |  |  |
|  | Indicated | 75 | 75 | 5576 | 5479 | 289 | 288 | 51810 | 50773 |  |  |  |  |  |  |  |  |  |
|  | Measured +Indicated | 75 | 75 | 8979 | 8010 | 309 | 322 | 89337 | 82826 |  |  |  |  |  |  |  |  |  |
|  | Inferred | 75 | 75 | 542 | 542 | 367 | 367 | 6395 | 6395 |  |  |  |  |  |  |  |  |  |
| **Rom-Pad** | Measured | - | - | 257 | 336 | 163 | 153 | 1340 | 1658 |  |  |  |  |  |  |  |  |  |
|  | Indicated | - | - | - | - | - | - | - | - |  |  |  |  |  |  |  |  |  |
|  | Measured +Indicated | - | - | 257 | 336 | 163 | 153 | 1340 | 1658 |  |  |  |  |  |  |  |  |  |
|  | Inferred | - | - | - | - | - | - | - | - |  |  |  |  |  |  |  |  |  |
| **Tailings** | Measured | - | - | - | - | - | - | - | - |  |  |  |  |  |  |  |  |  |
|  | Indicated | 50 | 50 | 272 | 272 | 94 | 94 | 817 | 817 |  |  |  |  |  |  |  |  |  |
|  | Measured +Indicated | 50 | 50 | 272 | 272 | 94 | 94 | 817 | 817 |  |  |  |  |  |  |  |  |  |
|  | Inferred | - | - | - | - | - | - | - | - |  |  |  |  |  |  |  |  |  |
| **Total** | Measured | - | - | 3511 | 2975 | 347 | 370 | 39183 | 35367 |  |  |  |  |  |  |  |  |  |
|  | Indicated | - | - | 6254 | 5879 | 283 | 287 | 56869 | 54223 |  |  |  |  |  |  |  |  |  |
|  | Measured +Indicated | - | - | 9765 | 8854 | 306 | 315 | 96052 | 89590 |  |  |  |  |  |  |  |  |  |
|  | Inferred | - | - | 542 | 542 | 367 | 367 | 6395 | 6395 |  |  |  |  |  |  |  |  |  |

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AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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1. December 13, 2021 is the effective date for the Mineral Resource Estimate, as reported in the Zgounder Report.

2. The numbers presented in the grey columns represent the Mineral Resource Estimate depleted through December 31, 2024.

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, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves. No additional Inferred Mineral Resources were reported for this update.

4. Mineral Resources are reported inclusive of Mineral Reserves.

5. The Inferred Mineral Resource in this estimate has a lower level of confidence that 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.

6. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

7. Ag price of $22.5/oz with a process recovery of 90%, $20/t rock process cost, US$16.5/t tailings process cost and $7/t G&A cost were used.

8. The constraining pit optimization parameters were $15/t of mineralized material (including waste mining) and 50º pit slopes with a 65 g/t Ag cut-off.

9. The out-of-pit parameters used a $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.

10. The tailings parameters were at a $9/t mining cost, and Mineral Resource grade blocks were quantified above the 50 g/t Ag cut-off.

11. Individual calculations in tables and totals may not sum correctly due to rounding of original numbers.

12. Grade capping of 6,000 g/t Ag was applied to composites before grade estimation.

13. Bulk density was determined from measurements taken from drill core samples.

14. 1.2 m composites were used during grade estimation.

15. Previously mined areas of the deposit were depleted from the Mineral Resource Estimate.

The MRE incorporates drilling carried out on Zgounder from February 2018 to September 2021. The Mineral Resource database update consists of 516 drill holes (surface and underground combined) for 41,932 m completed at Zgounder.

Three-dimensional block models were created for the Zgounder Deposit and for the historical tailings located a few hundred meters northwest of the mine site. A geological rock code system was introduced and assigned to the various lithological units and mineralized domains. Continuity directions were assessed based on the orientation of the domains and the spatial distribution of silver. Separate variograms were generated for 1.2 m down-hole silver composites within each domain. Mineralization modelling, grade estimation and Mineral Resource reporting were conducted using Gemcom<sup>TM</sup>, Leapfrog<sup>TM</sup>, Snowden Supervisor<sup>TM</sup> and NPV Scheduler<sup>TM</sup> software. Ordinary kriging was used for grade estimation into 2.0 m x 2.0 m x 2.0 m model blocks.

**Mineral Reserves Estimate**

Mineral Reserves for the Zgounder Silver Mine were estimated using HxGN MinePlan's MSOPit module to determine the economic pit shell for the open pit portion, and Deswik.SO to determine the underground reserves. The historical tailings were converted from Mineral Resources to Mineral Reserves using economic parameters and calculations. Only Measured and Indicated Mineral Resource categories were considered for the Mineral Reserves.

For the open pit mining and historical tailings reclamation, a standard open pit truck and shovel operation was assumed, with no drill & blast requirements for the historical tailings. For the underground mining, a combination of cut-and-fill and longhole stoping was used. A combined ore production of 2.7 ktpd, combining the new mill at 2.0 ktpd and the existing mill at 0.7 ktpd, was used.

Mine designs were created for the open pit and the underground portions of the mine. The operational pit was designed using the economic pit shell as a guide, adding 12 m wide ramps to accommodate the chosen 8x6 trucks, and ensure an appropriate mining width is respected. Developments to access the stopes were designed for the underground mine to ensure access to the ore.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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The Mineral Reserves have been depleted through December 31<sup>st</sup>, 2024 and include the Mineral Reserves estimates announced on February 22<sup>nd</sup>, 2022. The depleted Mineral Reserves are estimated at 2.6 Mt proven reserves grading 318 g/t Ag and 4.9 Mt probable reserves grading 244 g/t Ag, for a total of 7.5 Mt ore grading 270 g/t Ag. Table 1.2 presents a summary of the Mineral Reserves Estimate as reported in the Zgounder Report and of the depleted Mineral Reserves Estimate for the Zgounder Silver Mine as at December 31, 2024.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**Table 1.2 – Mineral Reserves Estimate** <sup>(1-13)</sup> **and Depleted Mineral Reserves Estimate**<sup>(14)</sup>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Classification | Tonnage | Tonnage<br>depleted <sup>(14)</sup> | Ag Grade | Ag Grade<br>Depleted<br><sup>(14)</sup> | In-Situ <br>Ag | In-Situ Ag<br>Depleted<br><sup>(14)</sup> |
|  |  | (Mt) | (Mt) | (g/t) | (g/t) | (Moz) | (Moz) |
| **Open Pit** | **Proven Reserves** | 0.6 | 0.6 | 312 | 295 | 5.7 | 5.7 |
| **Open Pit** |  |  |  |  |  |  |  |
| **Open Pit** | **Probable Reserves** | 1.6 | 1.3 | 233 | 247 | 12.1 | 10.5 |
| **Open Pit** |  |  |  |  |  |  |  |
| **Open Pit** | **Total Open Pit Reserves** | 2.2 | 1.9 | 253 | 262 | 17.8 | 16.2 |
| **Historical Tailings** | **Probable Reserves** | 0.3 | 0.3 | 77 | 94 | 0.8 | 0.8 |
| **Rom-Pad** | **Probable Reserves** | - | 0.3 | - | 153 | - | 1.7 |
| **Underground** | **Proven Reserves** | 2.5 | 1.6 | 283 | 360 | 23.0 | 18.9 |
| **Underground** |  |  |  |  |  |  |  |
| **Underground** | **Probable reserves** | 3.6 | 3.3 | 256 | 256 | 29.3 | 27.3 |
| **Underground** |  |  |  |  |  |  |  |
| **Underground** | **Total Underground Reserves** | 6.1 | 5.0 | 267 | 290 | 52.3 | 46.2 |
| **Total** | **Proven Reserves** | 3.1 | 2.6 | 288 | 318 | 28.7 | 26.3 |
| **Total** |  |  |  |  |  |  |  |
| **Total** | **Probable Reserves** | 5.5 | 4.9 | 239 | 244 | 42.1 | 38.6 |
| **Total** |  |  |  |  |  |  |  |
| **Total** | **Total Reserves** | 8.6 | 7.5 | 257 | 270 | 70.9 | 64.9 |
| **Total** |  |  |  |  |  |  |  |

---

1. The Mineral Reserve is estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

2. The Mineral Reserve is estimated with a variable COG which was calculated by mining method.

3. Ag content (oz) are estimated as in-situ

4. An ONHYM royalty of 3% is included in the Mineral Reserve Estimate.

5. The Mineral Reserve is estimated with a mining recovery of 95%.

6. The Mineral Reserve includes both internal and external dilution. The external dilution included a mining dilution of 0.3 m width on the hanging wall and footwall for the long-hole mining method and a 0.1 m width on the hanging wall and footwall for the cut-and-fill mining methods.

7. A minimum mining width of 4m was used for the long-hole and cut-and-fill mining methods.

8. The economic viability of the Mineral Reserve has been demonstrated.

9. For the historical tailings Reserves Estimate, a silver price of US$20/oz with a process recovery of 92%, a process cost of $20.93/t (including G&A), and a mining cost of $4.31/t (including haulage) were used.

10. For the Open-pit Reserves Estimate, a silver price of US$20/oz with a process recovery of 92%, a process cost of US$22.91/t (including G&A), and a mining cost of $4.00/t (including haulage) were used.

11. For the Underground Reserves Estimate, a silver price of $20/oz with a process recovery of 92%, a process cost of US$22.91/t (including G&A), and a mining cost of $24.13/t (including haulage and backfill) were used for the combined cut-and-fill and long-hole methods.

12. The Mineral Reserve Estimate has an effective date of December 13, 2021, as reported in the Zgounder Report.

13. Totals may not add due to rounding.

14. The grey columns represent the depleted Mineral Reserve Estimates, as at December 31, 2024.

**Mining Operations**

The Zgounder Deposit is mined in a combination of open pit mining, reclamation of historical tailings, and underground mining. The mine will operate year-round, seven days a week, twenty-four hours per day (three, 8-hour shifts). Two weeks of adverse weather conditions per year are considered in the mine plan. Underground mining is a mixture of cut-and-fill and long hole stopes.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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**Open Pit Mining**

Conventional open pit mining with 8x6 trucks and matching shovels, undertaken by a local mining contractor, was chosen for the open pit portion of the Zgounder mine. The ore extracted from the pit is loaded into 8x6 trucks and hauled to its destination. The pit will be mined over a 7-year period, with two years of pre-production mining and an additional year for stockpile rehandling at the end of the mine life.

Ore material will be sent to either the ore pass or an ore stockpile; the stockpiles are separated between the low-grade and high-grade material. Rehandled stockpile material are loaded onto the trucks and brought to the ore pass. Waste material is sent to the waste stockpile located near the pit. Some waste material will be sent underground for use in backfill.

The open pit mine is operated by a local mining contractor, who will supply all equipment and staff necessary for the operation.

**Historical Tailings Reclamation**

The nearby historical tailings will be reclaimed at the end of the open pit mine life using a loader and truck operation. No drilling and blasting will be required. Additionally, the tailings material will not require any crushing.

The material will be loaded on to the 8x6 trucks and hauled to the mill. No waste material will be excavated.

The historical tailings reclamation will be undertaken by the open pit mining contractor.

**Underground Mining**

The underground mine operates using a combination of drift-and-fill and long-hole stopping. The underground mine is accessed from surface by underground access (4x4m drift) that were built from 2022, outside of the mineralization. The main portal of the underground mine is at the level 2000L. The main level, 2000L, corresponds to the 2000m altitude of the portal entrance. Underground levels from 2125L down to 1875L are accessible via a ramp. Levels are continuously developed on a east-west orientation. Over the LOM, the ramp will continue to be sunk, opening all levels down to 1625L.

The development of the underground mine is undertaken by mining contractors while the ore production, technical services and production geology is assumed by Aya staff. The underground operation has an 11 year LOM.

**Combined Mine Plan**

Table 1.3 presents the combined mine plan for the open pit, historical tailing and underground portions of the Project.

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024

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 **Table 1.3 – Combined Mine Plan**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Unit** | **PP2** | **PP1** | **Y1** | **Y2** | **Y3** | **Y4** | **Y5** | **Y6** | **Y7** | **Y8** | **Y9** | **Total** |
| **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** | **Open Pit Mine** |
| **Ore** | **Pit to Mill** | **kt** | - | - | 200.9 | 192.6 | 185.8 | 251.0 | 248.6 | 234.2 | 202.8 | - | - | 1516 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore** | **Pit to Low-Grade Stockpile** | **kt** | - | 8.1 | 20.3 | 113.2 | 98.9 | 36.7 | 36.7 | 29.2 | 29.3 | - | - | 372.4 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore** | **Pit to High-Grade Stockpile** | **kt** | - | 62.6 | 48.2 | 80.8 | 45.7 | 28.9 | 11.3 | 4.1 | 8.4 | - | - | 290.2 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore** | **Low-Grade Stockpile to Mill** | **kt** | - | - | 14.5 | 0.1 | 7.6 | 30.1 | 9.5 | 45.3 | 76.8 | - | 188.6 | 372.4 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore** | **High-Grade Stockpile to Mill** | **kt** | - | - | 46.6 | 95.3 | 94.7 | 6.9 | 29.9 | 8.4 | 8.4 | - | - | 290.2 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore** | **Total Mill Feed** | **kt** | - | - | 262.0 | 288.0 | 288.0 | 288.0 | 288.0 | 288.0 | 288.0 | - | 188.6 | 2178.6 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore** | **Silver Grade at Mill** | **g/t** | - | - | 350.0 | 303.3 | 202.2 | 279.5 | 311.7 | 231.8 | 230.1 | - | 61.8 | 253.5 |
| **Ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Waste** | **kt** | - | 3171.2 | 4320.0 | 3940.0 | 3880.7 | 3295.8 | 2509.6 | 1393.3 | 937.4 | - | - | 23447.9 |
|  | **Total Mined** | **kt** | - | 3241.9 | 4589.5 | 4326.5 | 4211.1 | 3612.4 | 2806.2 | 1660.9 | 1177.9 | - | - | 25626.5 |
|  | **Stripping Ratio** | **w/o** | - | 44.8 | 16.0 | 10.2 | 11.7 | 10.4 | 8.5 | 5.2 | 3.9 | - | - | 10.8 |
| **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** | **Tailings Reclamation** |
| Ore | **Tonnage to Mill** | **kt** | - | - | - | - | - | - | - | - | - | 288.0 | 30.8 | 318.8 |
| Ore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ore | **Silver Grade** | **g/t** | - | - | - | - | - | - | - | - | - | 80.5 | 39.5 | 7.6 |
| **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** | **Underground Mine** |
| Ore | **Tonnage to Mill** | **kt** | 226.3 | 251.4 | 594.9 | 671.6 | 673.1 | 673.1 | 673.2 | 673.2 | 673.2 | 745.9 | 237.5 | 6093.4 |
| Ore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Silver Grade** | **g/t** | 264.4 | 286.4 | 284.5 | 249.8 | 283.3 | 291.9 | 322.8 | 243.8 | 257.6 | 225.2 | 208.5 | 267.5 |
|  | **Waste** | **kt** | 566.3 | 655.0 | 671.7 | 663.0 | 704.2 | 307.3 | 196.7 | 136.2 | 156.9 | 104.1 | 33.0 | 4194.5 |
|  | **Total Mined** | **kt** | 792.64 | 906.44 | 1266.59 | 1334.61 | 1377.33 | 980.44 | 869.86 | 809.42 | 830.14 | 849.97 | 270.50 | 10287.9 |
| **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** | **Combined Mine Plan** |
|  | **Ore to ROM Pad** | **kt** | 226.3 | 251.4 | 856.9 | 959.6 | 961.1 | 961.1 | 961.2 | 961.2 | 961.2 | 1033.9 | 456.9 | 8590.8 |
|  | **Silver Grade** | **g/t** | 264.4 | 286.4 | 304.5 | 265.9 | 259.0 | 288.2 | 319.5 | 240.2 | 249.4 | 184.9 | 136.6 | 256.7 |
|  | **Waste** | **kt** | 566.3 | 3826.2 | 4991.7 | 4603.0 | 4584.9 | 3603.1 | 2706.3 | 1529.5 | 1094.3 | 104.1 | 33.0 | 27642.5 |
|  | **Total Mined** | **kt** | 792.6 | 4077.6 | 5848.6 | 5562.6 | 5546.0 | 4564.2 | 3667.5 | 2490.7 | 2055.5 | 1138.0 | 489.9 | 36233.3 |

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**Processing and Recovery Operations**

The processing complex at Zgounder includes the following 3 facilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;**Existing Plant #1 (cyanidation plant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;**Existing Plant #2 (flotation plant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;**New Plant #3.

Products from the existing plants will be processed by the new facility, detailed as such:

The Existing Plant # 1 continues to treat 180 t/d of ore. The silver cement produced is then calcined and smelted into the foundry of the New Plant #3.

The Existing Plant # 2 crushes and grinds 500 t/d of ore which is then pumped to the New Plant #3, for leaching, precipitation, calcination and smelting.

The New Plant #3 processes 2000 t/d of ore, plus the 500 tpd pumped from the Existing plant #2. In addition to that, it also calcines and smelts silver cement produced from Existing Plant #1. The New Plant #3 includes the following unit operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crushing: two stage crushing circuit closed out by a vibrating screen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grinding: single stage ball milling circuit closed out by hydrocyclones to grind the mineralized material to 80% passing 100 microns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intensive cyanidation: of the gravity concentrate with the pregnant solution combining with the counter current decantation (CCD) overflow solution recovered solution ahead of the Merrill-Crowe section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-thickening of the cyclone overflow followed by cyanidation of the whole ore slurry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Counter-Current Decantation (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 tailing storage facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merrill-Crowe: to recover silver from the combined pregnant solutions through zinc cementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refinery: drying and smelting of sludge to produce doré silver bars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key design parameters (most from testwork results) are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crushing circuit utilisation of 68.5% and the remainder of the plant at 91.3%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Silver recovery into the gravity concentrate of 16% with 84% of the remaining silver recovered into the flotation concentrate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cyanidation extraction efficiencies of 96% for both the gravity concentrate and the flotation concentrate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overall extraction of 91%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A hardness Axb of 23.2 units which classifies the ore as very hard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A ball mill work index of 23.1 kWh/t which confirms the hardness classification;

**Infrastructure, Permitting, and Compliance Activities**

**Existing Infrastructure, Pre Expansion**

The Zgounder Silver Mine has been in production since 2019 (for the flotation plant) and has all the necessary infrastructure required to support the current mining operation. This includes, but is not limited to laboratory, fuel storage, offices, warehouse and storage, 700 t/d processing capacity (flotation and cyanidation plants combined), camp, underground mine and related infrastructure, waste stockpiles and TSF capacity for 5 years production.

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|:---|:---|
| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 45 |

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**New Infrastructure for Zgounder Expansion**

The New Plant #3 facility has 9 areas: crushing, grinding, gravity concentration, intensive leach reactor, cyanidation leaching tanks, counter-current decantation, Merrill-Crowe and a smelting area.

The other major facilities and services outside the new process plant, which are included as part of the Zgounder Expansion, include: new electrical line and substation, new emergency power facilities, additional fuel storage tanks, new open pit, including waste storage stockpiles, and new automation and telecommunication system.

**Surface Water Management**

Englobe was retained by Aya to complete the global water balance for the Zgounder Expansion as part of the Zgounder Report. The objectives were to validate the hydraulic conditions to supply the new processing plant with water and to size the new water management infrastructure for the mine expansion. During the development of this study, one of the requirements was to develop a strategy that did not include any additional fresh water wells. No site visit was conducted due to COVID-19 restrictions.

Following the Feasibility Study, GCIM (a Moroccan engineering firm) was mandated to refine the water management strategy though detailed engineering. Three large water ponds were built, for a cumulative storage capacity of over 300 000m<sup>3</sup> of water. The water is sourced from an existing 20m<sup>3</sup>/h gravity fed mountain water source and collected rainwater passing by the Zgounder river.

**New TSF**

The design of the TSF was completed by GCIM (designer), a Moroccan firm and reviewed by an external Canadian Qualified Person. The construction was carried by GTR (a Moroccan contractor) and supervised by Aya owner's team and the Laboratoire public d'essaies et d'étude (LPEE) an independent civil laboratory for quality control. Epoch Resources, our engineer of record (EoR) reviewed the design throughout construction and visited the construction site. The TSF has a total capacity of 10 years of expanded capacity, throughout three phases. The TSF is fully contained, fully lined, and raises will be done downstream as of best practices in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 1: Volume stored: 2.48 Mm3, 2.85 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 2: Volume stored (Phase 1 + Phase 2): 4.84 Mm3, 7 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 3 Volume stored: 2.66 Mm3, 3 years.

The first phase was completed in 2023 and commissioned in 2024. It is currently in operation. The construction of the second phase is planned to start in 2026.

**Environmental Studies, Permitting and Social or Community Impact**

The first EIA of the Zgounder Silver 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 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 Expansion. This expansion project includes 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.

The Zgounder Expansion is now fully permitted, completed and in commercial production.

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|:---|:---|
| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 46 |

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**Capital and Operating Cost Estimates**

**Capital Cost Estimate (CAPEX)**

The initial Capex estimate for the Zgounder Expansion, included in the Zgounder Report, includes all of the projects' direct and indirect costs that were estimated to be expended during the implementation of the Zgounder Expansion. The initial Capex estimate was deemed to cover the period starting at the approval by Aya of the Zgounder Report and finishing after commissioning was achieved. All capital costs are expressed in USD. Currency exchange rates are dated Q4 2021. Inflation and risk were not included in the estimate.

The initial Capex for the Zgounder Expansion was estimated at $139.4M USD. Details are presented in Table 1.5.

**Table 1.5 – Initial Capex Summary by Major Area (USD)**

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| | | |
|:---|:---|:---|
| **WBS** | **Major Area** | **Total Cost**<br>**($ USD)** |
| **1000** | Mining – UG equipment & infrastructures | 9713352 |
| **1000** |  |  |
| **2000** | Mining – Open pit pre-stripping | 2943170 |
| **2000** |  |  |
| **4000** | New Processing Plant | 60770216 |
| **4000** |  |  |
| **5000** | Power Generation and Distribution | 8643184 |
| **5000** |  |  |
| **6000** | TSF | 5536670 |
| ***Sub-Total Direct Costs*** |  | **87606593** |
| **9000** | Indirect Costs | 30808881 |
| **10000** | Owner's Costs | 5386250 |
| **20000** | Contingency | 15621809 |
|  | **Grand Total** | 139423533 |

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**Operating Cost Estimate (OPEX)**

The initial Opex is presented in USD and uses prices obtained in Q4 2021. DRA developed these operating costs in conjunction with Aya for the purpose of the Zgounder Report.

The following are examples of cost items specifically excluded from the initial Opex:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value Added Tax (VAT); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project financing and interest charges.

Table 1.6 presents the initial operating costs summary by major project area over the LOM, as reported in the Zgounder Report.

The average operating cost, including transport is $55.42/t.

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**Table 1.6 – Initial Operating Costs Summary**

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|:---|:---|:---|:---|:---|
| **Description** | **LOM Cost** | **Cost** <br>**($/t)²** | **Cost** <br>**($/oz)** | **Total Cost** <br>**(%)** |
| **Mining – Underground** | 226634161 | 26.38 | 3.50 | 47.6 |
| **Mining – Open Pit Ore to ROM Pad** | 24777360 | 2.88 | 0.38 | 5.2 |
| **Process (average)** | 163450368 | 19.03 | 2.53 | 34.4 |
| **General and Administration** | 50264337 | 5.85 | 0.78 | 10.6 |
| **ESG** | 10972885 | 1.28 | 0.17 | 2.3 |
| **Total** | 476099911 | 55.42 | 7.36 | 100.0 |
| 1.&nbsp;&nbsp;&nbsp;&nbsp;Figures may not add due to rounding. | 1.&nbsp;&nbsp;&nbsp;&nbsp;Figures may not add due to rounding. | 1.&nbsp;&nbsp;&nbsp;&nbsp;Figures may not add due to rounding. | 1.&nbsp;&nbsp;&nbsp;&nbsp;Figures may not add due to rounding. | 1.&nbsp;&nbsp;&nbsp;&nbsp;Figures may not add due to rounding. |

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**Economic Analysis**

A financial model was included in the Zgounder 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**

Exploration continues at Zgounder. In dept, potentially mineralized zones are explored along targets in adjacent properties that belong to Aya. The mine is being defined with destructive and diamond drilling to improve grade and morphology certainty on the Zgounder ore body, being mined. 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 by two other phases as the operation carry, as needed.

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![boumadinea.jpg](boumadinea.jpg)

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**Boumadine**

**Current Technical Report**

The information set forth below is from and stated as of the effective date of the Boumadine 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, Pb, Cu, Zn) located in in the Errachidia Province, in Morocco.

The Boumadine Property consists of 9 mining licenses and 16 exploration permits totaling 272 km<sup>2</sup> in size. The Boumadine Mining License, which contains the Boumadine Deposit and is the focus of the Boumadine Report, consists of mining license LE-383661 and covers the historical Boumadine Mine, the Boumadine Camp, and the current MRE described in this AIF, which total 32 km<sup>2</sup> in area. The additional twenty-four exploration permits and mining licenses are distributed within a 25 km radius of the Boumadine Deposit and collectively cover an additional 240 km<sup>2</sup> in area (see Figure 4.2 and below). In addition, an Exploration authorization of 600 km<sup>2</sup> was granted to Aya in January 2025.

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**Figure 4.2 Aya's Land Tenure in the Boumadine Property**

![ayaslanda.jpg](ayaslanda.jpg)

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 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 ONHYM as 85%-15% shareholders respectively. The mining title of the Boumadine Mining License was transferred to BGM by ONHYM. ONHYM's participation is not a free-carry but is fully participating and therefore subject to dilution on a pro rata basis. 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 and the Exploration authorization, Aya, through its subsidiaries, has: 100% ownership of a total of 10 mining licenses and exploration permits and; an option to earn 100% interest in 14 other mining licenses and exploration permits, as summarized in Table 1.4 below.

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**Table 4.1 Aya Mining and Exploration Permits in the Boumadine Property Area**

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|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type** | **Interest of Aya5** | **Area**<br>**(km2)** | **Granted** | **Expires** |
| LE-383661\* | Licence d'exploitation | 85% ownership | 31.7 | 5/17/2016 | 5/16/2026 |
| LE-383692\*\* | Licence d'exploitation | Option to earn 100% interest | 4 | 5/14/2016 | 5/13/2026 |
| PR-3843057\*\* | Permis de Recherche | 100% ownership | 9.43 | 6/10/2023 | 6/9/2026 |
| PR-3843332\*\* | Permis de Recherche | 100% ownership | 4.7 | 10/12/2023 | 10/11/2026 |
| PR-3843056\*\* | Permis de Recherche | Option to earn 100% interest | 15.9 | 6/10/2023 | 6/9/2026 |
| LE-383722\*\* | Licence d'exploitation | Option to earn 100% interest | 9.5 | 9/27/2014 | 9/26/2024\* |
| LE-383724\*\* | Licence d'exploitation | Option to earn 100% interest | 6.2 | 11/25/2017 | 11/24/2027 |
| PR-3843342\*\* | Permis de Recherche | Option to earn 100% interest | 11.4 | 6/14/2023 | 6/13/2026 |
| PR-3843372\*\* | Permis de Recherche | 100% ownership | 8 | 3/8/2024 | 3/7/2027 |
| PR-3843371\*\* | Permis de Recherche | 100% ownership | 3 | 3/8/2024 | 3/7/2027 |
| PR-3843370\*\* | Permis de Recherche | 100% ownership | 4 | 3/8/2024 | 3/7/2027 |
| PR-3843051\*\* | Permis de Recherche | Option to earn 100% interest | 16 | 6/10/2023 | 6/9/2026 |
| PR-3843156\*\* | Permis de Recherche | Option to earn 100% interest | 11.7 | 6/14/2023 | 6/13/2026 |
| PR-3842950\*\* | Permis de Recherche | Option to earn 100% interest | 15.6 | 6/27/2023 | 6/27/2026 |
| LE-383657 | Licence d'exploitation | Option to earn 100% interest | 8 | 10/18/2015 | 10/17/2025 |
| LE-383852\*\* | Licence d'exploitation | Option to earn 100% interest | 9.5 | 10/16/2018 | 10/15/2028 |
| LE-383853\*\* | Licence d'exploitation | Option to earn 100% interest | 17.6 | 12/21/2018 | 12/20/2028 |
| LE-383856\*\* | Licence d'exploitation | Option to earn 100% interest | 25.9 | 7/20/2016 | 7/19/2026 |
| LE-383874\*\* | Licence d'exploitation | Option to earn 100% interest | 8.1 | 12/2/2015 | 12/1/2025 |
| PR-3843146\*\* | Permis de Recherche | Option to earn 100% interest | 8.5 | 6/14/2023 | 6/13/2026 |
| PR-3843387\*\* | Permis de Recherche | 100% ownership | 8.3 | 6/29/2024 | 6/28/2027 |
| PR3843388\*\* | Permis de Recherche | 100% ownership | 5.7 | 6/29/2024 | 6/28/2027 |
| PR-3843389\*\* | Permis de Recherche | 100% ownership | 1.6 | 6/29/2024 | 6/28/2027 |
| PR-3843390\*\* | Permis de Recherche | 100% ownership | 14.3 | 6/29/2024 | 6/28/2027 |
| PR-3843391\*\* | Permis de Recherche | 100% ownership | 13 | 6/29/2024 | 6/28/2027 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Mineral tenure information effective February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)"Permis de recherche" means "exploration permit" and "Licence d'exploitation" means "mining license".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Permits marked with \* are within the Boumadine Mining License and permits marked with \*\* are located outside the Boumadine Mining License..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Mining license LE-383722 is currently being renewed for an additional 10 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)For this table, Aya means Aya or one of its subsidiaries AGSM, ZMSM or BGM.

In order to convert an exploration permit into a mining license, an EIA needs to be submitted to the regional center of investment.

**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

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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 4-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 nearest power line to the Property is 2.8 km away.

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 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 (see Table 6.1 below).

**Table 6.1 Summary of BRPM Exploration Work**

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| **Period** | **Diamond Holes** | **Diamond Holes** | **Shafts/**<br>**Raises** | **Drifts** |
| | **Number** | **(m)** | **(m)** | **(m)** |
| 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 |

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In 2012, 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 meters 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 meters 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.

Table 6.2 below presents a summary of the DD completed by Maya from 2017 to 2020.

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**Table 6.2 Summary of Diamond Drilling Completed by Maya from 2017 to 2020** 

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| **Years** | **Zone** | **Metres Drilled** | **Objective** |
| **2017** | Centre | $1490.40 | Historical resource and old workings verification |
| **2017** | Sud | $1137.60 | Historical resource and old workings verification |
| **2017** | Tizi | 530 | Historical resource and old workings verification |
| **2018** | Centre | 1597 |  |
| **2018** | Sud | 608 | Check southern continuity of the vein |
| **2018** | Tizi | 466.1 |  |
| **2018** | Imariren Est | 804.9 | Follow-up on grab samples positive results |
| **2018** | Imariren Ouest | $1168.40 | Follow-up on grab samples positive results |
| **2019** | Centre | $1446.70 |  |
| **2019** | Imariren Est | 670.8 | Increase Imariren resource |
| **2019** | Imariren Ouest | $1297.80 |  |
| **2019** | Nord | 543.9 | Test northern historical resource |
| **2020** | Nord | 899 | Increase Zone Nord resource |
| **Total** |  | 12661 |  |

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Exploration activities completed by Aya on the Boumadine Property since 2020 include surface trenching, satellite-based hyperspectral surveys, airborne geophysics, mineral prospecting, geological mapping, grab sampling and assaying. These programs were successful in finding and confirming presence of mineralization on surface. Between May 2022 and December 2024, Aya completed 476 diamond drill holes totaling 192,957 m. The drilling programs aimed to extend the mineralization of the North, Central, and South Zones while also testing targets located further 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.

**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 kilometers 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, Pb, Cu, 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 volcanic-sedimentary rock unit have been grouped into three formations, which from the oldest to youngest are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tamerzaga-Timrachine Formation ("**TTF**"): Consists of ignimbrites, rhyodacites and andesites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Isilf-Ouinou-Oufroukh Formation: Consists of volcano-sedimentary rocks, specifically tuffs and breccia, andesite flows; and fine- to coarse-grained sedimentary rocks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aoujane-Aissa-Akchouf Formation: Formed of ignimbrites, dacite domes and flows, and andesite flows.

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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 meters 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, 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 meters 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 meters long, 5 to 10 meters in thickness and 500 meters down-dip. It strikes northwest and dips steeply southwest. The North Zone appears truncated by the Imariren Zone. The Imariren Zone and the Tizi Zone are two sub-parallel, single mineralized vein domains that are 200 meters apart in the south and 500 meters 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 meters. Both zones extend 600 meters down-dip.

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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 meters 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.

**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.

**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.

**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.

Mapping and grab sampling activities continued throughout 2024, extending to new permits on the Boumadine Property. A total of 386 grab samples were collected during the year.

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**Table 9.1 Grab Sampling Assay highlights** 

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|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** |
| **Sample ID** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** |
| 2260129 | 3.45 | 40.00 | 0.75 | 0.16 | 0.06 |
| 2260130 | 3.37 | 23.40 | 0.28 | 0.04 | 0.03 |
| 2260131 | 2.83 | 44.00 | 0.54 | 0.06 | 0.02 |
| 2260113 | 2.00 | 28.00 | 0.01 | 1.97 | 0.06 |
| 2260119 | 1.92 | 122.00 | 0.01 | 0.82 | 0.08 |
| 2260121 | 1.92 | 90.00 | 0.01 | 0.35 | 0.06 |
| 2274531 | 1.32 | 2.50 | 0.01 | 0.01 | 0.01 |
| 2260134 | 0.99 | 28.00 | 0.49 | 0.71 | 0.27 |
| 2274547 | 0.03 | 186.00 | 2.38 | 8.14 | 1.80 |
| 2274521 | 0.03 | 122.80 | 0.77 | 10.21 | 0.40 |
| 2260119 | 1.92 | 122.00 | 0.01 | 0.82 | 0.08 |
| 2274534 | 0.07 | 112.00 | 9.40 | 0.01 | 0.01 |
| 2274545 | 0.03 | 110.00 | 0.05 | 27.40 | 0.09 |

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**Drilling**

Between May 2022 and December 2024, Aya completed 476 diamond drill holes totaling 192,957 m. The drilling programs aimed to extend the mineralization of the North, Central, and South Zones while also testing targets located further 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.

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.

High-grade mineralization was intersected at Tizi, with two holes, BOU-DD24-306 and BOU-DD24-310, showing high gold concentrations (respectively 20.05g/t Au over 1.5m; and 23.34 g/t Au over 1.6m). The mineralization remains hosted within massive sulfide veins, characterized by a higher ratio of arsenopyrite.

A new style of mineralization has also been identified from 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.

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**Table 10.2 Significant Intercepts From the 2024 and 2025 Drilling Programs**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-DD23-214** | 8850N | Main | 214 | 223 | 9 | 4.77 | 61 | 0.12 | 0.07 | 0.19 | 5 | 535 |
| **Including** | **Including** | **Including** | 216.2 | 221.5 | 5.3 | 6.61 | 90 | 0.18 | 0.1 | 0.27 | 6 | 749 |
| **BOU-DD23-218** | 8850N | Para | 244.3 | 247.5 | 3.2 | 14.72 | 19 | 0.02 | 0.19 | 0.15 | 4 | 1411 |
| **BOU-DD23-218** | 8850N | Para | 252.6 | 256.8 | 4.2 | 13.59 | 115 | 0.1 | 0.13 | 0.12 | 3 | 1409 |
| **BOU-DD23-218** | 8850N | Main | 280.3 | 286.1 | 5.8 | 9.21 | 80 | 0.21 | 0.06 | 0.14 | 8 | 978 |
| **Including** | **Including** | **Including** | 280.3 | 284.3 | 4 | 13.05 | 108 | 0.29 | 0.07 | 0.19 | 8 | 1377 |
| **BOU-DD23-220** | 6575N | Main | 105 | 115.9 | 10.9 | 1.77 | 91 | 0.09 | 1.72 | 4.53 | 133 | 575 |
| **Including** | **Including** | **Including** | 112.3 | 114.7 | 2.4 | 6.26 | 261 | 0.26 | 1.24 | 6.56 | 16 | 1275 |
| **BOU-DD23-220** | 6575N | Para | 133.4 | 136.8 | 3.4 | 0.89 | 76 | 0.26 | 2.47 | 6.97 | 7 | 649 |
| **BOU-DD23-223** | 6525N | Main | 131.6 | 169.9 | 38.3 | 1.53 | 311 | 0.04 | 1.8 | 4.4 | 101 | 763 |
| **Including** | **Including** | **Including** | 144.9 | 155.9 | 11 | 2.34 | 494 | 0.06 | 1.89 | 3.93 | 36 | 996 |
| **BOU-DD23-225** | 9325N | Para | 47.4 | 53.7 | 6.3 | 1.44 | 54 | 0.02 | 0.85 | 5.34 | 12 | 508 |
| **Including** | **Including** | **Including** | 50.8 | 53.7 | 2.9 | 2.88 | 86 | 0.04 | 0.96 | 9.9 | 21 | 927 |
| **BOU-DD23-227** | 9325N | Main | 259.7 | 268.3 | 8.6 | 3.34 | 18 | 0.07 | 0.13 | 0.45 | 6 | 369 |
| **Including** | **Including** | **Including** | 263.5 | 268.3 | 4.8 | 5.42 | 21 | 0.07 | 0.08 | 0.11 | 7 | 545 |
| **BOU-DD23-228** | 6300N | Main | 267.2 | 276.1 | 8.9 | 1.99 | 81 | 0.02 | 1.03 | 3.36 | 59 | 488 |
| **Including** | **Including** | **Including** | 267.7 | 273 | 5.3 | 3.09 | 119 | 0.03 | 1.45 | 4.66 | 87 | 715 |
| **BOU-DD23-229** | 6525N | Para | 111.9 | 116 | 4.1 | 1.6 | 175 | 0.12 | 1.86 | 7.32 | 259 | 810 |
| **BOU-DD23-230** | 6575N | Main | 166.6 | 184.2 | 17.6 | 2.64 | 247 | 0.27 | 1.24 | 7.74 | 86 | 991 |
| **Including** | **Including** | **Including** | 177.6 | 181.3 | 3.7 | 2.91 | 651 | 0.08 | 3.18 | 11.49 | 106 | 1662 |
| **BOU-DD23-230** | 6575N | Para | 188.2 | 202.3 | 14.1 | 2.78 | 97 | 0.24 | 0.41 | 6.52 | 31 | 755 |
| **BOU-DD23-245** | 6450N | Main | 198.4 | 206.5 | 8.1 | 0.73 | 122 | 0.02 | 2.32 | 4.68 | 68 | 524 |
| **Including** | **Including** | **Including** | 198.4 | 200.2 | 1.8 | 1.83 | 299 | 0.06 | 4.83 | 13.08 | 269 | 1355 |
| **BOU-DD23-248** | 6450N | Main | 329.5 | 335.4 | 5.9 | 5.94 | 59 | 0.13 | 0.95 | 8.75 | 23 | 1136 |
| **BOU-DD23-251** | 6450N | Main | 345.9 | 355.3 | 9.4 | 2.66 | 32 | 0.04 | 0.21 | 4.39 | 14 | 531 |
| **Including** | **Including** | **Including** | 346.4 | 348.8 | 2.4 | 7.99 | 91 | 0.13 | 0.3 | 15.77 | 19 | 1719 |
| **Including** | **Including** | **Including** | 314 | 318.8 | 4.8 | 6.76 | 36 | 0.06 | 0.11 | 0.16 | 0 | 569 |
| **BOU-DD23-265** | 8850N | Main | 338 | 341.1 | 3.1 | 16.25 | 86 | 0.13 | 0.14 | 0.12 | 0 | 1355 |
| **BOU-DD23-265** | 8850N | Para | 366 | 374 | 8 | 4.51 | 58 | 0.23 | 0.2 | 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 | 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 | 0.2 | 1.37 | 2 | 1755 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BOU-DD24-310** | 34777500 | Tizi | 58 | 71.7 | 13.7 | 4.9 | 42 | 0.06 | 0.37 | 0.35 | 9 | 445 |
| **Including** | **Including** | **Including** | 58 | 59.6 | 1.6 | 23.34 | 148 | 0.2 | 0.41 | 0.5 | 17 | 1988 |
| **BOU-DD24-310** | 34777500 | Tizi | 281.4 | 282.4 | 1 | 0.08 | 7820 | 0.17 | 5.5 | 1.46 | 7 | 8036 |
| **BOU-DD24-329** | East-West | East-West | 142.1 | 144 | 1.9 | 0.03 | 1937 | 1.66 | 0.16 | 0.17 | 7 | 2110 |
| **BOU-DD24-353** | East-West | East-West | 354 | 356.3 | 2.3 | 0.06 | 107 | 0.26 | 4.78 | 36.67 | 5 | 1300 |

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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.

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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 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 is scheduled to be upgraded with new apparatus currently on order.

The average bulk density for the constrained sulphide material is 3.70 t/m3. For the current Mineral Resource Estimate a bulk density of 2.61 t/m3 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.

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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-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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blank samples are inserted at a rate of 1 in 25 samples to monitor for instrumentation carry-over and contamination at the laboratory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each month, a selection of 5% of the coarse reject samples is submitted to AfriLab; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 May 2024 Mineral Resource Estimate (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 current MRE. Aya's Author (the current Author) reviewed P&E's findings and agrees with their conclusions. All new data included in the Boumadine MRE 2025 has been reviewed by Boumadine Report Authors.

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A total of 22 different OREAS CRMs were used during the 2018 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 11.1. All 22 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 11.1.

**Table 11.1 Summary of Reference Materials Used at Boumadine In 2018 to 2025**

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|:---|:---|:---|:---|:---|:---|:---|
| **Reference Material** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** |
| **Reference Material** | **Au (g/t)** | **Ag (g/t)** | **Pb (%)** | **Zn (%)** | **Mo (g/t)** | **Cu (%)** |
| OREAS100a | -- | -- | 0.001 | -- | 22.2 | 0.017 |
| OREAS137 | 0 | 25.9 | 0.673 | 4.92 | 9.83 | 0.0246 |
| OREAS138 | 0 | 45.2 | 1.23 | 8.19 | 10.7 | 0.0266 |
| OREAS139 | -- | 76.7 | 2.21 | 13.63 | 9.82 | 0.027 |
| OREAS236 | 1.85 | 0.478 | 0.003 | 0.014 | 1.56 | 0.017 |
| OREAS240 | 5.51 | 1.3 | 0.003 | 0.014 | 1.7 | 0.017 |
| OREAS264 | 0.307 | 1.29 | 0.001 | 0.022 | 9.15 | 0.009 |
| OREAS316 | -- | 103 | 5.02 | 11.16 | 16.3 | 0.161 |
| OREAS317 | -- | 232 | 12.13 | 17.45 | 41.5 | 0.413 |
| OREAS353 | -- | 2184 | 61.26 | 4.13 | 18.4 | 0.312 |
| OREAS353b | 0 | 2184 | 64.58 | 383 | 84 | 0.431 |
| OREAS354 | 0 | 98 | 1.58 | 49.77 | 2.37 | 0.1387 |
| OREAS601c | 0.996 | 50.3 | 0.033 | 0.043 | 3.66 | 0.116 |
| OREAS603c | 4.96 | 294 | 1.043 | 0.803 | 60 | 1.21 |
| OREAS609b | 4.97 | 24.6 | 0.045 | 0.131 | 5.54 | 0.498 |
| OREAS620 | 0.685 | 38.5 | 0.774 | 3.15 | 9.47 | 0.173 |
| OREAS624 | 1.16 | 45.3 | 0.624 | 2.4 | 16.3 | 3.1 |
| OREAS630b | 0.358 | 19 | 0.411 | 1.11 | 12.7 | 0.052 |
| OREAS684 | 0.248 | 0.352 | 0.001 | 0.01 | 1.19 | 0.098 |
| OREAS700 | 0.506 | 0.525 | 0.001 | 0.022 | 81 | 0.202 |
| OREAS701 | 1.11 | 1.12 | 0.001 | 0.034 | 254 | 0.491 |
| OREAS992b | 15 | 340 | 0.374 | 0.862 | 7.29 | 44.73 |

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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. Boumadine Report Authors consider that the CRMs demonstrate acceptable accuracy in the Boumadine 2018 to 2025 DD data and the relative few failures indicate 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 9,305 data points to examine.

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The vast majority of data plotted below the set tolerance limit, with very few data points plotting above the set tolerance limit. Boumadine Report Authors don't consider contamination to be an issue with the 2018 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 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 also submitted to AfriLab for duplicate analysis and the primary lab also assays pulp samples for duplicate analysis.

Field and pulp duplicate data for gold, silver, copper, lead, zinc and molybdenum were examined by Boumadine Report Authors for the 2022 to 2025 DD at the Boumadine Deposit. Coarse reject duplicates were not available to assess. The data were graphed and found to have acceptable precision, with precision improving from field to pulp level, and a minimum R-squared value of 0.99 at the pulp level.

**Umpire Sampling**

Aya carried out umpire-sampling to confirm the integrity of the analytical results undertaken by AfriLab, the primary laboratory, for geochemical testing at the Boumadine Deposit. Select pulverized pulp samples were submitted for external check assays at a secondary laboratory (umpire lab), to check original analyses undertaken at AfriLab. Check analyses were carried out on one in every 50 samples, representing around 2% of the samples sent for analysis, and were completed at ALS in Seville, Spain.

Boumadine Report Authors, reviewed the umpire assay results for gold, silver and molybdenum at the Boumadine Deposit, and comparisons were made between the primary lab results and the umpire lab results with the aid of scatter plots. Comparison of the 422 samples from the late 2022 diamond drilling program, reveals some dispersion in the gold results below 2 ppm Au and ~8 ppm Au. A high bias is also noted in the reported umpire lab results and an R<sup>2</sup> value of 0.891. Increased dispersion below 80 ppm Ag, where expected closer to the lower detection limit, and good correlation above these lower grades are revealed. No significant bias is detected and an R<sup>2</sup> value of 0.964 is indicated. Excellent correlation is observed in the molybdenum scatter plot, with the majority of results plotting along the 1:1 line and an R<sup>2</sup> value of 0.998.

Boumadine Report Authors does not consider the biases exhibited in the gold data to be of material impact to the current Mineral Resource Estimate, as the primary laboratory is potentially under-reporting these results. Overall, Boumadine Report Authors consider the data to be acceptable for use in the current Mineral Resource Estimate.

**Data Verification**

Boumadine 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 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 Report Authors is summarized in Table 12.1.

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**Table 12.1 Boumadine Database Verification Summary: March 2025**

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| **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 |

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Boumadine 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 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. The site visit included the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visiting various surface drilling sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inspection of onsite drill core logging and drill core storage facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GPS location verifications along the main mineralized trend from North to South

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inspection of AfriLab in Marrakesh;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of database, drill hole collar surveying, logging, sampling and QC procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical discussions and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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**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 from 2018-2022. Tested materials have included historical tailings, fresh rock, and produced pyrite concentrate samples.

**2011 Testwork Campaign**

Several metallurgical testwork programs have been completed on the Boumadine Deposit mineralized material between 1980s and 2018.

In 2011, a testwork campaign was organized with the URSTM laboratory, based in Rouyn-Noranda, Québec. The samples were collected from the historical tailings pond located at the Boumadine site. The goal of this test campaign was to assess the potential recovery of the precious metals contained in the historical tailings. The results from the URTSM tests (direct cyanidation tests) showed that the Boumadine sample was highly refractory to direct cyanidation, especially for gold, and to a lesser extent for silver.

**SGS LAKEFIELD METALLURGICAL TESTWORK - 2018**

**Grindability Testwork**

The fresh mineralized material sample was submitted for the Bond ball mill grindability test performed at 100 mesh of grind. The BWI is compared to the SGS database. The BWI was 10.7 kWh/t, which lies in the moderately soft range in the SGS database.

**Flotation Testwork**

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 at 56.7% Pb recovery. The zinc 3<sup>rd</sup> cleaner concentrate assayed 51% Zn with 78% recovery, whereas the pyrite rougher concentrate contained 49.8% S and 3.4 g/t Au, at 92.4% S recovery and 73% Au recovery. The pyrite rougher tail 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 at 46.4% zinc, with only at 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%. The pyrite rougher tails assayed 0.22 g/t Au. The lead reporting to the pyrite concentrate was 85.2%.

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 at 79.5% recovery was produced. The pyrite concentrate graded 51% S and 5.18 g/t Au with sulfur 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.

**Cyanidation Testwork**

Seven cyanidation tests were completed on the historical tailings samples and pyrite concentrates; five tests on tailings and two tests on pyrite concentrate samples after fine grinding to <10 μm.

The lime and NaCN consumptions for the pyrite concentrate samples were high and gold recoveries were low at 19 and 32%.

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**Roast – CIL Testwork**

Four roasting tests were completed on various samples (pyrite concentrate and historical tailings). The tests were conducted as two-stage roasts, in a static muffle furnace for a total of 4 hours (2 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. 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 may be due to the presence of 0.15 to 0.25% lead in the pyrite concentrates, which is known to cause problems in the roasting process.

**POX – CIL Testwork**

Seven POX tests were completed on various 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. The Oxidized Tailings Comp was naturally acidic, and no acid was added to the POX feed for that sample. After POX, the pulp was filtered, and the solids washed. POX residues were sub-sampled for analysis and the remaining residue forwarded for CIL. POX4 through POX7 evaluated the effect of Hot Curing (HC) and Lime Boiling (LB) on subsequent lime consumption and silver recovery during CIL.

**SGS LAKEFIELD METALLURGICAL TESTWORK - 2022**

The 2022 test program consisted of XRD and Tescan Integrated Mineral Analyses mineralogical studies and various processing and metallurgical tests, including gravity separation, communition, flotation, direct CIL, and oxidative treatments of pyrite (BIOX/CIL, Albion/CIL, Roast/CIL).

**Mineralogy**

Gold and silver deportment studies were completed on fresh drill core representing a Main Composite (from the Boumadine Main Deposit or Central Zone). The XRD results provided the overall mineral composition of the composite sample as summarized in the table below.

**Boumadine Composite Sample Mineralogy**

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| **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** |

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Slightly more than 40% of the sample weight were sulphides with the most common being pyrite. The presence of chlorites and micas could affect froth flotation efficiencies, and that of arsenopyrite could influence metallurgical process selection.

Essentially, all of the gold was measured to be present in fine (<15 μm) grains with 23% in extremely fine (<3 μm) grains. As a result, half of the gold grains were identified as locked-in, mainly within pyrite grains. Practically no gold grains were identified as associated with or locked-in other sulphides. These phenomena suggest that high concentration gold by physical means would be unrealistic and that leaching extraction would need to follow a high degree of pyrite oxidation.

**Comminution Testing**

The Main Composite sample was submitted for the Bond ball mill grindability test performed at a P80 150 μm mesh grind. The BWI is compared to the SGS database. The measured BWI was 15.4 kWh/t, which lies in the moderately hard range of the SGS database.

**Gravity Separation Testing**

The ground Main Composite sample 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 recovery to the final Mozley concentrate was 19% Au and 0.7% Ag.

**Rougher Flotation Tests**

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.

The combined lead + pyrite concentrates all achieved recoveries of >90% gold and >85 to 87% silver.

**Locked Cycle Flotation**

A single 6-cycle locked cycle test was completed with the goals of assessing overall metallurgical performance when internal recycles are incorporated and producing concentrate for downstream testing. 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 results of the locked cycle tests are presented in the table below.

**Locked Cycle Test Results Summary**

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| **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)** | **Ag**<br>**(g/t)** | **Cu** | **Pb** | **Zn** | **As** | **S** | **Au** | **Ag** |
| **Pb Conc** | 3.0 | 4.81 | 26.7 | 4.35 | 1.67 | 35 | 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 | 69.0 | 39.6 |
| **Pyrite Tails** | 39.9 | 0.015 | 0.09 | 0.06 | 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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**Direct CIL Testing**

The gold extractions were very low, even with fine grinding, although the gold extraction increased from 9.5 to 22.4%. Silver yielded better extractions, with extraction of 80% from the finely ground sample. The reagent consumptions were high and increased significantly with fine grinding.

**Albion Testing**

The Albion Process™, developed by Xstrata Pty Ltd. (Glencore Technology Pty Limited), Australia, is a combination of fine grinding and exothermic oxidative leaching without the need for pressure treatment or external heating.

The Albion leach parameters recommended by Glencore were in line with their standard neutral leach protocol, which was characterized, in this case, by the standard parameters for operating the circuit.

Sulphide oxidation was high (96.3%) for the test at the finer grind size P80 of 6.3 μm and longer retention time, which dropped significantly to 74.7% when the grind was coarsened to 10 μm and the retention time decreased to 78 hours.

The limestone additions were very high for both tests; 1,650 kg/t of feed to Albion for Test NAL-1 and 1,260 kg/t for Test NAL-2. It should be noted that at the amenability level of testing these additions were not optimized.

The results for the cyanide leaches after Albion oxidation are provided in the summary table at the end of the section. Gold and silver extractions were greatly improved after the Albion pre-treatment. The test at 6.3 μm reported 94.4% gold and 94.8% silver extractions. The gold extraction decreased with the NAL-2 residue (coarser grind and shorter retention time). Reagent consumptions were also reduced in comparison with the direct CIL tests.

**Bacterial Oxidation Testing**

Bacterial leaching (or bio-oxidation of sulphides) is a biohydrometallurgical process developed for pre-cyanidation treatment of refractory gold feed or concentrates.

The sulphide oxidations improved with increase in 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 CIL gold extractions improved from 75 to 85%, with longer retention time; i.e., higher sulphide oxidation, however silver extractions decreased drastically. The reagent consumptions were very elevated.

**Roast-CIL Testing**

Roasting tests were completed on the LCT 1 pyrite concentrate. The tests were conducted as one, two, and three-stage roasts, in a static muffle furnace. Each stage was 2 hours. The sample was rabbled every 15 minutes.

Each calcine was then split in half. One-half was reground in a lab attrition mill to a D80 of <10 μm and the other remained at the "as is" particle size. Overall, gold extraction from the calcines was poor, ranging from 55.6 to 71.1%, whereas silver extraction ranged from 19.9 to 60.3%. A summary of the results is presented in the summary table at the end of the section.

**Summary**

Based on 2022 metallurgical testwork completed by SGS, Aya envisions a two-phase metal recovery process. Phase 1 is a sulphide flotation stage for recovery of Pb and Zn and partial recovery of Au and Ag. Phase 2 is an oxidation and leaching stage for recovery of Au and Ag. Oxidation of the pyrite concentrate using the Albion Process followed by

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cyanide leaching produced the highest precious metal recoveries. Total recoveries were 89% Ag, 85% Au, 85% Pb and 72% Zn. Next steps include continued refinement of the metallurgical testwork, particularly methods for pyrite concentrate oxidation, such as POX or roasting, and evaluation of key reagents and input parameters.

A comparison of the pyrite treatment options are presented in the table below.

**Comparison of Pyrite Treatment Methods**

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| **Treatment Process** | **Testwork Campaign** | **Process Information** | **CIL**<br>**Au Rec. %** | **CIL**<br>**Ag Rec. %** |
| **Direct Cyanidation (CIL)** | **SGS 2018** | Pyrite concentrate | 19.0 | 58.0 |
| **Direct Cyanidation (CIL)** | **SGS 2018** | Pyrite concentrate | 32.0 | 70.0 |
| **Direct Cyanidation (CIL)** | **SGS 2022** | D80 42 µm | 9.5 | 36.4 |
| **Direct Cyanidation (CIL)** | **SGS 2022** | D80 6.3 µm | 22.4 | 80.2 |
| **Roast-CIL** | **SGS 2018** | RST-1 | 62.5 | 9.1 |
| **Roast-CIL** | **SGS 2018** | RST-2 | 84.8 | 72.5 |
| **Roast-CIL** | **SGS 2018** | RST-3 | 68.7 | 7.0 |
| **Roast-CIL** | **SGS 2018** | RST-5 | 44.8 | 4.7 |
| **Roast-CIL** | **SGS 2022** | RST1, D80 46 µm, 99.9% sulphide oxidation | 61.1 | 19.9 |
| **Roast-CIL** | **SGS 2022** | RST1, D80 7.4 µm, 99.9% sulphide oxidation | 71.1 | 44.9 |
| **Roast-CIL** | **SGS 2022** | RST2, D80 41.5 µm, 97.6% sulphide oxidation | 55.6 | 51.3 |
| **Roast-CIL** | **SGS 2022** | RST2, D80 6.7 µm, 97.6% sulphide oxidation | 65.9 | 60.3 |
| **Roast-CIL** | **SGS 2022** | RST3, D80 44.3 µm, 99.8% sulphide oxidation | 59.3 | 32.5 |
| **Roast-CIL** | **SGS 2022** | RST3, D80 7.5 µm, 99.8% sulphide oxidation | 66.7 | 51.6 |
| **Roast-CIL** | **SGS 2022** | RST6, D80 51.3 µm, 89.3% sulphide oxidation | 52.5 | 51.8 |
| **Roast-CIL** | **SGS 2022** | RST6, D80 8.1 µm, 89.3% sulphide oxidation | 63.9 | 61.8 |
| **Roast-CIL** | **SGS 2022** | RST7, D80 36.5 µm, 95.1% sulphide oxidation | 56.4 | 29.6 |
| **Roast-CIL** | **SGS 2022** | RST7, D80 5.9 µm, 95.1% sulphide oxidation | 66.7 | 50.4 |
| **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 |
| **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 2022** | NAL-1 residue, 96.3% sulphide oxidation, D80 6.3 µm | 94.4 | 94.8 |
| **Albion - CIL** | **SGS 2022** | NAL-2 residue, 74.7% sulphide oxidation, D80 10 µm | 84.9 | 91.3 |

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**Mineral Resource Estimate**

The 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, 449 koz of Au, 145 kt of Zn and 44 kt of Pb, and an Inferred Mineral

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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, 2.4 Moz of Au, 615 kt of Zn and 237 kt of Pb, as shown in Table 1.1. The Mineral Resource Estimate 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.

A total of 428 drill holes totaling 142,268 meters were available for Mineral Resource modelling. Mineralization models were developed by Aya and reviewed and accepted by the Boumadine Report 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 meters x 5.0 meters x 5.0 meters 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. NSR, AuEq and AgEq block values were subsequently calculated from the estimated Ag, Au, Zn, Pb and Cu grades, incorporating metal prices, metallurgical recoveries, concentrate freight and smelter charges.

Sampled assays were composited to a 1.00 meter 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 approximately 50 meters 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 USD $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 USD $125/t

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**Table 1.1 Boumadine Mineral Resource Estimate as of February 24, 2025**<sup>5(1-12)</sup>

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| **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 | 94.27 | 2.99 | 0.13 | 0.84 | 2.95 | 476.47 | 5.3 | 11881 | 343 | 5.1 | 33 | 116 | 60051 | 667 |
| **Inferred** | 95 | 14258 | 89.73 | 2.89 | 0.1 | 0.81 | 2.38 | 450.02 | 5 | 41135 | 1102 | 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 | 106 | 1 | 11 | 29 | 14382 | 160 |
| **Inferred** | 125 | 14938 | 74.27 | 2.39 | 0.07 | 0.82 | 1.85 | 356.88 | 3.97 | 35669 | 1294 | 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 | 90.84606307 | 2.777363126 | 0.117918359 | 0.847248984 | 2.797771329 | 447.8920874 | 4.981044689 | 15097 | 449 | 6.1 | 44 | 145 | 74433 | 827 |
| **Inferred** | 95/125 | 29196 | 81.81996164 | 2.634177285 | 0.084650637 | 0.815116454 | 2.108827922 | 402.3653446 | 4.473005206 | 76804 | 2396 | 24.8 | 237 | 615 | 377686 | 4198 |

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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 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/m3 determined from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was used.

12.1.0 m composites were used during grade estimation.

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 72 |

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**Table 1.2 Cut-Off Sensitivity of In-pit & Out-of-Pit MRE for indicated & inferred resource**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** | **Indicated In-Pit and Underground Resource** |
| **UG-OP** | **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)** |
| 145-120 | 4472 | 97 | 13923 | 3.05 | 439 | 0.12 | 0.86 | 2.75 | 484 | 69632 | 5.4 | 777 |
| 140-115 | 4625 | 95 | 14110 | 2.99 | 444 | 0.12 | 0.86 | 2.72 | 476 | 70751 | 5.3 | 788 |
| 135-110 | 4791 | 93 | 14359 | 2.92 | 450 | 0.12 | 0.86 | 2.69 | 467 | 71933 | 5.2 | 801 |
| 130-105 | 4932 | 92 | 14547 | 2.86 | 453 | 0.12 | 0.85 | 2.66 | 460 | 72898 | 5.11 | 810 |
| 125-95 | 5169 | 89 | 14863 | 2.77 | 460 | 0.11 | 0.84 | 2.63 | 448 | 74433 | 4.98 | 827 |
| 120-90 | 5298 | 88 | 15008 | 2.72 | 463 | 0.11 | 0.83 | 2.6 | 442 | 75250 | 4.9 | 834 |
| 115-85 | 5481 | 87 | 15265 | 2.66 | 469 | 0.11 | 0.82 | 2.57 | 433 | 76364 | 4.81 | 848 |
| 110-80 | 5648 | 85 | 15477 | 2.6 | 473 | 0.11 | 0.81 | 2.55 | 426 | 77320 | 4.73 | 858 |
| 105-75 | 5820 | 84 | 15683 | 2.54 | 476 | 0.1 | 0.8 | 2.53 | 418 | 78268 | 4.64 | 868 |
| 90-60 | 6284 | 79 | 16061 | 2.39 | 483 | 0.1 | 0.78 | 2.46 | 399 | 80571 | 4.4 | 890 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** | **Inferred InPit and Underground Resource** |
| **UG-OP** | **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)** |
| 145-120 | 24023 | 90 | 69342 | 2.86 | 2211 | 0.09 | 0.87 | 2.14 | 441 | 340641 | 4.9 | 3786 |
| 140-115 | 25128 | 88 | 70937 | 2.8 | 2261 | 0.09 | 0.86 | 2.12 | 432 | 349042 | 4.8 | 3880 |
| 135-110 | 26218 | 86 | 72627 | 2.73 | 2304 | 0.08 | 0.85 | 2.1 | 424 | 357154 | 4.71 | 3970 |
| 130-105 | 27538 | 84 | 74537 | 2.66 | 2355 | 0.08 | 0.83 | 2.08 | 414 | 366533 | 4.6 | 4074 |
| 125-95 | 29196 | 82 | 76803 | 2.57 | 2413 | 0.08 | 0.82 | 2.06 | 402 | 377685 | 4.47 | 4198 |
| 120-90 | 30517 | 80 | 78494 | 2.51 | 2463 | 0.08 | 0.8 | 2.03 | 394 | 386356 | 4.38 | 4294 |
| 115-85 | 31780 | 78 | 80098 | 2.45 | 2506 | 0.08 | 0.8 | 2.01 | 386 | 394344 | 4.29 | 4383 |
| 110-80 | 33191 | 77 | 81883 | 2.38 | 2543 | 0.08 | 0.79 | 2 | 378 | 402842 | 4.2 | 4478 |
| 105-75 | 34696 | 75 | 83932 | 2.32 | 2584 | 0.08 | 0.78 | 1.97 | 369 | 411615 | 4.1 | 4575 |
| 90-60 | 39460 | 70 | 89112 | 2.13 | 2706 | 0.07 | 0.75 | 1.92 | 345 | 437219 | 3.83 | 4860 |

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 73 |

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**Exploration, Development, and Production / Recommendations**

Aya owns or controls 25 mining and exploration permits in the Boumadine Property area (272 km<sup>2</sup>) in the eastern part of the Kingdom of Morocco. Structurally-controlled, mainly silver-gold polymetallic sulphide mineralization are currently defined in five separate zones along an approximately 5.4 kilometers strike length that together make-up the Boumadine Deposit. Additional mineralized zones and mineral occurrences are known in the area.

Additional expenditures are recommended by the Boumadine Report Authors for the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drilling to advance Inferred to Indicated Mineral Resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drilling down-dip in order to develop additional Mineral Resources at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Follow-up geological mapping, mineral prospecting, and assays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development of a comprehensive bulk density model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investigate grade capping thresholds by individual mineralized domain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review grade anisotropy by individual mineralized domain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a Preliminary Economic Assessment of the Boumadine Project.

The Boumadine Report Authors also recommend that Aya continue with the current QC protocol and monitor QC data, and continue refining the metallurgical testwork for improved process recoveries.

These estimated cost of the recommended work program is US$52.3M, which includes 10% contingency (without applicable taxes) (Table 1.3).

**Table 1.3 Recommended Programs and Budgets for 2025-2026**

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|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate (US$)** |
| **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** |
| 2025 |  | Drilling (all-in costs) | 140000 | 22330000 |
| 2025 |  | Administration and Management |  | 3000000 |
| 2025 |  | Geological Mapping, Mineral Prospecting, Assays |  | 120000 |
| 2025 | Sub-Total |  |  | 25450000 |
| 2025 | Contingency (10%) |  |  | 2545000 |
| 2025 | **Total - 2025** |  |  | **28000000** |
| **Phase 2 - 2026** | **Phase 2 - 2026** | **Phase 2 - 2026** | **Phase 2 - 2026** | **Phase 2 - 2026** |
| 2026 |  | Drilling (all-in costs) | 120000 | 19140000 |
| 2026 |  | Administration and Management |  | 3000000 |
| 2026 | Sub-Total |  |  | 22140000 |
| 2026 | Contingency (10%) |  |  | 2214000 |
| 2026 | **Total - 2026** |  |  | **24350000** |

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 74 |

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**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 common 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' financial condition, results of operations, valuation and the trading price of its shares.

**Operational Risks**

**Uncertainty in the Calculation of Mineral Reserves, Resources and Silver 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 and silver 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 silver 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 will be achieved. These production and cost estimates are based on, among other things, the following factors: the accuracy of Mineral Reserve estimates;

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 75 |

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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; 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 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, weather 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 mining operations in Morocco. The Corporation's Zgounder Silver Mine and Boumadine Project, located within the Anti-Atlas Mountains region, 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 prevent transportation to or from the work sites. 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.

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 76 |

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**Reliance on Contractors**

Aya retains the services of contractors for exploration, engineering, development and construction projects as well as mining operations. For instance, we have outsourced a major portion of the EPC work related to the Zgounder Expansion to DF (see "Material Contracts") and, we currently outsource our open-pit operations to qualified contractors in Morocco. 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. More specifically, 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, our operations could be suspended, delayed or be entirely stopped, which may materially impact our operations as a whole. 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.

**Indebtedness**

In connection with the financing of the Zgounder Expansion, the Corporation and its subsidiaries entered into various agreements with the EBRD and the CTF. 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.

If we default under the Agreements, and such event of default is not cured or waived, the lenders could terminate their commitments under the debt instruments and cause all 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 77 |

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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.

**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 Corporation is currently assessing the potential of various gold and silver extraction technologies to extract the refractory precious metals. The economic viability of the Boumadine Project, which depends on successfully selecting and adapting a suitable technology, remains uncertain, and metallurgical studies are ongoing. 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.

**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, 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. 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.

**Additional Funding Requirements** 

The continuation of our exploration and development activities 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 will also require additional capital, notably for project engineering and construction purposes. 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 free 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 Corporation does not currently have arranged sources of incremental financing. There is 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, such as that experienced in the past years because of the COVID-19 pandemic, could increase the Corporation's cost of capital and adversely affect its ability to obtain financing. Should the Corporate 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.

**Integration of Future Acquisitions in Current Operations**

The Corporation may make select 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 78 |

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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 results, financial condition and the price of the Corporation's Common 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 and permits are currently, and may in the future be, required in connection with the Corporation's mining exploration and development projects. To the extent such approvals are required and not obtained, the Corporation may be restricted or prohibited from proceeding with planned exploration or development activities.

In addition, as its common 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. There are some groups located in Morocco, near the Zgounder Silver Mine, 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 79 |

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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 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, continue its operations, the laws governing its activities and its reputation. Such impacts may lead to decreased investor confidence and 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 can fully mitigate 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's 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. 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. 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.

**Uncertainty of Titles**

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 or transfers or undetected defects. Third parties may, unbeknownst to the Corporation, have valid claims to underlying portions of the Corporation's interests.

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 80 |

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**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 to manage 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. Shortages of suitably qualified personnel could have a material adverse effect on the Corporation's business and operational results. 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 work force. 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.

**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. Persistent or severe shortages or delay in availability could potentially lead to the alteration or abandonment of the Corporation's exploration and development plans.

**Dependence on a Single Mine**

Aya's only material property is the Zgounder Silver Mine. Unless new projects are acquired or advances our exploration properties are advanced to material status, 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 seeking new projects and exploring its non-material 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.

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 81 |

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**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**

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 and media crisis. 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.

**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 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 82 |

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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.

**Geopolitics, Restrictions on Repatriation of Earning and Changes in Tax Regimes**

The governments of Morocco and Mauritania, 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, these governments will not adopt new or different policies, laws, regulations or interpretations thereof respecting foreign ownership of mineral resources, taxation, exchange rates, environmental protection, labour relations, community rights, repatriation of income or return of capital, restrictions on production, price controls, capital controls, export controls, currency controls, local beneficiation of silver or gold production, 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 Mauritania and 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 Mauritania or 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.

**Public Health Threats** 

Any pandemic, epidemic, endemic or other public health threat, including the emergence of any COVID-19 variant, 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 COVID-19 or 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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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 83 |

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**Wars**

Following the attacks by Hamas on Israel's border in October 2023, Israel declared war against Hamas and launched a series of responding attacks in Palestine. Since the beginning of the Israel-Palestine war, global oil prices have increased and, there is a risk that the instability in Middle East caused by the war result in further price increases, trade embargos, supply chain disruptions and other uncertain outcomes that may have material adverse effects on the Corporation.

**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. Regulation relating to emission levels (such as carbon emission taxes) and energy efficiency is becoming more stringent. If the current regulatory trend continues, this may result in increased costs at some or all the Corporation's operations.

In addition, the physical risks of climate change may also have an adverse effect on the Corporation's operations. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extreme weather events (such as prolonged drought or flooding) have the potential to disrupt operations at the Corporations 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 84 |

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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 Russia, among others. Supply chain impacts may also manifest as rising costs or shortages of certain commodities and labor.

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

**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 targeted milestones pertaining to the Zgounder Expansion or any other exploration or development project of the Corporation, affect its ability to raise sufficient funds for the advancement of projects, cause the Corporation to choose to indefinitely postpone or abandon a project or, cause the project expenditures, operation and financial outcomes to be inconsistent with the

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 85 |

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budget, plans and forecasts. The materialization of any such risk could have a material adverse effect on the Corporation's business, financial condition and results of operations.

**Illegal Miners**

Since the acquisition of the Tijirit gold project on June of 2021, the Corporation has faced and may continue to face risks associated with illegal artisanal mining on its properties in Mauritania. Illegal miners may compromise the safety of the operations on site, cause contamination of the environment as the result of unauthorized use of chemicals, including cyanide and mercury, and in certain cases, accelerate the depletion of our ore bodies. Although the local government authorities have undertaken measures that have reduced the occurrence of illegal mining and removed same from the area of interest on the Corporation 's mining permit, the Corporation cannot provide assurance that these measures will be sustainable or successful in reducing or eliminating illegal mining in the future or on the entirety of its permit. The Corporation may also be held liable for environmental damage and/or personal injury associated with illegal mining activity on its properties despite its efforts to prevent that activity. Any of these factors could have a material adverse effect on the Corporation's business, results of operations and financial condition

**Financial Risks**

**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.

**Fund Repatriation**

Repatriating funds from Morocco to the Corporation's parent company in Canada, in Dirhams and foreign currency requires several authorizations from the 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.

**Price of Commodities**

The profitability of Aya's operations 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 the control of Aya. The price of gold and/or silver can be subject to volatile price movements and future significant price declines could cause continued commercial production to be uneconomical. 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. 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. Silver prices may also be affected by macroeconomic factors, including: expectations of the future rate of inflation; the strength of, and confidence in, the

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 86 |

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U.S. dollar, the currency in which the price of the metal is generally quoted, and other currencies; interest rates; and global or regional political or economic uncertainties.

**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.

**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. 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 Facility, 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 Facility, which could impact financial flexibility. Aya continuously monitors interest rate trends and evaluates potential risk mitigation strategies to manage this exposure.

**Use of Derivative Instruments**

Aya sometimes 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 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 87 |

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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 Corporation's cash is mostly held with reputable Canadian or Moroccan banks. Credit risk arises from the possibility that the clients which the Corporation sells its product to may experience financial difficulties and be unable to fulfil their obligations. The Corporation requires that it is paid the majority of what it is owed on transfer of property and deals with creditworthy counterparties to mitigate the risk of financial loss from defaults. The Corporation monitors the credit risk of customers through credit rating reviews and constant communication with customers. The Corporation sells its ingots and silver concentrated ore to a limited number of large customers and has never experienced a credit loss. Consequently, credit risk is considered to be limited. In management's opinion, the maximum credit risk exposure for all of the Corporation's current financial assets is the carrying value of those assets.

**Impairment**

Regular assessments are to be conducted by Aya to determine whether impairment is necessary for any of 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.

**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 130,790,053 Shares issued and outstanding as of the date of this AIF.

The holders of Shares are entitled to one vote per common share at all meetings of the shareholders of the Corporation. The holders of common 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 88 |

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common 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 Corporation's 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 2024.

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| **Month** | **Volume** | **High ($)** | **Low ($)** |
| **January** | 7537517 | 10.95 | 9.66 |
| **February** | 6109340 | 10.75 | 9.4 |
| **March** | 9027154 | 12.53 | 9.76 |
| **April** | 9057787 | 14.81 | 10.86 |
| **May** | 7497031 | 15.94 | 13.13 |
| **June** | 7757356 | 15.08 | 12.75 |
| **July** | 6372154 | 16.26 | 13.2 |
| **August** | 7789602 | 16.17 | 12.81 |
| **September** | 13149254 | 19.15 | 12.95 |
| **October** | 11538849 | 19.56 | 17 |
| **November** | 19227310 | 18.16 | 11.53 |
| **December** | 14463537 | 14.49 | 10.52 |

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**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, 2024, 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 common shares owned by them. The directors and officers have provided their respective information.

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 89 |

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|:---|:---|:---|:---|:---|:---|
|  | **Name and Municipality of Residence** | **Positions Held Within the Corporation** | **Director or Officer Since** | **Principal Occupation During the Five Preceding Years** | **Shares Owned as at Dec. 31, 2024** |
| ![ghislaneb.jpg](ghislaneb.jpg) | **Ghislane Guedira Bennouna**<br>Casablanca, Morocco | Director <sup>(1)</sup> | June 2024 | Founder and Consultant, Amplitude Conseil (since 2021)<br>Director and chair of the audit committees of RISMA and CDG Capital (since 2021) <br>Member of the Moroccan Privatization Valuation Body (since 2019) <br>CFO (from June 2013 to October 2020) and Advisor to Chairman & CEO (from June 2010 to June 2013 & from October 2020 to July 2021) at OCP Group | 0<br>0% |
| ![yvesgroua.jpg](yvesgroua.jpg) | **Yves Grou**<br>Montréal, Canada | Director <sup>(1) (2)</sup> | June 2020 | Chief Financial Officer and Director of Maclos Capital Inc. (since 2001)<br>Director of Falcon Energy Materials plc. (since 2017)<br>Director of Algold Resources Inc. (May 2011 to July 2021) | 28,815<br>0.22% |
| ![dra.jpg](dra.jpg) | **Dr. Jürgen Hambrecht**<br>Neustadt, Germany | Director <sup>(2) (3)</sup> | June 2020 | Director of Nyxoah SA (since 2020)<br>Chairman of the Board of Trumpf SE (January 2013 to March 2023)<br>Chairman of the Supervisory Board of BASF SE (June 2014 to June 2020)<br>Director of Daimler Truck AG (January 2008 to May 2020)<br>Chairman of the Supervisory Board of Fuchs Petrolub SE (May 2011 to May 2019) | 1,207,250<sup>(4)</sup><br>0.92% |

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 90 |

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|:---|:---|:---|:---|:---|:---|
|  | **Name and Municipality of Residence** | **Positions Held Within the Corporation** | **Director or Officer Since** | **Principal Occupation During the Five Preceding Years** | **Shares Owned as at Dec. 31, 2024** |
| ![benoitlasallea.jpg](benoitlasallea.jpg) | **Benoit La Salle** <br>Montréal, Canada | President, Chief Executive Officer<br>and Director | April 2020 | President and Chief Executive Officer of Aya Gold & Silver Inc. (since April 2020)<br>Chairman of the Board (February 2013 to January 2021) and Chief Executive Officer of Algold Resources Ltd. (March 2018 to June 2021)<br>Executive Chairman of the Board of Sama Resources Inc. (2012 to date)<br>Director and Executive Chairman of the Board of Faclon Energy Material Plc. (since 2017) | 61,221<br>0.05% |
| ![elosemartina.jpg](elosemartina.jpg) | **Eloïse Martin** <br>Bad Homburg, Germany | Director <sup>(1)(2)</sup> | June 2022 | Self Employed at EM Conseil (Since August 2021)<br>Director of EM Conseil BV (August 2019 to July 2021)<br>Executive Director, HCF International Advisers Ltd. (July 2011 to August 2019) | 0<br>0% |
| ![nikolaossofronisa.jpg](nikolaossofronisa.jpg) | **Nikolaos Sofronis** <br>Luxembourg, Luxembourg | Director <sup>(3)</sup> | June 2016 | CEO (since October 2021) and Director (since June 2021) of Earth Alive Clean Technologies Inc. <br>Director of Irini Investment of Luxembourg (since May 2008) | 2,139,361<br>1.64% |
| ![roberttauba.jpg](roberttauba.jpg) | **Robert Taub**<br>Brussels, Belgium | Chairman of the Board of Directors | Nov. 2016 | Chairman of Nyxoah SA (since July 2009)  | 9,846,262<sup>(5)</sup><br>7.53% |

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 91 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Name and Municipality of Residence** | **Positions Held Within the Corporation** | **Director or Officer Since** | **Principal Occupation During the Five Preceding Years** | **Shares Owned as at Dec. 31, 2024** |
| ![annietorkiaa.jpg](annietorkiaa.jpg) | **Annie Torkia Lagacé**<br>Montréal, Canada | Director <sup>(3)</sup> | June 2023 | Chief Legal and Strategy Officer at IAMGOLD (since February 2025)<br>Senior Vice President, General Counsel & Corporate Secretary of Bombardier<br>(December 2020 to May 2023)<br>Executive Vice-President, Finance and Corporate Services (from January 2020 to July 2020); <br>Executive Vice-President, Corporate Development, Legal Affairs and Corporate Secretary (from April 2019-Janurary 2020) at Stornoway Diamonds | 15,450<br>0.01% |
| ![raphalbeaudoina.jpg](raphalbeaudoina.jpg) | **Raphaël Beaudoin**<br>Montreal, Canada | Vice-President, Operations | June 2020 | Vice-Present, Operations of Aya (since June 2020)<br>Vice-President, Operations of Falcon Energy Materials plc (since August 2018) | 0<br>0% |
| ![eliasja.jpg](eliasja.jpg) | **Elias J. Elias**<br>Montreal, Canada | Chief Legal & Sustainability Officer and Corporate Secretary | July 2020 | Chief Legal & Sustainability Officer and Corporate Secretary of Aya (since July 2020)<br>VP Legal & Corporate Secretary of Falcon Energy Materials plc (since January 2018) | 6,157<sup>(6)</sup><br>0.005% |
| ![a12b.jpg](a12b.jpg) | **Mustafa El Ouafi** <br>Casablanca, Morocco | President - General Manager (Morocco) | April 2020 | President-General Manager of Aya Gold & Silver Morocco S.A. (since April 2020)<br>Deputy Managing Director of OCP S.A. (August 2015 to August 2019) <br>President of OCP Africa (January 2017 to August 2019) | 0<br>0% |

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|:---|:---|
| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 92 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Name and Municipality of Residence** | **Positions Held Within the Corporation** | **Director or Officer Since** | **Principal Occupation During the Five Preceding Years** | **Shares Owned as at Dec. 31, 2024** |
| ![ugolandrya.jpg](ugolandrya.jpg) | **Ugo Landry-Tolszczuk** <br>Mont-Royal, Canada | Chief Financial Officer | May 2020 | Chief Financial Officer of Aya (since May 2020)<br>President and Chief Operating Officer (January 2018 – February 2021) and Interim Chief Financial Officer (February 2021- July 2024) of Falcon Energy Materials plc | 0<br>0% |
| **Notes**<br>**(1) Member of the Audit Committee.**<br>**(2) Member of the Nominating and Compensation Committee.**<br>**(3) Member of the ESG Committee.**<br>**(4) Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.** <br>**(5) Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.**<br> **(6) Mr. Elias owns no Shares directly and 6,157 Shares indirectly through TMR Advisory Inc.** | **Notes**<br>**(1) Member of the Audit Committee.**<br>**(2) Member of the Nominating and Compensation Committee.**<br>**(3) Member of the ESG Committee.**<br>**(4) Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.** <br>**(5) Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.**<br> **(6) Mr. Elias owns no Shares directly and 6,157 Shares indirectly through TMR Advisory Inc.** | **Notes**<br>**(1) Member of the Audit Committee.**<br>**(2) Member of the Nominating and Compensation Committee.**<br>**(3) Member of the ESG Committee.**<br>**(4) Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.** <br>**(5) Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.**<br> **(6) Mr. Elias owns no Shares directly and 6,157 Shares indirectly through TMR Advisory Inc.** | **Notes**<br>**(1) Member of the Audit Committee.**<br>**(2) Member of the Nominating and Compensation Committee.**<br>**(3) Member of the ESG Committee.**<br>**(4) Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.** <br>**(5) Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.**<br> **(6) Mr. Elias owns no Shares directly and 6,157 Shares indirectly through TMR Advisory Inc.** | **Notes**<br>**(1) Member of the Audit Committee.**<br>**(2) Member of the Nominating and Compensation Committee.**<br>**(3) Member of the ESG Committee.**<br>**(4) Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.** <br>**(5) Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.**<br> **(6) Mr. Elias owns no Shares directly and 6,157 Shares indirectly through TMR Advisory Inc.** | **Notes**<br>**(1) Member of the Audit Committee.**<br>**(2) Member of the Nominating and Compensation Committee.**<br>**(3) Member of the ESG Committee.**<br>**(4) Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.** <br>**(5) Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.**<br> **(6) Mr. Elias owns no Shares directly and 6,157 Shares indirectly through TMR Advisory Inc.** |

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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 13,304,516 Shares or 10.17% 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, that while that person was acting in that capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.was subject of 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.was subject to an event that resulted, after the proposed director ceased to be a director, chief executive officer or chief financial officer, in the company being the subject of 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 93 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 affect 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 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. Grou was also a non-executive director of Jourdan Resources Inc. ("Jourdan"), when on May 25, 2015, the Ontario Securities Commission issued a permanent management cease trade order, which superseded a temporary management cease trade order dated May 12, 2015, against the CEO and the CFO of Jourdan. The permanent management cease trade order was issued in connection with Jourdan's failure to file its (a) audited annual financial statements for the period ended December 31, 2014, (b) management's discussion and analysis relating to the audited annual financial statements for the period ended December 31, 2014, and (c) corresponding certifications of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in the Issuer's Annual and Interim Filings. On July 3, 2015, the permanent management cease trade order was replaced with a temporary issuer cease trade order dated July 3, 2015. On July 15, 2015, the temporary issuer cease trade order was replaced with a permanent issuer cease trade order dated July 15, 2015 and similar orders were issued by the British Columbia Securities Commission and Autorité des marchés financiers. The cease trade orders were lifted on February 21, 2017 following the filing of the required continuous disclosure documents.

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 Euro1B in connection with its participation in the referred to 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 has 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 94 |

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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.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yves Grou, Chairman of the committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eloïse Martin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ghislane Guedira Bennouna

All the members of the Audit Committee are financially literate and independent as defined in NI 52-110.

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|:---|:---|
| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 95 |

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**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. 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.

Eloïse 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'Etudes Politiques (Paris) and an MBA from ESSEC Graduate School of Management (Paris).

Ms. Guedira is 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 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 96 |

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Corporation or its subsidiary entities, in accordance with Section B viii) of the Audit Committee Charter, hereto attached as <u>Schedule "A"</u> .

**External Auditor Service Fees**

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| | | |
|:---|:---|:---|
| | **2024 (CAD)** | **2023 (CAD)** |
| Audit Fees<sup>(1)</sup> | $465250 | $441161 |
| Audit-Related Fees <sup>(2)</sup> | $71423 | NIL |
| Tax Fees <sup>(3)</sup> | $16136 | $19260 |
| Other Fees | $11770 | NIL |
| **Total** | **$564579.00** | **$460421** |

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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 2024, the Corporation changed the classification of prospectus related fees from audit-related fees to audit-fees and as such has reclassified $176,711 from audit-related fees to audit fees in the 2023 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.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

In December 2024, 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. On March 31, 2025 Aya received a Request for Arbitration Notice from DF seeking damages and payments in the order of approximately USD 1.7M and Euro 2.8M. Aya is seeking legal action in response to enforce and protect its rights under the EPC Agreements and seek compensation for liquidated damages as well as general damages.

**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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management and consulting fees to Groupe Conseils Group, La Salle Inc., a company owned by the President and Chief Executive Officer of $758 for the year ended December 31, 2024 ($772 for the year ended December 31, 2023). As at 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.

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 97 |

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**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, 2024, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EPC Agreements: On November 30, 2022, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBRD Agreements: On January 19, 2023, Aya's subsidiary, 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 "**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 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

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| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 98 |

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outstanding shares of ZMSM. The Loan Agreement was also conditional to the execution of a Guarantee, Indemnity and Subordination Agreement ("**Guarantee 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.

**INTERESTS OF EXPERTS** 

The following are the names of persons or companies (a) that have prepared or certified a statement, report or valuation 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 (b) whose profession or business gives authority to the statement, report or valuation made by the person or the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)David Lalonde, (P.Geo.) Vice-President, Exploration of the Corporation, and Patrick Pérez, (P.Eng.) were each a Qualified Person under NI 43-101 for the purpose of the Boumadine Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)P&E Mining Consultants Inc. and each of William Stone (Ph.D., P.Geo.), Fred H. Brown (P.Geo.), Jarita Barry (P.Geo.), Antoine Yassa (P.Geo.), D. Grant Feasby (P.Eng.) Eugene Puritch (P.Eng., FEC, CET), were a Qualified Person for the purpose of the "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" prepared for Aya, signed May 31, 2024 with an effective date of May 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Dentons Canada LLP passed on behalf of the Corporation, expertise on certain legal matters in relation to the Base Shelf Prospectus filed by the Corporation on January 12, 2023, the Prospectus Supplement filed by the Corporation on January 19, 2023 and to the Prospectus Supplement filed by the Corporation on February 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)McCarthy Tétrault LLP passed on behalf of the underwriters, expertise on certain legal matters in relation to the Base Shelf Prospectus filed by the Corporation on January 12, 2023, the Prospectus Supplement filed by the Corporation on January 19, 2023 and to the Prospectus Supplement filed by the Corporation on February 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Raymond Chabot Grant Thronton LLP, Chartered Professional Accountants, provided a consent letter with respect to the reference to their report dated March 25, 2021 in the Base Shelf Prospectus filed by the Corporation on January 12, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)KPMG LLP, Chartered Professional Accountants, provided consent letters with respect to the reference to their reports on the audited annual financial statements dated March 29, 2022 and March 28, 2023 in the Base Shelf Prospectus filed by the Corporation on January 12, 2023, in the Prospectus Supplement filed by the Corporation on January 19, 2023 and in the Prospectus Supplement filed by the Corporation on February 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)David Lalonde, (P.Geo.) Vice-President, Exploration of the Corporation, provided consent as a Qualified Person regarding technical information in the Management Discussion and Analysis for the year ending December 31, 2021 and in the Management Discussion and Analysis for the quarter ending September 30, 2022, referenced in the Corporation's short form base shelf prospectus dated January 12, 2023.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 99 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Marc-Antoine Audet, Ph.D. P. Geo, provided consent as a Qualified Person regarding technical information in the Management Discussion and Analysis for the year ending December 31, 2021, referenced in the Corporation's short form base shelf prospectus dated January 12, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)David Lalonde (P.Geo.) Vice-President, Exploration of the Corporation, provided consent as Qualified Person regarding technical information in the Management Discussion and Analysis for the year ending December 31, 2022 and in the Management Discussion and Analysis for the quarter ending September 30, 2023, referenced in the Prospectus Supplement filed by the Corporation on February 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)The following persons provided consents as Qualified Persons for the use of the technical information contained in the Zgounder Report in the Base Shelf Prospectus filed by the Corporation on January 12, 2023: William Stone, Fred Brown, Jarita Barry, Antoine Yassa, Eugene Puritch, Daniel M. Gagnon, Daniel Morisson, André-Francois Gravel, Claude Bisaillon, Stephen Coates, Hugo Dello Sbarba, Julie Gravel, Philippe Rio Roberge, Richard Barbeau and, Kathy Kalenchuk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)P&E, Geology and Mining Engineers were Qualified Person consultants to the "Technical Report and Updated Mineral Resource Estimate to the Zgounder Silver Project, Kingdom of Morocco" dated January 28, 2022 and the "Technical Report And Updated Mineral Resource Estimate Of The Zgounder Silver Project, Kingdom Of Morocco" dated April 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)DRA and Daniel M. Gagnon, with the participation of William Stone, Antoine Yassa, Jarita Barry, Fred Brown, Eugen Puritch, Daniel Morrison, Daniel M. Gagnon, André-Francois Gravel, Claude Bisaillon, Julie Gravel, Kathy Kalenchuk, Hugo Della Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coates, were each a Qualified Person for the purpose of the Zgounder Report.

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 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.

Additional financial information is provided in the annual audited financial statements of the Corporation for the year ended December 31, 2024 and the notes thereto and also in MD&A for the same period.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2024 | 100 |

---

------

**SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER** 

The following charter, which shall be interpreted to be in compliance with *Regulation 52- 110 respecting Audit Committees ("52-110")*, sets forth the purpose, composition, responsibilities and authority of the Audit and Risk Management Committee (the "Committee") of the Board of Directors (the "Board") of Aya Gold & Silver Inc. (the "Corporation").

**1.&nbsp;&nbsp;&nbsp;&nbsp;COMPOSITION**

The Committee shall be comprised of at least three directors as determined by the Board. The members of the Committee shall be independent, within the meaning of 52-110.

At least one member of the Committee shall have accounting or related financial management expertise. All members of the Committee shall be financially literate.

For the purposes of this charter, the definition of "financially literate" is the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Corporation's financial statements.

The appointment of members to the Committee shall take place annually pursuant to the recommendation of the Corporate Governance Committee, as early as possible after the general assembly of shareholders. If the appointment of members of the Committee is not so made, the directors who are then serving as members of the Committee shall continue to serve as members until their successors are validly appointed. The Board may appoint a member to fill a vacancy that occurs in the Committee between annual elections of directors.

Unless a chairman is appointed by the Board, the members of the Committee may designate a chairman by a majority vote of all Committee members.

**2.&nbsp;&nbsp;&nbsp;&nbsp;MEETINGS AND PROCEDURES**

The Committee shall meet at least quarterly, or more frequently if required.

At all meetings of the Committee, every item brought to resolution shall be decided by a majority of the votes cast. In the case of an equality of votes, the chairman shall not be entitled to a second vote.

Quorum for meetings of the Committee shall be a majority of its members and the rules for calling, holding, conducting and adjourning meetings of the Committee shall be the same as those governing meetings of the Board.

The powers of the Committee may be exercised at a meeting at which a quorum of the Committee is present in person or by telephone or other electronic means or by a resolution signed by all members entitled to vote on that resolution at a meeting of the Committee. Each member (including the chairman of the Committee) is entitled to one vote in Committee proceedings.

The Committee may meet separately with senior management and may request that any member of the Corporation's senior management or the Corporation's outside counsel or independent auditors to attend meetings of the Committee or other meetings with any members of, or advisors to, the Committee.

Furthermore, the Committee has the authority to hire the services of outside advisors, from time to time, when it is necessary to do so for carrying out its mandate.

a

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The Committee shall, at the meeting of the Board following its own meeting, report to the directors on its work, activities and recommendations.

**3.&nbsp;&nbsp;&nbsp;&nbsp;DUTIES AND RESPONSIBILITIES**

Responsibility for the Corporation's financial reporting, accounting systems and internal controls is vested in the officers of the Corporation and is overseen by the Board. The responsibility of the Committee is to assist the Board in fulfilling its oversight responsibilities. The following are the general duties and responsibilities of the Committee:

**A.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND DISCLOSURE MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.review the Corporation's financial statements, management's discussion and analysis and any press releases regarding annual and interim (as required by the Board) profit or loss, before the Corporation publicly discloses such information, and any reports or other financial information which are submitted to any governmental body or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.assess the risk that the financial statements contain material misstatements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.assess the accounting principles used and their application, as well as being aware of new and developing accounting standards that may affect the Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.assess the significant estimates made by management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.assess the disclosures in the financial statements

**B.&nbsp;&nbsp;&nbsp;&nbsp;INDEPENDENT AUDITORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.recommend to the Board the selection and, where applicable, the replacement of the independent auditors to be appointed annually as well the compensation of such independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.determine that the independent auditors appointed are a Public Accounting Firm that has entered into a Participation Agreement as such terms are defined in Regulation 52-108 respecting Auditor Oversight and that at the time of their report on the annual financial statements of the Corporation, they are in compliance with any restrictions or sanctions imposed by the Canadian Public Accountability Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.oversee the work and review annually the performance and independence of the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.on an annual basis, review and discuss with the independent auditors all significant relationships they may have with the Corporation that may impact their objectivity and independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.consult with the independent auditors about the quality of the Corporation's accounting principles, internal controls and the completeness and accuracy of the Corporation's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.review and approve the Corporation's hiring policies regarding partners, employees and former partners and employees of the present and former independent auditors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.review the audit plan for the year-end financial statements and intended template for such statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.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

b

------

subsidiary entities. The pre-approval requirement is satisfied with respect to the provision of non-audit services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**the aggregate amount of all such non-audit services provided to the Corporation constitutes no more than 5% of the total amount of fees paid by the Corporation and its subsidiary entities to its independent auditors during the fiscal year in which the non-audit services are provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**such services were not recognized by the Corporation or its subsidiary entities as non-audited services at the time of the engagement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**such services are promptly brought to the attention of the Committee by the Corporation and approved, prior to the completion of the audit, by the Committee or by one or more of its members to whom authority to grant such approvals has been delegated by the Committee;

The Committee may delegate to one or more independent members of the Committee the aforementioned authority to pre-approve non-audited services, provided the pre-approval of the non-audit services is presented to the Committee at its first scheduled meeting following such approval.

**C.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL REPORTING PROCESSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.review with management, in consultation with the independent auditors, the integrity of the Corporation's financial reporting process, both internal and external, and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.consider the independent auditor's judgments about the quality and appropriateness of the Corporation's accounting principles as applied in its financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.consider and report to the Board changes to the Corporation's auditing and accounting principles and practices as suggested by the independent auditors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.review any significant disagreement among management and the independent auditors in connection with the preparation of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.review, with the independent auditors and management, the extent to which changes and improvements in financial or accounting practices have been implemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.establish procedures for the confidential, anonymous submission by employees of the Corporation of concerns regarding questionable accounting or auditing matters and the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters.

**D.&nbsp;&nbsp;&nbsp;&nbsp;RISK MANAGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.assess and oversee the overall process for identifying principal business, political, financial and control risks and providing its views on the effectiveness of this process to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.direct the facilitation of risk assessments and measurement to determine the material risks to which the Corporation may be exposed and to evaluate the strategy for managing those risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.monitor the changes in the internal and external environment and the emergence of new risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.review the adequacy of insurance coverage;

c

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.monitor the procedures to deal with and review disclosure of information to third parties insofar as these disclosures represent a risk for the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.review the systems established to ensure compliance with the Corporation's policies, plans, procedures, laws, regulations and means of safeguarding assets including adequacy of controls including surrounding electronic data processing and computer security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.review the adequacy of resources assigned to assess control and what steps the officers of the Corporation have taken to eliminate any potentially serious weaknesses in internal control including a review of executive expense procedures and use of Corporation assets, the capital investment control process and financial instruments procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.review the Corporation's disclosure controls and procedures and internal control over financial reporting (the "Controls"), and consider whether the Controls:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**provide reasonable assurance that material information relating to the Corporation, including its consolidated subsidiaries, if any, is made known to the Corporation's Chief Executive Officer and Chief Financial Officer, particularly during the period in which the Corporation's annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the Corporation's accounting practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Committee shall evaluate the effectiveness of the Controls as of the end of each period covered by the annual filings and provide the Board and management with its conclusions about the effectiveness of the Controls.

**E.&nbsp;&nbsp;&nbsp;&nbsp;WHISTLEBLOWING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.monitor and review compliance with the Corporation's Whistleblowing Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.establish a procedure for the receipt and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters;

**F.&nbsp;&nbsp;&nbsp;&nbsp;REPORTING RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Committee shall report to the Board on a regular basis, and in any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**at least annually, with an assessment of the performance of management in the preparation of financial statements and Auditors in conducting the annual audit of the Corporation and discuss the report with the full Board following the end of each fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**before the public disclosure by the Corporation of its financial statements, management's discussion and analysis and any press releases regarding annual and interim profit or loss and any reports or other financial information which are submitted to any governmental body or to the public; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**as required by applicable legislation, regulatory requirements and policies of the Canadian Securities Administrators.

d

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**G.&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL EVALUATION**

&nbsp;&nbsp;&nbsp;&nbsp;i.annually, the Committee shall, in a manner it determines to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**conduct a review and evaluation of the performance of the Committee and its members, including the compliance of the Committee with this charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**review and assess the adequacy of this charter and the position description for the chairman of the Committee and recommend to the Board any improvements to this charter or the position description that the Committee determines to be appropriate, except for minor technical amendments to this charter, authority for which is delegated to the Corporate Secretary, who will report any such amendments to the Board at its next regular meeting.

e

## Exhibit 99.19

**Exhibit 99.19**

***Form 52-109F1***

***Certification of Annual Filings***

***Full Certificate***

I, **Benoit La Salle, CEO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial year ended December 31, 2024

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

March 31, 2025

---

| |
|:---|
| *//s//Benoit La Salle* |
| [Signature] |
| Benoit La Salle, CEO |

---

## Exhibit 99.20

**Exhibit 99.20**

***Form 52-109F1***

***Certification of Annual Filings***

***Full Certificate***

I, **Ugo Landry-Tolszczuk, CFO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial year ended December 31, 2024

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

&nbsp;&nbsp;&nbsp;&nbsp;5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| March 31, 2025 |
| *<u>//s//Ugo Landry-Tolszczuk</u>* |
| [Signature] |
| Ugo Landry-Tolszczuk, CFO |

---

## Exhibit 99.21

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| | |
|:---|:---|
| | **Exhibit 99.21** |
| PRESS RELEASE | ![ayalogoh.jpg](ayalogoh.jpg) |

---

**Aya Gold & Silver Files Technical Report for the Boumadine Polymetallic Project**

**Montreal, Quebec, March 31, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce that the Corporation has filed a technical report for the Boumadine Project ("Boumadine" or "Project"), titled "Technical Report – Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" (the "2025 Boumadine Technical Report") with an effective date of February 24, 2025.

The 2025 Boumadine Technical Report was prepared by David Lalonde, Vice President, Exploration and Patrick Pérez, Director, Technical Services, each of whom is a "qualified person" (a "QP"), in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), as reported in the Company's news release dated February 24, 2025.

The 2025 Boumadine Technical Report can be found on the Company's website at **https://ayagoldsilver.com**, as well as on SEDAR+ at **www.sedarplus.ca**.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

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## Exhibit 99.22

![cover_rapporta.jpg](cover_rapporta.jpg)

**Exhibit 99.22**

**TECHNICAL** 

**REPORT**

**AND UPDATED MINERAL RESOURCE** 

**ESTIMATE OF THE BOUMADINE** 

**POLYMETALLIC PROJECT, KINGDOM OF MOROCCO**

**LONGITUDE 4°55'18" WEST AND LATITUDE 31°24'40" NORTH**

**UTM WGS 84 ZONE 30R 317,310 m EAST AND 3,476,770 m NORTH** 

**FOR**

**AYA GOLD & SILVER INC.**

**NI 43-101 & 43-101F1**

**TECHNICAL REPORT**

**David Lalonde, P.Geo.**

**Patrick Pérez, P.Eng.**

**Date: March 31, 2025**

**Signing Date: March 31, 2025**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTi

**Table of Contents**

---

| | |
|:---|:---|
| **[1.0](#ie7844193a402486689251a67e2c2589e)[EXECUTIVE SUMMARY](#ie7844193a402486689251a67e2c2589e)** | **[1](#ie7844193a402486689251a67e2c2589e)** |
| **[1.1](#ib1284e4387d74953a15c3b0121ad12f7)[PROPERTY DESCRIPTION AND LOCATION](#ib1284e4387d74953a15c3b0121ad12f7)** | **[1](#ib1284e4387d74953a15c3b0121ad12f7)** |
| **[1.2](#i95da3bcf28d6429885564f8f04ee3ba5)[ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY](#i95da3bcf28d6429885564f8f04ee3ba5)** | **[1](#i95da3bcf28d6429885564f8f04ee3ba5)** |
| **[1.3](#i4e2b5037ad6842b596afe3528fd22f30)[HISTORY](#i4e2b5037ad6842b596afe3528fd22f30)** | **[2](#i4e2b5037ad6842b596afe3528fd22f30)** |
| **[1.4](#i0afb669a32cd4b3d8e51d7d69e3b9d87)[GEOLOGICAL SETTING, MINERALIZATION, DEPOSIT TYPE](#i0afb669a32cd4b3d8e51d7d69e3b9d87)** | **[3](#i0afb669a32cd4b3d8e51d7d69e3b9d87)** |
| **[1.5](#ia955d01b4f454578898dda07f971a64c)[EXPLORATION AND DRILLING](#ia955d01b4f454578898dda07f971a64c)** | **[4](#ia955d01b4f454578898dda07f971a64c)** |
| **[1.6](#i97b6643768414f329b32f0d2b890cbd9)[SAMPLE ANALYSES AND DATA VERIFICATION](#i97b6643768414f329b32f0d2b890cbd9)** | **[4](#i97b6643768414f329b32f0d2b890cbd9)** |
| **[1.7](#i7dbd591d3dca4c6eb89694f2bc2eed1f)[MINERAL PROCESSING AND METALLURGICAL TESTING](#i7dbd591d3dca4c6eb89694f2bc2eed1f)** | **[5](#i7dbd591d3dca4c6eb89694f2bc2eed1f)** |
| **[1.8](#id6a69848ed4644639794354af17165f9)[MINERAL RESOURCE ESTIMATE](#id6a69848ed4644639794354af17165f9)** | **[5](#id6a69848ed4644639794354af17165f9)** |
| **[1.9](#i6925a18e09b240c598d03f59228e4149)[ENVIRONMENTAL STUDIES, PERMITS AND SOCIAL OR COMMUNITY IMPACT](#i6925a18e09b240c598d03f59228e4149)** | **[9](#i6925a18e09b240c598d03f59228e4149)** |
| **[1.10](#i994eade0107344b2ac33584815ad7a64)[CONCLUSIONS AND RECOMMENDATIONS](#i994eade0107344b2ac33584815ad7a64)** | **[9](#i994eade0107344b2ac33584815ad7a64)** |
| **[2.0](#ibc176db80f2d4318956812fb18922908)[INTRODUCTION AND TERMS OF REFERENCE](#ibc176db80f2d4318956812fb18922908)** | **[11](#ibc176db80f2d4318956812fb18922908)** |
| **[2.1](#ie3ffc15ef0ef4319b20ad1384366121a)[TERMS OF REFERENCE](#ie3ffc15ef0ef4319b20ad1384366121a)** | **[11](#ie3ffc15ef0ef4319b20ad1384366121a)** |
| **[2.2](#ic6b6b98aa1a647a0a728276db59fa20e)[SOURCES OF INFORMATION](#ic6b6b98aa1a647a0a728276db59fa20e)** | **[11](#ic6b6b98aa1a647a0a728276db59fa20e)** |
| **[2.2.1](#i39dfbf7322a342e0812ad18e2eb54794)[Site Visit](#i39dfbf7322a342e0812ad18e2eb54794)** | **[11](#i39dfbf7322a342e0812ad18e2eb54794)** |
| **[2.2.2](#i89d5339788064287ae76acba5786e428)[Additional Information Sources](#i89d5339788064287ae76acba5786e428)** | **[11](#i89d5339788064287ae76acba5786e428)** |
| **[2.3](#i79415d5100424d44ae7fc9bf37211503)[UNITS AND CURRENCY](#i79415d5100424d44ae7fc9bf37211503)** | **[12](#i79415d5100424d44ae7fc9bf37211503)** |
| **[3.0](#iaa9b3e3817f94a9c8da884cfdea423fd)[RELIANCE ON OTHER EXPERTS](#iaa9b3e3817f94a9c8da884cfdea423fd)** | **[17](#iaa9b3e3817f94a9c8da884cfdea423fd)** |
| **[3.1](#ia88afc6c24bd44e782939b984e08b9d6)[INTRODUCTION](#ia88afc6c24bd44e782939b984e08b9d6)** | **[17](#ia88afc6c24bd44e782939b984e08b9d6)** |
| **[3.2](#i58828c27cf724dd3b034adc683d8e628)[MINERAL TENURE AND SURFACE RIGHTS](#i58828c27cf724dd3b034adc683d8e628)** | **[17](#i58828c27cf724dd3b034adc683d8e628)** |
| **[4.0](#ic73429196c4a41c5ab4dd79a85b801f2)[PROPERTY DESCRIPTION AND LOCATION](#ic73429196c4a41c5ab4dd79a85b801f2)** | **[18](#ic73429196c4a41c5ab4dd79a85b801f2)** |
| **[4.1](#i42ad31e0b29e411fa75f3381a4af5172)[LOCATION](#i42ad31e0b29e411fa75f3381a4af5172)** | **[18](#i42ad31e0b29e411fa75f3381a4af5172)** |
| **[4.2](#ie304ba07be8f4bf19e9c3df3a385a6d7)[PROPERTY DESCRIPTION AND TENURE](#ie304ba07be8f4bf19e9c3df3a385a6d7)** | **[19](#ie304ba07be8f4bf19e9c3df3a385a6d7)** |
| **[4.3](#i612ba7367d10496f803a1492174a822d)[MINERAL TENURE IN MOROCCO](#i612ba7367d10496f803a1492174a822d)** | **[21](#i612ba7367d10496f803a1492174a822d)** |
| **[4.4](#iacc8dc0a288c41be98aedabe48fc81d0)[ACQUISITION AGREEMENT](#iacc8dc0a288c41be98aedabe48fc81d0)** | **[22](#iacc8dc0a288c41be98aedabe48fc81d0)** |
| **[4.5](#i5844c2cb807240f285959491409dc05e)[ROYALTIES AND ENCUMBRANCES](#i5844c2cb807240f285959491409dc05e)** | **[22](#i5844c2cb807240f285959491409dc05e)** |
| **[4.6](#ic9f9827832bd47138a82719bde89d478)[ENVIRONMENTAL AND PERMITTING](#ic9f9827832bd47138a82719bde89d478)** | **[22](#ic9f9827832bd47138a82719bde89d478)** |
| **[4.7](#iaad14267692e480ab07a30772f339ba0)[OTHER SIGNIFICANT FACTORS AND RISKS](#iaad14267692e480ab07a30772f339ba0)** | **[22](#iaad14267692e480ab07a30772f339ba0)** |
| **[5.0](#i46968784b86d421aa1f0920f4164b054)[ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND](#i46968784b86d421aa1f0920f4164b054)**<br>**[PHYSIOGRAPHY](#i46968784b86d421aa1f0920f4164b054)**<br>| **[23](#i46968784b86d421aa1f0920f4164b054)** |
| **[5.1](#i0add43e3628449638ad7c450787821ad)[ACCESS](#i0add43e3628449638ad7c450787821ad)** | **[23](#i0add43e3628449638ad7c450787821ad)** |
| **[5.2](#i35043518270843d088b3b0cd2cda0bd6)[CLIMATE](#i35043518270843d088b3b0cd2cda0bd6)** | **[23](#i35043518270843d088b3b0cd2cda0bd6)** |
| **[5.3](#i00c7220cbb7045bf9903013e42ef2dde)[INFRASTRUCTURE](#i00c7220cbb7045bf9903013e42ef2dde)** | **[24](#i00c7220cbb7045bf9903013e42ef2dde)** |
| **[5.4](#ic5c9dfb079b64966825dd3753b73408e)[PHYSIOGRAPHY AND VEGETATION](#ic5c9dfb079b64966825dd3753b73408e)** | **[24](#ic5c9dfb079b64966825dd3753b73408e)** |
| **[5.5](#iaa0255ceeb7141b3900a2d41942a6cb5)[LOCAL RESOURCES](#iaa0255ceeb7141b3900a2d41942a6cb5)** | **[25](#iaa0255ceeb7141b3900a2d41942a6cb5)** |
| **[6.0](#i5ccead9abe1642a6b9ba98dcfafc3091)[HISTORY](#i5ccead9abe1642a6b9ba98dcfafc3091)** | **[27](#i5ccead9abe1642a6b9ba98dcfafc3091)** |
| **[6.1](#i4def74b43dc844e79e0ed3f42f6d0ce5)[MINING AND EXPLORATION HISTORY](#i4def74b43dc844e79e0ed3f42f6d0ce5)** | **[27](#i4def74b43dc844e79e0ed3f42f6d0ce5)** |
| **[6.1.1](#i93ef2fa8c111477f8da49b89ca8a9bbf)[Antiquity and 15th to 16th Centuries](#i93ef2fa8c111477f8da49b89ca8a9bbf)** | **[27](#i93ef2fa8c111477f8da49b89ca8a9bbf)** |
| **[6.1.2](#i8bda65db861a4df7bd2b09d54179358a)[BRPM: 1956 to 1964](#i8bda65db861a4df7bd2b09d54179358a)** | **[27](#i8bda65db861a4df7bd2b09d54179358a)** |
| **[6.1.3](#i20ad0aaa40014a80a233759464469fb2)[BRPM: 1964 to 1966](#i20ad0aaa40014a80a233759464469fb2)** | **[27](#i20ad0aaa40014a80a233759464469fb2)** |
| **[6.1.4](#i3c9479d8e53d4a408f770e466e99bc60)[BRPM: 1966 to 1975](#i3c9479d8e53d4a408f770e466e99bc60)** | **[27](#i3c9479d8e53d4a408f770e466e99bc60)** |
| **[6.1.5](#if1f690bae5d7484e913dcc2f6e92efb8)[BRPM: 1975 to 1985](#if1f690bae5d7484e913dcc2f6e92efb8)** | **[28](#if1f690bae5d7484e913dcc2f6e92efb8)** |
| **[6.1.6](#i1179dff892714a078fce69482f6f57e4)[SODIM: 1986 to 1989](#i1179dff892714a078fce69482f6f57e4)** | **[28](#i1179dff892714a078fce69482f6f57e4)** |
| **[6.1.7](#ie44be44036fc4940b779ff73ecd43d99)[SODECAT: 1989 to 1992](#ie44be44036fc4940b779ff73ecd43d99)** | **[28](#ie44be44036fc4940b779ff73ecd43d99)** |
| **[6.1.8](#i11f33fb995fe453fb8d5a7050749efbe)[BRPM: 1993 to 1998](#i11f33fb995fe453fb8d5a7050749efbe)** | **[28](#i11f33fb995fe453fb8d5a7050749efbe)** |
| **[6.1.9](#i0216943933274bc3a78433eca553f511)[Maya: 2013 to 2019](#i0216943933274bc3a78433eca553f511)** | **[30](#i0216943933274bc3a78433eca553f511)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTii

---

| | |
|:---|:---|
| **[6.2](#i4c0dd5ddf0bc45b98a757bbbd3917aaf)[GEOPHYSICAL SURVEYS](#i4c0dd5ddf0bc45b98a757bbbd3917aaf)** | **[32](#i4c0dd5ddf0bc45b98a757bbbd3917aaf)** |
| **[6.3](#i10c21a5c9fae47a6b34fb1b502865126)[PAST PRODUCTION](#i10c21a5c9fae47a6b34fb1b502865126)** | **[33](#i10c21a5c9fae47a6b34fb1b502865126)** |
| **[6.4](#i142570cdfbf04315af56de69db7d54c3)[HISTORICAL MINERAL RESOURCE ESTIMATES](#i142570cdfbf04315af56de69db7d54c3)** | **[34](#i142570cdfbf04315af56de69db7d54c3)** |
| **[6.4.1](#id616ebb2ecd44e439ce3f8db5e19dd3f)[BRPM](#id616ebb2ecd44e439ce3f8db5e19dd3f)** | **[34](#id616ebb2ecd44e439ce3f8db5e19dd3f)** |
| **[6.4.2](#i8758eaf5b1974a148d12c730bc1d3c97)[Maya 2019 PEA](#i8758eaf5b1974a148d12c730bc1d3c97)** | **[35](#i8758eaf5b1974a148d12c730bc1d3c97)** |
| **[6.4.3](#iae32f2a092cf443dbf6714e310283578)[P&E 2024 MRE](#iae32f2a092cf443dbf6714e310283578)** | **[35](#iae32f2a092cf443dbf6714e310283578)** |
| **[7.0](#i0228828b3fea4262beb47ea06e216e80)[GEOLOGICAL SETTING AND MINERALIZATION](#i0228828b3fea4262beb47ea06e216e80)** | **[37](#i0228828b3fea4262beb47ea06e216e80)** |
| **[7.1](#i755623a614bc46c9916a57483d34869d)[REGIONAL GEOLOGY](#i755623a614bc46c9916a57483d34869d)** | **[37](#i755623a614bc46c9916a57483d34869d)** |
| **[7.2](#idcc787c963f2404c98091b70b0f96702)[PROPERTY GEOLOGY](#idcc787c963f2404c98091b70b0f96702)** | **[40](#idcc787c963f2404c98091b70b0f96702)** |
| **[7.2.1](#ib35b9f85fe864abda52fa05410eb7a61)[Volcanic and Intrusive Rocks](#ib35b9f85fe864abda52fa05410eb7a61)** | **[40](#ib35b9f85fe864abda52fa05410eb7a61)** |
| **[7.2.2](#i145a2a3fffcd426986ef9b726d3ee48e)[Hydrothermal Alteration](#i145a2a3fffcd426986ef9b726d3ee48e)** | **[40](#i145a2a3fffcd426986ef9b726d3ee48e)** |
| **[7.2.3](#ie947fc82d0c44090a7d6b326af48864a)[Structure](#ie947fc82d0c44090a7d6b326af48864a)** | **[42](#ie947fc82d0c44090a7d6b326af48864a)** |
| **[7.2.4](#id196463a8b36494fb91a043733aa2f24)[Supergene Weathering](#id196463a8b36494fb91a043733aa2f24)** | **[44](#id196463a8b36494fb91a043733aa2f24)** |
| **[7.3](#ieeaebbe04ee846e9a2bfefb75d7ddb71)[DEPOSIT GEOLOGY](#ieeaebbe04ee846e9a2bfefb75d7ddb71)** | **[45](#ieeaebbe04ee846e9a2bfefb75d7ddb71)** |
| **[7.4](#i77e7c6864fae4e2b8859cc0303c71aa5)[MINERALIZATION](#i77e7c6864fae4e2b8859cc0303c71aa5)** | **[47](#i77e7c6864fae4e2b8859cc0303c71aa5)** |
| **[8.0](#ib79261bb28a343acb7db4a569ed2cb91)[DEPOSIT TYPES](#ib79261bb28a343acb7db4a569ed2cb91)** | **[52](#ib79261bb28a343acb7db4a569ed2cb91)** |
| **[9.0](#i6c25e35c10854373b7d51409ed037510)[EXPLORATION](#i6c25e35c10854373b7d51409ed037510)** | **[53](#i6c25e35c10854373b7d51409ed037510)** |
| **[9.1](#ib19e86097e4841fc8cd32b19e42961ec)[TRENCHING](#ib19e86097e4841fc8cd32b19e42961ec)** | **[53](#ib19e86097e4841fc8cd32b19e42961ec)** |
| **[9.2](#i5a3cedba83d048dd826a7f612be5075d)[HYPERSPECTRAL](#i5a3cedba83d048dd826a7f612be5075d)** | **[53](#i5a3cedba83d048dd826a7f612be5075d)** |
| **[9.3](#i882444e0937044519f815b35c9739cd4)[AIRBORNE GEOPHYSICAL SURVEYS](#i882444e0937044519f815b35c9739cd4)** | **[55](#i882444e0937044519f815b35c9739cd4)** |
| **[9.4](#ic75419cc9d3b40beada59fb6a8831a1e)[GEOLOGICAL MAPPING](#ic75419cc9d3b40beada59fb6a8831a1e)** | **[58](#ic75419cc9d3b40beada59fb6a8831a1e)** |
| **[9.5](#i6961d85d22c54ec689d539c5a9d52f76)[GRAB SAMPLING](#i6961d85d22c54ec689d539c5a9d52f76)** | **[59](#i6961d85d22c54ec689d539c5a9d52f76)** |
| **[10.0](#i3eab64c455fc4de4b16a248eac67660c)[DRILLING](#i3eab64c455fc4de4b16a248eac67660c)** | **[61](#i3eab64c455fc4de4b16a248eac67660c)** |
| **[10.1](#i6a8a7c6d5be04e9dbda2b26006be0f3c)[SUMMARY](#i6a8a7c6d5be04e9dbda2b26006be0f3c)** | **[61](#i6a8a7c6d5be04e9dbda2b26006be0f3c)** |
| **[10.2](#ie03590b886c347ffafa454cde0696a8a)[DRILLING PROCEDURES](#ie03590b886c347ffafa454cde0696a8a)** | **[65](#ie03590b886c347ffafa454cde0696a8a)** |
| **[10.3](#ia6f529991ec1482b922a93e8491a33b4)[DRILLING RESULTS](#ia6f529991ec1482b922a93e8491a33b4)** | **[66](#ia6f529991ec1482b922a93e8491a33b4)** |
| **[11.0](#ie02446b497a64553a6cb826a79d7a729)[SAMPLE PREPARATION, ANALYSIS AND SECURITY](#ie02446b497a64553a6cb826a79d7a729)** | **[69](#ie02446b497a64553a6cb826a79d7a729)** |
| **[11.1](#i5ef6fd4119ae49529a97f7be649ba49a)[SAMPLE PREPARATION](#i5ef6fd4119ae49529a97f7be649ba49a)** | **[69](#i5ef6fd4119ae49529a97f7be649ba49a)** |
| **[11.1.1](#ie2ec0adad33b43e7a07e4b6f2762ecce)[Logging and Sampling](#ie2ec0adad33b43e7a07e4b6f2762ecce)** | **[69](#ie2ec0adad33b43e7a07e4b6f2762ecce)** |
| **[11.1.2](#iadb899582bc24109817aa7b95871ed4d)[Bulk Density Determinations](#iadb899582bc24109817aa7b95871ed4d)** | **[69](#iadb899582bc24109817aa7b95871ed4d)** |
| **[11.1.3](#i9ed3a4e85c01488c8897ce360f838890)[Sample Preparation and Analysis](#i9ed3a4e85c01488c8897ce360f838890)** | **[70](#i9ed3a4e85c01488c8897ce360f838890)** |
| **[11.1.4](#i2529ac8622424d348e97e6b5d527eb1e)[Security – Chain of Custody](#i2529ac8622424d348e97e6b5d527eb1e)** | **[70](#i2529ac8622424d348e97e6b5d527eb1e)** |
| **[11.2](#ib60c1f28286c4cecb99cab8316e30c4d)[QUALITY ASSURANCE/QUALITY CONTROL REVIEW](#ib60c1f28286c4cecb99cab8316e30c4d)** | **[70](#ib60c1f28286c4cecb99cab8316e30c4d)** |
| **[11.2.1](#ifcbaaf1b857648578ea6b4da4f7a9ec5)[2024 to 2025 Diamond Drill Hole Programs](#ifcbaaf1b857648578ea6b4da4f7a9ec5)** | **[71](#ifcbaaf1b857648578ea6b4da4f7a9ec5)** |
| **[11.2.1.1](#i2dfd763162b44c6fbd978d444f5d57b2)[Performance of Certified Reference Materials](#i2dfd763162b44c6fbd978d444f5d57b2)** | **[71](#i2dfd763162b44c6fbd978d444f5d57b2)** |
| **[11.2.1.2](#ifff7c4c0a2ed44528b277fcbfcbe04b1)[Performance of Blanks](#ifff7c4c0a2ed44528b277fcbfcbe04b1)** | **[79](#ifff7c4c0a2ed44528b277fcbfcbe04b1)** |
| **[11.2.1.3](#ie785a05d1c904fb2ae40881e9af36a03)[Performance of Duplicates](#ie785a05d1c904fb2ae40881e9af36a03)** | **[82](#ie785a05d1c904fb2ae40881e9af36a03)** |
| **[11.2.1.4](#ic72eb33b377844a4a89b0945b38e1fc6)[Umpire Sampling](#ic72eb33b377844a4a89b0945b38e1fc6)** | **[85](#ic72eb33b377844a4a89b0945b38e1fc6)** |
| **[11.3](#i98365c0bc82b4162892213900446aad5)[CONCLUSION](#i98365c0bc82b4162892213900446aad5)** | **[86](#i98365c0bc82b4162892213900446aad5)** |
| **[12.0](#i5ac07113cb084b229a09bf5e494608b6)[DATA VERIFICATION](#i5ac07113cb084b229a09bf5e494608b6)** | **[87](#i5ac07113cb084b229a09bf5e494608b6)** |
| **[12.1](#i852042dd141d45d68bda360ff73dbd45)[DRILL HOLE DATABASE VERIFICATION](#i852042dd141d45d68bda360ff73dbd45)** | **[87](#i852042dd141d45d68bda360ff73dbd45)** |
| **[12.1.1](#ifa17a13438a34fc6b31ee632e9bd84ce)[MRE 2025 Assay Verification](#ifa17a13438a34fc6b31ee632e9bd84ce)** | **[87](#ifa17a13438a34fc6b31ee632e9bd84ce)** |
| **[12.1.2](#i454582f48957428b8e67f48e650141d5)[Drill Hole Data Validation](#i454582f48957428b8e67f48e650141d5)** | **[87](#i454582f48957428b8e67f48e650141d5)** |
| **[12.2](#i30706b59d22c498eb0bf65651de19c83)[QP SITE VISIT AND INDEPENDENT SAMPLING](#i30706b59d22c498eb0bf65651de19c83)** | **[88](#i30706b59d22c498eb0bf65651de19c83)** |
| **[12.3](#i064d302c546d44d9b3a1b1c8f7f3d2f8)[CONCLUSION](#i064d302c546d44d9b3a1b1c8f7f3d2f8)** | **[92](#i064d302c546d44d9b3a1b1c8f7f3d2f8)** |
| **[13.0](#ib50f829dcdba49bab942e91bdbd742a2)[MINERAL PROCESSING AND METALLURGICAL TESTING](#ib50f829dcdba49bab942e91bdbd742a2)** | **[93](#ib50f829dcdba49bab942e91bdbd742a2)** |
| **[13.1](#i6cd8adbd01a74bbdaccb35754248103d)[HISTORICAL METALLURGICAL TESTWORK (PRE-2018)](#i6cd8adbd01a74bbdaccb35754248103d)** | **[93](#i6cd8adbd01a74bbdaccb35754248103d)** |
| **[13.2](#ic4dfac46dc074bf081127aa6f24f1312)[SGS LAKEFIELD METALLURGICAL TESTWORK – 2018](#ic4dfac46dc074bf081127aa6f24f1312)** | **[95](#ic4dfac46dc074bf081127aa6f24f1312)** |
| **[13.2.1](#i311903b3552346bca0d1cab2d4b36cfc)[Grindability Testwork](#i311903b3552346bca0d1cab2d4b36cfc)** | **[95](#i311903b3552346bca0d1cab2d4b36cfc)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTiii

---

| | |
|:---|:---|
| **[13.2.2](#i81a787959add4a9eb0e1add148a9e0f3)[Flotation Testwork](#i81a787959add4a9eb0e1add148a9e0f3)** | **[95](#i81a787959add4a9eb0e1add148a9e0f3)** |
| **[13.2.3](#ie4827838e6c84facbdda8904cb99f123)[Cyanidation Testwork](#ie4827838e6c84facbdda8904cb99f123)** | **[96](#ie4827838e6c84facbdda8904cb99f123)** |
| **[13.2.4](#i7ebe14c882584eb2b183adafa96b885c)[Roast – CIL Testwork](#i7ebe14c882584eb2b183adafa96b885c)** | **[96](#i7ebe14c882584eb2b183adafa96b885c)** |
| **[13.2.5](#ie96c0964e70243768f46b129c9492e50)[POX – CIL Testwork](#ie96c0964e70243768f46b129c9492e50)** | **[97](#ie96c0964e70243768f46b129c9492e50)** |
| **[13.2.5.1](#ib1e1bee3bd834338a9eff97edc067619)[Hot Curing](#ib1e1bee3bd834338a9eff97edc067619)** | **[97](#ib1e1bee3bd834338a9eff97edc067619)** |
| **[13.2.5.2](#i40bddbd5a70a4108b42575a30e3d22af)[Gold and Silver Extraction from POX Residues](#i40bddbd5a70a4108b42575a30e3d22af)** | **[97](#i40bddbd5a70a4108b42575a30e3d22af)** |
| **[13.3](#i52353d6a2b454ad59db0d81147ddf5ed)[SGS LAKEFIELD METALLURGICAL TESTWORKS - 2022](#i52353d6a2b454ad59db0d81147ddf5ed)** | **[98](#i52353d6a2b454ad59db0d81147ddf5ed)** |
| **[13.3.1](#i54fc4083b7004617a88d66a9fce11db2)[Mineralogy](#i54fc4083b7004617a88d66a9fce11db2)** | **[98](#i54fc4083b7004617a88d66a9fce11db2)** |
| **[13.3.2](#ifa41dd8bf6764bf29589bb0f740b2825)[Comminution Testing](#ifa41dd8bf6764bf29589bb0f740b2825)** | **[99](#ifa41dd8bf6764bf29589bb0f740b2825)** |
| **[13.3.3](#i74fd064184264392b7ab117304535dd8)[Gravity Separation](#i74fd064184264392b7ab117304535dd8)** | **[100](#i74fd064184264392b7ab117304535dd8)** |
| **[13.3.4](#i0f63566c960241e1812d1405f8b4cabf)[Flotation Testwork](#i0f63566c960241e1812d1405f8b4cabf)** | **[100](#i0f63566c960241e1812d1405f8b4cabf)** |
| **[13.3.4.1](#i0ccd5843c05e4355b44cc4e62cd51814)[Rougher Flotation Tests](#i0ccd5843c05e4355b44cc4e62cd51814)** | **[100](#i0ccd5843c05e4355b44cc4e62cd51814)** |
| **[13.3.4.2](#i3ad9085c58934f77b02fa95401eec168)[Cleaner Flotation Tests](#i3ad9085c58934f77b02fa95401eec168)** | **[100](#i3ad9085c58934f77b02fa95401eec168)** |
| **[13.3.4.3](#i15560b51f28c42fd9e4c91a091d8d63e)[Locked Cycle Flotation](#i15560b51f28c42fd9e4c91a091d8d63e)** | **[100](#i15560b51f28c42fd9e4c91a091d8d63e)** |
| **[13.3.5](#i9e590a553afb416d9ffad0a84c1d95e4)[Pyrite Concentrate Testing](#i9e590a553afb416d9ffad0a84c1d95e4)** | **[101](#i9e590a553afb416d9ffad0a84c1d95e4)** |
| **[13.3.5.1](#ie60d395ff2c040c38f38332daa520186)[Direct CIL Testing](#ie60d395ff2c040c38f38332daa520186)** | **[103](#ie60d395ff2c040c38f38332daa520186)** |
| **[13.3.5.2](#if2bef4b5c0d241eabecd749d09c45e2b)[Albion Testing](#if2bef4b5c0d241eabecd749d09c45e2b)** | **[103](#if2bef4b5c0d241eabecd749d09c45e2b)** |
| **[13.3.5.3](#i3612a9e9ea4f4f8f9ed611edba499125)[Bacterial Oxidation Testing](#i3612a9e9ea4f4f8f9ed611edba499125)** | **[104](#i3612a9e9ea4f4f8f9ed611edba499125)** |
| **[13.3.5.4](#i0c5a73307aad4e20af8cbcf2df2c5468)[Roast-CIL Testing](#i0c5a73307aad4e20af8cbcf2df2c5468)** | **[105](#i0c5a73307aad4e20af8cbcf2df2c5468)** |
| **[14.0](#i0999519fccd14f18872b8339b8aa0328)[MINERAL RESOURCE ESTIMATES](#i0999519fccd14f18872b8339b8aa0328)** | **[106](#i0999519fccd14f18872b8339b8aa0328)** |
| **[14.1](#i4c94c8277d2944428795cc00e064ab6d)[INTRODUCTION](#i4c94c8277d2944428795cc00e064ab6d)** | **[106](#i4c94c8277d2944428795cc00e064ab6d)** |
| **[14.2](#i1f339e5e3cba4dfda845830d9b2c92ee)[DATA USED](#i1f339e5e3cba4dfda845830d9b2c92ee)** | **[107](#i1f339e5e3cba4dfda845830d9b2c92ee)** |
| **[14.3](#ibdf6924d51b44976b03018d981c1df6e)[ECONOMIC CONSIDERATIONS](#ibdf6924d51b44976b03018d981c1df6e)** | **[108](#ibdf6924d51b44976b03018d981c1df6e)** |
| **[14.4](#i510bc32dd507425e8b335759860c3f75)[MINERALIZED DOMAINS](#i510bc32dd507425e8b335759860c3f75)** | **[110](#i510bc32dd507425e8b335759860c3f75)** |
| **[14.5](#i62bcad796e0d42c19591f91ecace5f22)[EXPLORATORY DATA ANALYSIS](#i62bcad796e0d42c19591f91ecace5f22)** | **[113](#i62bcad796e0d42c19591f91ecace5f22)** |
| **[14.6](#ie3a3596cc6534046b7b0eeb155bd1734)[COMPOSITING](#ie3a3596cc6534046b7b0eeb155bd1734)** | **[114](#ie3a3596cc6534046b7b0eeb155bd1734)** |
| **[14.7](#ic1ff5e6826b04c11a4467c79171b3047)[TREATMENT OF EXTREME VALUES](#ic1ff5e6826b04c11a4467c79171b3047)** | **[115](#ic1ff5e6826b04c11a4467c79171b3047)** |
| **[14.8](#i5560b3f1048e4a17a27cc4e7daa267ce)[CONTINUITY ANALYSIS](#i5560b3f1048e4a17a27cc4e7daa267ce)** | **[117](#i5560b3f1048e4a17a27cc4e7daa267ce)** |
| **[14.9](#ie3c7e04a849f4b99b3249bbcad2acae8)[BLOCK MODEL](#ie3c7e04a849f4b99b3249bbcad2acae8)** | **[118](#ie3c7e04a849f4b99b3249bbcad2acae8)** |
| **[14.10](#i48788fa239ed42b49f1900953db1ea10)[GRADE ESTIMATION AND MINERAL RESOURCE CLASSIFICATION](#i48788fa239ed42b49f1900953db1ea10)** | **[119](#i48788fa239ed42b49f1900953db1ea10)** |
| **[14.11](#i452a0c07577c4096ba7f2d4255fe50ae)[MINERAL RESOURCE ESTIMATE](#i452a0c07577c4096ba7f2d4255fe50ae)** | **[119](#i452a0c07577c4096ba7f2d4255fe50ae)** |
| **[14.12](#i62532db605174136a10fb2965c4f2dcf)[VALIDATION](#i62532db605174136a10fb2965c4f2dcf)** | **[124](#i62532db605174136a10fb2965c4f2dcf)** |
| **[15.0](#idc20de9bb6dd417f8312517fdc55bba1)[MINERAL RESERVE ESTIMATES](#idc20de9bb6dd417f8312517fdc55bba1)** | **[126](#idc20de9bb6dd417f8312517fdc55bba1)** |
| **[16.0](#i6463873e44f74bbdb20214788df1731e)[MINING METHODS](#i6463873e44f74bbdb20214788df1731e)** | **[127](#i6463873e44f74bbdb20214788df1731e)** |
| **[17.0](#ied69633a968b469ba8227f0b85567edf)[RECOVERY METHODS](#ied69633a968b469ba8227f0b85567edf)** | **[128](#ied69633a968b469ba8227f0b85567edf)** |
| **[18.0](#if4a77365e2af4763b022a0526228b427)[PROJECT INFRASTRUCTURE](#if4a77365e2af4763b022a0526228b427)** | **[129](#if4a77365e2af4763b022a0526228b427)** |
| **[19.0](#i44180ee03e83407bb73ca1aedfbe2ef8)[MARKET STUDIES AND CONTRACTS](#i44180ee03e83407bb73ca1aedfbe2ef8)** | **[130](#i44180ee03e83407bb73ca1aedfbe2ef8)** |
| **[20.0](#i11374be22c6f4d47a742c77d310c55c0)[ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL OR COMMUNITY](#i11374be22c6f4d47a742c77d310c55c0)**<br>**[IMPACTS](#i11374be22c6f4d47a742c77d310c55c0)**<br>| **[131](#i11374be22c6f4d47a742c77d310c55c0)** |
| **[20.1](#i583374350c6a42c5bbce731a453925e8)[ANALYSIS OF THE LEGISLATIVE AND REGULATORY FRAMEWORK](#i583374350c6a42c5bbce731a453925e8)** | **[131](#i583374350c6a42c5bbce731a453925e8)** |
| **[20.1.1](#id42c6092762f4c92a9c04f45f7709922)[Environmental and Social Impact Assessment](#id42c6092762f4c92a9c04f45f7709922)** | **[131](#id42c6092762f4c92a9c04f45f7709922)** |
| **[20.1.2](#i0c2579357f004b3b8bbe12a4f399ac39)[Land Title](#i0c2579357f004b3b8bbe12a4f399ac39)** | **[132](#i0c2579357f004b3b8bbe12a4f399ac39)** |
| **[20.2](#if745dd596c6641bda3533923fb1c09e7)[CORPORATE POLICIES](#if745dd596c6641bda3533923fb1c09e7)** | **[132](#if745dd596c6641bda3533923fb1c09e7)** |
| **[20.2.1](#ida1a2e894d4a4075bc9103f8f82f1d53)[Health and Safety, Environment and Community Policy](#ida1a2e894d4a4075bc9103f8f82f1d53)** | **[132](#ida1a2e894d4a4075bc9103f8f82f1d53)** |
| **[20.2.2](#ib82be41d995a427c903adb695ee011c0)[Tailings Policy](#ib82be41d995a427c903adb695ee011c0)** | **[132](#ib82be41d995a427c903adb695ee011c0)** |
| **[20.2.3](#if07121489fa64cd79de54ffdd39a23d2)[Mine Closure](#if07121489fa64cd79de54ffdd39a23d2)** | **[132](#if07121489fa64cd79de54ffdd39a23d2)** |
| **[20.2.4](#ibca83344312f4147be6cf2ecf12c4f5a)[Sustainability Framework](#ibca83344312f4147be6cf2ecf12c4f5a)** | **[133](#ibca83344312f4147be6cf2ecf12c4f5a)** |
| **[21.0](#i774cae01df4146e9a1080f1623d9ed74)[CAPITAL AND OPERATING COSTS](#i774cae01df4146e9a1080f1623d9ed74)** | **[134](#i774cae01df4146e9a1080f1623d9ed74)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTiv

---

| | |
|:---|:---|
| **[22.0](#i9a9ea6a2669c4a70bdd6363ff2227737)[ECONOMIC ANALYSIS](#i9a9ea6a2669c4a70bdd6363ff2227737)** | **[135](#i9a9ea6a2669c4a70bdd6363ff2227737)** |
| **[23.0](#i531f29f1d9ab4489a6c20797c241ac4e)[ADJACENT PROPERTIES](#i531f29f1d9ab4489a6c20797c241ac4e)** | **[136](#i531f29f1d9ab4489a6c20797c241ac4e)** |
| **[24.0](#i9892e92916b84fd4bed18480ee8a74f3)[OTHER RELEVANT DATA AND INFORMATION](#i9892e92916b84fd4bed18480ee8a74f3)** | **[137](#i9892e92916b84fd4bed18480ee8a74f3)** |
| **[25.0](#i71252c66afdb40e38646569efae50126)[INTERPRETATION AND CONCLUSIONS](#i71252c66afdb40e38646569efae50126)** | **[138](#i71252c66afdb40e38646569efae50126)** |
| **[26.0](#i825cdd0436de4c8c8d5dbbf956174f3d)[RECOMMENDATIONS](#i825cdd0436de4c8c8d5dbbf956174f3d)** | **[142](#i825cdd0436de4c8c8d5dbbf956174f3d)** |
| **[27.0](#i040ea4068cbf4e8c894cab54c7c14110)[REFERENCES](#i040ea4068cbf4e8c894cab54c7c14110)** | **[143](#i040ea4068cbf4e8c894cab54c7c14110)** |
| **[28.0](#i55f63f4d1b4545279622304248541f9a)[CERTIFICATES](#i55f63f4d1b4545279622304248541f9a)** | **[146](#i55f63f4d1b4545279622304248541f9a)** |
| **[Appendix A](#ibc1ee462a5754966ab7382c2a091bd7d)[DRILL HOLE PLAN](#ibc1ee462a5754966ab7382c2a091bd7d)** | **[148](#ibc1ee462a5754966ab7382c2a091bd7d)** |
| **[Appendix B](#idd32b3f54938408fa60944e561d0927d)[3-D DOMAINS](#idd32b3f54938408fa60944e561d0927d)** | **[149](#idd32b3f54938408fa60944e561d0927d)** |
| **[Appendix C](#i3f7cfbabb7ad40a7a0c143b1cc1044e0)[TIZI & NORTH ZONES BLOCK MODEL CROSS SECTIONS](#i3f7cfbabb7ad40a7a0c143b1cc1044e0)** | **[150](#i3f7cfbabb7ad40a7a0c143b1cc1044e0)** |
| **[Appendix D](#ifad875442de94c9b8285d21c7be5e60e)[CENTRAL ZONE BLOCK MODEL CROSS SECTIONS](#ifad875442de94c9b8285d21c7be5e60e)** | **[153](#ifad875442de94c9b8285d21c7be5e60e)** |
| **[Appendix E](#i5b33ad13328742ccb0ef1351f7311c80) [SOUTH ZONE BLOCK MODEL CROSS SECTIONS](#i5b33ad13328742ccb0ef1351f7311c80)** | **[157](#i5b33ad13328742ccb0ef1351f7311c80)** |
| **[Appendix F](#ib7e0a7518321456d939eac6efbf52147)[BLOCK MODEL PLAN VIEWS](#ib7e0a7518321456d939eac6efbf52147)** | **[160](#ib7e0a7518321456d939eac6efbf52147)** |
| **[Appendix G](#i742768017100414b8d268ada9e783da0)[OPTIMIZED PIT SHELLS](#i742768017100414b8d268ada9e783da0)** | **[166](#i742768017100414b8d268ada9e783da0)** |
| **[Appendix H](#i1d1811322037438cb352fb1141cb2cd4)[QAQC– 2018 TO 2024 DIAMOND DRILL HOLE PROGRAMS](#i1d1811322037438cb352fb1141cb2cd4)** | **[167](#i1d1811322037438cb352fb1141cb2cd4)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTv

**List of Tables**

---

| | |
|:---|:---|
| **[Table 1-1 Boumadine MRE as of February 24, 2025](#ibf92d6e50f6441a091e5949ccb401a4c)** | **[7](#ibf92d6e50f6441a091e5949ccb401a4c)** |
| **[Table 1-2 Cut-Off Sensitivity MRE (1-12)](#ie32b8aa923b548ec93e9b3c082c22eef)** | **[8](#ie32b8aa923b548ec93e9b3c082c22eef)** |
| **[Table 1-3: Recommended Programs and Budgets for 2025-206](#i1f052e1d250841f3b41980eacd703da1)** | **[10](#i1f052e1d250841f3b41980eacd703da1)** |
| **[Table 2-1 Qualified Persons Responsible for this Report](#i2ef1e1b7b7474353b343f51478a4e887)** | **[12](#i2ef1e1b7b7474353b343f51478a4e887)** |
| **[Table 2.2 Terminology and Abbreviations](#icfd7860ace51482a9efbeb35cc97b543)** | **[12](#icfd7860ace51482a9efbeb35cc97b543)** |
| **[Table 2-3 Unit Measurement Abbreviations](#i8a63ecb62339455ab1287793a5b9910b)** | **[16](#i8a63ecb62339455ab1287793a5b9910b)** |
| **[Table 4-1: Aya Mining and Exploration Permits in the Boumadine Property Area](#ia85f9b9f50224efc9199b85b24519af4)** | **[20](#ia85f9b9f50224efc9199b85b24519af4)** |
| **[Table 5-1 Monthly Temperature and Precipitation Average at Tinejdad from 1991 to](#icb3d6d966e8a457499adf9f0753d2173)**<br>**[2021](#icb3d6d966e8a457499adf9f0753d2173)**<br>| **[24](#icb3d6d966e8a457499adf9f0753d2173)** |
| **[Table 6-1 Summary of BRPM Exploration Work](#ie8bcc133d03946af9178457befecc965)** | **[28](#ie8bcc133d03946af9178457befecc965)** |
| **[Table 6-2 Summary of Diamond Drilling Completed by Maya from 2017 to 2020](#i40f7846e29d24bbb9f0f36a4ffb550d5)** | **[31](#i40f7846e29d24bbb9f0f36a4ffb550d5)** |
| **[Table 6-3 Geophysical Surveys Completed by BRPM](#ibee773701fb74cc68c941becc1a80e94)** | **[32](#ibee773701fb74cc68c941becc1a80e94)** |
| **[Table 6-4 Tonnes Extracted](#ibd3573ddfce9434694f838091340e240)** | **[33](#ibd3573ddfce9434694f838091340e240)** |
| **[Table 6-5 Flotation Results](#ib5146ab4cbe3413cb7adf0b09f75af9c)** | **[34](#ib5146ab4cbe3413cb7adf0b09f75af9c)** |
| **[Table 6-6 Metallurgical Recovery by Concentrate Type](#i50ce2db063f2421aa8da6a10e7a310df)** | **[34](#i50ce2db063f2421aa8da6a10e7a310df)** |
| **[Table 6-7 Boumadine Deposit 1998 Mineral Resource Report](#i6ae1ef71c7b34696acf24ffea010ba3a)** | **[34](#i6ae1ef71c7b34696acf24ffea010ba3a)** |
| **[Table 6-8](#i239e5d640b3b4083946ca3279c5b072d)[Boumadine MRE as of April 15, 2024 (1-12)](#i239e5d640b3b4083946ca3279c5b072d)** | **[36](#i239e5d640b3b4083946ca3279c5b072d)** |
| **[Figure 9-3](#id0c26eca0f964ab3824c27e91b7462d9)[Boumadine 2022 VTEM Survey Depth Slices](#id0c26eca0f964ab3824c27e91b7462d9)** | **[56](#id0c26eca0f964ab3824c27e91b7462d9)** |
| **[Figure 9-4](#i8effb13dc9ea4199ad53d0263f044797)[2022 VTEM Magnetic Survey Completed at Boumadine](#i8effb13dc9ea4199ad53d0263f044797)** | **[57](#i8effb13dc9ea4199ad53d0263f044797)** |
| **[Table 9-1 Grab Sampling Assay Highlights](#i1c5308392c3149e4baa342a10874146f)** | **[60](#i1c5308392c3149e4baa342a10874146f)** |
| **[Table 10-1: Aya Diamond Drilling at Boumadine](#ib13dff4b2d53462bb331cfc3af7d6de4)** | **[61](#ib13dff4b2d53462bb331cfc3af7d6de4)** |
| **[Table 10-2: Significant intercepts from the 2024-2025 programs](#ia7eb9931515542aa8d15f9c00490d8b0)** | **[67](#ia7eb9931515542aa8d15f9c00490d8b0)** |
| **[Table 11-1: Summary of Reference Materials used at Boumadine in 2024 to 2025](#i85373f2e414545d1a8b9f4e58f5b3713)** | **[73](#i85373f2e414545d1a8b9f4e58f5b3713)** |
| **[Table 12-1 Boumadine Database Verification Summary: May 2024](#if72d2dfc9c50414f9a3e1c8a7bd8a68f)** | **[87](#if72d2dfc9c50414f9a3e1c8a7bd8a68f)** |
| **[Table 13-1 Geochemical analysis of Boumadine Tailing Samples BMF and BMS](#i3869cfcca9e840ec88e4441994dd2113)**<br>**[Performed by SGS Laboratories](#i3869cfcca9e840ec88e4441994dd2113)**<br>| **[94](#i3869cfcca9e840ec88e4441994dd2113)** |
| **[Table 13-2 Rates of Au and Ag Extraction After Chloration of the Oxidized Residues of](#i627bd9dcbf4e49f1a61ec7684e823abb)**<br>**[Samples BMF and BMS](#i627bd9dcbf4e49f1a61ec7684e823abb)**<br>| **[94](#i627bd9dcbf4e49f1a61ec7684e823abb)** |
| **[Table 13-3 Rate of Extraction for Au and Ag for Re-crushed Samples BMF and BMS](#id73e36e9635e42d2852cfdc8fa6ef8d2)** | **[95](#id73e36e9635e42d2852cfdc8fa6ef8d2)** |
| **[Table 13-4 Au and Ag Extraction Rate for Samples BMS and BMF According to the](#i66c509e7e37a4bcfa11e0ffdb131137a)**<br>**[Duration of Oxidation](#i66c509e7e37a4bcfa11e0ffdb131137a)**<br>| **[95](#i66c509e7e37a4bcfa11e0ffdb131137a)** |
| **[Table 13-5 Roasting – Calcine CIL Results](#id1383f305ae94afd933abcef02132049)** | **[97](#id1383f305ae94afd933abcef02132049)** |
| **[Table 13-6 POX – CIL Results](#i002f5a54a15e40fd9d02fde02b39c932)** | **[98](#i002f5a54a15e40fd9d02fde02b39c932)** |
| **[Table 13-7 Composite Sample Mineralogy](#i2f6cca7e29804affb48e5c3e64833944)** | **[99](#i2f6cca7e29804affb48e5c3e64833944)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTvi

---

| | |
|:---|:---|
| **[Table 13-8 Locked Cycle Test Results Summary](#i5dad8b114de24567b86bbd038ba866c5)** | **[102](#i5dad8b114de24567b86bbd038ba866c5)** |
| **[Table 13-9 Direct CIL Extraction](#i7ae331df3ee5406c93ead3c71bc4e9b1)** | **[103](#i7ae331df3ee5406c93ead3c71bc4e9b1)** |
| **[Table 13-10 Pyrite Concentrate Albion Testing Results](#i70dd551fb1ec493298d56820aef6a8e4)** | **[103](#i70dd551fb1ec493298d56820aef6a8e4)** |
| **[Table 13-11 Biox Testwork Results](#if24500391866450fb3ee0859330a1ad5)** | **[104](#if24500391866450fb3ee0859330a1ad5)** |
| **[Table 13-12 Roast-CIL Testwork Results](#i26455a53309149ff979b327985395d60)** | **[105](#i26455a53309149ff979b327985395d60)** |
| **[Table 14-1 Economic Parameters](#i90ed5b65ac9849508a62a17d1d56c2ec)** | **[108](#i90ed5b65ac9849508a62a17d1d56c2ec)** |
| **[Table 14-2: Calculation Formulas for NSR, Silver Equivalent, and Gold Equivalent](#i98eab615b17e4a52890990a6ee08bc9d)** | **[110](#i98eab615b17e4a52890990a6ee08bc9d)** |
| **[Table 14-3: Calculation Formulas for NSR, Ag Equivalent, and Au Equivalent](#ie741683db13b40b487468099639e2fbb)** | **[110](#ie741683db13b40b487468099639e2fbb)** |
| **[Table 14-4: Mineralized Veins](#i9ef811fe9a38419aab3830bae23741a4)** | **[111](#i9ef811fe9a38419aab3830bae23741a4)** |
| **[Table 14-5: Constrained assays summary statistics](#i47ba486892c149e2a4e1dcd5876ed642)** | **[113](#i47ba486892c149e2a4e1dcd5876ed642)** |
| **[Table 14-6: Summary Statistics for bulk density measurements](#i2b486ba9d23545ccbf23578f8cb3e5d3)** | **[114](#i2b486ba9d23545ccbf23578f8cb3e5d3)** |
| **[Table 14-7: Composite Summary Statistics](#i34b43d083d8b421d91f45af83365a6f8)** | **[115](#i34b43d083d8b421d91f45af83365a6f8)** |
| **[Table 14-8: Composite Capping Thresholds](#i89f7e045de32427ba285988bc61c321e)** | **[115](#i89f7e045de32427ba285988bc61c321e)** |
| **[Table 14-9 North Main Zone Semi-Variogram Results](#i911f614fba4b49f1a409853f97c2112d)** | **[117](#i911f614fba4b49f1a409853f97c2112d)** |
| **[Table 14-10 South Main Zone Semi-Variogram Results](#ice46cf84eeb74373acecafe3a21a61b0)** | **[117](#ice46cf84eeb74373acecafe3a21a61b0)** |
| **[Table 14-11 Block Model Setup](#i922f0a36f70a47f3902b427bca5f3fcf)** | **[118](#i922f0a36f70a47f3902b427bca5f3fcf)** |
| **[Table 14-12: Boumadine MRE as of February 24, 2025](#i3d3cf5484d54465794c0d4040cc5bfc2)** | **[121](#i3d3cf5484d54465794c0d4040cc5bfc2)** |
| **[Table 14-13: Mineral Resource estimate sensitivity](#i63e54d3a36cb4e06a927c0bf48c4a20d)** | **[122](#i63e54d3a36cb4e06a927c0bf48c4a20d)** |
| **[Table 14-14: Grade Block Model Check](#ie8312596999d4a22908a2439b9b1d047)** | **[124](#ie8312596999d4a22908a2439b9b1d047)** |
| **[Table 26-1: Recommended programs and budgets for 2025-2026](#i1dfb0b7fe4604eaca98ba14f86fbd45c)** | **[142](#i1dfb0b7fe4604eaca98ba14f86fbd45c)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTvii

**List of Figures**

---

| | |
|:---|:---|
| **[Figure 4-1](#i1bc5c4371ef74afca3539da56cee0ebf)[Location of the Boumadine Property between Ouarzazate and](#i1bc5c4371ef74afca3539da56cee0ebf)**<br>**[Errachidia, Kingdom of Morocco](#i1bc5c4371ef74afca3539da56cee0ebf)**<br>| **[18](#i1bc5c4371ef74afca3539da56cee0ebf)** |
| **[Figure 4-2](#i6c0c5f1bcb074ff88f453283e5b8334f)[Land Tenure in the Boumadine Property Area](#i6c0c5f1bcb074ff88f453283e5b8334f)** | **[19](#i6c0c5f1bcb074ff88f453283e5b8334f)** |
| **[Figure 5-1](#if608b782873942519c9dfcb053723a5e)[Location of the Boumadine Deposit from Ouarzazate](#if608b782873942519c9dfcb053723a5e)** | **[23](#if608b782873942519c9dfcb053723a5e)** |
| **[Figure 5-2](#i1829c4bdc55949eda09bf16b5ebb6c59)[Boumadine Site Infrastructure](#i1829c4bdc55949eda09bf16b5ebb6c59)** | **[25](#i1829c4bdc55949eda09bf16b5ebb6c59)** |
| **[Figure 5-3](#i2ae2fa26e0cd48fcbaaf3c8138321cde)[Physiography and Vegetation](#i2ae2fa26e0cd48fcbaaf3c8138321cde)** | **[25](#i2ae2fa26e0cd48fcbaaf3c8138321cde)** |
| **[Figure 5-4](#i38b7ae1d6b984aa8b7bde8844ecbe171)[Nomadic Livestock and Artisanal Activity](#i38b7ae1d6b984aa8b7bde8844ecbe171)** | **[26](#i38b7ae1d6b984aa8b7bde8844ecbe171)** |
| **[Figure 6-1](#idfb7ae77bcde4fb99bd026de58640242)[-70 m Level Plan of South Zone, with Chip Sample Assays](#idfb7ae77bcde4fb99bd026de58640242)** | **[29](#idfb7ae77bcde4fb99bd026de58640242)** |
| **[Figure 6-2](#id59287ae6d7d46c6a58a8c7644acb188)[Longitudinal Projection of the Principal Polymetallic Vein Mined in the](#id59287ae6d7d46c6a58a8c7644acb188)**<br>**[South Zone](#id59287ae6d7d46c6a58a8c7644acb188)**<br>| **[30](#id59287ae6d7d46c6a58a8c7644acb188)** |
| **[Figure 6-3](#i37d56f64aba940e292c47133cf8fc557)[Location of Soil Core Samples Completed by Maya in 2018](#i37d56f64aba940e292c47133cf8fc557)** | **[32](#i37d56f64aba940e292c47133cf8fc557)** |
| **[Figure 6-4](#i2c54d916258043b18ff22e991dfc5152)[2-D Section of a CSAMT Survey\*](#i2c54d916258043b18ff22e991dfc5152)** | **[33](#i2c54d916258043b18ff22e991dfc5152)** |
| **[Figure 7-1](#i477c1adc46e84286a9ba3bd13503a911)[The Regional Geology of the Anti-Atlas Displaying Proterozoic](#i477c1adc46e84286a9ba3bd13503a911)**<br>**[Windows](#i477c1adc46e84286a9ba3bd13503a911)**<br>| **[37](#i477c1adc46e84286a9ba3bd13503a911)** |
| **[Figure 7-2](#if6ba25aac6eb4ba0b5fea9f4a66b0d4e)[Geology of the Ougnat Massif](#if6ba25aac6eb4ba0b5fea9f4a66b0d4e)** | **[38](#if6ba25aac6eb4ba0b5fea9f4a66b0d4e)** |
| **[Figure 7-3](#i91389c5c82df42929c374ec8e79607b2)[Schematic Stratigraphic Column of the Central Ougnat Massif](#i91389c5c82df42929c374ec8e79607b2)** | **[39](#i91389c5c82df42929c374ec8e79607b2)** |
| **[Figure 7-4](#i1a371f13ea0b4c2c8277aed30934baa8)[Boumadine Mining License Geology Map](#i1a371f13ea0b4c2c8277aed30934baa8)** | **[41](#i1a371f13ea0b4c2c8277aed30934baa8)** |
| **[Figure 7-5](#id6624894a6334194ab0b9a5da6249220)[Stress Distribution in a Sinistral Shear Zone](#id6624894a6334194ab0b9a5da6249220)** | **[43](#id6624894a6334194ab0b9a5da6249220)** |
| **[Figure 7-6](#i219561dd47844632ac5239a30a0bbb4a)[Interpreted Traces of N150°E-Trending Shear Zones](#i219561dd47844632ac5239a30a0bbb4a)** | **[44](#i219561dd47844632ac5239a30a0bbb4a)** |
| **[Figure 7-7](#if18b02272e134b568f65073079252ee6)[Oxidized Mineralized Vein at the Central Zone](#if18b02272e134b568f65073079252ee6)** | **[45](#if18b02272e134b568f65073079252ee6)** |
| **[Figure 7-8](#i5f0244a644974ade8836a2a5e6138420)[Surface Plan View of the Boumadine Deposit Mineralized Zones](#i5f0244a644974ade8836a2a5e6138420)** | **[46](#i5f0244a644974ade8836a2a5e6138420)** |
| **[Figure 7-9](#i9e9626f93e884e658007a243391e4dcf)[Cross-Sectional Projection 3,477,070 N of the Central Zone](#i9e9626f93e884e658007a243391e4dcf)** | **[47](#i9e9626f93e884e658007a243391e4dcf)** |
| **[Figure 7-10](#i73f0834234ef4f0aaf0d62af3da2c062)[Brecciated and Slightly Oxidized Pyrite-Rich Mineralization](#i73f0834234ef4f0aaf0d62af3da2c062)** | **[48](#i73f0834234ef4f0aaf0d62af3da2c062)** |
| **[Figure 7-11](#i7ecb496725ad4cafa33831288a292cd2)[Galena-Rich Mineralization](#i7ecb496725ad4cafa33831288a292cd2)** | **[49](#i7ecb496725ad4cafa33831288a292cd2)** |
| **[Figure 7-12](#i69f126a1e3034faf9940a0ca15842739)[Pyrite-Sphalerite Mineralized Material from the Central Zone](#i69f126a1e3034faf9940a0ca15842739)** | **[49](#i69f126a1e3034faf9940a0ca15842739)** |
| **[Figure 7-13](#ic4cd5627f19a4dfab5e757be00d9df56)[Massive Sulphide Minerals and Textures at Boumadine](#ic4cd5627f19a4dfab5e757be00d9df56)** | **[50](#ic4cd5627f19a4dfab5e757be00d9df56)** |
| **[Figure 9-1](#i46d431a5741a41099eed225586834af3)[Map of the 2022 Hyperspectral Survey Completed on Boumadine](#i46d431a5741a41099eed225586834af3)** | **[54](#i46d431a5741a41099eed225586834af3)** |
| **[Figure 9-2](#ib34d3a51d49247eb8e687ccb8b6ddde2)[Map of the Interpreted Structures in the Boumadine Area,Colored by](#ib34d3a51d49247eb8e687ccb8b6ddde2)**<br>**[Orientation Set.](#ib34d3a51d49247eb8e687ccb8b6ddde2)**<br>| **[55](#ib34d3a51d49247eb8e687ccb8b6ddde2)** |
| **[Figure 9-5](#i5940a21a87e341a199d8f6370a44dcd7)[Location of New Boumadine Permits with 2024 Airborne Geophysics](#i5940a21a87e341a199d8f6370a44dcd7)** | **[58](#i5940a21a87e341a199d8f6370a44dcd7)** |
| **[Figure 9-6](#ic17d957ca4e14f94bace6eef073cbe8b)[Simplified Geological Map with 2023 Surface Sample Locations](#ic17d957ca4e14f94bace6eef073cbe8b)** | **[59](#ic17d957ca4e14f94bace6eef073cbe8b)** |
| **[Figure 10-1](#i6ed16d7a8ba14a249253abf80ad3668b)[Aya Current MRE Drill Hole Collar Location Map](#i6ed16d7a8ba14a249253abf80ad3668b)** | **[62](#i6ed16d7a8ba14a249253abf80ad3668b)** |
| **[Figure 10-2](#i53f4f006d7194da58b987f659a41e95e)[Interpreted Drill Hole Cross-Section Projection 8125N](#i53f4f006d7194da58b987f659a41e95e)** | **[63](#i53f4f006d7194da58b987f659a41e95e)** |
| **[Figure 10-3](#i4cc753ab2e1543f99ac9d5ca9168b959)[Interpretation of Drill Cross-Section Projection 6400N](#i4cc753ab2e1543f99ac9d5ca9168b959)** | **[64](#i4cc753ab2e1543f99ac9d5ca9168b959)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTviii

---

| | |
|:---|:---|
| **[Figure 10-4](#ie45da0a0498546e790fa90004aca1692)[Drill Hole Collar Locations](#ie45da0a0498546e790fa90004aca1692)** | **[65](#ie45da0a0498546e790fa90004aca1692)** |
| **[Figure 10-5](#i3e6fb0aa5e0a460899b4616ba3bc2157)[Stacked Drill Core at Boumadine](#i3e6fb0aa5e0a460899b4616ba3bc2157)** | **[66](#i3e6fb0aa5e0a460899b4616ba3bc2157)** |
| **[Figure 11-1: CRM usage at Boumadine 2024 TO 2025](#i2804ff1f55c549ea8ee6cb6eee13b4bd)** | **[72](#i2804ff1f55c549ea8ee6cb6eee13b4bd)** |
| **[Figure 11-2](#i4bf56d9c47f04344856300d0860a1b93)[Performance of OREAS CRMs for Au (0.307 to 1.85 g/t data)](#i4bf56d9c47f04344856300d0860a1b93)** | **[74](#i4bf56d9c47f04344856300d0860a1b93)** |
| **[Figure 11-3](#i0c126305153a4e81bc835e2e441e5d2d)[Performance of OREAS CRMs for Au (4.97 to 15 g/t data)](#i0c126305153a4e81bc835e2e441e5d2d)** | **[74](#i0c126305153a4e81bc835e2e441e5d2d)** |
| **[Figure 11-4](#i1d07d7adfd4b46289127f2abfc2c8040)[Performance of OREAS CRMs for Ag (19 to 25.9 g/t data)](#i1d07d7adfd4b46289127f2abfc2c8040)** | **[75](#i1d07d7adfd4b46289127f2abfc2c8040)** |
| **[Figure 11-5](#i753cdc8651184369bf587fe4f39d52fe)[Performance of OREAS CRMs for Ag (50.3 to 2,184 g/t data)](#i753cdc8651184369bf587fe4f39d52fe)** | **[75](#i753cdc8651184369bf587fe4f39d52fe)** |
| **[Figure 11-6](#ia7acb15a03a54ac99312d7247b30f394)[Performance of OREAS CRMs for Pb (0.374 to 1.58 % data)](#ia7acb15a03a54ac99312d7247b30f394)** | **[76](#ia7acb15a03a54ac99312d7247b30f394)** |
| **[Figure 11-7](#i9ae1c79c0e9a4be7840183fa119ac0d3)[Performance of OREAS CRMs for Pb (5.02 to 64.58% data)](#i9ae1c79c0e9a4be7840183fa119ac0d3)** | **[76](#i9ae1c79c0e9a4be7840183fa119ac0d3)** |
| **[Figure 11-8](#i1f09f9ca458345d9b53ef73d150304bb)[Performance of OREAS CRMs for Zn (0.131 to 1.11% data)](#i1f09f9ca458345d9b53ef73d150304bb)** | **[77](#i1f09f9ca458345d9b53ef73d150304bb)** |
| **[Figure 11-9](#ic29b087147854d6f870286a7c62464f5)[Performance of OREAS CRMs for Zn (4.92 to 49.77% data)](#ic29b087147854d6f870286a7c62464f5)** | **[77](#ic29b087147854d6f870286a7c62464f5)** |
| **[Figure 11-10](#if5974c8b214340a9a2553b9e67008dc1)[Performance of OREAS CRMs for Cu (0.116 to 0.498 % data)](#if5974c8b214340a9a2553b9e67008dc1)** | **[78](#if5974c8b214340a9a2553b9e67008dc1)** |
| **[Figure 11-11](#i9ef46dfb74804d8cbeec8429aae8f773)[Performance of OREAS CRMs for Cu (oreas 992b)](#i9ef46dfb74804d8cbeec8429aae8f773)** | **[78](#i9ef46dfb74804d8cbeec8429aae8f773)** |
| **[Figure 11-12](#i17d031eac4f345b680eeb4a98df198f2)[Performance of Blanks for Au](#i17d031eac4f345b680eeb4a98df198f2)** | **[79](#i17d031eac4f345b680eeb4a98df198f2)** |
| **[Figure 11-13](#ibc5a2918bbac4d89a2f97aa4689ad54a)[Performance of Blanks for Ag](#ibc5a2918bbac4d89a2f97aa4689ad54a)** | **[80](#ibc5a2918bbac4d89a2f97aa4689ad54a)** |
| **[Figure 11-14](#iadac7ccb17d840e08c082e1d3ca139f7)[Performance of Blanks for Pb](#iadac7ccb17d840e08c082e1d3ca139f7)** | **[80](#iadac7ccb17d840e08c082e1d3ca139f7)** |
| **[Figure 11-15](#ia0a7698294e240a19b593e3226544588)[Performance of Blanks for Zn](#ia0a7698294e240a19b593e3226544588)** | **[81](#ia0a7698294e240a19b593e3226544588)** |
| **[Figure 11-16](#ifa6930e453cf425aa224ac916e8e456b)[Performance of Blanks for Cu](#ifa6930e453cf425aa224ac916e8e456b)** | **[81](#ifa6930e453cf425aa224ac916e8e456b)** |
| **[Figure 11-17](#i6f04baa41e0f40009acb0ee9d90179f3)[Performance of Field Duplicates for Au](#i6f04baa41e0f40009acb0ee9d90179f3)** | **[82](#i6f04baa41e0f40009acb0ee9d90179f3)** |
| **[Figure 11-18](#i301c12cd69fa4d749874af5055c40325)[Performance of Field Duplicates for Ag](#i301c12cd69fa4d749874af5055c40325)** | **[83](#i301c12cd69fa4d749874af5055c40325)** |
| **[Figure 11-19](#i8f6600d22c204b54bd1b506444d6d0b2)[Performance of Field Duplicates for Pb](#i8f6600d22c204b54bd1b506444d6d0b2)** | **[83](#i8f6600d22c204b54bd1b506444d6d0b2)** |
| **[Figure 11-20](#i3d670be4959b43d78788651f94b440e0)[Performance of Field Duplicates for Zn](#i3d670be4959b43d78788651f94b440e0)** | **[84](#i3d670be4959b43d78788651f94b440e0)** |
| **[Figure 11-21](#i109d793efe7d415890815f83d1d73634)[Performance of Field Duplicates for Cu](#i109d793efe7d415890815f83d1d73634)** | **[84](#i109d793efe7d415890815f83d1d73634)** |
| **[Figure 11-22](#i33a5760f67f64ae5944e00a332743ad1)[Umpire Assay Comparison for Au: Afrilab Versus ALS 2022](#i33a5760f67f64ae5944e00a332743ad1)** | **[85](#i33a5760f67f64ae5944e00a332743ad1)** |
| **[Figure 11-23](#id466766e81454960be2ff735b4035024)[Umpire Assay Comparison for Ag: Afrilab Versus ALS 2022](#id466766e81454960be2ff735b4035024)** | **[86](#id466766e81454960be2ff735b4035024)** |
| **[Figure 12-1](#i35eeac7b1fe14c56b62411b0749113ad)[Results of March 2024 Ag (ICP) Verification Sampling by P&E](#i35eeac7b1fe14c56b62411b0749113ad)** | **[89](#i35eeac7b1fe14c56b62411b0749113ad)** |
| **[Figure 12-2](#ia969c9124bc141d79e6416ce25ddf9bc)[Results of March 2024 Ag (FA) Verification Sampling by P&E](#ia969c9124bc141d79e6416ce25ddf9bc)** | **[89](#ia969c9124bc141d79e6416ce25ddf9bc)** |
| **[Figure 12-3](#ida8e0e273a8e43b58d8613643dddc4a8)[Results of March 2024 Au Verification Sampling by P&E](#ida8e0e273a8e43b58d8613643dddc4a8)** | **[90](#ida8e0e273a8e43b58d8613643dddc4a8)** |
| **[Figure 12-4](#if0d63c05a25d465eb2f1a55b02a870e1)[Results of March 2024 Cu Verification Sampling by P&E](#if0d63c05a25d465eb2f1a55b02a870e1)** | **[90](#if0d63c05a25d465eb2f1a55b02a870e1)** |
| **[Figure 12-5](#i8f951e8cf6224a508d014a8aaaf27c34)[Results of March 2024 Pb Verification Sampling by P&E](#i8f951e8cf6224a508d014a8aaaf27c34)** | **[91](#i8f951e8cf6224a508d014a8aaaf27c34)** |
| **[Figure 12-6](#i5f5f731927a94c7cb05782f3bb565f11)[Results of March 2024 Zn Verification Sampling by P&E](#i5f5f731927a94c7cb05782f3bb565f11)** | **[91](#i5f5f731927a94c7cb05782f3bb565f11)** |
| **[Figure 12-7](#i62583b726b5b4e00ab4d1bd6d2f19b6b)[Results of March 2024 Mo Verification Sampling by P&E](#i62583b726b5b4e00ab4d1bd6d2f19b6b)** | **[92](#i62583b726b5b4e00ab4d1bd6d2f19b6b)** |
| **[Figure 14-1](#i3c868bb219584ddba5737de4a8e2d91b)[Drill Hole Plan View](#i3c868bb219584ddba5737de4a8e2d91b)** | **[107](#i3c868bb219584ddba5737de4a8e2d91b)** |
| **[Figure 14-2](#i05e60edd6c3a4af5b06a41174d667a4f)[Mineralized Veins](#i05e60edd6c3a4af5b06a41174d667a4f)** | **[112](#i05e60edd6c3a4af5b06a41174d667a4f)** |
| **[Figure 14-3](#ie20d18c036a7463c8ded61167101e525)[Histogram for Composites](#ie20d18c036a7463c8ded61167101e525)** | **[116](#ie20d18c036a7463c8ded61167101e525)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTix

---

| | |
|:---|:---|
| **[Figure 14-4](#ia3079d2d9ff9445cb2fb645f2ab81672)[Main Zone Semi-Variograms](#ia3079d2d9ff9445cb2fb645f2ab81672)** | **[118](#ia3079d2d9ff9445cb2fb645f2ab81672)** |
| **[Figure 14-5](#i7043001104154fe190742e7fbd5717a7)[Boumadine Pit Shell Plan View](#i7043001104154fe190742e7fbd5717a7)** | **[120](#i7043001104154fe190742e7fbd5717a7)** |
| **[Figure 14-6](#i0df71cfe079241cd92116e6b15290bb4)[Composite Grade Versus Swath Plots](#i0df71cfe079241cd92116e6b15290bb4)** | **[125](#i0df71cfe079241cd92116e6b15290bb4)** |
| **[Figure 23-1](#i9a2d99d1c3f24417941d1eda0f839afa)[Location of the Imiter Mine](#i9a2d99d1c3f24417941d1eda0f839afa)** | **[136](#i9a2d99d1c3f24417941d1eda0f839afa)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 1

1.0**EXECUTIVE SUMMARY**

This Technical Report (the "Report") presents an updated Mineral Resource Estimate ("MRE") for the

Boumadine Polymetallic Project, Kingdom of Morocco. This update is based on the previous Mineral Resource

Estimate prepared by P&E Mining Consultants Inc. ("P&E"), published on May 8, 2024, and new drilling data

from Aya Gold & Silver Inc. ("Aya"). The revised estimate has been completed by Aya, with the Report having

an effective date of February 24, 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.

**1.1PROPERTY 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 Quarzazate and 70 km southwest of

the City of Errachidia.

Aya's property in the Boumadine area ("Boumadine Property") consists of 9 mining permits and 16 exploration

permits totaling 272 km2 in size. The "Boumadine Mining License", which contain Boumadine Deposit and is

the focus of the 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 AIF, which total 32

km2 in area. The additional twenty-four permits are distributed within a 25 km radius of the Boumadine

Deposit and collectively cover an additional 240 km2 in area. In addition, an Authorization of Exploration of

600 km2 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 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 10 mining licenses and exploration permits and; an option to earn 100% interest in 13

other mining licenses and exploration permits.

**1.2ACCESSIBILITY, 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 4-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 nearest

power line to the Property is 2.8 km away.

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 Ouarzazate or Marrakech.

**1.3HISTORY**

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

**1.4GEOLOGICAL 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 kilometers 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, Pb, Cu, 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

meters 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, 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 meters 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 senestrally along a northeast-trending fault from the North Zone. The North Zone

consists of eight closely-spaced mineralized vein domains. This Zone is 650 meters long, 5 to 10 meters in

thickness and 500 meters down-dip. It strikes northwest and dips steeply southwest. The North Zone appears

truncated by the Imariren Zone. The Imariren Zone and the Tizi Zone are two sub-parallel, single mineralized

vein domains that are 200 meters apart in the south and 500 meters 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

meters. Both zones extend 600 meters 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 meters 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 seems to suggest a deeper environment of

formation.

**1.5EXPLORATION AND DRILLING**

Exploration activities completed by Aya on the Boumadine Property since 2020 include surface trenching,

satellite-based hyperspectral surveys, mineral prospecting, geological mapping, aerial geophysics and grab

sampling and assaying. These programs were successful in finding and confirming evidence of mineralization

on surface.

Between May 2022 and December 2024, Aya completed 476 diamond drill holes totaling 192,957 m. The

drilling programs aimed to extend the mineralization of the North, Central, and South Zones while also testing

targets located further 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.

**1.6SAMPLE 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, as well as the previous verification work conducted by P&E, and confirm that

the sample preparation, security, and analytical procedures are adequate. The data are considered to be of

good quality and satisfactory 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 review

independently by P&E, 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. P&E stated at that time

that sufficient verification of the Project data had been undertaken and that the supplied data are of good

quality and suitable for use in the previous Mineral Resource Estimate.

**1.7MINERAL PROCESSING AND METALLURGICAL TESTING**

Based on the 2023 metallurgical testwork completed by SGS Canada Inc., Aya envisions a two-phase metal

recovery process. Phase 1 is a sulphide flotation stage for recovery of Pb and Zn and partial recovery of Au

and Ag. Phase 2 is an oxidation and leaching stage for recovery of Au and Ag. Oxidation of the pyrite

concentrate using the Albion Process followed by cyanide leaching produced the highest precious metal

recoveries. Total recoveries were 89% Ag, 85% Au, 85% Pb and 72% Zn. Next steps include continued

refinement of the metallurgical testwork, particularly methods for pyrite concentrate oxidation, such as POX or

roasting, and evaluation of key reagents and input parameters.

**1.8MINERAL 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, 449 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, 2.4 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.

A total of 428 drill holes totalling 142,268 m were available for Mineral Resource modelling. Mineralization

models were developed by Aya and 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, Zn, Pb and Cu grades, incorporating metal prices, metallurgical recoveries,

concentrate freight and smelter charges.

Sampled assays were composited to a 1.00 meter 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

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 6

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 1-1 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 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 | 343 | 5.1 | 33 | 116 | 60051 | 667 |
| **Inferred** | 95 | 14258 | 89.7 | 2.89 | 0.1 | 0.81 | 2.38 | 450 | 5 | 41135 | 1102 | 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 | 106 | 1 | 11 | 29 | 14382 | 160 |
| **Inferred** | 125 | 14938 | 74.3 | 2.39 | 0.07 | 0.82 | 1.85 | 356.9 | 3.97 | 35669 | 1294 | 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 | 449 | 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 | 2396 | 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 1-2 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 1.1.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 9

**1.9ENVIRONMENTAL STUDIES, PERMITS AND SOCIAL OR COMMUNITY IMPACT**

The Boumadine Deposit may require several permits from the Moroccan Government, and the requirement to

complete an Environmental and Social Impact Assessment ("ESIA") by the Moroccan Law No. 12-03 on

Environmental Impact Assessments. The ESIA will establish the comprehensive regulatory framework for the

Project.

The Boumadine Mining License is a joint-venture between the ONHYM (15%) and Aya (85%). The land is

understood to be held under the collective land status. In Morocco, collective lands are used for grazing,

farming, forests, quarries, and land in urban and peri-urban areas. The number of traditional communities

ranges from 4,500 to 5,500 ethnic groupings, comprising almost 2.5 million collectives. The legal status of

collective lands is set out in a dahir dating from 1919. A national program started in 2021 to identify land

rights with the intent to formalize land ownership in collective lands. These rights are managed by the

Direction des affaires rurales, part of the Ministry of the Interior. Aya will establish communication with the

relevant authorities at the governorate in the Province of Errachidia, in order to commence the process of

establishing land agreements between Aya and the landowners.

Aya's Health and Safety, Environment and Community ("HSEC") Policy sets out clear parameters for

governance during project development. The Policy requires: compliance with all laws and regulations in force

in the countries where Aya operates; implementation of an environmental and social management system

("ESMS") to identify, reduce or mitigate risks to sustainable development. This ESMS will include objectives,

review and corrective actions allowing continuous improvement; and, where economic or physical

displacement cannot be avoided, adherence to IFC Performance Standard 5, including formal consultation

throughout the process and seeking to improve the situation of households and communities.

Aya has developed a Tailings Policy, which commits to design, govern, and manage tailings in-line with

industry best practice, following guidelines such as those provided by the International Commission on Large

Dams, Australian National Committee on Large Dams, and Canadian Dam Association. Aya will work towards

aligning its practices with industry best practices.

As per its HSEC Policy, Aya commits to developing a Mine Closure Management Plan for each of its projects,

from the earliest stage of Feasibility Studies and updating the Plan regularly during the life of mine ("LoM"). In

collaboration with its stakeholders, reclamation planning entails an extensive analysis of land use options,

environmental factors, community development concerns and objectives, and measurable performance

targets. Aya will progressively complete reclamation as part of its commitment to restore mine sites to a

healthy environment. Aya begins restoring disturbed land as soon as it is no longer needed, using best

available techniques and developing context-specific measures. During the LoM, Aya strives to develop local

capacity and collaborate on economic diversification through community investment programs. Stakeholder

engagement will include specific topics in the lead-up to closure, and Aya will complement their social

baseline with a social closure impact assessment.

Aya's drive for sustainability involves adopting a precautionary approach and implementing and working on

the continuous improvement of its Environmental and Social Management System ("ESMS"). The

precautionary approach is the process for investigating, addressing and mitigating how the Corporation's

actions could impact the environment and host communities. The ESMS is based on best practice from the

International Finance Corporation Performance Standards and the European Bank for Reconstruction and

Development that will help the Corporation monitor status and progress in upholding its many legal, social and

environmental responsibilities. The ESMS incorporates a 'Plan, Do, Check, Act' process, thereby encouraging

continuous improvement in sustainability management, and is based on the ISO 14001 environmental

standard and the ISO 45001 occupational H&S standard. Aya's key HSEC policies are posted on its website

(www.ayagoldsilver.com).

**1.10CONCLUSIONS AND RECOMMENDATIONS**

Aya owns or controls 25 mining and exploration permits in the Boumadine Property area (272 km2) in the

eastern part of the Kingdom of Morocco. Structurally-controlled, mainly silver-gold polymetallic sulphide

mineralizations are currently defined in five separate zones along an approximately 5.4 kilometers strike

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 10

length that together make-up the Boumadine Deposit. Additional mineralized zones and mineral occurrences

are known in the area.

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.

• Complete a Preliminary Economic Assessment of the Boumadine Deposit.

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$52.3M, which includes 10% contingency

(without applicable taxes) (Table 1-3).

**Table 1-3: Recommended Programs and Budgets for 2025-206**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate** <br>**(US$)**<br>|
| **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** |
| **2025** |  | Drilling (all-in costs) | 140000 | 22330000 |
|  |  | Administration and Management |  | 3000000 |
|  |  | Geological Mapping, Mineral Prospecting, Assays |  | 120000 |
|  | Sub-Total |  |  | 25450000 |
|  | Contingency (10%) |  |  | 2545000 |
|  | Total - 2025 |  |  | 28000000 |
| **Phase 2 - 2026** | **Phase 2 - 2026** | **Phase 2 - 2026** | **Phase 2 - 2026** | **Phase 2 - 2026** |
| **2026** |  | Drilling (all-in costs) | 120000 | 19140000 |
|  |  | Administration and Management |  | 3000000 |
|  | Sub-Total |  |  | 22140000 |
|  | Contingency (10%) |  |  | 2214000 |
|  | Total - 2026 |  |  | 24350000 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 11

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 May 8, 2024.

This Technical Report ("the Report") has been prepared to provide a fully compliant NI 43-101 Technical

Report and Updated Mineral Resource Estimate 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. David Lalonde, P. Geo., and VP of Exploration of AYA Gold & Silver and a Qualified Person under the terms

of NI 43-101, has visited the Boumadine Property at numerous occasions between 2022 and 2025. Mr.Lalonde

is a professional geologist with ~25 years of experience in mineral exploration and mining operations,

including several years working in hydrothermal precious metal and polymetallic deposits.

**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

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

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 12

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.; and

Since 2019, 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 2-1 Qualified Persons Responsible for this Report**

---

| | | |
|:---|:---|:---|
| **Qualified Person** | **Company** | **Sections of Technical Report** |
| David Lalonde, P.Geo. | AYA Gold & Silver | 2 to 12 and 14 to 24, and Co-Author 1, 25, 26, 27 |
| Patrick Pérez, P.Eng | AYA Gold & Silver | 13 and Co-Author 1, 14.3, 25, 26, 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.

**Table 2.2 Terminology and Abbreviations**

---

| |
|:---|
| **Meaning** |
| $dollar(s) |
| degree(s) |
| degrees Celsius |
| less than |
| greater than |
| percent |
| three-dimensional |
| atomic absorption spectrometry |
| Activation Laboratories Ltd. |
| silver |
| silver equivalency |
| ALS Laboratory (Australian Laboratory Services), ALS Limited |
| Australian National Committee on Large Dams |
| arsenic |
| gold |
| gold equivalency |
| average |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 13

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **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 |
| **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 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 14

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **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) |
| **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) |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 15

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **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 |
| **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 16

**Table 2-3 Unit 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 17

3.0**RELIANCE ON OTHER EXPERTS**

**3.1INTRODUCTION**

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.

**3.2MINERAL 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 May 8, 2024 Legal Opinion / Boumadine Mining Title.

This information is used in Section 4 of this Report.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 18

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.

Figure 4-1Location of the Boumadine Property between Ouarzazate and Errachidia, Kingdom of

Morocco

![image_1f.jpg](image_1f.jpg)

***Source:*** *Aya (May 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 19

**4.2PROPERTY DESCRIPTION AND TENURE**

Aya's property in the Boumadine area ("Boumadine Property") consists of 9 mining permits and 16 exploration

permits totaling 272 km<sup>2</sup> in size. The "Boumadine Mining License", which contain Boumadine Deposit and is

the focus of the 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, which total 32 km<sup>2</sup> in area. The

additional twenty-four permits are distributed within a 25 km radius of the Boumadine Deposit and collectively

cover an additional 240 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 10 mining licenses and exploration permits and; an option to earn 100% interest in 13

other mining licenses and exploration permits, as summarized in Table 4.1 below.

Figure 4-2Land Tenure in the Boumadine Property Area

![image_2d.jpg](image_2d.jpg)

***Source:*** *This Study*

***Note:*** *Mineral Tenure information effective February 24, 2025.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 20

**Table 4-1: Aya Mining and Exploration Permits in the Boumadine Property Area**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type** | **Interest of Aya\*** | **Area**<br>**(km**<sup>2</sup>**)**<br>| **Granted** | **Expires** |
| LE-383661\* | Licence d'exploitation | 85% ownership | 31.7 | 17 May 2016 | 16 May 2026 |
| LE-383692\*\* | Licence d'exploitation | Option to earn 100% interest | 4 | 14 May 2016 | 13 May 2026 |
| PR-3843057\*\* | Permis de Recherche | 100% ownership | 9.43 | 10 June 2023 | 9 June 2026 |
| PR-3843332\*\* | Permis de Recherche | 100% ownership | 4.7 | 12 October 2023 | 11 October 2026 |
| PR-3843056\*\* | Permis de Recherche | Option to earn 100% interest | 15.9 | 10 June 2023 | 9 June 2026 |
| LE-383722\*\* | Licence d'exploitation | Option to earn 100% interest | 9.5 | 27 September 2014 | 26 September 2024\* |
| LE-383724\*\* | Licence d'exploitation | Option to earn 100% interest | 6.2 | 25 November 2017 | 24 November 2027 |
| PR-3843342\*\* | Permis de Recherche | Option to earn 100% interest | 11.4 | June 14, 2023 | June 13, 2026 |
| PR-3843372\*\* | Permis de Recherche | 100% ownership | 8 | 8 March 2024 | 7 March 2027 |
| PR-3843371\*\* | Permis de Recherche | 100% ownership | 3 | 8 March 2024 | 7 March 2027 |
| PR-3843370\*\* | Permis de Recherche | 100% ownership | 4 | 8 March 2024 | 7 March 2027 |
| PR-3843051\*\* | Permis de Recherche | Option to earn 100% interest | 16 | 10 June 2023 | 9 June 2026 |
| PR-3843156\*\* | Permis de Recherche | Option to earn 100% interest | 11.7 | 14 June 2023 | 13 June 2026 |
| PR-3842950\*\* | Permis de Recherche | Option to earn 100% interest | 15.6 | 2023-June-27 | 27 June 2026 |
| LE-383657 | Licence d'exploitation | Option to earn 100% interest | 8 | October 18, 2015 | October 17, 2025 |
| LE-383852\*\* | Licence d'exploitation | Option to earn 100% interest | 9.5 | October 16, 2018 | October 15, 2028 |
| LE-383853\*\* | Licence d'exploitation | Option to earn 100% interest | 17.6 | December 21, 2018 | December 20, 2028 |
| LE-383856\*\* | Licence d'exploitation | Option to earn 100% interest | 25.9 | July 20, 2016 | July 19, 2026 |
| LE-383874\*\* | Licence d'exploitation | Option to earn 100% interest | 8.1 | December 2, 2015 | December 1, 2025 |
| PR-3843146\*\* | Permis de Recherche | Option to earn 100% interest | 8.5 | June 14, 2023 | June 13, 2026 |
| PR-3843387\*\* | Permis de Recherche | 100% ownership | 8.3 | June 29, 2024 | June 28, 2027 |
| PR3843388\*\* | Permis de Recherche | 100% ownership | 5.7 | June 29, 2024 | June 28, 2027 |
| PR-3843389\*\* | Permis de Recherche | 100% ownership | 1.6 | June 29, 2024 | June 28, 2027 |
| PR-3843390\*\* | Permis de Recherche | 100% ownership | 14.3 | June 29, 2024 | June 28, 2027 |
| PR-3843391\*\* | Permis de Recherche | 100% ownership | 13 | June 29, 2024 | June 28, 2027 |

---

***Notes :*** *(1) Mineral Tenure information effective February 24, 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 21

**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,

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.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 22

**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. 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 10 mining licenses and exploration permits and; an option to earn 100% interest in 13

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 15% stake in its share capital of the Boumadine Mining Licence

through BGM. 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 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 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 23

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.

Figure 5-1Location of the Boumadine Deposit from Ouarzazate

![image_3e.jpg](image_3e.jpg)

***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 24

**Table 5-1 Monthly 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) by a 16-km dirt road southwards from Tinejdad;

and 2) by a 4-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 nearest power line to the Property is 2.8 km away.

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. 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 25

Figure 5-2Boumadine Site Infrastructure

![image_4f.jpg](image_4f.jpg)

***Source:*** *Aya (April 2024)*

Figure 5-3Physiography and Vegetation

![figure5-3_axba.jpg](figure5-3_axba.jpg)

***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 centre 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 26

Figure 5-4Nomadic Livestock and Artisanal Activity

![figure5-4_axba.jpg](figure5-4_axba.jpg)

***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 Ouarzazate or

Marrakech.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 27

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 at 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 28

**6.1.5BRPM: 1975 to 1985**

From 1975 to 1981, BRMP did not conduct any exploration activities; however, 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 and diamond and sludge 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 through a flotation circuit 42,785 tonnes at 1.57% Pb and 4.97% Zn. 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 conducting

additional deep drill holes was not followed-up.

The BRPM issued its final report in 1998 summarizing all the workings 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 6-1 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 |  |  |

---

 *Source: Aya (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 29

Figure 6-1-70 m Level Plan of South Zone, with Chip Sample Assays

![image_13b.jpg](image_13b.jpg)

***Source:*** *BRPM (1998)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 30

Figure 6-2Longitudinal Projection of the Principal Polymetallic Vein Mined in the South Zone

![image_14b.jpg](image_14b.jpg)

***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) 85%/15%, respectively.

Between 2013 and 2016, Maya only conducted surface exploration work. This 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 31

**Table 6-2 Summary 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 <br>workings verification |
| **2017** | Sud | 1137.6 | Historical resource and old <br>workings verification |
| **2017** | Tizi | 530.0 | Historical resource and old <br>workings verification |
| **2018** | Centre | 1597.0 |  |
| **2018** | Sud | 608.0 | Check southern continuity of <br>the vein<br>|
| **2018** | Tizi | 466.1 |  |
| **2018** | Imariren Est | 804.9 | Follow-up on grab samples <br>positive results |
| **2018** | Imariren Ouest | 1168.4 | Follow-up on grab samples <br>positive 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 <br>resource<br>|
| **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 holes for a total of 186.63 m (Figure 6.3).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 32

Figure 6-3Location of Soil Core Samples Completed by Maya in 2018

![image_15a.jpg](image_15a.jpg)

***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 6-3 Geophysical 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 33

Figure 6-42-D Section of a CSAMT Survey\*

![image_16a.jpg](image_16a.jpg)

***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 6-4 Tonnes 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 34

**Table 6-5 Flotation Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Flotation Results** | **Flotation Results** | **Zn Concentrate** | **Zn Concentrate** | **Grade - Rejects** | **Grade - Rejects** |
| Pb (%) | 41.6 | Zn (%) | 44.5 | Pb (%) | 0.21 |
| Ag (g/t) | 4711 | Ag (g/t) | 565000 | 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 6-6 Metallurgical 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, as 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 a 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 6-7 Boumadine 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 35

**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 (ref Table 6-8).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 36

**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 37

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 kilometers 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.

Figure 7-1The Regional Geology of the Anti-Atlas Displaying Proterozoic Windows

![image_17a.jpg](image_17a.jpg)

***Source:*** *Boily (2014)*

***Note:*** *Boumadine is also known as Bou Madine*

The Boumadine polymetallic deposit (Ag, Au, Pb, Cu, 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 38

Figure 7-2Geology of the Ougnat Massif

![image_18a.jpg](image_18a.jpg)

***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 39

Figure 7-3Schematic Stratigraphic Column of the Central Ougnat Massif

![image_19a.jpg](image_19a.jpg)

***Source:*** *Modified by Bouabdellah and Levresse (2016) from Paile (1983)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 40

**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 41

Figure 7-4Boumadine Mining License Geology Map

![image_20a.jpg](image_20a.jpg)

***Source:*** *Aya website (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 42

**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 43

Figure 7-5Stress Distribution in a Sinistral Shear Zone

![image_21a.jpg](image_21a.jpg)

***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 44

Figure 7-6Interpreted Traces of N150°E-Trending Shear Zones

![image_22a.jpg](image_22a.jpg)

***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 colour that contrasts

with the surrounding landscape. The mantos, "chapeau de fer" or "iron cap" alteration extends from 5 to 10

meters 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, 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 (Figure 7.7).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 45

Figure 7-7Oxidized Mineralized Vein at the Central Zone

![image_23a.jpg](image_23a.jpg)

***Source:*** *Boily (2014)*

**7.3DEPOSIT GEOLOGY**

The Boumadine Deposit has been traced on surface and in drilling as a curvilinear vein system for ~5,400 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

in thickness and 500 m down-dip. It strikes northwest and dips steeply southwest. The North Zone appears to

be truncated by the Imariren Zone.

The Imariren Zone and the Tizi Zone are two sub-parallel, single mineralized vein domains that are 200 meters

apart in the south and 500 meters 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 meters. Both zones extend 600 meters

down-dip.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 46

Figure 7-8Surface Plan View of the Boumadine Deposit Mineralized Zones

![image_24a.jpg](image_24a.jpg)

***Source:*** *Aya press release dated February 24, 2025* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 47

Figure 7-9Cross-Sectional Projection 3,477,070 N of the Central Zone

![image_25a.jpg](image_25a.jpg)

***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 form 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 48

Figure 7-10Brecciated and Slightly Oxidized Pyrite-Rich Mineralization

![image_26a.jpg](image_26a.jpg)

***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 49

Figure 7-11Galena-Rich Mineralization

![image_27a.jpg](image_27a.jpg)

***Source:*** *Boily (2014)*

***Figure 7.11 Description:*** *Galena-rich mineralization with pyrite, pyrrhotite, chalcopyrite, sphalerite and second stage quartz veins that contain* 

*most of the Au and Ag mineralization. Collected from the Central Zone muck pile.*

Figure 7-12Pyrite-Sphalerite Mineralized Material from the Central Zone

![image_28a.jpg](image_28a.jpg)

***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 50

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.

Figure 7-13Massive Sulphide Minerals and Textures at Boumadine

![image_29a.jpg](image_29a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 51

![image_30a.jpg](image_30a.jpg)

***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 52

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 within 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 53

9.0**EXPLORATION**

Exploration activities completed by Aya on the Boumadine Mining License include trenching, hyperspectral

surveys, airborne geophysics, mineral prospecting, geological mapping and grab sampling. 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. 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 historical permit (LE-383661).

Several satellite datasets were supplied by CGG, 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 argillic alteration along the northwest-trending fault in the northeastern area of the Boumadine

Mining License (Figure 9-1). There is also significant argillic 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 ignimbrite clearly

highlighted.

In early 2024, Aya re-engaged CGG to conduct a new satellite-based study over big 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. This higher

resolution has provided clearer boundaries and more detailed structural features. Additionally, CGG's ASTER

Bare Earth+ multi-spectral imagery has been utilized to map large alteration footprints while filtering out non-

geological artifacts. This integration has identified new areas of interest beyond the main Boumadine AOI. The

enhanced spatial and spectral resolution of WorldView-3 imagery has allowed for the mapping of narrow

intrusive dykes and faults (Figure 9-2), as well as the identification of intrusive not visible in optical imagery. At a

1:5,000 scale, the structural mapping has helped establish relationships between faults, dyke intrusions, and

alteration zones.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 54

Figure 9-1Map of the 2022 Hyperspectral Survey Completed on Boumadine

![image_31a.jpg](image_31a.jpg)

***Source:*** *Aya (April 2024)* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 55

Figure 9-2 Map of the Interpreted Structures in the Boumadine Area,Colored by Orientation Set.

![image10a.jpg](image10a.jpg)

***Source:*** *This Study* 

**9.3AIRBORNE GEOPHYSICAL SURVEYS**

In March 2022, Geotech Ltd. conducted 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 of good quality and meaningful. Electromagnetically, Boumadine

features a prominent, large (>6.0 x 1.5 km), variably conductive, north-south elongate resistivity low feature in

the center 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 56

**Figure 9-3Boumadine 2022 VTEM Survey Depth Slices**

![figure92a.jpg](figure92a.jpg)

***Source:*** *Aya (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 57

**Figure 9-42022 VTEM Magnetic Survey Completed at Boumadine**

![image_33a.jpg](image_33a.jpg)

***Source:*** *Aya (April 2024)* 

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 (Figure

9-5).

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.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 58

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.

Figure 9-5Location of New Boumadine Permits with 2024 Airborne Geophysics

![image_34a.jpg](image_34a.jpg)

***Source:*** *Aya press release dated February 24, 2025*

***Note:*** *Showing apparent conductivity at 175Hz*

**9.4GEOLOGICAL 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 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 mineralization event (Figure 9-6).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 59

Figure 9-6Simplified Geological Map with 2023 Surface Sample Locations

![image_35a.jpg](image_35a.jpg)

***Source:*** *Aya's Press Release dated July 5, 2023* 

**9.5GRAB SAMPLING**

In 2023, 127 surface grab samples were taken, leading to identification of a new mineralized structure to the

northwest of the Property (see Figure 9-5 above). 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, extending to properties beyond the

Boumadine Mining License. A total of 386 grab samples were collected during the year.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 60

**Table 9-1 Grab Sampling Assay Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Au**<br>**(g/t)**<br>| **Ag**<br>**(g/t)**<br>| **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>|
| 2260129 | 3.45 | 40.0 | 0.75 | 0.16 | 0.06 |
| 2260130 | 3.37 | 23.4 | 0.28 | 0.04 | 0.03 |
| 2260131 | 2.83 | 44.0 | 0.54 | 0.06 | 0.02 |
| 2260113 | 2.00 | 28.0 | 0.01 | 1.97 | 0.06 |
| 2260119 | 1.92 | 122.0 | 0.01 | 0.82 | 0.08 |
| 2260121 | 1.92 | 90.0 | 0.01 | 0.35 | 0.06 |
| 2274531 | 1.32 | 2.5 | 0.01 | 0.01 | 0.01 |
| 2260134 | 0.99 | 28.0 | 0.49 | 0.71 | 0.27 |
| 2274547 | 0.03 | 186.0 | 2.38 | 8.14 | 1.80 |
| 2274521 | 0.03 | 122.8 | 0.77 | 10.21 | 0.40 |
| 2260119 | 1.92 | 122.0 | 0.01 | 0.82 | 0.08 |
| 2274534 | 0.07 | 112.0 | 9.40 | 0.01 | 0.01 |
| 2274545 | 0.03 | 110.0 | 0.05 | 27.40 | 0.09 |

---

***Source:*** *Aya's Press Release dated July 5, 2023*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 61

10.0**DRILLING**

**10.1SUMMARY**

From May 2022 to December 2024, Aya completed 476 diamond drill holes, totaling 192,957 meters. In 2024,

Aya drilled 219 holes, amounting to 107,683 meters, on the Boumadine property. Of these, 93 holes totaling

44,514 meters were drilled along the Boumadine Deposit and were utilized for the 2025 Mineral Resource

Estimate (MRE) (Table 10-1). The drilling programs aimed to extend the mineralization of the North, Central,

South, Tizi and Imariren Zones while also testing targets located further 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 2017 Maya's 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 MRE

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 Mineral Resource database.

**Table 10-1: Aya Diamond Drilling at Boumadine**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Company** | **Surface** | **Surface** | **Underground** | **Underground** | **Total** <br>**Drill** <br>**Holes** | **Total** <br>**Meters** | **Comments** |
| **Period** | **Company** | **Drill** <br>**Holes**<br>| **Meters** | **Drill** <br>**Holes**<br>| **Meters** | **Total** <br>**Drill** <br>**Holes** | **Total** <br>**Meters** | **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 2024 <br>uMRE |
| **2022** | AYA | 86 | 19702 | --- | --- | 86 | 19702 | Included in 2024 <br>uMRE |
| **2023** | AYA | 171 | 65572 | --- | --- | 171 | 65572 | Included in 2024 <br>uMRE |
| **2024** | AYA | 219 | 107683 | --- | --- | 219 | 107683 | 93 holes included <br>2025 uMRE<br>|

---

***Source:*** *Aya press release dated February 24, 2025*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 62

Figure 10-1Aya Current MRE Drill Hole Collar Location Map

![image_36a.jpg](image_36a.jpg)

***Source:*** *Aya press release dated February 24, 2025*

***Note:*** *Showing Magnetic Data – residual total field*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 63

Figure 10-2Interpreted Drill Hole Cross-Section Projection 8125N

![image_37a.jpg](image_37a.jpg)

***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 64

Figure 10-3Interpretation of Drill Cross-Section Projection 6400N

![image_38a.jpg](image_38a.jpg)

***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 65

**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 East-West. The standard drill hole spacing for most of the Boumadine

Deposit is 100 meters. In certain areas, this spacing has been reduced to 50 meters, while in other areas, such

as the edges of the Boumadine Deposit, the spacing is 200 meters.

GEOSOND Maroc SARL carried out the drilling program between 2022 and 2023. In 2024, FTE Drilling joined

GEOSOND to continue executing the drill program. All drilling to date has been completed using diamond core

drilling to produce either HQ or NQ core.

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; after 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 conducted 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 meters and subsequently at 25-meter 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).

Figure 10-4Drill Hole Collar Locations

![a104drillcollarlocationa.jpg](a104drillcollarlocationa.jpg)

***Source:*** *This Study*

At the drill core shack, "from-to" of every drill core box are 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 66

Figure 10-5Stacked Drill Core at Boumadine

![image_40a.jpg](image_40a.jpg)

***Source:*** *P&E (May 2024)*

**10.3DRILLING RESULTS**

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.

High-grade mineralization was intersected at Tizi, with two holes, BOU-DD24-306 and BOU-DD24-310, showing

high gold concentrations (respectively 20.05g/t Au over 1.5m; and 23.34 g/t Au over 1.6m). The mineralization

remains hosted within massive sulfide veins, characterized by a higher ratio of arsenopyrite.

A new style of mineralization has also been identified from 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 67

**Table 10-2: Significant intercepts from the 2024-2025 programs**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 68

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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-<br>West<br>| 142.1 | 144.0 | 1.9 | 0.03 | 1937 | 1.66 | 0.16 | 0.17 | 7 | 2110 |
| BOU-DD24-353 | East-West | East-<br>West<br>| 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.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 69

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 2024.

**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, were 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

3.70 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

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 70

transitional blocks. For sulphide blocks, the median sulphide bulk density was assigned for each modelled

domain.

**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 (of 250 to 300 g) 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 71

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 13 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 72

Figure 11-1: CRM usage at Boumadine 2024 TO 2025

![image_41a.jpg](image_41a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 73

**Table 11-1: Summary of Reference Materials used at Boumadine in 2024 to 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Material** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** |
| **Reference** <br>**Material** | **Au** | **Ag** | **Pb** | **Zn** | **Mo** | **Cu** |
| **Reference** <br>**Material** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(g/t)** | **(%)** |
| OREAS137 | -- | 25.9 | 0.673 | 4.92 | 9.83 | 0.0246 |
| OREAS138 | -- | 45.2 | 1.23 | 8.19 | 10.7 | 0.0266 |
| OREAS236 | 1.85 | 0.478 | 0.003 | 0.014 | 1.56 | 0.017 |
| OREAS240 | 5.51 | 1.3 | 0.003 | 0.014 | 1.7 | 0.017 |
| OREAS264 | 0.307 | 1.29 | 0.001 | 0.022 | 9.15 | 0.009 |
| OREAS316 | -- | 103 | 5.02 | 11.16 | 16.3 | 0.161 |
| OREAS317 | -- | 232 | 12.13 | 17.45 | 41.5 | 0.413 |
| OREAS353b | -- | 2184 | 64.58 | 383 | 84 | 0.431 |
| OREAS354 | -- | 98 | 1.58 | 49.77 | 2.37 | 0.1387 |
| OREAS601c | 0.996 | 50.3 | 0.033 | 0.043 | 3.66 | 0.116 |
| OREAS609b | 4.97 | 24.6 | 0.045 | 0.131 | 5.54 | 0.498 |
| OREAS630b | 0.358 | 19 | 0.411 | 1.11 | 12.7 | 0.052 |
| OREAS992b | 15 | 340 | 0.374 | 0.862 | 7.29 | 44.73 |

---

***Source:*** *This Study*

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 relative few failures indicate no material issues with accuracy.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 74

Figure 11-2Performance of OREAS CRMs for Au (0.307 to 1.85 g/t data)

![image1a.jpg](image1a.jpg)

*Source: This Study*

Figure 11-3Performance of OREAS CRMs for Au (4.97 to 15 g/t data)

![image4a.jpg](image4a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 75

Figure 11-4Performance of OREAS CRMs for Ag (19 to 25.9 g/t data)

![image7a.jpg](image7a.jpg)

***Source:*** *This Study*

Figure 11-5Performance of OREAS CRMs for Ag (50.3 to 2,184 g/t data)

![image8a.jpg](image8a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 76

Figure 11-6Performance of OREAS CRMs for Pb (0.374 to 1.58 % data)

![imagea.jpg](imagea.jpg)

***Source:*** *This Study*

Figure 11-7Performance of OREAS CRMs for Pb (5.02 to 64.58% data)

![image11a.jpg](image11a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 77

Figure 11-8Performance of OREAS CRMs for Zn (0.131 to 1.11% data)

![image5a.jpg](image5a.jpg)

***Source:*** *This Study*

Figure 11-9Performance of OREAS CRMs for Zn (4.92 to 49.77% data)

![image2a.jpg](image2a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 78

Figure 11-10Performance of OREAS CRMs for Cu (0.116 to 0.498 % data)

![image6a.jpg](image6a.jpg)

***Source:*** *This Study*

Figure 11-11Performance of OREAS CRMs for Cu (oreas 992b)

![image3a.jpg](image3a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 79

**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 11-12 to Figure 11-16). 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.

Figure 11-12Performance of Blanks for Au

![image_52a.jpg](image_52a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 80

Figure 11-13Performance of Blanks for Ag

![image_53a.jpg](image_53a.jpg)

***Source:*** *This Study*

Figure 11-14Performance of Blanks for Pb

![image_54a.jpg](image_54a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 81

Figure 11-15Performance of Blanks for Zn

![image_55a.jpg](image_55a.jpg)

***Source:*** *This Study*

Figure 11-16Performance of Blanks for Cu

![image_56a.jpg](image_56a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 82

**11.2.1.3Performance of Duplicates**

Field duplicate samples were inserted into the drill core sample stream, 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 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 11-17and Figure 11-21) and

found to have acceptable precision.

Figure 11-17Performance of Field Duplicates for Au

![image_57a.jpg](image_57a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 83

Figure 11-18Performance of Field Duplicates for Ag

![image_58a.jpg](image_58a.jpg)

***Source:*** *This Study*

Figure 11-19Performance of Field Duplicates for Pb

![image_59a.jpg](image_59a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 84

Figure 11-20Performance of Field Duplicates for Zn

![image_60a.jpg](image_60a.jpg)

***Source:*** *This Study*

Figure 11-21Performance of Field Duplicates for Cu

![image_61a.jpg](image_61a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 85

**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.

Figure 11-22Umpire Assay Comparison for Au: Afrilab Versus ALS 2022

![image_62a.jpg](image_62a.jpg)

***Source:*** *P&E (May 2025)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 86

Figure 11-23Umpire Assay Comparison for Ag: Afrilab Versus ALS 2022

![image_63a.jpg](image_63a.jpg)

***Source:*** *P&E (May 2025)*

**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 87

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 12-1 Boumadine 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 88

**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 89

Figure 12-1Results of March 2024 Ag (ICP) Verification Sampling by P&E

![image_64a.jpg](image_64a.jpg)

***Source:*** *P&E (May 2025)*

Figure 12-2Results of March 2024 Ag (FA) Verification Sampling by P&E

![image_65a.jpg](image_65a.jpg)

***Source:*** *P&E (May 2025)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 90

Figure 12-3Results of March 2024 Au Verification Sampling by P&E

![image_66a.jpg](image_66a.jpg)

***Source:*** *P&E (May 2025)*

Figure 12-4Results of March 2024 Cu Verification Sampling by P&E

![image_67a.jpg](image_67a.jpg)

***Source:*** *P&E (May 2025)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 91

Figure 12-5Results of March 2024 Pb Verification Sampling by P&E

![image_68a.jpg](image_68a.jpg)

***Source:*** *P&E (May 2025)*

Figure 12-6Results of March 2024 Zn Verification Sampling by P&E

![image_69a.jpg](image_69a.jpg)

***Source:*** *P&E (May 2025)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 92

Figure 12-7Results of March 2024 Mo Verification Sampling by P&E

![image_70a.jpg](image_70a.jpg)

***Source:*** *P&E (May 2025)*

**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 93

13.0**MINERAL PROCESSING AND METALLURGICAL TESTING**

**13.1HISTORICAL METALLURGICAL TESTWORK (PRE-2018)**

Several metallurgical testwork programs have been completed on the Boumadine mineralized material

between 1980s and 2018.

From 1986 to 1992, testwork programs have been completed by companies like SODIM and BRPM SODECAT,

including pilot plant testwork, with the aim of upgrading the recovery by a selective flotation process of the

precious metals in the lead and zinc concentrates.

In 2011, MAYA Gold & Silver organized a testwork campaign with the URSTM laboratory,

based in Rouyn-Noranda, Québec. The samples were collected from the historical tailings pond located at the

Boumadine site. The goal of this test campaign was to assess the potential recovery of the precious metals

contained in the historical tailings. The results from the URTSM tests (direct cyanidation tests) showed the

flowing:

• The recovery obtained for gold was very low, at 27.8% after 44 hours of cyanidation. However, the

recovery for silver was much higher at 70.1%. It was determined that the majority of leaching occurs

within the first 2 hours; and

• The consumption of cyanide and hydrated lime was significant, ~2.2 kg NaCN/t and 8.9 kg Ca(OH)2/t

of mineralized material for 19 hours of cyanidation.

It appeared that the Boumadine sample was highly refractory to direct cyanidation, especially for gold, and to

a lesser extent for silver.

In 2013, some metallurgical testwork was completed at the Nichromet Extraction Inc facility, located in

Thetford Mines, in Québec.

Two samples collected from the bottom (BMF) and the top (BMS) of the main dry-stacked tailing located on

the historical Boumadine Mine site were sent to the laboratory. The specimens weighed 5,156 g and 5,159 g,

respectively, and were crushed to 80 μm (200 mesh) before being sent for geochemical analysis to the SGS

Lakefield Laboratory. The samples are deemed to be representative of the entire tailings impoundment.

Results of the assays are presented in the following Table 13.1.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 94

**Table 13-1 Geochemical analysis of Boumadine Tailing Samples BMF and BMS Performed by SGS** 

**Laboratories**

---

| | | |
|:---|:---|:---|
| **Elements** | **BMS\*** | **BMF\*** |
| Si (wt%) | 13.60 | 9.52 |
| Fe (wt%) | 19.40 | 26.00 |
| Mg (wt%) | 0.16 | 0.11 |
| Ca (wt%) | 0.19 | 0.15 |
| K (wt%) | 0.78 | 0.62 |
| Mn (wt%) | 0.01 | 0.01 |
| Pb (wt%) | 0.07 | 0.12 |
| Zn (wt%) | 1.115 | 2.36 |
| Cu (wt%) | 0.09 | 0.09 |
| Ni (wt%) | 0.01 | 0.01 |
| Co (wt%) | 0.01 | 0.01 |
| As (wt%) | 1.04 | 1.53 |
| Au (g/t) | 1.85 | 2.71 |
| Ag (g/t) | 133 | 180 |
| S (wt%) | 16.00 | 26.00 |

---

***Notes:*** *\* bottom (BMF) and the top (BMS), wt% = weight percent*

The first step of the hydro-metallurgical process at Nichromet was the oxidation of the mineralized material in

an oven at 750°C, in order to remove the sulphides that make it resistant to the gold and silver recovery by the

means of cyanidation or "chloration".

The chloration was done in an aqueous solution comprising 2% NaOCl, 300 g NaCl/L and 30 g NaBr/L and the

mixing and the contact time were 4 hours at 25°C. Results are given in Table 13.2.

**Table 13-2 Rates of Au and Ag Extraction After Chloration of the Oxidized Residues of Samples BMF and** 

**BMS**

---

| | | |
|:---|:---|:---|
| **Sample ID** | **Au Extraction (%)** | **Ag Extraction (%)** |
| BMS\* | 31.94 | 11.48 |
| BMF\* | 31.51 | 25.59 |

---

*\* bottom (BMF) and the top (BMS)*

To improve the lixiviation treatment, 50 g of BMS and BMF samples were mixed in a 2 g HNO3 (69%) and 10 g

H2SO4 (98%) solution without adding water. Strong mixing produced a homogeneous mud which was heated

to 160°C for 1½ hours. The results show a 49% extraction for silver and an extraction of 69% of gold was

achieved for sample BMS and only 18% for sample BMF (Table 13.3).

The duration of oxidation and addition of O2 were also studied for the two tailings samples. The results

demonstrate that an amount of 0.084% S<sup>-2</sup> is found in the BMF residue after a 2 hours period of oxidation. S<sup>-2</sup>

amounts of 0.067% and 0.066% occur after 3 hours for samples BMF and BMS, respectively. Adding O2 during

the last hour of oxidation results in 0.057% and 0.066% S<sup>-2</sup> for samples BMF and BMS, respectively. These

results show that a period of 2 hours leads to the removal of 99.9% of S<sup>-2</sup> from the residue.

The Nichromet testwork results showed that the best extraction method for gold and silver appears to be a

lixiviation process using a blend of nitric and sulphuric acid solution. Doubling the amount of acid produces a

respective extraction of 62% and 68% of gold for samples BMF and BMS after chloration. These are

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 95

comparable to the former results using less acid. For silver, the respective extraction is 49% and 48% for

samples BMF and BMS, which is a significant improvement from the earlier process.

**Table 13-3 Rate of Extraction for Au and Ag for Re-crushed Samples BMF and BMS**

---

| | | |
|:---|:---|:---|
| **Sample ID** | **Au Extraction (%)** | **Extraction (%)** |
| BMS\* | 67.63 | 47.74 |
| BMF\* | 61.98 | 48.76 |

---

***Note:*** *Lixiviation with 1N HNO3/2.5N H2SO4 solution; chloration 300/30 - 2% NaOCl).*

*\* bottom (BMF) and the top (BMS).*

It appears that ~60 to 70% of the gold can be removed from samples BMF and BMS when a moderate period

of oxidation is employed. A longer oxidation rate with injection of O2 at higher temperature is

counterproductive, leading to the formation of more refractory components. These results are presented in

the following Table 13.4.

**Table 13-4 Au and Ag Extraction Rate for Samples BMS and BMF According to the Duration of Oxidation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Process** | **BMF\***<br>**Extraction**<br>**(%)** | **BMF\***<br>**Extraction**<br>**(%)** | **BMS\***<br>**Extraction**<br>**(%)** | **BMS\***<br>**Extraction**<br>**(%)** |
| **Process** | **Au** | **Ag** | **Au** | **Ag** |
| Oxidation 2 hrs + Chloration 300/30 | 68 | 49 | 62 | 48 |
| Oxidation 3 hrs + O2 + Leaching HNO3/H2SO4 + Chloration 300/30 | 32 | 25 | 32 | 12 |

---

***Notes:*** *bottom (BMF) and the top (BMS), hrs = hours*

**13.2SGS LAKEFIELD METALLURGICAL TESTWORK – 2018**

**13.2.1Grindability Testwork**

The fresh mineralized material sample, Sample No. 1, was submitted for the Bond ball mill grindability test

performed at 100 mesh of grind. The Bond ball mill work index (BWI) is compared to the SGS database. The

BWI was 10.7 kWh/t, which lies in the moderately soft range in the SGS database.

**13.2.2Flotation Testwork**

Open circuit batch rougher kinetic flotation tests were conducted on Samples No. 1 (fresh rock) and No. 2

(tailings).

A baseline lead-zinc-pyrite rougher kinetic flotation test was performed on Sample No. 1, the fresh

mineralized material sample. A second test was performed at a finer primary grind and with increased

dosages of depressants and collectors (sodium isopropyl xanthate ("SIPX") and potassium amyl xanthate

("PAX") to try to improve the lead concentrate grade and the lead and zinc recoveries.

The lead recovery in the second test was 69.7% at 3.4% mass pull and 7.79% grade. The zinc recovery was

81.9% at 3.3% mass pull and 36.8% Zn grade. The sulphur recovery to the pyrite concentrate was 92% with

68.6% mass pull and 50.7% S grade.

A flotation test was completed on the historical tailings Sample No. 2. It was discovered that the natural pH of

the water was very low when this sample was pulped. The grinding mill discharge was pH 2.3 in the

preliminary test after adding 1,250 g/t lime to the grinding mill. The lime consumption required to achieve a

pH of 8.5 was extremely high. Bulk sulphide flotation on the washed tailings was performed, resulting in a

pyrite concentrate grading 49.3% S and 6.1 g/t Au. The sulphur recovery was 99.6% and gold recovery 91.3%.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 96

Open circuit batch cleaner flotation tests were performed on the fresh mineralized material Sample No. 1.

The first test, F5, attempted to produce lead, zinc, and pyrite concentrates. A lead 4<sup>th</sup> cleaner concentrate

grading 33.1% Pb was produced at 56.7% Pb recovery. The zinc 3<sup>rd</sup> cleaner concentrate assayed 51% Zn with

78% recovery, whereas the pyrite rougher concentrate contained 49.8% S and 3.4 g/t Au, at 92.4% S recovery

and 73% Au recovery. The pyrite rougher tail 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 at 46.4% zinc, with only

at 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%. The pyrite rougher tails assayed 0.22 g/t Au.

The lead reporting to the pyrite concentrate was 85.2%.

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 at 79.5% recovery was produced. 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.

**13.2.3Cyanidation Testwork**

Seven cyanidation tests were completed on the historical tailings samples and pyrite concentrates; five tests

on tailings and two tests on pyrite concentrate samples after fine grinding to <10 μm.

The tailings samples were washed before leaching. Lime and NaCN consumptions were high and further

weight losses occurred during the leaching period. The cyanidation extractions for gold ranged from 11 to

86% and normalized recoveries (based on residue and direct head grades) ranged from 25 to 69%.

The lime and NaCN consumptions for the pyrite concentrate samples were also high and recoveries were low

at 19 and 32%.

**13.2.4Roast – CIL Testwork**

Four roasting tests were completed on various samples (pyrite concentrate and historical tailings). The tests

were conducted as two-stage roasts, in a static muffle furnace for a total of 4 hours (2 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 results are listed in Table 13.5. 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 may be due to

the presence of 0.15 to 0.25% lead in the pyrite concentrates, which is known to cause problems in the

roasting process.

Additional testwork would be required to optimize the roast-leach process, including examining lower

temperatures for the second stage roast (600 to 650°C) and diagnostic work would be useful in determining

the un-leached precious metal in the residues.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 97

**Table 13-5 Roasting – Calcine CIL Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test ID** | **Calcine CN** <br>**Test ID** | **Reagent Addition**<br>**(kg/t)** | **Reagent Addition**<br>**(kg/t)** | **Reagent Consumption**<br>**(kg/t)** | **Reagent Consumption**<br>**(kg/t)** | **CIL**<br>**Recovery**<br>**(%)** | **CIL**<br>**Recovery**<br>**(%)** |
| **Test ID** | **Calcine CN** <br>**Test ID** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** | **Ag** |
| RST-1 | CN8 | 2.82 | 1.16 | 1.02 | 1.16 | 62.5 | 9.1 |
| RST-2 | CN9 | 4.17 | 4.29 | 3.91 | 4.27 | 84.8 | 72.5 |
| RST-3 | CN10 | 2.62 | 1.19 | 1.02 | 1.18 | 68.7 | 7.0 |
| RST-5 | CN11 | 3.39 | 1.54 | 1.54 | 1.52 | 44.8 | 4.7 |

---

**13.2.5POX – CIL Testwork**

Seven pressure oxidation (POX) tests were completed on various 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. The Oxidized Tailings Comp was naturally

acidic, and no acid was added to the POX feed for that sample. After POX, the pulp was filtered, and the solids

washed. POX residues were sub-sampled for analysis and the remaining residue forwarded for CIL. POX4

through POX7 evaluated the effect of Hot Curing (HC) and Lime Boiling (LB) on subsequent lime consumption

and silver recovery during CIL.

**13.2.5.1Hot Curing**

POX4 through POX7 all incorporated a Hot Curing stage following POX. Hot Curing consists of holding the

autoclave discharge slurry hot (~95ºC), under atmospheric pressure, to allow basic iron sulphate (produced at

high temperature) to re-dissolve to ferric sulphate in solution according to the following equation:

2Fe(OH)SO4 + H2SO4 = Fe2(SO4)3 + 2H2O

During the Hot Curing stage for POX4 and POX5, solution samples were taken after 1, 2 and 4 hours. Time

zero iron in solution values are the POX liquor before starting the hot cure. In POX4, the iron in solution

increased as expected based on the equation above; however, there was no change in iron in solution in POX5,

because the oxidation was poor in that test (POX was overfilled, and some pulp was reported in the off-gas

system). Under these conditions, very little basic iron sulphate was produced in the autoclave. In fact, the ~15

g/L iron in solution was almost all present as ferrous iron (versus ferric as basic iron sulphate). Hot curing has

a significant impact on lime consumption during cyanidation/CIL.

**13.2.5.2Gold and Silver Extraction from POX Residues**

Washed POX residues (direct POX residue, Hot Cure residue, or Lime Boil residue) were subjected to standard

carbon-in-leach (CIL) tests to determine gold and silver recovery. Test conditions and results are summarized

in Table 13.6.

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%.

Both of these 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 ("HC")

stage after pressure oxidation. Silver recovery in this test, however, dropped from 49% in POX CIL 1 to just

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 98

1.2%, indicating that more silver jarosite formed during hot curing. In the final test on the flotation concentrate,

POX CIL6, 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 ~98%. The POX=CIL results are presented in Table 13.6.

**Table 13-6 POX – CIL Results**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test ID** | **Sample ID** | **Lime Boil CaO** <br>**Addition** | **Lime Boil CaO** <br>**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** <br>**(%)** | **CIL Recovery** <br>**(%)** |
| **Test ID** | **Sample ID** | **Lime Boil CaO** <br>**Addition** | **Lime Boil CaO** <br>**Addition** | **Added** | **Added** | **Consumed** | **Consumed** | **CIL Recovery** <br>**(%)** | **CIL Recovery** <br>**(%)** |
| **Test ID** | **Sample ID** | **kg/t lb** <br>**Feed**<br>| **kg/t** <br>**POX** <br>**Feed**<br>| **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** | **Ag** |
| POX CIL 1 | Pox 1 residue |  |  | 7.24 | 320.8 | 3.55 | 320.8 | 97.4 | 49.2 |
| POX CIL 2 | Pox 2 residue |  |  | 1.96 | 93.2 | 1.00 | 93.2 | 87.7 | 12.1 |
| POX CIL 3 | Pox 3 residue |  |  | 2.21 | 73.7 | 0.61 | 73.6 | 95.4 | 3.5 |
| POX CIL 4 | Pox 4 HC residue |  |  | 6.56 | 16.8 | 4.45 | 16.8 | 97.6 | 1.2 |
| POX CIL 5 | Pox 5 HC residue |  |  | 1.49 | 2.4 | 0.37 | 2.2 | 43.7 | 65.7 |
| POX CIL 6 | Pox 6 HC-LB residue | 263 | 59.2 | 2.11 | 0.6 | 0.90 | 0.6 | 98.2 | 97.6 |
| POX CIL 7 | Pox 7 HC-LB residue | 40.1 | 23.8 | 1.39 | 0.4 | 0.25 | 0.3 | 71.6 | 81.4 |

---

**13.3SGS LAKEFIELD METALLURGICAL TESTWORKS - 2022**

The 2022 test program consisted of X-ray diffraction ("XRD") and Tescan Integrated Mineral Analyses ("TIMA-

X") mineralogical studies and the following processing and metallurgical tests:

• Comminution test.

• Gravity separation.

• Flotation – open circuit and locked cycle testing.

• Direct CIL cyanidation of pyrite flotation concentrate.

• BIOX/CIL of pyrite concentrate.

• Albion Leach™ CIL.

• Roast/CIL.

**13.3.1Mineralogy**

Gold and silver deportment studies were completed on fresh drill core representing a Main Composite (from

the Boumadine Main Deposit or Central Zone).

A portion of the composite was stage-crushed to an intended target P80 of 75 µm. The sample was screened

into +53 µm and -53 µm fractions. Chemical analyses of the two fractions indicated a significant

concentration of copper, lead and zinc in the finer fraction. The gold content was slightly higher in the coarse

fraction (3.7 versus 3.0 g/t), whereas silver was slightly lower (71 versus 114 g/t).

The XRD results provided the overall mineral composition of the composite sample as summarized in Table

13.7. **AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 99

**Table 13-7 Composite 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 |

---

Slightly more than 40% of the sample weight were sulphides with the most common being pyrite. The

presence of chlorites and micas could affect froth flotation efficiencies, and that of arsenopyrite could

influence metallurgical process selection.

The TIMA-X bulk mineralogy analyses were somewhat different with the following results. The sulphides in the

composite sample were found to be consisting 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 composed of quartz (21.7%), micas/chlorite/clays (10.6%), and trace amounts

(<1% each) of other minerals.

The liberation and mineral association of the key minerals of interest are as follows:

**1.**Free and liberated pyrite was determined to be high (>94%) in both plus and minus 53 µm fractions;

**2.**The arsenopyrite is 77% free and liberated; and

**3.**The sphalerite is 78% free and liberated, galena less at 65%.

Grade-recovery associations in flotation were determined by SGS to be potentially:

• Galena – 58% to 100% pure mineral at 87% to 54% recovery; and

• Sphalerite – 63% to 99% pure mineral at 96% to 69% recovery.

Gold was determined by SGS to be present as native gold (70%) and electrum (30%). Silver was found to be

widely distributed as native silver (20%), with gold (electrum – 20%), and six silver minerals.

Essentially, all of the gold was measured to be present in fine (<15 µm) grains with 23% in extremely fine (<3

µm) grains. As a result, half of the gold grains were identified as locked-in, mainly within pyrite grains.

Practically no gold grains were identified as associated with or locked-in other sulphides. These phenomena

suggest that high concentration gold by physical means would be unrealistic and that leaching extraction

would need to follow a high degree of pyrite oxidation.

**13.3.2Comminution Testing**

The Main Composite sample was submitted for the Bond ball mill grindability test performed at a P80 150 µm

mesh grind. The Bond ball mill work index ("BWI") is compared to the SGS database. The measured BWI was

15.4 kWh/t, which lies in the moderately hard range of the SGS database.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 100

**13.3.3Gravity Separation**

The test feed, 1.8 kg of the Main Composite sample, was ground in a laboratory rod mill to P80 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 total 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 may not add significant value if incorporated in the final flowsheet, based on

the results with the Main Composite sample.

**13.3.4Flotation Testwork**

**13.3.4.1Rougher Flotation Tests**

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.

The baseline lead-zinc-pyrite kinetic test (F3) 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 the lead, 32.8% of the gold, and 53.9% of the 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 from

14 to 25%. The TIMA-X mineralogical investigation results indicated that only 3% of the galena was associated

with sphalerite in the ground Main Composite sample. This suggests that there exists potential for improved

rejection of zinc from a lead concentrate.

The combined lead + pyrite concentrates all achieved recoveries of >90% gold and >85 to 87% silver.

**13.3.4.2Cleaner Flotation Tests**

Open circuit batch cleaner flotation tests were made on the Main Composite sample. The results showed that,

although the gold and silver grades of the lead concentrates were high in Tests F6 and F11, and the lead

recoveries were acceptable, the lead grades were all below the saleable target. The zinc grade in Test F11 was

above the target grade; however, the recovery was low, with significant losses occurring in the cleaning

stages.

**13.3.4.3Locked Cycle Flotation**

A single 6-cycle locked cycle test was completed with the goals of assessing overall metallurgical

performance when internal recycles are incorporated and producing concentrate for downstream testing.

Products were recirculated in a typical counter-current manner. The lead and zinc first cleaner tailings were

advanced to the next circuit roughing stage.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 101

The conditions for the locked cycle test were based on the results from the batch tests, with minor

adjustments in the reagent dosages. The test was completed over six cycles with 2 kg of feed per cycle. The

primary grind P80 target was 58 μm, lead regrind D80 was 18 μm, and zinc regrind D80 was 17 μm. The test

generally exhibited satisfactory stability with the exception of zinc, where the stability was lower than the

other elements. This result suggests steady state may not have been achieved in the zinc circuit. The results

of the locked cycle tests are presented in Table 13.8.

**13.3.5Pyrite Concentrate Testing**

The pyrite concentrates from cycles A-F were combined and blended, then split into small charges for direct

CIL, Albion, BIOX, and roasting testwork.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 102

**Table 13-8 Locked Cycle Test Results Summary**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Locked Cycle** <br>**Test Results** <br>**Summary** | **Weight** <br>**(%)** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** |
| **Locked Cycle** <br>**Test Results** <br>**Summary** | **Weight** <br>**(%)** | **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>| **As**<br>**(%)**<br>| **S**<br>**(%)**<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 103

**13.3.5.1Direct CIL Testing**

Two cyanidation tests were completed on the pyrite concentrate at two grind sizes; the "as received" grind

size of P80 42 μm, and reground to D80 6.3 μm. At the end of the leaching stage, the carbon was screened from

the pulp and the samples were filtered, collecting a barren leach solution and a residue. The residue was

washed with three displacement washes of water and the wash discarded. The carbon, barren solution, and

residue were submitted for gold and silver analysis.

As indicated in Table 13.9, the gold extractions were very low, even with fine grinding, although the gold

extraction increased from 9.5 to 22.4%. Silver yielded better extractions, with extraction of 80% from the finely

ground sample. The reagent consumptions were high and increased significantly with fine grinding.

**Table 13-9 Direct CIL Extraction**

---

| | | | |
|:---|:---|:---|:---|
| **Sample**<br>**Type**<br>| **P80**<br>**(µm)**<br>| **Au Extraction**<br>**(%)**<br>| **Ag Extraction**<br>**(%)**<br>|
| Pyrite Conc | 42 | 9.5 | 36.4 |
| Pyrite Conc | 6.3 | 22.4 | 80.2 |

---

**13.3.5.2Albion Testing**

The Albion Process™, developed by Xstrata Pty Ltd. (Glencore Technology Pty Limited), Australia, is a

combination of fine grinding and exothermic oxidative leaching without the need for pressure treatment or

external heating.

The Albion leach parameters recommended by Glencore were in line with their standard neutral leach

protocol, which was characterized, in this case, by the parameters listed here:

• Grind D80 targets = 6.3 μm (Test NAL-1) and 10 μm (Test NAL-2) (P80);

• pH controlled at 5.5;

• Pulp density = 10% (w/w);

• Leach at 95°C, and

• 96 hours retention time (Test NAL-1) and 78 hours retention time (Test NAL-2).

Sulphide oxidation was high (96.3%) for the test at the finer grind size P80 of 6.3 μm and longer retention time,

which dropped significantly to 74.7% when the grind was coarsened to 10 μm and the retention time

decreased to 78 hours.

The limestone additions were very high for both tests; 1,650 kg/t of feed to Albion for Test NAL-1 and 1,260

kg/t for Test NAL-2. It should be noted that at the amenability level of testing these additions were not

optimized.

The results for the cyanide leaches after Albion oxidation are provided in Table 13.10. Gold and silver

extractions were greatly improved after the Albion pre-treatment. The test at 6.3 μm reported 94.4% gold and

94.8% silver extractions. The gold extraction decreased significantly with the NAL-2 residue (coarser grind and

shorter retention time). Reagent consumptions were also reduced in comparison with the direct CIL tests.

**Table 13-10 Pyrite Concentrate Albion Testing Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **Sulphide Oxidation**<br>**(%)**<br>| **P80**<br>**(µm)**<br>| **Au Extraction**<br>**(%)**<br>| **Ag Extraction**<br>**(%)**<br>|
| NAL-1 residue | 96.3 | 6.3 | 94.4 | 94.8 |
| NAL-2 residue | 74.7 | 10 | 84.9 | 91.3 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 104

**13.3.5.3Bacterial Oxidation Testing**

Bacterial leaching (or bio-oxidation of sulphides) is a biohydrometallurgical process developed for pre-

cyanidation treatment of refractory gold feed or concentrates. The bacterial culture employed is a mixed

culture of acidithiobacillus ferrooxidans, acidithiobacillus thiooxidans, and leptospirillum ferrooxidans. The

bio-oxidation process consists of contacting refractory sulphide sample (typically flotation derived

concentrate) with a strain of the bacterial culture for a suitable treatment period under an optimum operating

environment. The bacteria oxidize the sulphide minerals, thus liberating the occluded gold for subsequent

recovery via cyanidation.

The inoculum build up was performed in preparation of the bioleach tests. The standard operating procedure

applied in all tests was as follows:

• 399 g of sample was pulped with 3,250 mL of 0 K solution in a 5 L reactor and heated to 40°C with

heated lines placed in the reactor;

• The targeted pulp density was 10.5% solids (w/w);

• The slurry was agitated with a mechanical mixer and air was sparged through it using a stainless steel

sparger;

• The pH of the sample was adjusted to 1.6 and maintained for 24 hours with concentrated sulphuric

acid. 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 remainder retained; and

• The filter cake was repulped with water, agitated using an overhead mixer, and re-filtered. The filter

cake was then washed three times with one approximate displacement volume of water per wash

stage. The pH of each wash solution was recorded and the wash water discarded. A representative

sub-sample of the washed filter cake was submitted for chemical analysis. The remainder of the filter

cake was forwarded to cyanidation.

The sulphide oxidations improved with increase in 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 BIOX residues were leached, and at the end of the leaching period, the carbon was screened from the pulp

and the sample was filtered, collecting a barren leach solution and a residue. The residue was washed with

three displacement washes of water and the wash was discarded. The samples were submitted for gold and

silver assay.

The CIL gold extractions improved from 75 to 85%, with longer retention time; i.e., higher sulphide oxidation,

however silver extractions decreased drastically (Table 13.11). This result is most likely due to the Jarosite

Formation and may be overcome with the inclusion of a lime boil stage. The reagent consumptions were very

elevated. 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

reaction between cyanide and sulphur to produce thiocyanate ions in solution.

**Table 13-11 Biox Testwork Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **Days** | **Sulphide**<br>**Oxidation**<br>**(%)**<br>| **Au**<br>**Extraction**<br>**(%)**<br>| **Ag**<br>**Extraction**<br>**(%)**<br>|
| BAT-2 residue | 18 | 60.6 | 75.2 | 75.5 |
| BAT-3 residue | 26 | 88.0 | 82.2 | 40.1 |
| BAT-1 residue | 35 | 92.8 | 85.1 | 37.0 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 105

**13.3.5.4Roast-CIL Testing**

Roasting tests were completed on the LCT 1 pyrite concentrate. The tests were conducted as one, two, and

three-stage roasts, in a static muffle furnace. Each stage was 2 hours. The sample was rabbled every 15

minutes.

Each calcine was then split in half. One-half was reground in a lab attrition mill to a D80 of <10 μm and the

other remained at the "as is" particle size. The calcines were then subjected to a standard cyanidation test as

CIL, with a 4-hour pre-conditioning stage with oxygen addition, the addition of lead nitrate and lime, and then a

72-hour leach with 2 g/L NaCN and 4 g/L carbon.

As shown in Table 13.12, 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.

**Table 13-12 Roast-CIL Testwork Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sample ID** | **P80**<br>**(µm)**<br>| **Sulphide Oxidation** <br>**(%)**<br>| **Au**<br>**Extraction**<br>**(%)**<br>| **Ag Extraction**<br>**(%)**<br>|
| RST1  | 46.0 | 99.9 | 61.1 | 19.9 |
| RST1  | 7.4 | 99.9 | 71.1 | 44.9 |
| RST2 | 41.5 | 97.6 | 55.6 | 51.3 |
| RST2 | 6.7 | 97.6 | 65.9 | 60.3 |
| RST3 | 44.3 | 99.8 | 59.3 | 32.5 |
| RST3 | 7.5 | 99.8 | 66.7 | 51.6 |
| RST6 | 51.3 | 89.3 | 52.5 | 51.8 |
| RST6 | 8.1 | 89.3 | 63.9 | 61.8 |
| RST7 | 36.5 | 95.1 | 56.4 | 29.6 |
| RST7 | 5.9 | 95.1 | 66.7 | 50.4 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 106

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 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. The

Authors are not aware of any known permitting, legal, title, taxation, socio-economic, marketing, political, or

other relevant factors that could materially affect the Mineral Resource Estimate.

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™ software. Open-pit optimization was

developed by Aya using the GEOVIA Whittle software.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 107

**14.2DATA USED**

The resource estimate is based on a dataset of 428 drill holes, totaling 142,268 meters. This updated MRE

incorporates an additional 93 drill holes, contributing 44,514 meters of new drilling data. The drilling extends

approximately 5.4 km along strike (Figure 14.1 and Appendix A). The database was closed on December 1,

2024. Drill hole data were exported from Geotic software in .csv format and include 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 use as 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 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.

Figure 14-1Drill Hole Plan View

![image_71a.jpg](image_71a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 108

**14.3ECONOMIC CONSIDERATIONS**

For the Mineral Resource model, Aya selected the economic parameters listed in Table 14.1.

**Table 14-1 Economic 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 Ore** <br>**Grade**<br>|
| **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 ore** <br>**from Zn Concentrate**<br>| $9.43 |  |  |  |  |
| **Pb Concentrate** | **Metal Price** | **Concentrate** | **Smelter** | **Refining Chg.** | **Average Ore** <br>**Grade**<br>|
| **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 |  |  |  |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 109

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ocean Freight /Unloading $US/t** <br>**per WMT**<br>|  | $0 |  |  |  |
| **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 ore** <br>**from Pb Concentrate**<br>| $91.75 |  |  |  |  |
| **Pyrite Concentrate** | **Metal Price** | **Concentrate** | **Smelter** | **Refining Chg.** | **Average Ore** <br>**Grade**<br>|
| **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 ore** <br>**from Pb Concentrate**<br>| $41.68 |  |  |  |  |
| **Per Tonne of Ore** | 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 110

**Table 14-2: Calculation Formulas for NSR, Silver Equivalent, and Gold 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/<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 14-3: Calculation 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 wireframed (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 111

**Table 14-4: Mineralized 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 |
| **Vein Code**<br>**-**<br>**North Area** | **Vein Code**<br>**-**<br>**Central Area** | **Vein Code**<br>**-**<br>**South Area** | 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 112

Figure 14-2Mineralized Veins

![image_72a.jpg](image_72a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 113

**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 14-5: Constrained 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 reclassified into spatial sub-domains (Table 14-6).

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**Table 14-6: Summary Statistics for bulk density measurements**

---

| | | | |
|:---|:---|:---|:---|
| **Domain** | **Count** | **Average Bulk Density**<br>**(t/m3)** <br>| **Median Bulk Density**<br>**(t/m3)** <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 115

Based on the distribution of assay sample lengths, Aya chosed 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 un-sampled 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 14-7: Composite 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 14-8: Composite Capping Thresholds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Veins** | **Capping 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 116

Figure 14-3Histogram for Composites

![image_73a.jpg](image_73a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 117

**14.8CONTINUITY ANALYSIS**

Three-dimensional continuity analyses (variography) were conducted by Aya on the 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 14-9 North 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 14-10 South 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 118

Figure 14-4Main Zone Semi-Variograms

![image_74a.jpg](image_74a.jpg)

***Source:*** *This Study*

**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 14-11 Block 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 119

**14.10GRADE ESTIMATION AND MINERAL RESOURCE CLASSIFICATION**

Mineral Resource grade estimation and variography were undertaken by using Isatis™ software.

Aya assigned bulk density values for each domain based on the average 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 and 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 that exhibit historical 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, 449 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, 2.4 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 120

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).

Figure 14-5Boumadine Pit Shell Plan View

![image_75a.jpg](image_75a.jpg)

***Source:*** *This Study*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 121

**Table 14-12: Boumadine 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** <br>**US$/t**<br>| **(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 | 343 | 5.1 | 33 | 116 | 60051 | 667 |
| **Inferred** | 95 | 14258 | 89.7 | 2.89 | 0.10 | 0.81 | 2.38 | 450.0 | 5.0 | 41135 | 1102 | 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 | 106 | 1.0 | 11 | 29 | 14382 | 160 |
| **Inferred** | 125 | 14938 | 74.3 | 2.39 | 0.07 | 0.82 | 1.85 | 356.9 | 3.97 | 35669 | 1294 | 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 | 449 | 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 | 2396 | 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.*

*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 122

**Table 14-13: Mineral 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 123

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  |

---

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**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 was compared to a Nearest Neighbour

block model grade generated by Aya, and to the average capped composite grade and declustered composite

grade (Table 14-14 and Figure 14.6).

The current Authors consider the validation results to be acceptable for linear estimation.

**Table 14-14: Grade 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 125

Figure 14-6Composite Grade Versus Swath Plots

![image_76a.jpg](image_76a.jpg)

***Note:*** *Ag_Cut = Composite Grade; Ag_Plot=Model Grade; NN_Ag_Cut=Nearest Neighbourhood block estimate*

***Source:*** *This Study*

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15.0**MINERAL RESERVE ESTIMATES**

This section is not applicable to this Report.

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16.0**MINING METHODS**

This section is not applicable to this Report.

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17.0**RECOVERY METHODS**

This section is not applicable to this Report.

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18.0**PROJECT INFRASTRUCTURE**

This section is not applicable to this Report.

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19.0**MARKET STUDIES AND CONTRACTS**

This section is not applicable to this Report.

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20.0**ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL OR** 

**COMMUNITY IMPACTS**

**20.1ANALYSIS OF THE LEGISLATIVE AND REGULATORY FRAMEWORK**

**20.1.1Environmental and Social Impact Assessment**

The Boumadine Deposit may require several permits from the Moroccan Government, and the requirement to

carry out an Environmental and Social Impact Assessment ("ESIA") by the Moroccan Law No. 12-03 on

Environmental Impact Assessments. The ESIA will establish the comprehensive regulatory framework for the

Project.

The ESIA in Morocco includes:

• An overall description of the initial state of the site likely to be affected by the Project, including its

biological, physical, and human components;

• A description of the Project's main components, characteristics and implementation stages, including

manufacturing processes, the nature and quantities of raw materials and energy resources used, liquid,

gaseous and solid discharges, and waste generated by the Project's implementation or operation;

• An assessment of the positive, negative and harmful impacts of the Project on the biological, physical

and human environment that may be affected during the implementation, operation or development

phases, based on the terms of reference and guidelines provided for this purpose; the measures

envisaged by the petitioner to eliminate, reduce or compensate for the harmful consequences of the

Project on the environment, as well as measures to enhance and improve the positive impacts of the

Project;

• An environmental monitoring and follow-up program for the Project, together with the training,

communication and management measures envisaged to ensure implementation, operation, and

development in accordance with the technical specifications and environmental requirements adopted

by the study;

• A concise presentation of the legal and institutional framework for the Project and the building in which

it will be implemented and operated, and the projected costs of the Project;

• A brief note summarizing the content and conclusions of the environmental impact study; and

• A simplified summary for the public of the information and main data contained in the study.

An environmental acceptability decision must be made before any project in Morocco that is subject to an

environmental impact assessment can be approved. This decision constitutes one of the documents in the

environmental acceptability application submitted with a view to obtaining authorization for the Project.

Acceptability is given by the Comité Régional d'Investissement ("CRI"), a regional committee, or the Comité

National, a national committee, depending on the size of the investment.

A public inquiry is held for every project that is subject to an environmental impact assessment. The purpose

of this inquiry is to enable the population concerned to find out about the possible impact of the project on the

environment and to gather their comments and proposals. These comments and proposals are taken into

consideration when the environmental impact study is examined.

In 2024, Aya mandated SLR to start the baseline data collection and studies. A scoping report towards the full

Environmental and Social Impact Assessment will be delivered in Q2-2025.

The assessment of impacts will only be possible when all the various infrastructures and processes have

been identified for the Project, which is likely to happen at a later stage in its life cycle. Impact assessment is

typically done in parallel to the Feasibility Study stage.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 132

**20.1.2Land Title**

The Boumadine Mining License is a joint-venture between the ONHYM (15%) and Aya (85%). The ONHYM was

in charge of the Boumadine Mining License until the acquisition in 2013; however, since then no further

development have been made. It is understood that the land is held under the collective land status.

In Morocco, collective lands are estimated at 15,620,000 ha. These lands are mainly used for grazing, but also

includes arable land, forests, quarries forests, quarries and land in urban and peri-urban areas. The number of

traditional communities range from 4,500 to 5,500 ethnic groupings, comprising almost 2.5 million collectives.

The legal status of collective lands is set out in a dahir dating from 1919 (Zirari-Devif, 2011).

A national program was started in 2021 to identify land rights with the specific intent to formalize land

ownership in collective lands. These rights are managed by the Direction des Affaires Rurales (DAR), part of

the Ministry of the Interior.

Aya will establish communication with the relevant authorities at the governorate at the Province of Errachidia,

in order to commence the process of establishing land agreements between Aya and the landowners.

**20.2CORPORATE POLICIES**

**20.2.1Health and Safety, Environment and Community Policy**

Aya's Health and Safety, Environment and Community ("HSEC") Policy sets out clear parameters for

governance during project development. Amongst other elements, the policy requires:

• To comply with all laws and regulations in force in the countries where Aya operates;

• To implement an environmental and social management system ("ESMS") to identify, reduce or

mitigate to the extent desired, risks in terms of sustainable development. This ESMS will include

objectives, review and corrective actions allowing continuous improvement; and

• Where economic or physical displacement cannot be avoided, adhere to IFC Performance Standard 5,

including formal consultation throughout the process and seeking to improve the situation of

households and communities.

**20.2.2Tailings Policy**

Aya has developed a Tailings Policy, which commits to design, govern, and manage TSFs in line with best

industry practice, following relevant guidelines such as those provided by the International Commission on

Large Dams ("ICOLD"), Australian National Committee on Large Dams ("ANCOLD"), and Canadian Dam

Association ("CDA"). Aya will work towards aligning its practices with the GISTM, which represents industry

best practices.

**20.2.3Mine Closure**

Asset closure management is an integral part of the life of mine ("LoM"). As per Aya's HSEC Policy, Aya

commits to developing a Mine Closure Management Plan for each of its projects, from the earliest stage of

Feasibility Studies and updating the Plan regularly during the LoM to ensure that it is adapted and

contextualized. In collaboration with its stakeholders, reclamation planning entails an extensive analysis of

land use options, environmental factors, community development concerns and objectives, and measurable

performance targets.

Aya will progressively carry out reclamation as part of its commitment to restore its sites to a healthy

environment. Aya begins restoring disturbed land as soon as it is no longer needed, using best available

techniques and developing context-specific measures. During the LoM, Aya strives to develop local capacity

and collaborate on economic diversification through our community investment programs. Stakeholder

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 133

engagement will include closure-specific topics in the run-up to closure, and Aya will complement their social

baseline with a social closure impact assessment.

**20.2.4Sustainability Framework**

Aya's drive for sustainability involves adopting a precautionary approach and implementing and working on

the continuous improvement of its Environmental and Social Management System ("ESMS").

The precautionary approach is the process for investigating, addressing and mitigating how the Corporation's

actions could impact the environment and host communities.

The ESMS is a set of policies, plans, programs, procedures and tools based on best practice from the

International Finance Corporation ("IFC") Performance Standards and the European Bank for Reconstruction

and Development ("EBRD") that will help the Corporation monitor its status and progress in upholding its many

legal, social and environmental responsibilities.

The ESMS incorporates a 'Plan, Do, Check, Act' process, thereby encouraging continuous improvement in

sustainability management, and is based on the ISO 14001 environmental standard and on the ISO 45001

occupational H&S standard. Aya's key HSEC policies are posted on its website (**www.ayagoldsilver.com**).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 134

21.0**CAPITAL AND OPERATING COSTS**

This section is not applicable to this Report.

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22.0**ECONOMIC ANALYSIS**

This section is not applicable to this Report.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 136

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.

Boumadine is regionally surrounded by 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).

Figure 23-1Location of the Imiter Mine

![image_77a.jpg](image_77a.jpg)

***Source:*** *Aya corporate presentation dated April 2024* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 137

24.0**OTHER RELEVANT DATA AND INFORMATION**

To the best of the Authors' knowledge there are no other relevant data, additional information or explanation

necessary to make the Technical Report understandable and not misleading.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 138

25.0**INTERPRETATION AND CONCLUSIONS**

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 9 mining licenses and 16 exploration permits

totaling 272 km2 in size. The Boumadine Mining License, which contains the Boumadine Deposit and is the

focus of the 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 km2 in area. The

additional twenty-four exploration permits and mining licenses are distributed within a 25 km radius of the

Boumadine Deposit and collectively cover an additional 240 km2 in area. In addition, an Exploration

authorization of 600 km2 was granted to Aya in January 2025.

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. 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 10 mining licenses and exploration permits and; an option to earn 100% interest in 13

other mining licenses and exploration permits.

The Boumadine Property is located in the Anti-Atlas Mountains. The Property 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. The Boumadine Property is accessible from Tinejdad by all-

terrain vehicle on a paved and gravel road. The Boumadine Property has a Saharan desert climate.

Nevertheless, field work at Boumadine can be completed year-round. The nearest power line to the

Boumadine Mining License is 2.8 km away.

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.

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.

The Boumadine site is in close proximity to the Ziz river, which flows through Tinejdad. The Ziz river valley

contributes to the oasis environment with palm groves, particularly date palms. 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 nearby villages or Tinejdad. Errachidia has an

international airport with access to Casablanca and it is also accessible by road from Marrakech, ~420 km

away. Food and limited accommodation are available at Tinejdad; Errachidia offers greater diversity in

supplies. Special items must be purchased from Ouarzazate or Marrakech.

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, 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

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 139

development and mining. Underground mining from 1986 to 1992 produced 261,485 t of mineralized material

from four levels for mineral processing on-site.

In 2013, Maya Gold and Silver Inc acquired the Project through a Joint Venture with the ONHYM. Between

2013 and 2016, Maya completed surface work that included grab sampling and surface mapping of the

historically known mineralized structures. In 2017, Maya completed a drilling program to confirm the historical

mineral resources. Fourteen drill holes were completed totaling 3,158 m on the Central, South and Tizi Zones.

In 2018, a sampling campaign was completed over two historical tailings deposits. Between 2018 and 2020,

Maya completed 9,503 m of diamond drilling over South, Central, North, Imariren and Tizi Zones. In addition,

Maya completed a drone survey over part of the Boumadine Mining License. Maya announced its name

change to Aya in a Company press release dated July 31, 2020.

The Boumadine Property is located at the eastern end of the Anti-Atlas Mountain Range, which extends east-

northeast to west-southwest, over >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, Pb, Cu, 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 is 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 Tamerzaga-Timrachine Formation (TTF), which consists of ignimbrites, rhyodacite and andesite tuffs and

volcaniclastics, hosts the mineralization at Boumadine. The felsic tuffs consist of angular to rounded cm-size

felsic fragments, quartz eyes, plagioclase grains, and locally mafic fragments, 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. The TTF is intruded by dolerite, microdiorite and

andesite dykes. The Ougnat Massif area was subjected to Neoproterozoic shearing that generated regional-

scale faults trending N30° 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.

Two hydrothermal alteration events are recognized on the Boumadine Mining License. The first alteration

event affected 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, pyrophyllite and

vuggy silica. 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

meters 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, 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 meters 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 meters long, 5 to 10 meters in thickness

and 500 meters down-dip. It strikes northwest and dips steeply southwest. The North Zone appears truncated

by the Imariren Zone. The Imariren Zone and the Tizi Zone are two sub-parallel, single mineralized vein

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 140

domains that are 200 meters apart in the south and 500 meters 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

meters. Both zones extend 600 meters 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 meters 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.

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 December 2024, Aya

completed 476 diamond drill holes totaling 192,957 m. The drilling programs aimed to extend the

mineralization of the North, Central, and South Zones while also testing targets located further 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 good quality and suitable for use in the Mineral Resource Estimate.

For metal recoveries, Aya envisions a two-phase process based on recent metallurgical testwork completed

by SGS Canada Inc. in 2023. Phase 1 is a flotation stage for recovery of Pb and Zn and partial recovery of Au

and Ag. Phase 2 is an oxidation and leaching stage for recovery of Au and Ag. Oxidation using the Albion

Process followed by cyanide leaching produced the highest precious metal recoveries. Total recoveries were

89% Ag, 85% Au, 85% Pb and 72% Zn. Next steps include continued refinement of the metallurgy testwork,

particularly methods for oxidation of the pyrite concentrate, and evaluation of key reagents and input

parameters.

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, 449 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, 2.4 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

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 141

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 Boumadine Deposit may require several permits from the Moroccan Government, and the requirement to

complete an Environmental and Social Impact Assessment ("ESIA") by the Moroccan Law No. 12-03 on

Environmental Impact Assessments. The ESIA will establish the comprehensive regulatory framework for the

Project.

The Boumadine Mining License land is understood to be held under the collective land status. In Morocco,

collective lands are used for grazing, farming, forests, quarries, and land in urban and peri-urban areas. The

number of traditional communities ranges from 4,500 to 5,500 ethnic groupings, comprising almost 2.5

million collectives. The legal status of collective lands is set out in a dahir dating from 1919. A national

program started in 2021 to identify land rights with the intent to formalize land ownership in collective lands.

These rights are managed by the Direction des affaires rurales, part of the Ministry of the Interior. Aya will

establish communication with the relevant authorities at the governorate in the Province of Errachidia, in order

to commence the process of establishing land agreements with the landowners.

Aya's Health and Safety, Environment and Community ("HSEC") Policy sets out clear parameters for

governance during project development. The Policy requires: compliance with all laws and regulations in force

in the countries where Aya operates; implementation of an environmental and social management system to

identify, reduce or mitigate risks to sustainable development; and, where economic or physical displacement

cannot be avoided, adherence to International Finance Corporation ("IFC") Performance Standard 5, including

formal consultation throughout the process and seeking to improve the situation of households and

communities.

Aya has developed a Tailings Policy that commits to design, govern, and manage tailings, in-line with industry

best practice, following guidelines such as those provided by the International Commission on Large Dams,

Australian National Committee on Large Dams, and Canadian Dam Association. Aya will work towards

aligning its practices with industry best practices.

As per its HSEC Policy, Aya commits to developing a Mine Closure Management Plan for each of its projects.

In collaboration with its stakeholders, reclamation planning entails an extensive analysis of land use options,

environmental factors, community development concerns and objectives, and measurable performance

targets. Aya will progressively complete reclamation as part of its commitment to restore mine sites to a

healthy environment. Aya begins restoring disturbed land as soon as it is no longer needed, using best

available techniques and developing location-specific measures. During the life of mine ("LoM"), Aya strives to

develop local capacity and collaborate on economic diversification through community investment programs.

Stakeholder engagement will include specific topics in the lead-up to closure, and Aya will complement their

social baseline with a social closure impact assessment.

Aya's drive for sustainability involves adopting a precautionary approach and implementing and working on

the continuous improvement of its Environmental and Social Management System ("ESMS"). The

precautionary approach is the process for investigating, addressing and mitigating how the Corporation's

actions could impact the environment and host communities. The ESMS is based on best practice from the

IFC Performance Standards and the European Bank for Reconstruction and Development that will help the

Corporation monitor status and progress in upholding its legal, social and environmental responsibilities. The

ESMS incorporates a 'Plan, Do, Check, Act' process, thereby encouraging continuous improvement in

sustainability management, and is based on the ISO 14001 environmental standard and the ISO 45001

occupational H&S standard.

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.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 142

26.0**RECOMMENDATIONS**

Aya owns or controls 25 mining licenses and exploration permits in the Boumadine Property area (272 km<sup>2</sup>) in

the eastern part of the Kingdom of Morocco. Structurally-controlled, mainly silver-gold polymetallic sulphide

mineralization are currently defined in five separate zones along a 5.4 km strike length that together make-up

the Boumadine Deposit. Additional mineralized zones and mineral occurrences are known in the area.

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;

• Investigate grade capping thresholds by individual mineralized domain;

• Review grade anisotropy by individual mineralized domain; and

• Complete a Preliminary Economic Assessment of the Boumadine Deposit.

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$52.3M, which includes 10% contingency

(without applicable taxes) (Table 26-1). Phase 1 of the recommended work program should be completed in

2025 and Phase 2 in 2026. Phase 2 is contingent on a successful Phase 1.

**Table 26-1: Recommended programs and budgets for 2025-2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate** <br>**(US$)**<br>|
| **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** | **Phase 1 - 2025** |
| **2025** |  | Drilling (all-in costs) | 140000 | 22330000 |
|  |  | Administration and Management |  | 3000000 |
|  |  | Geological Mapping, Mineral Prospecting, Assays |  | 120000 |
|  | Sub-Total |  |  | 25450000 |
|  | Contingency (10%) |  |  | 2545000 |
|  | Total - 2025 |  |  | 28000000 |
| Phase 2 - 2026 | Phase 2 - 2026 | Phase 2 - 2026 | Phase 2 - 2026 | Phase 2 - 2026 |
| 2026 |  | Drilling (all-in costs) | 120000 | 19140000 |
|  |  | Administration and Management |  | 3000000 |
|  | Sub-Total |  |  | 22140000 |
|  | Contingency (10%) |  |  | 2214000 |
|  | Total - 2026 |  |  | 24350000 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 143

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**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 146

28.0**CERTIFICATES**

**CERTIFICATE OF QUALIFIED PERSON**

To accompany the Report entitled "*Technical Report – Updated Mineral Resource Estimate of the Boumadine* 

*Polymetallic Project, Kingdom of Morocco"* which is effective as of February 24<sup>th</sup>, 2025 and issued on March

31<sup>st</sup>, 2025 (the "Technical Report") prepared for Aya Gold & Silver Inc. (the "Company").

I, *David Lalonde, P. Geo.*, do hereby certify:

**1.**I am the Vice-President Exploration with AYA Gold & Silver, with an office at 1320 Boulevard Graham,

suite 132, Ville Mont Royal, Québec, Canada.

**2.**I am a graduate from "Université du Québec à Montréal", in Canada, with a B.Sc. in Resources Geology

obtained in 2001.

**3.**I am a registered member of OGQ (Ordre des Géologues du Québec), membership #00664.

**4.**I have worked as a Geologist, Exploration Manager or Vice-President Exploration continuously since

my graduation from university. I have been employed since my graduation in 2001. I have gained relevant

experience on deposits and projects similar to the Boumadine Project. My relevant experience for the

purpose of the Technical Report includes:

• Field Geologist, SOQUEM Inc. 2001-2004

• Field Geologist, Bema Gold Corp. 2004-2006

• Exploration Project Manager, Bema Gold Corp. 2006-2007

• Exploration Project Manager, Kinross Gold Corp. 2008-2009

• Chief Geologist, SEMAFO Inc, 2009-2010

• Exploration Deputy Manager, SEMAFO Inc. 2011-2018

• Exploration Manager, SEMAFO Inc. 2018-2020

• Exploration Manager, Mineral Development Oman 2020-2021

• Head of Exploration, QP, Aya Gold & Silver Inc. 2021-2024

• Vice-President Exploration, QP, Aya Gold & Silver Inc. 2024-Current

**5.**I have read the definition of "qualified person" set out in the National Instrument 43-101 and certify

that by reason of my education, affiliation with a professional association and past relevant work

experience, I fulfil the requirements to be an independent qualified person for the purposes of NI 43-101;

**6.**I am not independent of the issuer in accordance with the application of Section 1.5 in section 1.5 of

National Instrument 43-101.

**7.**I have participated in the preparation of this Technical Report and am responsible for Sections 2 to 12,

23 to 24 and parts of Sections 1, 14, and 25 to 27.

**8.**I have visited the Boumadine mine site, with my most recent visit occurring on 9-10 March 2025.

**9.**I have no personal knowledge as of the date of this certificate of any material fact or change, which is

not reflected in this Report;

**10.**I have read NI 43-101 and Form 43-101F1 and have prepared the Technical Report in compliance with

NI 43-101 and Form 43-101F1; and have prepared the report in conformity with generally accepted Canadian

mining industry practice, and as of the date of the certificate, to the best of my knowledge, information and

belief, the Technical Report contains all scientific and technical information that is required to be disclosed

to make the Technical Report not misleading.

Dated this 31<sup>st</sup> day of March 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*"Signed and sealed"* 

*David Lalonde, P. Geo.*

*Vice-President Exploration*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 147

**CERTIFICATE** OF QUALIFIED PERSON

To accompany the Report entitled "*Technical Report – Updated Mineral Resource Estimate of the Boumadine* 

*Polymetallic Project, Kingdom of Morocco"* which is effective as of February 24<sup>th</sup>, 2025 and issued on March

31<sup>st</sup>, 2025 (the "Technical Report") prepared for Aya Gold & Silver Inc (the "Company").

I, *Patrick Pérez, P. Eng.*, do hereby certify:

**1.**I am the Director of Technical Services with AYA Gold & Silver, with an office at 1320 Boulevard

Graham, suite 132, Ville Mont Royal, Québec, Canada.

**2.**I am a graduate from "Ecole Nationale Supérieure de Géologie de Nancy", in France, with a M.Sc. in

Geological Engineering obtained in 2003.

**3.**I am a registered member of OIQ (Ordre des Ingénieurs du Québec), membership #5095334.

**4.**I have worked as a Mining Engineer, Senior Mining Engineer or Project Manager continuously since my

graduation from university. I have been employed since my graduation in 2003. I have gained relevant

experience on deposits and projects similar to the Boumadine Project, including:

a) Work on mining operations and projects in west Africa, in both Open Pit and Underground environment

b) I have also participated and supervised several mineral resource estimates or engineering studies for

different projects at various stages of development. Hands-on experience for precious metals in

Morocco, Ivory Coast, Mali, Burkina Faso, Australia and Canada;

c) Design, supervision and implementation of mining programs;

d) Review, audits, interpretation of geoscientific data; and

e) Participation in the preparation of parts of NI 43-101 compliant Technical Reports.

**5.**I have read the definition of "qualified person" set out in the National Instrument 43-101 and certify

that by reason of my education, affiliation with a professional association and past relevant work

experience, I fulfil the requirements to be an independent qualified person for the purposes of NI 43-101;

**6.**I am not independent of the issuer in accordance with the application os Section 1.5 in section 1.5 of

National Instrument 43-101.

**7.**I have participated in the preparation of this Technical Report and am responsible for Sections 13 and

parts of Sections 1, 14.3, and 25 to 27.

**8.**I have visited the Boumadine mine site, with my most recent visit occurring on 2-5 April 2024.

**9.**I have no personal knowledge as of the date of this certificate of any material fact or change, which is

not reflected in this Report;

**10.**I have read NI 43-101 and Form 43-101F1 and have prepared the Technical Report in compliance with

NI 43-101 and Form 43-101F1; and have prepared the report in conformity with generally accepted Canadian

mining industry practice, and as of the date of the certificate, to the best of my knowledge, information and

belief, the Technical Report contains all scientific and technical information that is required to be disclosed

to make the Technical Report not misleading.

Dated this 31<sup>st</sup> day of March 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*"Signed and sealed"* 

*Patrick Pérez, P. Eng.*

*Director of Technical Services*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT148

**Appendix ADRILL HOLE PLAN**

![image_78a.jpg](image_78a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT149

**Appendix B3-D DOMAINS**

Boumadine 3D-Domains

*main veins in red (Central_main, South_main, Tizi_Main, Imariren)*

![image_79a.jpg](image_79a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT150

**Appendix CTIZI & NORTH ZONES BLOCK MODEL CROSS SECTIONS**

![image_80a.jpg](image_80a.jpg)

![image_81a.jpg](image_81a.jpg)

![image_82a.jpg](image_82a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT151

![image_84a.jpg](image_84a.jpg)

![image_86a.jpg](image_86a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT152

![image_87a.jpg](image_87a.jpg)

![image_88a.jpg](image_88a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT153

**Appendix DCENTRAL ZONE BLOCK MODEL CROSS SECTIONS**

![image_93a.jpg](image_93a.jpg)

![image_94a.jpg](image_94a.jpg)

![image_95a.jpg](image_95a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT154

![image_97a.jpg](image_97a.jpg)

![image_98a.jpg](image_98a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT155

![image_99a.jpg](image_99a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT156

![image_100a.jpg](image_100a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT157

**Appendix ESOUTH ZONE BLOCK MODEL CROSS SECTIONS**

![image_106a.jpg](image_106a.jpg)

![image_107a.jpg](image_107a.jpg)

![image_108a.jpg](image_108a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT158

![image_110b.jpg](image_110b.jpg)

![image_111a.jpg](image_111a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT159

![image_112b.jpg](image_112b.jpg)

![image_113a.jpg](image_113a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT160

**Appendix F BLOCK MODEL PLAN VIEWS**

![image_120a.jpg](image_120a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT161

![image_122a.jpg](image_122a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT162

![image_123a.jpg](image_123a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT163

![image_125a.jpg](image_125a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT164

![plan1100rlnsra.jpg](plan1100rlnsra.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT165

![image_127a.jpg](image_127a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT166

**Appendix GOPTIMIZED PIT SHELLS**

**Optimized Pit Shells in 3D**![image_128a.jpg](image_128a.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT167

**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_129a.jpg](image_129a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Au (2.5 to 18.5ppm)**

![image_130a.jpg](image_130a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT168

**OREAS CRMs for Ag (0 to 120 ppm)**

![image_131a.jpg](image_131a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Ag (120 to 2,300 ppm)**

![image_132a.jpg](image_132a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT169

**OREAS CRMs for Pb (0 to 12,000 ppm)**

![image_133a.jpg](image_133a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Pb (12,000 to 140,000 ppm)**

![image_134a.jpg](image_134a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT170

**OREAS CRMs for Pb (590,000 to 630,000 ppm)**

![image_135a.jpg](image_135a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Zn (400 to 12,400 ppm)**

![image_136a.jpg](image_136a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT171

**OREAS CRMs for Zn (12,400 to 192,400 ppm)**

![image_138a.jpg](image_138a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Mo (0 to 50 ppm)**

![image_138a.jpg](image_138a.jpg)

*Source: P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT172

**OREAS CRMs for Mo (50 to 350 ppm)**

![image_139a.jpg](image_139a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Cu (0 to 6,000 ppm)**

![image_140a.jpg](image_140a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT173

**OREAS CRMs for Cu (6,000 to 36,000 ppm)**

![image_141a.jpg](image_141a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Cu (20,000 to 50,000 ppm)**

![image_142a.jpg](image_142a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT174

**Performance of Blanks – 2018 to 2024**

**Performance of Blanks for Au**

![image9a.jpg](image9a.jpg)

***Source:*** *P&E (2024)*

**Performance of Blanks for Ag**

![image_144a.jpg](image_144a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT175

**Performance of Blanks for Pb**

![image_145a.jpg](image_145a.jpg)

***Source:*** *P&E (2024)*

**Performance of Blanks for Zn**

![image_146a.jpg](image_146a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT176

**Performance of Blanks for Mo**

![image_147a.jpg](image_147a.jpg)

***Source:*** *P&E (2024)*

**Performance of Blanks for Cu**

![image_148a.jpg](image_148a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT177

**Performance of Field Duplicates – 2018 to 2024**

**Performance of Field Duplicates for Au**

![image_149a.jpg](image_149a.jpg)

***Source:*** *P&E (2024)*

**Performance of Field Duplicates for Ag**

![image_150a.jpg](image_150a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT178

**Performance of Field Duplicates for Pb**

![image_151a.jpg](image_151a.jpg)

***Source:*** *P&E (2024)*

**Performance of Field Duplicates for Zn**

![image_152a.jpg](image_152a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT179

**Performance of Field Duplicates for Mo**

![image_153a.jpg](image_153a.jpg)

***Source:*** *P&E (2024)*

**Performance of Field Duplicates for Cu**

![image_154a.jpg](image_154a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT180

**Performance of Lab Pulp Duplicates – 2018 to 2024**

**Performance of Lab Pulp Duplicates for Au**

![image_155a.jpg](image_155a.jpg)

***Source:*** *P&E (2024)*

**Performance of Lab Pulp Duplicates for Ag (4 Acid/ICP)**

![image_156a.jpg](image_156a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT181

**Performance of Lab Pulp Duplicates for Ag (Fire Assay)**

![image_157a.jpg](image_157a.jpg)

***Source:*** *P&E (2024)*

**Performance of Lab Pulp Duplicates for Pb**

![image_158a.jpg](image_158a.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT182

**Performance of Lab Pulp Duplicates for Zn**

![image_159a.jpg](image_159a.jpg)

*Source: P&E (2024)*

**Performance of Lab Pulp Duplicates for Mo**

![image_160a.jpg](image_160a.jpg)

*Source: P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT183

**Performance of Lab Pulp Duplicates for Cu**

![image_161a.jpg](image_161a.jpg)

***Source:*** *P&E (2024)*

## Exhibit 99.23

---

| | |
|:---|:---|
| | **Exhibit 99.23** |
| PRESS RELEASE<br>![picture1.jpg](picture1.jpg) | ![ayalogoi.jpg](ayalogoi.jpg) |

---

**Aya Gold & Silver Reports High-Grade Drill Results at Boumadine, Extends Tizi Zone to 2.2km and Identifies New Regional Targets**

**Montreal, Quebec, April 8, 2024 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce new high-grade drill exploration results from its 2024 - 2025 program at Boumadine in the Kingdom of Morocco. Today's results extend the Tizi mineralized trend by 200 meters, confirming high-grade continuity along the Boumadine Main Trend and revealing new mineralized structures within the Boumadine regional permits.

**Highlights**<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-Grade Intercepts on the Boumadine Main Trend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-440** intercepted 334 grams per tonne ("g/t") silver equivalent ("AgEq") over 16.8 meters ("m") (1.39 g/t gold ("Au"), 98 g/t silver ("Ag"), 3.2% zinc ("Zn"), 1.8% lead ("Pb") and 0.02% copper ("Cu") including 4.1m at 476 g/t AgEq and 293 g/t AgEq over 17.8m (0.55 g/t Au, 74 g/t Ag, 5.3% Zn, 1.5% Pb and 0.1% Cu) including 4.1m at 649 g/t AgEq

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-450** intercepted 349 g/t AgEq over 10.6m (3.76 g/t Au, 35 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu) including 6.6m at 512 g/t AgEq

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Silver Rich East-West Veins:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-392** intercepted 1,123 g/t Ag and 5.32% Pb over 1.7m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-MP24-015** intercepted 774 g/t Ag over 1.2m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extension of Tizi Strike Length to 2.2 Kilometers ("km"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-MP24-010** intercepted 371 g/t AgEq over 1.0m (4.01 g/t Au, 20 g/t Ag, 0.9% Zn, 0.6% Pb and 0.03% Cu) and 208 g/t AgEq over 2.0m (0.91 g/t Au, 44 g/t Ag, 2.5% Zn, 1.0% Pb and 0.1% Cu)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of Several Regional Targets from Mapping and Grab Sampling:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of **multiple new targets** including five regional targets over 20 km of potential strike, which will be tested in the coming months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cu values from grab sample up to 34.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ag values from grabs up to 210 g/t

*1. All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.*

------

**"We are excited about today's high-grade drill results, particularly BOU-DD24-440 and BOU-DD24-450, which confirm the continuity of the Boumadine Main Zone. The northern extension of the Tizi Zone further highlights the strong resource growth potential,"** said Benoit La Salle, President & CEO**. "Additionally, positive mapping and grab sampling results have identified several promising drill targets to the south as well as to the east, reinforcing Boumadine's exceptional district-scale potential. We have identified over 20km of potential strike and look forward to advancing these targets in the coming months."** 

**Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | | | | | | | | | | |
| **DDH No.** | **Section** | **Zone** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD24-387 | 5000N | Para | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 74 | 497 |
| **BOU-DD24-392** | **5000N** | **East-West** | **465.0** | **466.7** | **1.50** | **1123** | **1.7** | **0.1** | **5.3** | **6.9** | **287** | **1551** |
| BOU-DD24-399 | 6200N | Para | 195.0 | 196.0 | 19.24 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 10 | 1506 |
| BOU-DD24-399 | 6200N | Para | 420.0 | 420.8 | 13.90 | 4 | 0.8 | 0.0 | 0.0 | 0.0 | 18 | 1092 |
| BOU-DD24-413 | 4800N | Para | 190.4 | 191.4 | 16.72 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 1305 |
| BOU-DD24-413 | 4800N | Para | 326.6 | 327.4 | 0.03 | 44 | 0.8 | 0.0 | 11.1 | 5.1 | 8 | 444 |
| BOU-DD24-435 | 3478300N | Tizi | 325.3 | 326.7 | 1.48 | 58 | 1.4 | 0.2 | 2.0 | 1.6 | 2 | 274 |
| BOU-DD24-436 | 6400N | Main | 66.6 | 73.4 | 1.21 | 89 | 6.8 | 0.0 | 0.5 | 1.3 | 54 | 230 |
| BOU-DD24-436 | 6400N | Para | 80.0 | 80.6 | 0.27 | 162 | 0.6 | 0.0 | 5.3 | 9.2 | 86 | 544 |
| BOU-DD24-436 | 6400N | Para | 92.0 | 101.3 | 0.51 | 50 | 9.3 | 0.1 | 1.7 | 4.4 | 78 | 252 |
| Including | Including | Including | 98.4 | 100.3 | 1.16 | 70 | 1.9 | 0.1 | 1.9 | 4.8 | 23 | 330 |
| BOU-DD24-437 | 6400N | Main | 91.3 | 100.0 | 0.52 | 87 | 8.7 | 0.0 | 2.0 | 3.7 | 342 | 276 |
| **BOU-DD24-440** | **6400N** | **Para** | **135.3** | **152.1** | **1.39** | **98** | **16.8** | **0.0** | **1.8** | **3.2** | **246** | **334** |
| Including | Including | Including | 148.0 | 152.1 | 2.93 | 157 | 4.1 | 0.0 | 0.8 | 2.6 | 235 | 476 |
| **BOU-DD24-440** | **6400N** | **Main** | **163.6** | **181.4** | **0.55** | **74** | **17.8** | **0.1** | **1.5** | **5.3** | **177** | **293** |
| Including | Including | Including | 172.3 | 176.4 | 1.31 | 175 | 4.1 | 0.1 | 3.8 | 10.9 | 91 | 649 |
| BOU-DD24-443 | 6400N | Main | 223.0 | 226.0 | 1.57 | 98 | 3.0 | 0.0 | 0.3 | 1.3 | 295 | 269 |
| Including | Including | Including | 223.9 | 225.0 | 3.57 | 204 | 1.1 | 0.1 | 0.3 | 3.0 | 252 | 574 |
| BOU-DD24-447 | 7025N | Main | 51.0 | 54.0 | 2.64 | 13 | 3.0 | 0.0 | 0.1 | 0.4 | 7 | 232 |
| BOU-DD24-450 | 7025N | Para | 86.4 | 89.0 | 3.18 | 53 | 2.6 | 0.2 | 0.5 | 0.8 | 11 | 350 |
| **BOU-DD24-450** | **7025N** | **Main** | **94.8** | **105.4** | **3.76** | **35** | **10.6** | **0.2** | **0.1** | **0.1** | **5** | **349** |
| Including | Including | Including | 94.8 | 101.4 | 5.57 | 51 | 6.6 | 0.3 | 0.1 | 0.1 | 6 | 512 |
| BOU-DD24-450 | 7025N | Para | 163.3 | 172.4 | 1.43 | 48 | 9.1 | 0.1 | 0.7 | 1.4 | 2 | 218 |
| Including | Including | Including | 163.3 | 168.1 | 2.38 | 41 | 4.8 | 0.1 | 0.6 | 1.2 | 2 | 283 |
| BOU-DD24-452 | 7025N | Para | 103.8 | 105.2 | 2.40 | 44 | 1.4 | 0.2 | 0.4 | 0.3 | 6 | 269 |
| BOU-DD24-465 | 9050N | Main | 97.8 | 100.0 | 1.11 | 36 | 2.2 | 0.0 | 0.3 | 5.7 | 19 | 274 |
| **BOU-MP24-010** | **3478300N** | **Tizi** | **111.0** | **112.0** | **4.01** | **20** | **1.0** | **0.0** | **0.6** | **0.9** | **5** | **371** |
| BOU-MP24-010 | 3478300N | Tizi | 194.0 | 196.0 | 0.91 | 44 | 2.0 | 0.1 | 1.0 | 2.5 | 5 | 208 |
| **BOU-MP24-012** | **3478300N** | **Tizi** | **86.0** | **87.0** | **3.86** | **16** | **1.0** | **0.1** | **0.1** | **0.5** | **8** | **335** |
| BOU-MP24-014 | 3478300N | Tizi | 432.8 | 434.0 | 1.76 | 66 | 1.2 | 0.1 | 0.3 | 1.8 | 2 | 268 |
| **BOU-MP24-015** | **3478300N** | **East-West** | **475.0** | **476.6** | **0.05** | **774** | **1.6** | **0.1** | **0.1** | **0.1** | **4** | **788** |

---

*\*&nbsp;&nbsp;&nbsp;&nbsp;True width remains undetermined at this stage; all values are uncut.*

*\*\*&nbsp;&nbsp;&nbsp;&nbsp;Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*

------

**Figure 1 -** Boumadine Property Surface Plan with Apparent Conductivity at 175Hz and 2025 Drill Holes

![image_0.jpg](image_0.jpg)

**2025 Exploration Results** 

This year, 117 diamond drill holes ("DDH") totaling 46,207m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was conducted on strike along the Main Trend (North Zones), Tizi and North-East Zones as well as on some east-west structures. The majority of results have been received for drill holes up to BOU-DD24-466 (Table 1, Figure 2, Figure 3, and Appendix 1).

Results received during the first quarter of 2025, including hole BOU-DD24-440 and BOU-DD24-450 confirm the high-grade continuity of the Main Trend, which remains open in all directions. Today's results, with BOU-MP24-010 and BOU-MP24-012, also confirm the continuity of the Tizi Zone and extend Tizi mineralization to 2.2km. The Tizi Zone also remains open in all directions.

------

Hole BOU-DD24-92 returned high-grade silver results including 1,123 g/t Ag over 1.7m in an east-west structure.

The main mineralization generally measures 1m to 4m wide (locally reaching over a 10m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

Figures 4, 5 and 6 shows the advance of the regional mapping and prospecting. Many high-grade grab sample results, principally in Cu, Ag and Pb, along with major fault corridor helped define five principal target areas that will need to be drill tested in the coming months.

**Figure 2 –** Surface Plan of North & Tizi Zones with New DDH Results

![image_1a.jpg](image_1a.jpg)

------

**Figure 3 –** Surface Plan of South Zone with New DDH Results

![image_2a.jpg](image_2a.jpg)

**Figure 4 –** Surface Map of Boumadine Property with Simplified Geology and Ag Grab Samples

![image_3a.jpg](image_3a.jpg)

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**Figure 5 –** Surface Map of Boumadine Property with Simplified Geology and Cu Grab Samples

![image_4a.jpg](image_4a.jpg)

**Figure 6 –** Surface Map of Boumadine Property with Simplified Geology and Pb Grab Samples

![image_5a.jpg](image_5a.jpg)

------

**Next Steps**

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km and remains open in all directions. Currently, the Corporation has mobilized 11 drill rigs to complete the 100,000m to 140,000m drilling program. Half of the drilling will focus along the Main Trend and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment, which is targeted for 2026. The remaining 50% will focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. The results from ongoing geology work will determine additional development work.

**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com or contact:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

------

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "confirm", "targets", "confirming", "potential", "promising", "advancing", "expand", "belief", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine , and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at **www.sedarplus.ca**. Furthermore, Aya's corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

**Appendix 1 –** Full Drill Results from Boumadine (core lengths)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | | | | | | | | | | |
| **DDH No.** | **Section** | **Zone** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD24-367 | 5200N | Main | 604.0 | 604.6 | 0.47 | 64 | 0.6 | 0.0 | 0.1 | 1.2 | 417 | 142 |
| BOU-DD24-367 | 5200N | Para | 620.7 | 622.7 | 0.33 | 26 | 2.0 | 0.0 | 0.1 | 0.4 | 46 | 65 |
| BOU-DD24-367 | 5200N | Para | 624.5 | 625.0 | 0.28 | 24 | 0.5 | 0.0 | 0.1 | 0.2 | 14 | 52 |

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-377 | 5000N | NSR | 0.0 | 654.3 | 0.00 | 0 | 654.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-378 | 5000N | NSR | 0.0 | 568.1 | 0.00 | 0 | 568.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-379 | Explo | NSR | 0.0 | 525.0 | 0.00 | 0 | 525.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-380 | Explo | NSR | 0.0 | 597.0 | 0.00 | 0 | 597.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-381 | 5200N | Para | 585.7 | 586.3 | 1.14 | 16 | 0.6 | 0.0 | 0.0 | 0.0 | 34 | 107 |
| BOU-DD24-382 | 5200N | NSR | 0.0 | 566.6 | 0.00 | 0 | 566.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-383 | 5000N | Para | 457.0 | 458.0 | 0.61 | 44 | 1.0 | 0.0 | 0.0 | 0.0 | 4 | 93 |
| BOU-DD24-383 | 5000N | Para | 488.5 | 490.4 | 0.63 | 70 | 1.9 | 0.0 | 0.3 | 1.2 | 45 | 159 |
| BOU-DD24-384 | Explo | NSR | 0.0 | 219.8 | 0.00 | 0 | 219.8 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-385 | Explo | NSR | 0.0 | 799.6 | 0.00 | 0 | 799.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-386 | 5200N | NSR | 0.0 | 158.6 | 0.00 | 0 | 158.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-387 | 5000N | Para | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 74 | 497 |
| BOU-DD24-387 | 5000N | Para | 383.7 | 384.4 | 0.18 | 100 | 0.7 | 0.0 | 0.6 | 1.9 | 25 | 178 |
| BOU-DD24-387 | 5000N | Para | 398.4 | 399.2 | 0.49 | 24 | 0.8 | 0.0 | 0.0 | 0.0 | 5 | 64 |
| BOU-DD24-388 | 5200N | NSR | 0.0 | 626.1 | 0.00 | 0 | 626.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-389 | 5200N | Main | 313.4 | 314.0 | 0.96 | 8 | 0.6 | 0.0 | 0.0 | 0.0 | 1138 | 108 |
| BOU-DD24-390 | East-West | NSR | 0.0 | 222.1 | 0.00 | 0 | 222.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-391 | Explo | NSR | 0.0 | 627.0 | 0.00 | 0 | 627.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-392 | 5000N | Para | 465.0 | 466.7 | 1.50 | 1123 | 1.7 | 0.1 | 5.3 | 6.9 | 287 | 1551 |
| BOU-DD24-392 | 5000N | Para | 476.2 | 477.0 | 0.99 | 40 | 0.8 | 0.0 | 0.1 | 0.1 | 261 | 128 |
| BOU-DD24-393 | East-West | New | 310.0 | 310.8 | 0.94 | 4 | 0.8 | 0.0 | 0.0 | 0.1 | 6 | 80 |
| BOU-DD24-394 | 6200N | New | 284.0 | 286.0 | 0.93 | 1 | 2.0 | 0.0 | 0.0 | 0.0 | 14 | 75 |
| BOU-DD24-394 | 6200N | New | 339.0 | 340.0 | 3.75 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 9 | 298 |
| BOU-DD24-395 | 4800N | NSR | 0.0 | 410.1 | 0.00 | 0 | 410.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-396 | Explo | NSR | 0.0 | 886.4 | 0.00 | 0 | 886.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-397 | Explo | NSR | 0.0 | 200.0 | 0.00 | 0 | 200.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-398 | 4800N | NSR | 0.0 | 476.0 | 0.00 | 0 | 476.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-399 | 6200N | Para | 195.0 | 196.0 | 19.24 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 10 | 1506 |
| BOU-DD24-399 | 6200N | Para | 420.0 | 420.8 | 13.90 | 4 | 0.8 | 0.0 | 0.0 | 0.0 | 18 | 1092 |
| BOU-DD24-400 | Explo | NSR | 0.0 | 344.6 | 0.00 | 0 | 344.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-402 | 5000N | Para | 514.0 | 515.0 | 0.34 | 28 | 1.0 | 0.0 | 0.0 | 0.0 | 22 | 56 |
| BOU-DD24-402 | 5000N | Para | 629.6 | 635.7 | 0.44 | 44 | 6.1 | 0.0 | 0.1 | 0.0 | 1760 | 122 |
| BOU-DD24-402 | 5000N | Para | 660.6 | 661.6 | 0.65 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 31 | 62 |
| BOU-DD24-402 | 5000N | Para | 675.0 | 676.0 | 0.47 | 12 | 1.0 | 0.1 | 0.0 | 0.0 | 12 | 54 |
| BOU-DD24-402 | 5000N | Para | 684.8 | 687.5 | 0.62 | 16 | 2.7 | 0.1 | 0.0 | 0.0 | 268 | 76 |
| BOU-DD24-403 | 4800N | NSR | 0.0 | 485.3 | 0.00 | 0 | 485.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-404 | Explo | NSR | 0.0 | 420.0 | 0.00 | 0 | 420.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-405 | 4800N | Para | 392.6 | 393.2 | 0.31 | 16 | 0.6 | 2.8 | 0.0 | 0.0 | 10 | 280 |
| BOU-DD24-406 | 5000N | Para | 274.2 | 275.2 | 1.01 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 85 |
| BOU-DD24-406 | 5000N | Para | 750.0 | 750.7 | 0.83 | 28 | 0.7 | 0.0 | 0.1 | 0.1 | 3 | 97 |
| BOU-DD24-406 | 5000N | Para | 792.6 | 793.7 | 0.27 | 13 | 1.1 | 1.8 | 0.0 | 0.0 | 32 | 187 |
| BOU-DD24-406 | 5000N | Para | 806.7 | 808.6 | 0.96 | 12 | 1.9 | 0.1 | 0.1 | 0.0 | 55 | 95 |
| BOU-DD24-406 | 5000N | Para | 810.6 | 811.6 | 0.34 | 20 | 1.0 | 1.5 | 0.3 | 0.0 | 82 | 183 |
| BOU-DD24-407 | 4800N | Para | 501.6 | 502.4 | 0.32 | 28 | 0.8 | 0.0 | 0.4 | 1.1 | 1 | 91 |
| BOU-DD24-408 | Explo | NSR | 0.0 | 903.0 | 0.00 | 0 | 903.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-409 | Explo | NSR | 0.0 | 651.0 | 0.00 | 0 | 651.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-410 | 4800N | Para | 588.5 | 589.3 | 0.43 | 100 | 0.8 | 0.0 | 0.1 | 0.0 | 72 | 138 |
| BOU-DD24-410 | 4800N | Para | 595.3 | 596.3 | 0.14 | 33 | 1.0 | 0.0 | 0.6 | 1.6 | 141 | 103 |
| BOU-DD24-411 | 4800N | Para | 676.0 | 678.0 | 1.05 | 12 | 2.0 | 0.0 | 0.0 | 0.0 | 5 | 96 |
| BOU-DD24-412 | Explo | NSR | 0.0 | 617.5 | 0.00 | 0 | 617.5 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-413 | 4800N | Para | 190.4 | 191.4 | 16.72 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 1305 |
| BOU-DD24-413 | 4800N | Para | 326.6 | 327.4 | 0.03 | 44 | 0.8 | 0.0 | 11.1 | 5.1 | 8 | 444 |
| BOU-DD24-413 | 4800N | Para | 386.0 | 387.0 | 0.03 | 48 | 1.0 | 0.8 | 0.0 | 0.1 | 4 | 122 |
| BOU-DD24-413 | 4800N | Para | 526.7 | 527.5 | 0.61 | 12 | 0.8 | 0.0 | 0.1 | 0.0 | 50 | 65 |
| BOU-DD24-413 | 4800N | Para | 528.4 | 529.4 | 0.61 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 14 | 57 |
| BOU-DD24-413 | 4800N | Para | 531.3 | 532.3 | 0.61 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 53 |
| BOU-DD24-413 | 4800N | Para | 537.0 | 537.8 | 0.68 | 8 | 0.8 | 0.0 | 0.0 | 0.0 | 6 | 63 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-413 | 4800N | Para | 759.4 | 760.4 | 0.68 | 8 | 1.0 | 0.0 | 0.0 | 18 | 62 |
| BOU-DD24-414 | 4600N | NSR | 0.0 | 399.7 | 0.00 | 0 | 399.7 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-415 | Explo | NSR | 0.0 | 588.3 | 0.00 | 0 | 588.3 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-416 | East-West | NSR | 0.0 | 207.0 | 0.00 | 0 | 207.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-417 | East-West | NSR | 0.0 | 501.0 | 0.00 | 0 | 501.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-418 | East-West | NSR | 0.0 | 204.0 | 0.00 | 0 | 204.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-420 | 4600N | Para | 267.6 | 269.6 | 1.02 | 4 | 2.0 | 0.0 | 0.0 | 9 | 85 |
| BOU-DD24-421 | East-West | NSR | 0.0 | 308.3 | 0.00 | 0 | 308.3 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-422 | East-West | NSR | 0.0 | 300.0 | 0.00 | 0 | 300.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-423 | East-West | NSR | 0.0 | 495.0 | 0.00 | 0 | 495.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-424 | East-West | NSR | 0.0 | 528.0 | 0.00 | 0 | 528.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-425 | 6200N | NSR | 0.0 | 504.0 | 0.00 | 0 | 504.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-426 | 6200N | NSR | 0.0 | 300.0 | 0.00 | 0 | 300.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-427 | 6200N | NSR | 0.0 | 435.0 | 0.00 | 0 | 435.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-428 | East-West | NSR | 0.0 | 417.0 | 0.00 | 0 | 417.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-429 | East-West | NSR | 0.0 | 204.0 | 0.00 | 0 | 204.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-431 | Explo | NSR | 0.0 | 651.0 | 0.00 | 0 | 651.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-432 | East-West | NSR | 0.0 | 473.0 | 0.00 | 0 | 473.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-434 | East-West | New | 194.4 | 195.2 | 0.30 | 10 | 0.8 | 1.0 | 0.5 | 6 | 93 |
| BOU-DD24-435 | 3478300N | Tizi | 101.9 | 103.4 | 1.69 | 20 | 1.5 | 0.8 | 0.4 | 4 | 192 |
| BOU-DD24-435 | 3478300N | Tizi | 196.8 | 197.3 | 0.68 | 26 | 0.5 | 0.8 | 4.0 | 1 | 199 |
| BOU-DD24-435 | 3478300N | Tizi | 325.3 | 326.7 | 1.48 | 58 | 1.4 | 2.0 | 1.6 | 2 | 274 |
| BOU-DD24-436 | 6400N | Main | 66.6 | 73.4 | 1.21 | 89 | 6.8 | 0.5 | 1.3 | 54 | 230 |
| BOU-DD24-436 | 6400N | Para | 80.0 | 80.6 | 0.27 | 162 | 0.6 | 5.3 | 9.2 | 86 | 544 |
| BOU-DD24-436 | 6400N | Para | 92.0 | 101.3 | 0.51 | 50 | 9.3 | 1.7 | 4.4 | 78 | 252 |
| Including | Including | Including | 98.4 | 100.3 | 1.16 | 70 | 1.9 | 1.9 | 4.8 | 23 | 330 |
| BOU-DD24-437 | 6400N | Main | 91.3 | 100.0 | 0.52 | 87 | 8.7 | 2.0 | 3.7 | 342 | 276 |
| BOU-DD24-437 | 6400N | Para | 106.0 | 106.7 | 0.42 | 24 | 0.7 | 0.1 | 0.1 | 41 | 63 |
| BOU-DD24-437 | 6400N | Para | 116.3 | 117.3 | 0.29 | 33 | 1.0 | 0.2 | 0.2 | 37 | 78 |
| BOU-DD24-437 | 6400N | Para | 118.8 | 119.6 | 0.43 | 12 | 0.8 | 0.2 | 0.4 | 3 | 59 |
| BOU-DD24-439 | Explo | NSR | 0.0 | 477.0 | 0.00 | 0 | 477.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-440 | 6400N | Para | 135.3 | 152.1 | 1.39 | 98 | 16.8 | 1.8 | 3.2 | 246 | 334 |
| Including | Including | Including | 148.0 | 152.1 | 2.93 | 157 | 4.1 | 0.8 | 2.6 | 235 | 476 |
| BOU-DD24-440 | 6400N | Para | 156.0 | 157.0 | 0.33 | 37 | 1.0 | 0.2 | 0.1 | 297 | 79 |
| BOU-DD24-440 | 6400N | Para | 158.0 | 159.0 | 0.29 | 36 | 1.0 | 0.2 | 0.1 | 342 | 77 |
| BOU-DD24-440 | 6400N | Main | 163.6 | 181.4 | 0.55 | 74 | 17.8 | 1.5 | 5.3 | 177 | 293 |
| Including | Including | Including | 172.3 | 176.4 | 1.31 | 175 | 4.1 | 3.8 | 10.9 | 91 | 649 |
| BOU-DD24-440 | 6400N | Para | 184.6 | 187.6 | 0.31 | 43 | 3.0 | 0.8 | 2.6 | 197 | 157 |
| BOU-DD24-440 | 6400N | Para | 198.0 | 198.8 | 0.44 | 37 | 0.8 | 0.1 | 0.2 | 39 | 79 |
| BOU-DD24-440 | 6400N | Para | 230.5 | 231.0 | 0.26 | 56 | 0.5 | 0.1 | 0.1 | 69 | 83 |
| BOU-DD24-440 | 6400N | Para | 233.6 | 237.0 | 0.45 | 26 | 3.4 | 0.1 | 0.1 | 57 | 66 |
| BOU-DD24-440 | 6400N | Para | 237.6 | 238.2 | 0.22 | 27 | 0.6 | 0.2 | 0.2 | 48 | 53 |
| BOU-DD24-442 | 6400N | Main | 124.0 | 129.7 | 0.31 | 62 | 5.7 | 0.7 | 0.4 | 163 | 128 |
| BOU-DD24-442 | 6400N | Para | 141.7 | 142.6 | 0.05 | 69 | 0.9 | 0.1 | 0.1 | 15 | 80 |
| BOU-DD24-443 | 6400N | Para | 208.4 | 209.1 | 0.29 | 62 | 0.7 | 2.9 | 4.6 | 12 | 269 |
| BOU-DD24-443 | 6400N | Para | 214.0 | 215.0 | 0.50 | 49 | 1.0 | 0.9 | 2.5 | 788 | 189 |
| BOU-DD24-443 | 6400N | Main | 223.0 | 226.0 | 1.57 | 98 | 3.0 | 0.3 | 1.3 | 295 | 269 |
| Including | Including | Including | 223.9 | 225.0 | 3.57 | 204 | 1.1 | 0.3 | 3.0 | 252 | 574 |
| BOU-DD24-447 | 7025N | Main | 51.0 | 56.0 | 1.78 | 13 | 5.0 | 0.1 | 0.4 | 8 | 165 |
| Including | Including | Including | 51.0 | 54.0 | 2.64 | 13 | 3.0 | 0.1 | 0.4 | 7 | 232 |
| BOU-DD24-447 | 7025N | Para | 58.9 | 75.0 | 0.74 | 15 | 16.1 | 0.3 | 0.9 | 33 | 106 |
| BOU-DD24-448 | 7025N | Para | 106.9 | 107.9 | 0.74 | 14 | 1.0 | 0.1 | 1.2 | 9 | 114 |
| BOU-DD24-448 | 7025N | Para | 110.8 | 111.8 | 1.11 | 4 | 1.0 | 0.1 | 0.0 | 2 | 97 |
| BOU-DD24-448 | 7025N | Para | 113.7 | 114.2 | 0.83 | 4 | 0.5 | 0.1 | 0.1 | 6 | 78 |
| BOU-DD24-448 | 7025N | Para | 115.0 | 115.7 | 0.82 | 4 | 0.7 | 0.1 | 0.1 | 8 | 77 |
| BOU-DD24-448 | 7025N | Para | 118.8 | 119.3 | 2.92 | 32 | 0.5 | 0.5 | 0.3 | 8 | 289 |
| BOU-DD24-448 | 7025N | Main | 124.0 | 127.8 | 1.76 | 15 | 3.8 | 0.2 | 0.2 | 3 | 177 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-449 | Explo | NSR | 0.0 | 618.0 | 0.00 | 0 | 618.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-450 | 7025N | Para | 86.4 | 89.0 | 3.18 | 53 | 2.6 | 0.2 | 0.5 | 0.8 | 11 | 350 |
| BOU-DD24-450 | 7025N | Main | 94.8 | 105.4 | 3.76 | 35 | 10.6 | 0.2 | 0.1 | 0.1 | 5 | 349 |
| Including | Including | Including | 94.8 | 101.4 | 5.57 | 51 | 6.6 | 0.3 | 0.1 | 0.1 | 6 | 512 |
| BOU-DD24-450 | 7025N | Para | 141.0 | 144.0 | 0.66 | 14 | 3.0 | 0.0 | 0.2 | 0.6 | 8 | 86 |
| BOU-DD24-450 | 7025N | Para | 158.0 | 159.0 | 0.18 | 40 | 1.0 | 0.0 | 1.9 | 1.7 | 4 | 144 |
| BOU-DD24-450 | 7025N | Para | 163.3 | 172.4 | 1.43 | 48 | 9.1 | 0.1 | 0.7 | 1.4 | 2 | 218 |
| Including | Including | Including | 163.3 | 168.1 | 2.38 | 41 | 4.8 | 0.1 | 0.6 | 1.2 | 2 | 283 |
| BOU-DD24-451 | 7025N | Para | 38.0 | 39.0 | 0.72 | 2 | 1.0 | 0.0 | 0.0 | 0.0 | 1 | 60 |
| BOU-DD24-451 | 7025N | Para | 74.0 | 75.0 | 0.63 | 7 | 1.0 | 0.0 | 0.1 | 0.1 | 1 | 61 |
| BOU-DD24-451 | 7025N | Para | 111.1 | 112.0 | 1.14 | 8 | 0.9 | 0.0 | 0.1 | 0.1 | 3 | 101 |
| BOU-DD24-451 | 7025N | Para | 234.3 | 234.8 | 0.26 | 28 | 0.5 | 0.0 | 1.1 | 0.8 | 13 | 97 |
| BOU-DD24-451 | 7025N | Main | 240.0 | 242.0 | 0.11 | 46 | 2.0 | 0.0 | 3.3 | 0.1 | 11 | 136 |
| BOU-DD24-452 | 7025N | Para | 103.8 | 105.2 | 2.40 | 44 | 1.4 | 0.2 | 0.4 | 0.3 | 6 | 269 |
| BOU-DD24-452 | 7025N | Para | 109.4 | 110.1 | 0.75 | 4 | 0.7 | 0.0 | 0.0 | 0.0 | 7 | 64 |
| BOU-DD24-452 | 7025N | Para | 112.5 | 113.0 | 0.73 | 12 | 0.5 | 0.1 | 0.4 | 0.2 | 2 | 90 |
| BOU-DD24-452 | 7025N | Para | 114.1 | 115.6 | 0.99 | 8 | 1.5 | 0.0 | 0.2 | 0.0 | 3 | 93 |
| BOU-DD24-452 | 7025N | Para | 119.7 | 120.2 | 1.87 | 14 | 0.5 | 0.1 | 0.5 | 0.3 | 8 | 185 |
| BOU-DD24-452 | 7025N | Para | 124.4 | 126.8 | 0.37 | 29 | 2.4 | 0.1 | 0.7 | 0.1 | 12 | 86 |
| BOU-DD24-452 | 7025N | Para | 129.2 | 130.0 | 0.19 | 39 | 0.8 | 0.0 | 0.1 | 0.1 | 10 | 58 |
| BOU-DD24-452 | 7025N | Para | 130.8 | 131.3 | 3.02 | 63 | 0.5 | 0.0 | 0.2 | 0.1 | 11 | 307 |
| BOU-DD24-452 | 7025N | Para | 134.5 | 135.2 | 0.74 | 11 | 0.7 | 0.0 | 0.1 | 0.2 | 14 | 75 |
| BOU-DD24-452 | 7025N | Para | 137.9 | 138.6 | 2.02 | 14 | 0.7 | 0.0 | 0.1 | 0.1 | 25 | 178 |
| BOU-DD24-452 | 7025N | Main | 143.0 | 145.5 | 1.52 | 33 | 2.5 | 0.0 | 0.2 | 0.3 | 5 | 169 |
| BOU-DD24-452 | 7025N | Para | 147.7 | 148.2 | 0.75 | 14 | 0.5 | 0.0 | 0.6 | 0.6 | 6 | 104 |
| BOU-DD24-452 | 7025N | Para | 262.0 | 263.0 | 0.14 | 34 | 1.0 | 0.0 | 1.2 | 1.5 | 16 | 116 |
| BOU-DD24-453 | 7025N | Para | 128.8 | 129.5 | 2.69 | 23 | 0.7 | 0.2 | 0.2 | 0.1 | 6 | 258 |
| BOU-DD24-453 | 7025N | Para | 132.7 | 133.2 | 0.59 | 23 | 0.5 | 0.1 | 0.1 | 0.1 | 7 | 80 |
| BOU-DD24-453 | 7025N | Para | 213.0 | 214.0 | 0.03 | 68 | 1.0 | 0.0 | 0.1 | 0.0 | 10 | 75 |
| BOU-DD24-453 | 7025N | Para | 215.0 | 216.0 | 0.03 | 66 | 1.0 | 0.0 | 0.1 | 0.0 | 10 | 73 |
| BOU-DD24-455 | 9750N | NSR | 0.0 | 710.0 | 0.00 | 0 | 710.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-456 | Explo | NSR | 0.0 | 603.0 | 0.00 | 0 | 603.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-460 | Explo | NSR | 0.0 | 592.8 | 0.00 | 0 | 592.8 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-463 | Explo | New | 322.8 | 323.9 | 0.66 | 12 | 1.1 | 0.0 | 0.0 | 0.0 | 7 | 66 |
| BOU-DD24-463 | Explo | New | 396.0 | 397.0 | 0.45 | 11 | 1.0 | 0.0 | 0.0 | 0.0 | 22 | 48 |
| BOU-DD24-464 | 3477600N | Tizi | 88.3 | 88.9 | 0.16 | 32 | 0.6 | 0.0 | 0.1 | 0.3 | 10 | 55 |
| BOU-DD24-465 | 9050N | Para | 93.0 | 93.7 | 0.68 | 43 | 0.7 | 0.0 | 0.4 | 3.5 | 19 | 192 |
| BOU-DD24-465 | 9050N | Main | 97.8 | 100.0 | 1.11 | 36 | 2.2 | 0.0 | 0.3 | 5.7 | 19 | 274 |
| BOU-DD24-465 | 9050N | Para | 101.0 | 102.0 | 0.12 | 50 | 1.0 | 0.0 | 0.1 | 0.3 | 5 | 71 |
| BOU-DD24-465 | 9050N | Para | 108.3 | 109.3 | 0.62 | 20 | 1.0 | 0.0 | 0.2 | 0.8 | 9 | 94 |
| BOU-DD24-465 | 9050N | Para | 115.8 | 116.3 | 0.44 | 30 | 0.5 | 0.0 | 0.8 | 1.9 | 6 | 132 |
| BOU-DD24-465 | 9050N | Para | 115.8 | 117.0 | 0.25 | 17 | 1.2 | 0.0 | 0.4 | 0.8 | 5 | 67 |
| BOU-DD24-465 | 9050N | Para | 115.8 | 117.8 | 0.19 | 12 | 2.0 | 0.0 | 0.3 | 0.6 | 5 | 49 |
| BOU-DD24-465 | 9050N | Para | 175.0 | 175.9 | 0.25 | 87 | 0.9 | 0.0 | 1.2 | 1.0 | 7 | 163 |
| BOU-DD24-465 | 9050N | Para | 188.5 | 189.4 | 1.48 | 9 | 0.9 | 0.0 | 0.1 | 0.3 | 6 | 136 |
| BOU-DD24-465 | 9050N | Para | 274.3 | 275.2 | 0.39 | 28 | 0.9 | 0.0 | 0.1 | 0.2 | 24 | 66 |
| BOU-DD24-465 | 9050N | Imariren | 281.2 | 282.2 | 1.66 | 18 | 1.0 | 0.0 | 0.1 | 0.1 | 16 | 153 |
| BOU-DD24-465 | 9050N | Para | 286.0 | 286.6 | 1.28 | 18 | 0.6 | 0.0 | 0.1 | 0.5 | 11 | 136 |
| BOU-DD24-466 | 3477600N | Tizi | 193.2 | 194.1 | 0.24 | 38 | 0.9 | 0.0 | 0.5 | 2.9 | 4 | 141 |
| BOU-DD24-466 | 3477600N | Tizi | 268.2 | 270.2 | 0.86 | 14 | 2.0 | 0.0 | 1.1 | 1.1 | 4 | 136 |
| BOU-MP24-001 | 4600N | NSR | 0.0 | 476.3 | 0.00 | 0 | 476.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-002 | 4600N | Para | 0.0 | 280.4 | 0.00 | 0 | 280.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-003 | 4600N | Para | 506.0 | 507.0 | 0.42 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 38 |
| BOU-MP24-003 | 4600N | Para | 508.0 | 512.2 | 0.45 | 2 | 4.2 | 0.0 | 0.0 | 0.0 | 8 | 38 |
| BOU-MP24-004 | 4400N | NSR | 0.0 | 702.3 | 0.00 | 0 | 702.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-008 | 3478300N | Tizi | 41.0 | 42.0 | 0.12 | 20 | 1.0 | 0.0 | 1.3 | 1.8 | 5 | 107 |
| BOU-MP24-009 | 3478300N | Tizi | 7.0 | 8.0 | 0.50 | 20 | 1.0 | 0.0 | 0.2 | 0.0 | 5 | 66 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP24-009 | 3478300N | Tizi | 10.0 | 11.0 | 0.53 | 1 | 1.0 | 0.0 | 0.1 | 0.0 | 9 | 47 |
| BOU-MP24-009 | 3478300N | Tizi | 105.0 | 107.0 | 0.37 | 54 | 2.0 | 0.1 | 0.4 | 1.7 | 9 | 143 |
| BOU-MP24-010 | 3478300N | Tizi | 111.0 | 115.0 | 1.44 | 7 | 4.0 | 0.0 | 0.3 | 0.5 | 6 | 138 |
| Including | Including | Including | 111.0 | 112.0 | 4.01 | 20 | 1.0 | 0.0 | 0.6 | 0.9 | 5 | 371 |
| BOU-MP24-010 | 3478300N | Tizi | 194.0 | 196.0 | 0.91 | 44 | 2.0 | 0.1 | 1.0 | 2.5 | 5 | 208 |
| BOU-MP24-010 | 3478300N | Tizi | 246.1 | 247.8 | 1.78 | 2 | 1.7 | 0.0 | 0.0 | 0.0 | 6 | 143 |
| BOU-MP24-011 | 3478300N | Tizi | 88.0 | 90.0 | 0.61 | 54 | 2.0 | 0.1 | 0.0 | 0.1 | 9 | 109 |
| BOU-MP24-011 | 3478300N | Tizi | 173.0 | 174.0 | 0.03 | 48 | 1.0 | 0.0 | 0.1 | 0.3 | 6 | 60 |
| BOU-MP24-012 | 3478300N | Tizi | 27.0 | 28.0 | 0.03 | 60 | 1.0 | 0.0 | 0.0 | 0.1 | 4 | 65 |
| BOU-MP24-012 | 3478300N | Tizi | 86.0 | 87.0 | 3.86 | 16 | 1.0 | 0.1 | 0.1 | 0.5 | 8 | 335 |
| BOU-MP24-012 | 3478300N | Tizi | 132.0 | 133.0 | 0.03 | 83 | 1.0 | 0.1 | 0.2 | 0.3 | 3 | 102 |
| BOU-MP24-012 | 3478300N | Tizi | 138.0 | 144.1 | 0.43 | 23 | 6.1 | 0.1 | 0.0 | 0.0 | 5 | 62 |
| BOU-MP24-012 | 3478300N | Tizi | 234.5 | 235.4 | 0.03 | 44 | 0.9 | 0.1 | 0.1 | 0.1 | 3 | 56 |
| BOU-MP24-012 | 3478300N | Tizi | 305.0 | 306.0 | 2.41 | 6 | 1.0 | 0.0 | 0.2 | 0.2 | 3 | 205 |
| BOU-MP24-013 | 3478300N | NSR | 0.0 | 118.0 | 0.00 | 0 | 118.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-014 | 3478300N | Tizi | 87.0 | 89.0 | 0.19 | 58 | 2.0 | 0.0 | 1.2 | 2.2 | 6 | 158 |
| BOU-MP24-014 | 3478300N | Tizi | 180.0 | 181.0 | 0.26 | 37 | 1.0 | 0.6 | 0.9 | 3.2 | 8 | 206 |
| BOU-MP24-014 | 3478300N | Tizi | 240.5 | 241.0 | 0.39 | 14 | 0.5 | 0.0 | 0.4 | 2.6 | 1 | 122 |
| BOU-MP24-014 | 3478300N | Tizi | 404.0 | 404.8 | 0.61 | 133 | 0.8 | 0.2 | 1.6 | 1.0 | 23 | 257 |
| BOU-MP24-014 | 3478300N | Tizi | 427.0 | 427.8 | 0.18 | 34 | 0.8 | 0.1 | 0.7 | 3.1 | 1 | 149 |
| BOU-MP24-014 | 3478300N | Tizi | 432.8 | 434.0 | 1.76 | 66 | 1.2 | 0.1 | 0.3 | 1.8 | 2 | 268 |
| BOU-MP24-015 | 3478300N | Tizi | 137.0 | 138.0 | 0.45 | 44 | 1.0 | 0.0 | 0.8 | 1.4 | 16 | 136 |
| BOU-MP24-015 | 3478300N | Tizi | 421.0 | 423.5 | 0.50 | 13 | 2.5 | 0.0 | 0.3 | 0.6 | 4 | 77 |
| BOU-MP24-015 | 3478300N | Tizi | 464.0 | 465.6 | 0.03 | 97 | 1.6 | 0.1 | 0.1 | 0.2 | 3 | 109 |
| BOU-MP24-015 | 3478300N | Tizi | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 4 | 788 |
| BOU-MP24-016 | Explo | NSR | 0.0 | 618.0 | 0.00 | 0 | 618.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-017 | Explo | NSR | 0.0 | 609.0 | 0.00 | 0 | 609.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-018 | Explo | NSR | 0.0 | 643.0 | 0.00 | 0 | 643.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-020 | Explo | NSR | 0.0 | 620.7 | 0.00 | 0 | 620.7 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-021 | Explo | NSR | 0.0 | 29.0 | 0.00 | 0 | 29.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |

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*\* True width remains undetermined at this stage; all values are uncut.*

**\*\*&nbsp;&nbsp;&nbsp;&nbsp;***Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*.

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**Appendix 2 –** New Drillhole Coordinates of 2024 and 2025 Boumadine Exploration Program (completed holes)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD24-401 | 318418 | 3473587 | 1316 | 250 | -50 | 18 |
| BOU-DD24-402 | 318483 | 3473610 | 1303 | 250 | -50 | 703 |
| BOU-DD24-403 | 318389 | 3473364 | 1318 | 250 | -50 | 485 |
| BOU-DD24-404 | 317149 | 3471117 | 1327 | 180 | -50 | 420 |
| BOU-DD24-405 | 318453 | 3473385 | 1300 | 250 | -50 | 472 |
| BOU-DD24-406 | 318646 | 3473668 | 1310 | 250 | -50 | 890 |
| BOU-DD24-407 | 318524 | 3473411 | 1290 | 250 | -50 | 603 |
| BOU-DD24-408 | 317146 | 3471457 | 1331 | 180 | -50 | 903 |
| BOU-DD24-409 | 317145 | 3471278 | 1323 | 180 | -50 | 651 |
| BOU-DD24-410 | 318688 | 3473472 | 1301 | 250 | -50 | 602 |
| BOU-DD24-411 | 318613 | 3473443 | 1300 | 250 | -50 | 699 |
| BOU-DD24-412 | 318151 | 3471619 | 1290 | 180 | -50 | 618 |
| BOU-DD24-413 | 318754 | 3473495 | 1288 | 250 | -50 | 810 |
| BOU-DD24-414 | 318483 | 3473174 | 1335 | 250 | -50 | 400 |
| BOU-DD24-415 | 318146 | 3471534 | 1297 | 180 | -50 | 588 |
| BOU-DD24-416 | 316941 | 3472540 | 1315 | 300 | -50 | 207 |
| BOU-DD24-417 | 317072 | 3472463 | 1308 | 300 | -50 | 501 |
| BOU-DD24-418 | 316743 | 3472958 | 1345 | 270 | -50 | 204 |
| BOU-DD24-419 | 316912 | 3472956 | 1349 | 270 | -50 | 466 |
| BOU-DD24-420 | 318613 | 3473221 | 1308 | 250 | -50 | 605 |
| BOU-DD24-421 | 316837 | 3472953 | 1357 | 270 | -50 | 308 |
| BOU-DD24-422 | 315929 | 3473743 | 1290 | 70 | -50 | 300 |
| BOU-DD24-423 | 315861 | 3473716 | 1283 | 70 | -50 | 495 |
| BOU-DD24-424 | 315784 | 3473687 | 1282 | 70 | -50 | 528 |
| BOU-DD24-425 | 316213 | 3474057 | 1323 | 70 | -50 | 504 |
| BOU-DD24-426 | 316137 | 3474031 | 1315 | 70 | -50 | 300 |
| BOU-DD24-427 | 316077 | 3474002 | 1297 | 70 | -50 | 435 |
| BOU-DD24-428 | 316019 | 3474644 | 1296 | 320 | -50 | 417 |
| BOU-DD24-429 | 316082 | 3474408 | 1274 | 250 | -50 | 204 |
| BOU-DD24-430 | 317059 | 3474155 | 1264 | 70 | -60 | 1506 |
| BOU-DD24-431 | 313043 | 3476397 | 1196 | 90 | -50 | 651 |
| BOU-DD24-432 | 316240 | 3474463 | 1267 | 250 | -50 | 474 |
| BOU-DD24-433 | 316073 | 3474585 | 1302 | 320 | -50 | 535 |
| BOU-DD24-434 | 316156 | 3474435 | 1267 | 250 | -50 | 294 |
| BOU-DD24-435 | 315713 | 3478300 | 1243 | 270 | -50 | 357 |
| BOU-DD24-436 | 317255 | 3474629 | 1292 | 300 | -50 | 172 |
| BOU-DD24-437 | 317294 | 3474599 | 1295 | 300 | -50 | 252 |
| BOU-DD24-438 | 317341 | 3474579 | 1310 | 300 | -50 | 318 |
| BOU-DD24-439 | 312438 | 3476391 | 1180 | 90 | -50 | 477 |
| BOU-DD24-440 | 317332 | 3474616 | 1305 | 300 | -50 | 432 |
| BOU-DD24-441 | 313163 | 3475399 | 1205 | 90 | -50 | 702 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-442 | 317305 | 3474634 | 1312 | 300 | -50 | 324 |
| BOU-DD24-443 | 317372 | 3474595 | 1314 | 300 | -50 | 402 |
| BOU-DD24-444 | 312966 | 3475398 | 1201 | 90 | -50 | 593 |
| BOU-DD24-445 | 312756 | 3475398 | 1199 | 90 | -50 | 614 |
| BOU-DD24-446 | 312549 | 3475397 | 1197 | 90 | -50 | 633 |
| BOU-DD24-447 | 317018 | 3475302 | 1238 | 300 | -50 | 162 |
| BOU-DD24-448 | 317055 | 3475276 | 1233 | 300 | -50 | 246 |
| BOU-DD24-449 | 312351 | 3475396 | 1193 | 90 | -50 | 618 |
| BOU-DD24-450 | 317050 | 3475307 | 1235 | 300 | -50 | 219 |
| BOU-DD24-451 | 317085 | 3475258 | 1233 | 300 | -50 | 327 |
| BOU-DD24-452 | 317091 | 3475283 | 1233 | 300 | -50 | 339 |
| BOU-DD24-453 | 317128 | 3475263 | 1232 | 300 | -50 | 351 |
| BOU-DD24-454 | 318122 | 3475605 | 1298 | 70 | -50 | 498 |
| BOU-DD24-455 | 316381 | 3477899 | 1052 | 250 | -50 | 710 |
| BOU-DD24-456 | 317989 | 3475557 | 1261 | 70 | -50 | 603 |
| BOU-DD24-457 | 312155 | 3475396 | 1187 | 90 | -50 | 675 |
| BOU-DD24-458 | 311957 | 3475395 | 1183 | 90 | -50 | 603 |
| BOU-DD24-459 | 313000 | 3472073 | 1218 | 90 | -50 | 621 |
| BOU-DD24-460 | 312799 | 3472072 | 1210 | 90 | -50 | 593 |
| BOU-DD24-461 | 317858 | 3475509 | 1230 | 70 | -50 | 831 |
| BOU-DD24-462 | 312612 | 3472073 | 1210 | 90 | -50 | 597 |
| BOU-DD24-463 | 317847 | 3475141 | 1381 | 70 | -50 | 802 |
| BOU-DD24-464 | 315324 | 3477594 | 1291 | 270 | -50 | 294 |
| BOU-DD24-465 | 316781 | 3477301 | 1232 | 250 | -50 | 768 |
| BOU-DD24-466 | 315400 | 3477593 | 1283 | 270 | -50 | 308 |
| BOU-DD24-467 | 317810 | 3476186 | 1214 | 250 | -50 | 414 |
| BOU-DD24-468 | 315869 | 3478242 | 1270 | 250 | -50 | 207 |
| BOU-DD24-469 | 318052 | 3475213 | 1323 | 70 | -50 | 614 |
| BOU-DD24-470 | 315929 | 3478265 | 1252 | 250 | -50 | 342 |
| BOU-DD24-471 | 316013 | 3478294 | 1259 | 250 | -50 | 431 |
| BOU-DD24-472 | 315476 | 3477600 | 1268 | 270 | -50 | 366 |
| BOU-DD24-473 | 316088 | 3478324 | 1253 | 250 | -50 | 503 |
| BOU-DD24-474 | 315574 | 3477600 | 1279 | 270 | -50 | 477 |
| BOU-DD24-475 | 316164 | 3478351 | 1247 | 250 | -50 | 612 |
| BOU-DD24-476 | 317673 | 3476801 | 1200 | 250 | -50 | 873 |
| BOU-DD24-477 | 317886 | 3476214 | 1209 | 250 | -50 | 507 |
| BOU-DD24-478 | 315723 | 3477600 | 1268 | 270 | -50 | 534 |
| BOU-DD24-479 | 315865 | 3477600 | 1251 | 270 | -50 | 525 |
| BOU-DD24-480 | 316253 | 3478383 | 1258 | 250 | -50 | 780 |
| BOU-DD24-481 | 316331 | 3478414 | 1256 | 250 | -50 | 828 |
| BOU-DD24-482 | 316932 | 3477355 | 1211 | 250 | -50 | 570 |
| BOU-DD24-483 | 318239 | 3475278 | 1288 | 70 | -50 | 268 |
| BOU-DD24-484 | 318047 | 3476719 | 1234 | 90 | -50 | 603 |
| BOU-DD24-485 | 318206 | 3476719 | 1262 | 90 | -50 | 606 |
| BOU-DD24-486 | 315943 | 3477600 | 1241 | 270 | -50 | 570 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-487 | 317007 | 3477383 | 1207 | 250 | -50 | 597 |
| BOU-DD25-488 | 316038 | 3477600 | 1255 | 270 | -50 | 645 |
| BOU-DD25-489 | 316050 | 3476618 | 1247 | 140 | -50 | 174 |
| BOU-DD25-490 | 316017 | 3476657 | 1253 | 140 | -50 | 243 |
| BOU-DD25-491 | 316029 | 3476604 | 1246 | 140 | -50 | 159 |
| BOU-DD25-492 | 318519 | 3476719 | 1290 | 90 | -50 | 666 |
| BOU-DD25-493 | 317085 | 3477411 | 1204 | 250 | -50 | 678 |
| BOU-DD25-494 | 316013 | 3476624 | 1250 | 140 | -50 | 243 |
| BOU-DD25-495 | 315997 | 3476643 | 1255 | 140 | -50 | 327 |
| BOU-DD25-496 | 315833 | 3477807 | 1259 | 250 | -50 | 34 |
| BOU-DD25-497 | 315884 | 3477825 | 1271 | 250 | -50 | 322 |
| BOU-DD25-498 | 318392 | 3476719 | 1248 | 90 | -50 | 672 |
| BOU-DD25-499 | 318665 | 3476719 | 1294 | 90 | -50 | 705 |
| BOU-DD25-500 | 317164 | 3477440 | 1200 | 250 | -50 | 717 |
| BOU-DD25-501 | 315833 | 3477807 | 1259 | 250 | -50 | 279 |
| BOU-DD25-502 | 316664 | 3477470 | 1215 | 250 | -50 | 372 |
| BOU-DD25-503 | 315922 | 3477839 | 1269 | 250 | -50 | 345 |
| BOU-DD25-504 | 315852 | 3478026 | 1269 | 250 | -50 | 225 |
| BOU-DD25-505 | 315888 | 3478039 | 1266 | 250 | -50 | 249 |
| BOU-DD25-506 | 316000 | 3477867 | 1268 | 250 | -50 | 486 |
| BOU-DD25-507 | 316071 | 3477893 | 1259 | 250 | -50 | 585 |
| BOU-DD25-508 | 315929 | 3478054 | 1263 | 250 | -50 | 303 |
| BOU-DD25-509 | 316003 | 3478081 | 1255 | 250 | -50 | 438 |
| BOU-DD25-510 | 316822 | 3477528 | 1217 | 250 | -50 | 510 |
| BOU-DD25-511 | 316069 | 3478105 | 1239 | 242 | -50 | 557 |
| BOU-DD25-512 | 316143 | 3478132 | 1228 | 250 | -50 | 543 |
| BOU-DD25-513 | 316137 | 3477917 | 1245 | 250 | -50 | 639 |
| BOU-DD25-514 | 315885 | 3478142 | 1269 | 250 | -50 | 270 |
| BOU-DD25-515 | 315915 | 3478153 | 1255 | 250 | -50 | 271 |
| BOU-DD25-516 | 317249 | 3477469 | 1197 | 250 | -55 | 1032 |
| BOU-DD25-517 | 316743 | 3477712 | 1208 | 250 | -50 | 561 |
| BOU-DD25-518 | 316264 | 3477751 | 1227 | 250 | -50 | 282 |
| BOU-DD25-519 | 318625 | 3477117 | 1232 | 90 | -50 | 600 |
| BOU-DD25-520 | 316303 | 3477765 | 1226 | 250 | -50 | 246 |
| BOU-DD25-521 | 315980 | 3478177 | 1240 | 250 | -50 | 357 |
| BOU-DD25-522 | 316060 | 3478206 | 1240 | 246 | -50 | 411 |
| BOU-DD25-523 | 315349 | 3478212 | 1286 | 270 | -50 | 183 |
| BOU-DD25-524 | 316341 | 3477779 | 1224 | 250 | -50 | 306 |
| BOU-DD25-525 | 315390 | 3478212 | 1288 | 270 | -50 | 249 |
| BOU-DD25-526 | 315423 | 3478212 | 1280 | 270 | -50 | 303 |
| BOU-DD25-527 | 315461 | 3478212 | 1272 | 270 | -50 | 315 |
| BOU-DD25-528 | 318442 | 3477117 | 1247 | 90 | -50 | 33 |
| BOU-DD25-529 | 315681 | 3477500 | 1290 | 250 | -50 | 279 |
| BOU-DD25-530 | 318442 | 3477117 | 1247 | 90 | -50 | 624 |
| BOU-DD25-531 | 315756 | 3477499 | 1281 | 270 | -50 | 363 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-532 | 315533 | 3478212 | 1259 | 270 | -50 | 357 |
| BOU-DD25-533 | 315406 | 3478012 | 1268 | 270 | -50 | 252 |
| BOU-DD25-534 | 315273 | 3477410 | 1308 | 270 | -50 | 114 |
| BOU-DD25-535 | 315447 | 3478012 | 1263 | 270 | -50 | 318 |
| BOU-DD25-536 | 319128 | 3477118 | 1217 | 90 | -50 | 411 |
| BOU-DD25-537 | 315342 | 3477410 | 1297 | 270 | -50 | 270 |
| BOU-DD25-538 | 315489 | 3478012 | 1262 | 270 | -50 | 381 |
| BOU-DD25-539 | 315307 | 3477410 | 1306 | 270 | -50 | 174 |
| BOU-DD25-540 | 315595 | 3478011 | 1273 | 270 | -50 | 498 |
| BOU-DD25-541 | 315382 | 3477410 | 1292 | 270 | -50 | 294 |
| BOU-DD25-542 | 315425 | 3477410 | 1292 | 270 | -50 | 372 |
| BOU-DD25-543 | 315536 | 3478012 | 1266 | 270 | -50 | 459 |
| BOU-DD25-544 | 315350 | 3477210 | 1273 | 270 | -50 | 210 |
| BOU-DD25-545 | 315648 | 3478011 | 1282 | 270 | -50 | 516 |
| BOU-DD25-546 | 315383 | 3477210 | 1270 | 270 | -50 | 195 |
| BOU-DD25-547 | 315427 | 3477210 | 1271 | 270 | -50 | 264 |
| BOU-DD25-548 | 319060 | 3476719 | 1221 | 90 | -50 | 294 |
| BOU-DD25-549 | 315470 | 3477210 | 1273 | 270 | -50 | 342 |
| BOU-DD25-550 | 315397 | 3477010 | 1265 | 270 | -50 | 105 |
| BOU-DD25-551 | 315432 | 3477010 | 1264 | 270 | -50 | 162 |
| BOU-DD25-552 | 315489 | 3477010 | 1281 | 270 | -50 | 270 |
| BOU-DD25-553 | 315523 | 3477210 | 1288 | 270 | -50 | 414 |
| BOU-DD25-554 | 315538 | 3477010 | 1288 | 270 | -50 | 312 |
| BOU-DD25-555 | 315580 | 3477010 | 1283 | 270 | -50 | 423 |
| BOU-DD25-556 | 315437 | 3476809 | 1253 | 270 | -50 | 123 |
| BOU-DD25-557 | 315837 | 3477500 | 1277 | 270 | -50 | 495 |
| BOU-DD25-559 | 315510 | 3476809 | 1253 | 270 | -50 | 216 |
| BOU-DD25-560 | 315566 | 3476809 | 1266 | 270 | -50 | 309 |
| BOU-DD25-561 | 315908 | 3477500 | 1262 | 270 | -50 | 630 |
| BOU-DD25-562 | 315624 | 3476809 | 1282 | 270 | -50 | 429 |
| BOU-MP24-001 | 318381 | 3473137 | 1308 | 250 | -50 | 476 |
| BOU-MP24-002 | 318613 | 3473231 | 1309 | 250 | -50 | 280 |
| BOU-MP24-003 | 318683 | 3473251 | 1295 | 250 | -50 | 606 |
| BOU-MP24-004 | 318722 | 3473055 | 1276 | 250 | -50 | 702 |
| BOU-MP24-005 | 318934 | 3473135 | 1255 | 250 | -50 | 696 |
| BOU-MP24-006 | 319101 | 3473194 | 1258 | 250 | -50 | 402 |
| BOU-MP24-007 | 318415 | 3473585 | 1317 | 250 | -50 | 180 |
| BOU-MP24-008 | 315403 | 3478306 | 1284 | 270 | -50 | 300 |
| BOU-MP24-009 | 315472 | 3478311 | 1267 | 270 | -50 | 151 |
| BOU-MP24-010 | 315469 | 3478305 | 1268 | 270 | -50 | 423 |
| BOU-MP24-011 | 315556 | 3478306 | 1264 | 270 | -50 | 508 |
| BOU-MP24-012 | 315635 | 3478306 | 1266 | 270 | -50 | 385 |
| BOU-MP24-013 | 315712 | 3478311 | 1248 | 270 | -50 | 118 |
| BOU-MP24-014 | 315818 | 3478307 | 1269 | 270 | -50 | 461 |
| BOU-MP24-015 | 315898 | 3478304 | 1264 | 270 | -50 | 561 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP24-016 | 313645 | 3476400 | 1213 | 90 | -50 | 618 |
| BOU-MP24-017 | 313441 | 3476401 | 1208 | 90 | -50 | 609 |
| BOU-MP24-018 | 313238 | 3476399 | 1200 | 90 | -50 | 643 |
| BOU-MP24-019 | 312844 | 3476399 | 1195 | 90 | -50 | 630 |
| BOU-MP24-020 | 312644 | 3476398 | 1189 | 90 | -50 | 621 |
| BOU-MP24-021 | 312643 | 3476397 | 1190 | 90 | -50 | 29 |
| BOU-MP24-022 | 313159 | 3475399 | 1205 | 90 | -50 | 48 |
| BOU-MP24-023 | 317084 | 3477410 | 1203 | 250 | -50 | 221 |
| BOU-MP25-024 | 317164 | 3477440 | 1200 | 250 | -50 | 200 |
| BOU-MP25-025 | 316664 | 3477470 | 1215 | 250 | -50 | 200 |
| BOU-MP25-026 | 316744 | 3477500 | 1216 | 250 | -50 | 398 |
| BOU-MP25-027 | 316822 | 3477528 | 1217 | 250 | -50 | 200 |
| BOU-MP25-028 | 316896 | 3477555 | 1212 | 250 | -55 | 540 |
| BOU-MP25-029 | 316518 | 3477630 | 1214 | 250 | -55 | 114 |
| BOU-MP25-030 | 316594 | 3477658 | 1213 | 250 | -55 | 120 |
| BOU-MP25-031 | 316667 | 3477684 | 1208 | 250 | -55 | 405 |
| BOU-MP25-032 | 316743 | 3477712 | 1208 | 250 | -55 | 159 |
| BOU-MP25-033 | 316415 | 3477806 | 1221 | 250 | -55 | 36 |
| BOU-MP25-034 | 316415 | 3477806 | 1221 | 250 | -55 | 539 |
| BOU-MP25-035 | 316495 | 3477834 | 1214 | 250 | -55 | 18 |
| BOU-MP25-036 | 316495 | 3477834 | 1214 | 250 | -55 | 791 |
| BOU-MP25-037 | 316570 | 3477862 | 1213 | 250 | -55 | 887 |
| BOU-MP25-038 | 316653 | 3477893 | 1212 | 250 | -55 | 78 |
| BOU-MP25-039 | 316741 | 3477924 | 1212 | 250 | -55 | 659 |
| BOU-MP25-040 | 316823 | 3477741 | 1207 | 250 | -55 | 642 |
| BOU-MP25-041 | 316518 | 3477630 | 1214 | 250 | -55 | 822 |
| BOU-MP25-042 | 316594 | 3477658 | 1213 | 250 | -55 | 102 |
| BOU-MP25-043 | 317976 | 3477117 | 1194 | 90 | -55 | 645 |
| BOU-MP25-044 | 318142 | 3477117 | 1196 | 90 | -55 | 336 |
| BOU-MP25-045 | 318309 | 3477117 | 1201 | 90 | -55 | 103 |
| BOU-MP25-046 | 318374 | 3477514 | 1181 | 90 | -55 | 66 |
| BOU-MP25-047 | 318811 | 3477117 | 1203 | 90 | -55 | 130 |
| BOU-MP25-048 | 318979 | 3477118 | 1198 | 90 | -55 | 58 |
| BOU-MP25-049 | 320772 | 3477301 | 1349 | 270 | -55 | 200 |
| BOU-MP25-050 | 320923 | 3477300 | 1345 | 270 | -50 | 204 |
| BOU-MP25-051 | 321068 | 3477300 | 1348 | 270 | -55 | 252 |
| BOU-MP25-052 | 321199 | 3477300 | 1348 | 270 | -55 | 156 |
| BOU-MP25-053 | 321463 | 3477299 | 1358 | 270 | -60 | 252 |
| BOU-MP25-054 | 321603 | 3477299 | 1368 | 270 | -55 | 204 |
| BOU-MP25-055 | 321339 | 3477300 | 1351 | 270 | -55 | 66 |
| BOU-MP25-056 | 321639 | 3476599 | 1323 | 90 | -60 | 250 |
| BOU-MP25-057 | 321513 | 3476599 | 131861 | 90 | -60 | 250 |
| BOU-MP25-058 | 321382 | 3476599 | 1322 | 90 | -60 | 204 |
| BOU-MP25-059 | 321101 | 3476599 | 1346 | 90 | -60 | 108 |
| BOU-MP25-060 | 320554 | 3476599 | 1322 | 90 | -60 | 250 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-061 | 320411 | 3476599 | 1339 | 90 | -60 | 156 |
| BOU-MP25-062 | 321239 | 3476599 | 1333 | 90 | -60 | 250 |
| BOU-MP25-063 | 318554 | 3477514 | 1181 | 90 | -55 | 108 |
| BOU-MP25-064 | 318656 | 3477514 | 1183 | 90 | -55 | 126 |
| BOU-MP25-065 | 318461 | 3477514 | 1178 | 90 | -55 | 160 |
| BOU-MP25-066 | 318816 | 3477514 | 1186 | 90 | -55 | 156 |

---

## Exhibit 99.24

---

| | |
|:---|:---|
| | **Exhibit 99.24** |
| PRESS RELEASE<br>![picture1a.jpg](picture1a.jpg) | ![ayalogoj.jpg](ayalogoj.jpg) |

---

**Aya Gold & Silver Reports High-Grade Drill Results at Boumadine, Extends Tizi Zone to 2.2km and Identifies New Regional Targets** 

**Montreal, Quebec, April 8, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce new high-grade drill exploration results from its 2024 - 2025 program at Boumadine in the Kingdom of Morocco. Today's results extend the Tizi mineralized trend by 200 meters, confirming high-grade continuity along the Boumadine Main Trend and revealing new mineralized structures within the Boumadine regional permits.

---

| |
|:---|
| **Highlights**<sup>1</sup> |
| • High-Grade Intercepts on the Boumadine Main Trend: |
| • **BOU-DD24-440** intercepted 334 grams per tonne ("g/t") silver equivalent ("AgEq") over 16.8 meters ("m") (1.39 g/t gold ("Au"), 98 g/t silver ("Ag"), 3.2% zinc ("Zn"), 1.8% lead ("Pb") and 0.02% copper ("Cu") including 4.1m at 476 g/t AgEq and 293 g/t AgEq over 17.8m (0.55 g/t Au, 74 g/t Ag, 5.3% Zn, 1.5% Pb and 0.1% Cu) including 4.1m at 649 g/t AgEq |
| • **BOU-DD24-450** intercepted 349 g/t AgEq over 10.6m (3.76 g/t Au, 35 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu) including 6.6m at 512 g/t AgEq |
| • Silver Rich East-West Veins: |
| • **BOU-DD24-392** intercepted 1,123 g/t Ag and 5.32% Pb over 1.7m |
| • **BOU-MP24-015** intercepted 774 g/t Ag over 1.2m |
| • Extension of Tizi Strike Length to 2.2 Kilometers ("km"): |
| • **BOU-MP24-010** intercepted 371 g/t AgEq over 1.0m (4.01 g/t Au, 20 g/t Ag, 0.9% Zn, 0.6% Pb and 0.03% Cu) and 208 g/t AgEq over 2.0m (0.91 g/t Au, 44 g/t Ag, 2.5% Zn, 1.0% Pb and 0.1% Cu)  |
| • Identification of Several Regional Targets from Mapping and Grab Sampling:  |
| • Identification of **multiple new targets** including five regional targets over 20 km of potential strike, which will be tested in the coming months. |
| • Cu values from grab sample up to 34.5% |
| • Ag values from grabs up to 210 g/t |

---

*1. All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.*

------

**"We are excited about today's high-grade drill results, particularly BOU-DD24-440 and BOU-DD24-450, which confirm the continuity of the Boumadine Main Zone. The northern extension of the Tizi Zone further highlights the strong resource growth potential,"** said Benoit La Salle, President & CEO**. "Additionally, positive mapping and grab sampling results have identified several promising drill targets to the south as well as to the east, reinforcing Boumadine's exceptional district-scale potential. We have identified over 20km of potential strike and look forward to advancing these targets in the coming months."** 

**Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | | | | | | | | | | |
| **DDH No.** | **Section** | **Zone** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD24-387 | 5000N | Para | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 74 | 497 |
| **BOU-DD24-392** | **5000N** | **East-West** | **465.0** | **466.7** | **1.50** | **1123** | **1.7** | **0.1** | **5.3** | **6.9** | **287** | **1551** |
| BOU-DD24-399 | 6200N | Para | 195.0 | 196.0 | 19.24 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 10 | 1506 |
| BOU-DD24-399 | 6200N | Para | 420.0 | 420.8 | 13.90 | 4 | 0.8 | 0.0 | 0.0 | 0.0 | 18 | 1092 |
| BOU-DD24-413 | 4800N | Para | 190.4 | 191.4 | 16.72 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 1305 |
| BOU-DD24-413 | 4800N | Para | 326.6 | 327.4 | 0.03 | 44 | 0.8 | 0.0 | 11.1 | 5.1 | 8 | 444 |
| BOU-DD24-435 | 3478300N | Tizi | 325.3 | 326.7 | 1.48 | 58 | 1.4 | 0.2 | 2.0 | 1.6 | 2 | 274 |
| BOU-DD24-436 | 6400N | Main | 66.6 | 73.4 | 1.21 | 89 | 6.8 | 0.0 | 0.5 | 1.3 | 54 | 230 |
| BOU-DD24-436 | 6400N | Para | 80.0 | 80.6 | 0.27 | 162 | 0.6 | 0.0 | 5.3 | 9.2 | 86 | 544 |
| BOU-DD24-436 | 6400N | Para | 92.0 | 101.3 | 0.51 | 50 | 9.3 | 0.1 | 1.7 | 4.4 | 78 | 252 |
| Including | Including | Including | 98.4 | 100.3 | 1.16 | 70 | 1.9 | 0.1 | 1.9 | 4.8 | 23 | 330 |
| BOU-DD24-437 | 6400N | Main | 91.3 | 100.0 | 0.52 | 87 | 8.7 | 0.0 | 2.0 | 3.7 | 342 | 276 |
| **BOU-DD24-440** | **6400N** | **Para** | **135.3** | **152.1** | **1.39** | **98** | **16.8** | **0.0** | **1.8** | **3.2** | **246** | **334** |
| Including | Including | Including | 148.0 | 152.1 | 2.93 | 157 | 4.1 | 0.0 | 0.8 | 2.6 | 235 | 476 |
| **BOU-DD24-440** | **6400N** | **Main** | **163.6** | **181.4** | **0.55** | **74** | **17.8** | **0.1** | **1.5** | **5.3** | **177** | **293** |
| Including | Including | Including | 172.3 | 176.4 | 1.31 | 175 | 4.1 | 0.1 | 3.8 | 10.9 | 91 | 649 |
| BOU-DD24-443 | 6400N | Main | 223.0 | 226.0 | 1.57 | 98 | 3.0 | 0.0 | 0.3 | 1.3 | 295 | 269 |
| Including | Including | Including | 223.9 | 225.0 | 3.57 | 204 | 1.1 | 0.1 | 0.3 | 3.0 | 252 | 574 |
| BOU-DD24-447 | 7025N | Main | 51.0 | 54.0 | 2.64 | 13 | 3.0 | 0.0 | 0.1 | 0.4 | 7 | 232 |
| BOU-DD24-450 | 7025N | Para | 86.4 | 89.0 | 3.18 | 53 | 2.6 | 0.2 | 0.5 | 0.8 | 11 | 350 |
| **BOU-DD24-450** | **7025N** | **Main** | **94.8** | **105.4** | **3.76** | **35** | **10.6** | **0.2** | **0.1** | **0.1** | **5** | **349** |
| Including | Including | Including | 94.8 | 101.4 | 5.57 | 51 | 6.6 | 0.3 | 0.1 | 0.1 | 6 | 512 |
| BOU-DD24-450 | 7025N | Para | 163.3 | 172.4 | 1.43 | 48 | 9.1 | 0.1 | 0.7 | 1.4 | 2 | 218 |
| Including | Including | Including | 163.3 | 168.1 | 2.38 | 41 | 4.8 | 0.1 | 0.6 | 1.2 | 2 | 283 |
| BOU-DD24-452 | 7025N | Para | 103.8 | 105.2 | 2.40 | 44 | 1.4 | 0.2 | 0.4 | 0.3 | 6 | 269 |
| BOU-DD24-465 | 9050N | Main | 97.8 | 100.0 | 1.11 | 36 | 2.2 | 0.0 | 0.3 | 5.7 | 19 | 274 |
| **BOU-MP24-010** | **3478300N** | **Tizi** | **111.0** | **112.0** | **4.01** | **20** | **1.0** | **0.0** | **0.6** | **0.9** | **5** | **371** |
| BOU-MP24-010 | 3478300N | Tizi | 194.0 | 196.0 | 0.91 | 44 | 2.0 | 0.1 | 1.0 | 2.5 | 5 | 208 |
| **BOU-MP24-012** | **3478300N** | **Tizi** | **86.0** | **87.0** | **3.86** | **16** | **1.0** | **0.1** | **0.1** | **0.5** | **8** | **335** |
| BOU-MP24-014 | 3478300N | Tizi | 432.8 | 434.0 | 1.76 | 66 | 1.2 | 0.1 | 0.3 | 1.8 | 2 | 268 |
| **BOU-MP24-015** | **3478300N** | **East-West** | **475.0** | **476.6** | **0.05** | **774** | **1.6** | **0.1** | **0.1** | **0.1** | **4** | **788** |

---

*\*&nbsp;&nbsp;&nbsp;&nbsp;True width remains undetermined at this stage; all values are uncut.*

*\*\*&nbsp;&nbsp;&nbsp;&nbsp;Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*

------

**Figure 1 -** Boumadine Property Surface Plan with Apparent Conductivity at 175Hz and 2025 Drill Holes

![image_0a.jpg](image_0a.jpg)

**2025 Exploration Results** 

This year, 117 diamond drill holes ("DDH") totaling 46,207m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was conducted on strike along the Main Trend (North Zones), Tizi and North-East Zones as well as on some east-west structures. The majority of results have been received for drill holes up to BOU-DD24-466 (Table 1, Figure 2, Figure 3, and Appendix 1).

Results received during the first quarter of 2025, including hole BOU-DD24-440 and BOU-DD24-450 confirm the high-grade continuity of the Main Trend, which remains open in all directions. Today's results, with BOU-MP24-010 and BOU-MP24-012, also confirm the continuity of the Tizi Zone and extend Tizi mineralization to 2.2km. The Tizi Zone also remains open in all directions.

------

Hole BOU-DD24-92 returned high-grade silver results including 1,123 g/t Ag over 1.7m in an east-west structure.

The main mineralization generally measures 1m to 4m wide (locally reaching over a 10m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

Figures 4, 5 and 6 shows the advance of the regional mapping and prospecting. Many high-grade grab sample results, principally in Cu, Ag and Pb, along with major fault corridor helped define five principal target areas that will need to be drill tested in the coming months.

**Figure 2 –** Surface Plan of North & Tizi Zones with New DDH Results

![image_1b.jpg](image_1b.jpg)

------

**Figure 3 –** Surface Plan of South Zone with New DDH Results

![image_2b.jpg](image_2b.jpg)

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**Figure 4 –** Surface Map of Boumadine Property with Simplified Geology and Ag Grab Samples

![image_3b.jpg](image_3b.jpg)

------

**Figure 5 –** Surface Map of Boumadine Property with Simplified Geology and Cu Grab Samples

![image_4b.jpg](image_4b.jpg)

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**Figure 6 –** Surface Map of Boumadine Property with Simplified Geology and Pb Grab Samples

![image_5b.jpg](image_5b.jpg)

**Next Steps**

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km and remains open in all directions. Currently, the Corporation has mobilized 11 drill rigs to complete the 100,000m to 140,000m drilling program. Half of the drilling will focus along the Main Trend and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment, which is targeted for 2026. The remaining 50% will focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. The results from ongoing geology work will determine additional development work.

**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

------

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com or contact:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "confirm", "targets", "confirming", "potential", "promising", "advancing", "expand", "belief", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine , and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental

------

approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at **www.sedarplus.ca**. Furthermore, Aya's corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

**Appendix 1 –** Full Drill Results from Boumadine (core lengths)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | | | | | | | | | | |
| **DDH No.** | **Section** | **Zone** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD24-367 | 5200N | Main | 604.0 | 604.6 | 0.47 | 64 | 0.6 | 0.0 | 0.1 | 1.2 | 417 | 142 |
| BOU-DD24-367 | 5200N | Para | 620.7 | 622.7 | 0.33 | 26 | 2.0 | 0.0 | 0.1 | 0.4 | 46 | 65 |
| BOU-DD24-367 | 5200N | Para | 624.5 | 625.0 | 0.28 | 24 | 0.5 | 0.0 | 0.1 | 0.2 | 14 | 52 |
| BOU-DD24-377 | 5000N | NSR | 0.0 | 654.3 | 0.00 | 0 | 654.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-378 | 5000N | NSR | 0.0 | 568.1 | 0.00 | 0 | 568.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-379 | Explo | NSR | 0.0 | 525.0 | 0.00 | 0 | 525.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-380 | Explo | NSR | 0.0 | 597.0 | 0.00 | 0 | 597.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-381 | 5200N | Para | 585.7 | 586.3 | 1.14 | 16 | 0.6 | 0.0 | 0.0 | 0.0 | 34 | 107 |
| BOU-DD24-382 | 5200N | NSR | 0.0 | 566.6 | 0.00 | 0 | 566.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-383 | 5000N | Para | 457.0 | 458.0 | 0.61 | 44 | 1.0 | 0.0 | 0.0 | 0.0 | 4 | 93 |
| BOU-DD24-383 | 5000N | Para | 488.5 | 490.4 | 0.63 | 70 | 1.9 | 0.0 | 0.3 | 1.2 | 45 | 159 |
| BOU-DD24-384 | Explo | NSR | 0.0 | 219.8 | 0.00 | 0 | 219.8 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-385 | Explo | NSR | 0.0 | 799.6 | 0.00 | 0 | 799.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-386 | 5200N | NSR | 0.0 | 158.6 | 0.00 | 0 | 158.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-387 | 5000N | Para | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 74 | 497 |
| BOU-DD24-387 | 5000N | Para | 383.7 | 384.4 | 0.18 | 100 | 0.7 | 0.0 | 0.6 | 1.9 | 25 | 178 |
| BOU-DD24-387 | 5000N | Para | 398.4 | 399.2 | 0.49 | 24 | 0.8 | 0.0 | 0.0 | 0.0 | 5 | 64 |
| BOU-DD24-388 | 5200N | NSR | 0.0 | 626.1 | 0.00 | 0 | 626.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-389 | 5200N | Main | 313.4 | 314.0 | 0.96 | 8 | 0.6 | 0.0 | 0.0 | 0.0 | 1138 | 108 |
| BOU-DD24-390 | East-West | NSR | 0.0 | 222.1 | 0.00 | 0 | 222.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-391 | Explo | NSR | 0.0 | 627.0 | 0.00 | 0 | 627.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-392 | 5000N | Para | 465.0 | 466.7 | 1.50 | 1123 | 1.7 | 0.1 | 5.3 | 6.9 | 287 | 1551 |
| BOU-DD24-392 | 5000N | Para | 476.2 | 477.0 | 0.99 | 40 | 0.8 | 0.0 | 0.1 | 0.1 | 261 | 128 |
| BOU-DD24-393 | East-West | New | 310.0 | 310.8 | 0.94 | 4 | 0.8 | 0.0 | 0.0 | 0.1 | 6 | 80 |
| BOU-DD24-394 | 6200N | New | 284.0 | 286.0 | 0.93 | 1 | 2.0 | 0.0 | 0.0 | 0.0 | 14 | 75 |
| BOU-DD24-394 | 6200N | New | 339.0 | 340.0 | 3.75 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 9 | 298 |
| BOU-DD24-395 | 4800N | NSR | 0.0 | 410.1 | 0.00 | 0 | 410.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-396 | Explo | NSR | 0.0 | 886.4 | 0.00 | 0 | 886.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-397 | Explo | NSR | 0.0 | 200.0 | 0.00 | 0 | 200.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-398 | 4800N | NSR | 0.0 | 476.0 | 0.00 | 0 | 476.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-399 | 6200N | Para | 195.0 | 196.0 | 19.24 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 10 | 1506 |
| BOU-DD24-399 | 6200N | Para | 420.0 | 420.8 | 13.90 | 4 | 0.8 | 0.0 | 0.0 | 0.0 | 18 | 1092 |
| BOU-DD24-400 | Explo | NSR | 0.0 | 344.6 | 0.00 | 0 | 344.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-402 | 5000N | Para | 514.0 | 515.0 | 0.34 | 28 | 1.0 | 0.0 | 0.0 | 0.0 | 22 | 56 |
| BOU-DD24-402 | 5000N | Para | 629.6 | 635.7 | 0.44 | 44 | 6.1 | 0.0 | 0.1 | 0.0 | 1760 | 122 |
| BOU-DD24-402 | 5000N | Para | 660.6 | 661.6 | 0.65 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 31 | 62 |
| BOU-DD24-402 | 5000N | Para | 675.0 | 676.0 | 0.47 | 12 | 1.0 | 0.1 | 0.0 | 0.0 | 12 | 54 |
| BOU-DD24-402 | 5000N | Para | 684.8 | 687.5 | 0.62 | 16 | 2.7 | 0.1 | 0.0 | 0.0 | 268 | 76 |
| BOU-DD24-403 | 4800N | NSR | 0.0 | 485.3 | 0.00 | 0 | 485.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-404 | Explo | NSR | 0.0 | 420.0 | 0.00 | 0 | 420.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-405 | 4800N | Para | 392.6 | 393.2 | 0.31 | 16 | 0.6 | 2.8 | 0.0 | 0.0 | 10 | 280 |
| BOU-DD24-406 | 5000N | Para | 274.2 | 275.2 | 1.01 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 85 |
| BOU-DD24-406 | 5000N | Para | 750.0 | 750.7 | 0.83 | 28 | 0.7 | 0.0 | 0.1 | 0.1 | 3 | 97 |
| BOU-DD24-406 | 5000N | Para | 792.6 | 793.7 | 0.27 | 13 | 1.1 | 1.8 | 0.0 | 0.0 | 32 | 187 |
| BOU-DD24-406 | 5000N | Para | 806.7 | 808.6 | 0.96 | 12 | 1.9 | 0.1 | 0.1 | 0.0 | 55 | 95 |
| BOU-DD24-406 | 5000N | Para | 810.6 | 811.6 | 0.34 | 20 | 1.0 | 1.5 | 0.3 | 0.0 | 82 | 183 |
| BOU-DD24-407 | 4800N | Para | 501.6 | 502.4 | 0.32 | 28 | 0.8 | 0.0 | 0.4 | 1.1 | 1 | 91 |
| BOU-DD24-408 | Explo | NSR | 0.0 | 903.0 | 0.00 | 0 | 903.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-409 | Explo | NSR | 0.0 | 651.0 | 0.00 | 0 | 651.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-410 | 4800N | Para | 588.5 | 589.3 | 0.43 | 100 | 0.8 | 0.0 | 0.1 | 0.0 | 72 | 138 |
| BOU-DD24-410 | 4800N | Para | 595.3 | 596.3 | 0.14 | 33 | 1.0 | 0.0 | 0.6 | 1.6 | 141 | 103 |
| BOU-DD24-411 | 4800N | Para | 676.0 | 678.0 | 1.05 | 12 | 2.0 | 0.0 | 0.0 | 0.0 | 5 | 96 |
| BOU-DD24-412 | Explo | NSR | 0.0 | 617.5 | 0.00 | 0 | 617.5 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-413 | 4800N | Para | 190.4 | 191.4 | 16.72 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 1305 |
| BOU-DD24-413 | 4800N | Para | 326.6 | 327.4 | 0.03 | 44 | 0.8 | 0.0 | 11.1 | 5.1 | 8 | 444 |
| BOU-DD24-413 | 4800N | Para | 386.0 | 387.0 | 0.03 | 48 | 1.0 | 0.8 | 0.0 | 0.1 | 4 | 122 |
| BOU-DD24-413 | 4800N | Para | 526.7 | 527.5 | 0.61 | 12 | 0.8 | 0.0 | 0.1 | 0.0 | 50 | 65 |
| BOU-DD24-413 | 4800N | Para | 528.4 | 529.4 | 0.61 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 14 | 57 |
| BOU-DD24-413 | 4800N | Para | 531.3 | 532.3 | 0.61 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 53 |
| BOU-DD24-413 | 4800N | Para | 537.0 | 537.8 | 0.68 | 8 | 0.8 | 0.0 | 0.0 | 0.0 | 6 | 63 |
| BOU-DD24-413 | 4800N | Para | 759.4 | 760.4 | 0.68 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 18 | 62 |
| BOU-DD24-414 | 4600N | NSR | 0.0 | 399.7 | 0.00 | 0 | 399.7 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-415 | Explo | NSR | 0.0 | 588.3 | 0.00 | 0 | 588.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-416 | East-West | NSR | 0.0 | 207.0 | 0.00 | 0 | 207.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-417 | East-West | NSR | 0.0 | 501.0 | 0.00 | 0 | 501.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-418 | East-West | NSR | 0.0 | 204.0 | 0.00 | 0 | 204.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-420 | 4600N | Para | 267.6 | 269.6 | 1.02 | 4 | 2.0 | 0.0 | 0.0 | 0.0 | 9 | 85 |
| BOU-DD24-421 | East-West | NSR | 0.0 | 308.3 | 0.00 | 0 | 308.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-422 | East-West | NSR | 0.0 | 300.0 | 0.00 | 0 | 300.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-423 | East-West | NSR | 0.0 | 495.0 | 0.00 | 0 | 495.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-424 | East-West | NSR | 0.0 | 528.0 | 0.00 | 0 | 528.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-425 | 6200N | NSR | 0.0 | 504.0 | 0.00 | 0 | 504.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-426 | 6200N | NSR | 0.0 | 300.0 | 0.00 | 0 | 300.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-427 | 6200N | NSR | 0.0 | 435.0 | 0.00 | 0 | 435.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-428 | East-West | NSR | 0.0 | 417.0 | 0.00 | 0 | 417.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-429 | East-West | NSR | 0.0 | 204.0 | 0.00 | 0 | 204.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-431 | Explo | NSR | 0.0 | 651.0 | 0.00 | 0 | 651.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-432 | East-West | NSR | 0.0 | 473.0 | 0.00 | 0 | 473.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-434 | East-West | New | 194.4 | 195.2 | 0.30 | 10 | 0.8 | 0.3 | 1.0 | 0.5 | 6 | 93 |
| BOU-DD24-435 | 3478300N | Tizi | 101.9 | 103.4 | 1.69 | 20 | 1.5 | 0.1 | 0.8 | 0.4 | 4 | 192 |
| BOU-DD24-435 | 3478300N | Tizi | 196.8 | 197.3 | 0.68 | 26 | 0.5 | 0.0 | 0.8 | 4.0 | 1 | 199 |
| BOU-DD24-435 | 3478300N | Tizi | 325.3 | 326.7 | 1.48 | 58 | 1.4 | 0.2 | 2.0 | 1.6 | 2 | 274 |
| BOU-DD24-436 | 6400N | Main | 66.6 | 73.4 | 1.21 | 89 | 6.8 | 0.0 | 0.5 | 1.3 | 54 | 230 |
| BOU-DD24-436 | 6400N | Para | 80.0 | 80.6 | 0.27 | 162 | 0.6 | 0.0 | 5.3 | 9.2 | 86 | 544 |
| BOU-DD24-436 | 6400N | Para | 92.0 | 101.3 | 0.51 | 50 | 9.3 | 0.1 | 1.7 | 4.4 | 78 | 252 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Including | Including | Including | 98.4 | 100.3 | 1.16 | 70 | 1.9 | 0.1 | 1.9 | 4.8 | 23 | 330 |
| BOU-DD24-437 | 6400N | Main | 91.3 | 100.0 | 0.52 | 87 | 8.7 | 0.0 | 2.0 | 3.7 | 342 | 276 |
| BOU-DD24-437 | 6400N | Para | 106.0 | 106.7 | 0.42 | 24 | 0.7 | 0.0 | 0.1 | 0.1 | 41 | 63 |
| BOU-DD24-437 | 6400N | Para | 116.3 | 117.3 | 0.29 | 33 | 1.0 | 0.2 | 0.2 | 0.2 | 37 | 78 |
| BOU-DD24-437 | 6400N | Para | 118.8 | 119.6 | 0.43 | 12 | 0.8 | 0.0 | 0.2 | 0.4 | 3 | 59 |
| BOU-DD24-439 | Explo | NSR | 0.0 | 477.0 | 0.00 | 0 | 477.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-440 | 6400N | Para | 135.3 | 152.1 | 1.39 | 98 | 16.8 | 0.0 | 1.8 | 3.2 | 246 | 334 |
| Including | Including | Including | 148.0 | 152.1 | 2.93 | 157 | 4.1 | 0.0 | 0.8 | 2.6 | 235 | 476 |
| BOU-DD24-440 | 6400N | Para | 156.0 | 157.0 | 0.33 | 37 | 1.0 | 0.0 | 0.2 | 0.1 | 297 | 79 |
| BOU-DD24-440 | 6400N | Para | 158.0 | 159.0 | 0.29 | 36 | 1.0 | 0.0 | 0.2 | 0.1 | 342 | 77 |
| BOU-DD24-440 | 6400N | Main | 163.6 | 181.4 | 0.55 | 74 | 17.8 | 0.1 | 1.5 | 5.3 | 177 | 293 |
| Including | Including | Including | 172.3 | 176.4 | 1.31 | 175 | 4.1 | 0.1 | 3.8 | 10.9 | 91 | 649 |
| BOU-DD24-440 | 6400N | Para | 184.6 | 187.6 | 0.31 | 43 | 3.0 | 0.0 | 0.8 | 2.6 | 197 | 157 |
| BOU-DD24-440 | 6400N | Para | 198.0 | 198.8 | 0.44 | 37 | 0.8 | 0.0 | 0.1 | 0.2 | 39 | 79 |
| BOU-DD24-440 | 6400N | Para | 230.5 | 231.0 | 0.26 | 56 | 0.5 | 0.0 | 0.1 | 0.1 | 69 | 83 |
| BOU-DD24-440 | 6400N | Para | 233.6 | 237.0 | 0.45 | 26 | 3.4 | 0.0 | 0.1 | 0.1 | 57 | 66 |
| BOU-DD24-440 | 6400N | Para | 237.6 | 238.2 | 0.22 | 27 | 0.6 | 0.0 | 0.2 | 0.2 | 48 | 53 |
| BOU-DD24-442 | 6400N | Main | 124.0 | 129.7 | 0.31 | 62 | 5.7 | 0.1 | 0.7 | 0.4 | 163 | 128 |
| BOU-DD24-442 | 6400N | Para | 141.7 | 142.6 | 0.05 | 69 | 0.9 | 0.1 | 0.1 | 0.1 | 15 | 80 |
| BOU-DD24-443 | 6400N | Para | 208.4 | 209.1 | 0.29 | 62 | 0.7 | 0.0 | 2.9 | 4.6 | 12 | 269 |
| BOU-DD24-443 | 6400N | Para | 214.0 | 215.0 | 0.50 | 49 | 1.0 | 0.0 | 0.9 | 2.5 | 788 | 189 |
| BOU-DD24-443 | 6400N | Main | 223.0 | 226.0 | 1.57 | 98 | 3.0 | 0.0 | 0.3 | 1.3 | 295 | 269 |
| Including | Including | Including | 223.9 | 225.0 | 3.57 | 204 | 1.1 | 0.1 | 0.3 | 3.0 | 252 | 574 |
| BOU-DD24-447 | 7025N | Main | 51.0 | 56.0 | 1.78 | 13 | 5.0 | 0.0 | 0.1 | 0.4 | 8 | 165 |
| Including | Including | Including | 51.0 | 54.0 | 2.64 | 13 | 3.0 | 0.0 | 0.1 | 0.4 | 7 | 232 |
| BOU-DD24-447 | 7025N | Para | 58.9 | 75.0 | 0.74 | 15 | 16.1 | 0.0 | 0.3 | 0.9 | 33 | 106 |
| BOU-DD24-448 | 7025N | Para | 106.9 | 107.9 | 0.74 | 14 | 1.0 | 0.1 | 0.1 | 1.2 | 9 | 114 |
| BOU-DD24-448 | 7025N | Para | 110.8 | 111.8 | 1.11 | 4 | 1.0 | 0.0 | 0.1 | 0.0 | 2 | 97 |
| BOU-DD24-448 | 7025N | Para | 113.7 | 114.2 | 0.83 | 4 | 0.5 | 0.0 | 0.1 | 0.1 | 6 | 78 |
| BOU-DD24-448 | 7025N | Para | 115.0 | 115.7 | 0.82 | 4 | 0.7 | 0.0 | 0.1 | 0.1 | 8 | 77 |
| BOU-DD24-448 | 7025N | Para | 118.8 | 119.3 | 2.92 | 32 | 0.5 | 0.1 | 0.5 | 0.3 | 8 | 289 |
| BOU-DD24-448 | 7025N | Main | 124.0 | 127.8 | 1.76 | 15 | 3.8 | 0.2 | 0.2 | 0.2 | 3 | 177 |
| BOU-DD24-449 | Explo | NSR | 0.0 | 618.0 | 0.00 | 0 | 618.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-450 | 7025N | Para | 86.4 | 89.0 | 3.18 | 53 | 2.6 | 0.2 | 0.5 | 0.8 | 11 | 350 |
| BOU-DD24-450 | 7025N | Main | 94.8 | 105.4 | 3.76 | 35 | 10.6 | 0.2 | 0.1 | 0.1 | 5 | 349 |
| Including | Including | Including | 94.8 | 101.4 | 5.57 | 51 | 6.6 | 0.3 | 0.1 | 0.1 | 6 | 512 |
| BOU-DD24-450 | 7025N | Para | 141.0 | 144.0 | 0.66 | 14 | 3.0 | 0.0 | 0.2 | 0.6 | 8 | 86 |
| BOU-DD24-450 | 7025N | Para | 158.0 | 159.0 | 0.18 | 40 | 1.0 | 0.0 | 1.9 | 1.7 | 4 | 144 |
| BOU-DD24-450 | 7025N | Para | 163.3 | 172.4 | 1.43 | 48 | 9.1 | 0.1 | 0.7 | 1.4 | 2 | 218 |
| Including | Including | Including | 163.3 | 168.1 | 2.38 | 41 | 4.8 | 0.1 | 0.6 | 1.2 | 2 | 283 |
| BOU-DD24-451 | 7025N | Para | 38.0 | 39.0 | 0.72 | 2 | 1.0 | 0.0 | 0.0 | 0.0 | 1 | 60 |
| BOU-DD24-451 | 7025N | Para | 74.0 | 75.0 | 0.63 | 7 | 1.0 | 0.0 | 0.1 | 0.1 | 1 | 61 |
| BOU-DD24-451 | 7025N | Para | 111.1 | 112.0 | 1.14 | 8 | 0.9 | 0.0 | 0.1 | 0.1 | 3 | 101 |
| BOU-DD24-451 | 7025N | Para | 234.3 | 234.8 | 0.26 | 28 | 0.5 | 0.0 | 1.1 | 0.8 | 13 | 97 |
| BOU-DD24-451 | 7025N | Main | 240.0 | 242.0 | 0.11 | 46 | 2.0 | 0.0 | 3.3 | 0.1 | 11 | 136 |
| BOU-DD24-452 | 7025N | Para | 103.8 | 105.2 | 2.40 | 44 | 1.4 | 0.2 | 0.4 | 0.3 | 6 | 269 |
| BOU-DD24-452 | 7025N | Para | 109.4 | 110.1 | 0.75 | 4 | 0.7 | 0.0 | 0.0 | 0.0 | 7 | 64 |
| BOU-DD24-452 | 7025N | Para | 112.5 | 113.0 | 0.73 | 12 | 0.5 | 0.1 | 0.4 | 0.2 | 2 | 90 |
| BOU-DD24-452 | 7025N | Para | 114.1 | 115.6 | 0.99 | 8 | 1.5 | 0.0 | 0.2 | 0.0 | 3 | 93 |
| BOU-DD24-452 | 7025N | Para | 119.7 | 120.2 | 1.87 | 14 | 0.5 | 0.1 | 0.5 | 0.3 | 8 | 185 |
| BOU-DD24-452 | 7025N | Para | 124.4 | 126.8 | 0.37 | 29 | 2.4 | 0.1 | 0.7 | 0.1 | 12 | 86 |
| BOU-DD24-452 | 7025N | Para | 129.2 | 130.0 | 0.19 | 39 | 0.8 | 0.0 | 0.1 | 0.1 | 10 | 58 |
| BOU-DD24-452 | 7025N | Para | 130.8 | 131.3 | 3.02 | 63 | 0.5 | 0.0 | 0.2 | 0.1 | 11 | 307 |
| BOU-DD24-452 | 7025N | Para | 134.5 | 135.2 | 0.74 | 11 | 0.7 | 0.0 | 0.1 | 0.2 | 14 | 75 |
| BOU-DD24-452 | 7025N | Para | 137.9 | 138.6 | 2.02 | 14 | 0.7 | 0.0 | 0.1 | 0.1 | 25 | 178 |
| BOU-DD24-452 | 7025N | Main | 143.0 | 145.5 | 1.52 | 33 | 2.5 | 0.0 | 0.2 | 0.3 | 5 | 169 |
| BOU-DD24-452 | 7025N | Para | 147.7 | 148.2 | 0.75 | 14 | 0.5 | 0.0 | 0.6 | 0.6 | 6 | 104 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-452 | 7025N | Para | 262.0 | 263.0 | 0.14 | 34 | 1.0 | 0.0 | 1.2 | 1.5 | 16 | 116 |
| BOU-DD24-453 | 7025N | Para | 128.8 | 129.5 | 2.69 | 23 | 0.7 | 0.2 | 0.2 | 0.1 | 6 | 258 |
| BOU-DD24-453 | 7025N | Para | 132.7 | 133.2 | 0.59 | 23 | 0.5 | 0.1 | 0.1 | 0.1 | 7 | 80 |
| BOU-DD24-453 | 7025N | Para | 213.0 | 214.0 | 0.03 | 68 | 1.0 | 0.0 | 0.1 | 0.0 | 10 | 75 |
| BOU-DD24-453 | 7025N | Para | 215.0 | 216.0 | 0.03 | 66 | 1.0 | 0.0 | 0.1 | 0.0 | 10 | 73 |
| BOU-DD24-455 | 9750N | NSR | 0.0 | 710.0 | 0.00 | 0 | 710.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-456 | Explo | NSR | 0.0 | 603.0 | 0.00 | 0 | 603.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-460 | Explo | NSR | 0.0 | 592.8 | 0.00 | 0 | 592.8 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-463 | Explo | New | 322.8 | 323.9 | 0.66 | 12 | 1.1 | 0.0 | 0.0 | 0.0 | 7 | 66 |
| BOU-DD24-463 | Explo | New | 396.0 | 397.0 | 0.45 | 11 | 1.0 | 0.0 | 0.0 | 0.0 | 22 | 48 |
| BOU-DD24-464 | 3477600N | Tizi | 88.3 | 88.9 | 0.16 | 32 | 0.6 | 0.0 | 0.1 | 0.3 | 10 | 55 |
| BOU-DD24-465 | 9050N | Para | 93.0 | 93.7 | 0.68 | 43 | 0.7 | 0.0 | 0.4 | 3.5 | 19 | 192 |
| BOU-DD24-465 | 9050N | Main | 97.8 | 100.0 | 1.11 | 36 | 2.2 | 0.0 | 0.3 | 5.7 | 19 | 274 |
| BOU-DD24-465 | 9050N | Para | 101.0 | 102.0 | 0.12 | 50 | 1.0 | 0.0 | 0.1 | 0.3 | 5 | 71 |
| BOU-DD24-465 | 9050N | Para | 108.3 | 109.3 | 0.62 | 20 | 1.0 | 0.0 | 0.2 | 0.8 | 9 | 94 |
| BOU-DD24-465 | 9050N | Para | 115.8 | 116.3 | 0.44 | 30 | 0.5 | 0.0 | 0.8 | 1.9 | 6 | 132 |
| BOU-DD24-465 | 9050N | Para | 115.8 | 117.0 | 0.25 | 17 | 1.2 | 0.0 | 0.4 | 0.8 | 5 | 67 |
| BOU-DD24-465 | 9050N | Para | 115.8 | 117.8 | 0.19 | 12 | 2.0 | 0.0 | 0.3 | 0.6 | 5 | 49 |
| BOU-DD24-465 | 9050N | Para | 175.0 | 175.9 | 0.25 | 87 | 0.9 | 0.0 | 1.2 | 1.0 | 7 | 163 |
| BOU-DD24-465 | 9050N | Para | 188.5 | 189.4 | 1.48 | 9 | 0.9 | 0.0 | 0.1 | 0.3 | 6 | 136 |
| BOU-DD24-465 | 9050N | Para | 274.3 | 275.2 | 0.39 | 28 | 0.9 | 0.0 | 0.1 | 0.2 | 24 | 66 |
| BOU-DD24-465 | 9050N | Imariren | 281.2 | 282.2 | 1.66 | 18 | 1.0 | 0.0 | 0.1 | 0.1 | 16 | 153 |
| BOU-DD24-465 | 9050N | Para | 286.0 | 286.6 | 1.28 | 18 | 0.6 | 0.0 | 0.1 | 0.5 | 11 | 136 |
| BOU-DD24-466 | 3477600N | Tizi | 193.2 | 194.1 | 0.24 | 38 | 0.9 | 0.0 | 0.5 | 2.9 | 4 | 141 |
| BOU-DD24-466 | 3477600N | Tizi | 268.2 | 270.2 | 0.86 | 14 | 2.0 | 0.0 | 1.1 | 1.1 | 4 | 136 |
| BOU-MP24-001 | 4600N | NSR | 0.0 | 476.3 | 0.00 | 0 | 476.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-002 | 4600N | Para | 0.0 | 280.4 | 0.00 | 0 | 280.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-003 | 4600N | Para | 506.0 | 507.0 | 0.42 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 38 |
| BOU-MP24-003 | 4600N | Para | 508.0 | 512.2 | 0.45 | 2 | 4.2 | 0.0 | 0.0 | 0.0 | 8 | 38 |
| BOU-MP24-004 | 4400N | NSR | 0.0 | 702.3 | 0.00 | 0 | 702.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-008 | 3478300N | Tizi | 41.0 | 42.0 | 0.12 | 20 | 1.0 | 0.0 | 1.3 | 1.8 | 5 | 107 |
| BOU-MP24-009 | 3478300N | Tizi | 7.0 | 8.0 | 0.50 | 20 | 1.0 | 0.0 | 0.2 | 0.0 | 5 | 66 |
| BOU-MP24-009 | 3478300N | Tizi | 10.0 | 11.0 | 0.53 | 1 | 1.0 | 0.0 | 0.1 | 0.0 | 9 | 47 |
| BOU-MP24-009 | 3478300N | Tizi | 105.0 | 107.0 | 0.37 | 54 | 2.0 | 0.1 | 0.4 | 1.7 | 9 | 143 |
| BOU-MP24-010 | 3478300N | Tizi | 111.0 | 115.0 | 1.44 | 7 | 4.0 | 0.0 | 0.3 | 0.5 | 6 | 138 |
| Including | Including | Including | 111.0 | 112.0 | 4.01 | 20 | 1.0 | 0.0 | 0.6 | 0.9 | 5 | 371 |
| BOU-MP24-010 | 3478300N | Tizi | 194.0 | 196.0 | 0.91 | 44 | 2.0 | 0.1 | 1.0 | 2.5 | 5 | 208 |
| BOU-MP24-010 | 3478300N | Tizi | 246.1 | 247.8 | 1.78 | 2 | 1.7 | 0.0 | 0.0 | 0.0 | 6 | 143 |
| BOU-MP24-011 | 3478300N | Tizi | 88.0 | 90.0 | 0.61 | 54 | 2.0 | 0.1 | 0.0 | 0.1 | 9 | 109 |
| BOU-MP24-011 | 3478300N | Tizi | 173.0 | 174.0 | 0.03 | 48 | 1.0 | 0.0 | 0.1 | 0.3 | 6 | 60 |
| BOU-MP24-012 | 3478300N | Tizi | 27.0 | 28.0 | 0.03 | 60 | 1.0 | 0.0 | 0.0 | 0.1 | 4 | 65 |
| BOU-MP24-012 | 3478300N | Tizi | 86.0 | 87.0 | 3.86 | 16 | 1.0 | 0.1 | 0.1 | 0.5 | 8 | 335 |
| BOU-MP24-012 | 3478300N | Tizi | 132.0 | 133.0 | 0.03 | 83 | 1.0 | 0.1 | 0.2 | 0.3 | 3 | 102 |
| BOU-MP24-012 | 3478300N | Tizi | 138.0 | 144.1 | 0.43 | 23 | 6.1 | 0.1 | 0.0 | 0.0 | 5 | 62 |
| BOU-MP24-012 | 3478300N | Tizi | 234.5 | 235.4 | 0.03 | 44 | 0.9 | 0.1 | 0.1 | 0.1 | 3 | 56 |
| BOU-MP24-012 | 3478300N | Tizi | 305.0 | 306.0 | 2.41 | 6 | 1.0 | 0.0 | 0.2 | 0.2 | 3 | 205 |
| BOU-MP24-013 | 3478300N | NSR | 0.0 | 118.0 | 0.00 | 0 | 118.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-014 | 3478300N | Tizi | 87.0 | 89.0 | 0.19 | 58 | 2.0 | 0.0 | 1.2 | 2.2 | 6 | 158 |
| BOU-MP24-014 | 3478300N | Tizi | 180.0 | 181.0 | 0.26 | 37 | 1.0 | 0.6 | 0.9 | 3.2 | 8 | 206 |
| BOU-MP24-014 | 3478300N | Tizi | 240.5 | 241.0 | 0.39 | 14 | 0.5 | 0.0 | 0.4 | 2.6 | 1 | 122 |
| BOU-MP24-014 | 3478300N | Tizi | 404.0 | 404.8 | 0.61 | 133 | 0.8 | 0.2 | 1.6 | 1.0 | 23 | 257 |
| BOU-MP24-014 | 3478300N | Tizi | 427.0 | 427.8 | 0.18 | 34 | 0.8 | 0.1 | 0.7 | 3.1 | 1 | 149 |
| BOU-MP24-014 | 3478300N | Tizi | 432.8 | 434.0 | 1.76 | 66 | 1.2 | 0.1 | 0.3 | 1.8 | 2 | 268 |
| BOU-MP24-015 | 3478300N | Tizi | 137.0 | 138.0 | 0.45 | 44 | 1.0 | 0.0 | 0.8 | 1.4 | 16 | 136 |
| BOU-MP24-015 | 3478300N | Tizi | 421.0 | 423.5 | 0.50 | 13 | 2.5 | 0.0 | 0.3 | 0.6 | 4 | 77 |
| BOU-MP24-015 | 3478300N | Tizi | 464.0 | 465.6 | 0.03 | 97 | 1.6 | 0.1 | 0.1 | 0.2 | 3 | 109 |
| BOU-MP24-015 | 3478300N | Tizi | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 4 | 788 |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP24-016 | Explo | NSR | 0.0 | 618.0 | 0.00 | 0 | 618.0 | 0.0 | 0 |
| BOU-MP24-017 | Explo | NSR | 0.0 | 609.0 | 0.00 | 0 | 609.0 | 0.0 | 0 |
| BOU-MP24-018 | Explo | NSR | 0.0 | 643.0 | 0.00 | 0 | 643.0 | 0.0 | 0 |
| BOU-MP24-020 | Explo | NSR | 0.0 | 620.7 | 0.00 | 0 | 620.7 | 0.0 | 0 |
| BOU-MP24-021 | Explo | NSR | 0.0 | 29.0 | 0.00 | 0 | 29.0 | 0.0 | 0 |

---

*\* True width remains undetermined at this stage; all values are uncut.*

**\*\*&nbsp;&nbsp;&nbsp;&nbsp;***Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*.

------

**Appendix 2 –** New Drillhole Coordinates of 2024 and 2025 Boumadine Exploration Program (completed holes)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD24-401 | 318418 | 3473587 | 1316 | 250 | -50 | 18 |
| BOU-DD24-402 | 318483 | 3473610 | 1303 | 250 | -50 | 703 |
| BOU-DD24-403 | 318389 | 3473364 | 1318 | 250 | -50 | 485 |
| BOU-DD24-404 | 317149 | 3471117 | 1327 | 180 | -50 | 420 |
| BOU-DD24-405 | 318453 | 3473385 | 1300 | 250 | -50 | 472 |
| BOU-DD24-406 | 318646 | 3473668 | 1310 | 250 | -50 | 890 |
| BOU-DD24-407 | 318524 | 3473411 | 1290 | 250 | -50 | 603 |
| BOU-DD24-408 | 317146 | 3471457 | 1331 | 180 | -50 | 903 |
| BOU-DD24-409 | 317145 | 3471278 | 1323 | 180 | -50 | 651 |
| BOU-DD24-410 | 318688 | 3473472 | 1301 | 250 | -50 | 602 |
| BOU-DD24-411 | 318613 | 3473443 | 1300 | 250 | -50 | 699 |
| BOU-DD24-412 | 318151 | 3471619 | 1290 | 180 | -50 | 618 |
| BOU-DD24-413 | 318754 | 3473495 | 1288 | 250 | -50 | 810 |
| BOU-DD24-414 | 318483 | 3473174 | 1335 | 250 | -50 | 400 |
| BOU-DD24-415 | 318146 | 3471534 | 1297 | 180 | -50 | 588 |
| BOU-DD24-416 | 316941 | 3472540 | 1315 | 300 | -50 | 207 |
| BOU-DD24-417 | 317072 | 3472463 | 1308 | 300 | -50 | 501 |
| BOU-DD24-418 | 316743 | 3472958 | 1345 | 270 | -50 | 204 |
| BOU-DD24-419 | 316912 | 3472956 | 1349 | 270 | -50 | 466 |
| BOU-DD24-420 | 318613 | 3473221 | 1308 | 250 | -50 | 605 |
| BOU-DD24-421 | 316837 | 3472953 | 1357 | 270 | -50 | 308 |
| BOU-DD24-422 | 315929 | 3473743 | 1290 | 70 | -50 | 300 |
| BOU-DD24-423 | 315861 | 3473716 | 1283 | 70 | -50 | 495 |
| BOU-DD24-424 | 315784 | 3473687 | 1282 | 70 | -50 | 528 |
| BOU-DD24-425 | 316213 | 3474057 | 1323 | 70 | -50 | 504 |
| BOU-DD24-426 | 316137 | 3474031 | 1315 | 70 | -50 | 300 |
| BOU-DD24-427 | 316077 | 3474002 | 1297 | 70 | -50 | 435 |
| BOU-DD24-428 | 316019 | 3474644 | 1296 | 320 | -50 | 417 |
| BOU-DD24-429 | 316082 | 3474408 | 1274 | 250 | -50 | 204 |
| BOU-DD24-430 | 317059 | 3474155 | 1264 | 70 | -60 | 1506 |
| BOU-DD24-431 | 313043 | 3476397 | 1196 | 90 | -50 | 651 |
| BOU-DD24-432 | 316240 | 3474463 | 1267 | 250 | -50 | 474 |
| BOU-DD24-433 | 316073 | 3474585 | 1302 | 320 | -50 | 535 |
| BOU-DD24-434 | 316156 | 3474435 | 1267 | 250 | -50 | 294 |
| BOU-DD24-435 | 315713 | 3478300 | 1243 | 270 | -50 | 357 |
| BOU-DD24-436 | 317255 | 3474629 | 1292 | 300 | -50 | 172 |
| BOU-DD24-437 | 317294 | 3474599 | 1295 | 300 | -50 | 252 |
| BOU-DD24-438 | 317341 | 3474579 | 1310 | 300 | -50 | 318 |
| BOU-DD24-439 | 312438 | 3476391 | 1180 | 90 | -50 | 477 |
| BOU-DD24-440 | 317332 | 3474616 | 1305 | 300 | -50 | 432 |
| BOU-DD24-441 | 313163 | 3475399 | 1205 | 90 | -50 | 702 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-442 | 317305 | 3474634 | 1312 | 300 | -50 | 324 |
| BOU-DD24-443 | 317372 | 3474595 | 1314 | 300 | -50 | 402 |
| BOU-DD24-444 | 312966 | 3475398 | 1201 | 90 | -50 | 593 |
| BOU-DD24-445 | 312756 | 3475398 | 1199 | 90 | -50 | 614 |
| BOU-DD24-446 | 312549 | 3475397 | 1197 | 90 | -50 | 633 |
| BOU-DD24-447 | 317018 | 3475302 | 1238 | 300 | -50 | 162 |
| BOU-DD24-448 | 317055 | 3475276 | 1233 | 300 | -50 | 246 |
| BOU-DD24-449 | 312351 | 3475396 | 1193 | 90 | -50 | 618 |
| BOU-DD24-450 | 317050 | 3475307 | 1235 | 300 | -50 | 219 |
| BOU-DD24-451 | 317085 | 3475258 | 1233 | 300 | -50 | 327 |
| BOU-DD24-452 | 317091 | 3475283 | 1233 | 300 | -50 | 339 |
| BOU-DD24-453 | 317128 | 3475263 | 1232 | 300 | -50 | 351 |
| BOU-DD24-454 | 318122 | 3475605 | 1298 | 70 | -50 | 498 |
| BOU-DD24-455 | 316381 | 3477899 | 1052 | 250 | -50 | 710 |
| BOU-DD24-456 | 317989 | 3475557 | 1261 | 70 | -50 | 603 |
| BOU-DD24-457 | 312155 | 3475396 | 1187 | 90 | -50 | 675 |
| BOU-DD24-458 | 311957 | 3475395 | 1183 | 90 | -50 | 603 |
| BOU-DD24-459 | 313000 | 3472073 | 1218 | 90 | -50 | 621 |
| BOU-DD24-460 | 312799 | 3472072 | 1210 | 90 | -50 | 593 |
| BOU-DD24-461 | 317858 | 3475509 | 1230 | 70 | -50 | 831 |
| BOU-DD24-462 | 312612 | 3472073 | 1210 | 90 | -50 | 597 |
| BOU-DD24-463 | 317847 | 3475141 | 1381 | 70 | -50 | 802 |
| BOU-DD24-464 | 315324 | 3477594 | 1291 | 270 | -50 | 294 |
| BOU-DD24-465 | 316781 | 3477301 | 1232 | 250 | -50 | 768 |
| BOU-DD24-466 | 315400 | 3477593 | 1283 | 270 | -50 | 308 |
| BOU-DD24-467 | 317810 | 3476186 | 1214 | 250 | -50 | 414 |
| BOU-DD24-468 | 315869 | 3478242 | 1270 | 250 | -50 | 207 |
| BOU-DD24-469 | 318052 | 3475213 | 1323 | 70 | -50 | 614 |
| BOU-DD24-470 | 315929 | 3478265 | 1252 | 250 | -50 | 342 |
| BOU-DD24-471 | 316013 | 3478294 | 1259 | 250 | -50 | 431 |
| BOU-DD24-472 | 315476 | 3477600 | 1268 | 270 | -50 | 366 |
| BOU-DD24-473 | 316088 | 3478324 | 1253 | 250 | -50 | 503 |
| BOU-DD24-474 | 315574 | 3477600 | 1279 | 270 | -50 | 477 |
| BOU-DD24-475 | 316164 | 3478351 | 1247 | 250 | -50 | 612 |
| BOU-DD24-476 | 317673 | 3476801 | 1200 | 250 | -50 | 873 |
| BOU-DD24-477 | 317886 | 3476214 | 1209 | 250 | -50 | 507 |
| BOU-DD24-478 | 315723 | 3477600 | 1268 | 270 | -50 | 534 |
| BOU-DD24-479 | 315865 | 3477600 | 1251 | 270 | -50 | 525 |
| BOU-DD24-480 | 316253 | 3478383 | 1258 | 250 | -50 | 780 |
| BOU-DD24-481 | 316331 | 3478414 | 1256 | 250 | -50 | 828 |
| BOU-DD24-482 | 316932 | 3477355 | 1211 | 250 | -50 | 570 |
| BOU-DD24-483 | 318239 | 3475278 | 1288 | 70 | -50 | 268 |
| BOU-DD24-484 | 318047 | 3476719 | 1234 | 90 | -50 | 603 |
| BOU-DD24-485 | 318206 | 3476719 | 1262 | 90 | -50 | 606 |
| BOU-DD24-486 | 315943 | 3477600 | 1241 | 270 | -50 | 570 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-487 | 317007 | 3477383 | 1207 | 250 | -50 | 597 |
| BOU-DD25-488 | 316038 | 3477600 | 1255 | 270 | -50 | 645 |
| BOU-DD25-489 | 316050 | 3476618 | 1247 | 140 | -50 | 174 |
| BOU-DD25-490 | 316017 | 3476657 | 1253 | 140 | -50 | 243 |
| BOU-DD25-491 | 316029 | 3476604 | 1246 | 140 | -50 | 159 |
| BOU-DD25-492 | 318519 | 3476719 | 1290 | 90 | -50 | 666 |
| BOU-DD25-493 | 317085 | 3477411 | 1204 | 250 | -50 | 678 |
| BOU-DD25-494 | 316013 | 3476624 | 1250 | 140 | -50 | 243 |
| BOU-DD25-495 | 315997 | 3476643 | 1255 | 140 | -50 | 327 |
| BOU-DD25-496 | 315833 | 3477807 | 1259 | 250 | -50 | 34 |
| BOU-DD25-497 | 315884 | 3477825 | 1271 | 250 | -50 | 322 |
| BOU-DD25-498 | 318392 | 3476719 | 1248 | 90 | -50 | 672 |
| BOU-DD25-499 | 318665 | 3476719 | 1294 | 90 | -50 | 705 |
| BOU-DD25-500 | 317164 | 3477440 | 1200 | 250 | -50 | 717 |
| BOU-DD25-501 | 315833 | 3477807 | 1259 | 250 | -50 | 279 |
| BOU-DD25-502 | 316664 | 3477470 | 1215 | 250 | -50 | 372 |
| BOU-DD25-503 | 315922 | 3477839 | 1269 | 250 | -50 | 345 |
| BOU-DD25-504 | 315852 | 3478026 | 1269 | 250 | -50 | 225 |
| BOU-DD25-505 | 315888 | 3478039 | 1266 | 250 | -50 | 249 |
| BOU-DD25-506 | 316000 | 3477867 | 1268 | 250 | -50 | 486 |
| BOU-DD25-507 | 316071 | 3477893 | 1259 | 250 | -50 | 585 |
| BOU-DD25-508 | 315929 | 3478054 | 1263 | 250 | -50 | 303 |
| BOU-DD25-509 | 316003 | 3478081 | 1255 | 250 | -50 | 438 |
| BOU-DD25-510 | 316822 | 3477528 | 1217 | 250 | -50 | 510 |
| BOU-DD25-511 | 316069 | 3478105 | 1239 | 242 | -50 | 557 |
| BOU-DD25-512 | 316143 | 3478132 | 1228 | 250 | -50 | 543 |
| BOU-DD25-513 | 316137 | 3477917 | 1245 | 250 | -50 | 639 |
| BOU-DD25-514 | 315885 | 3478142 | 1269 | 250 | -50 | 270 |
| BOU-DD25-515 | 315915 | 3478153 | 1255 | 250 | -50 | 271 |
| BOU-DD25-516 | 317249 | 3477469 | 1197 | 250 | -55 | 1032 |
| BOU-DD25-517 | 316743 | 3477712 | 1208 | 250 | -50 | 561 |
| BOU-DD25-518 | 316264 | 3477751 | 1227 | 250 | -50 | 282 |
| BOU-DD25-519 | 318625 | 3477117 | 1232 | 90 | -50 | 600 |
| BOU-DD25-520 | 316303 | 3477765 | 1226 | 250 | -50 | 246 |
| BOU-DD25-521 | 315980 | 3478177 | 1240 | 250 | -50 | 357 |
| BOU-DD25-522 | 316060 | 3478206 | 1240 | 246 | -50 | 411 |
| BOU-DD25-523 | 315349 | 3478212 | 1286 | 270 | -50 | 183 |
| BOU-DD25-524 | 316341 | 3477779 | 1224 | 250 | -50 | 306 |
| BOU-DD25-525 | 315390 | 3478212 | 1288 | 270 | -50 | 249 |
| BOU-DD25-526 | 315423 | 3478212 | 1280 | 270 | -50 | 303 |
| BOU-DD25-527 | 315461 | 3478212 | 1272 | 270 | -50 | 315 |
| BOU-DD25-528 | 318442 | 3477117 | 1247 | 90 | -50 | 33 |
| BOU-DD25-529 | 315681 | 3477500 | 1290 | 250 | -50 | 279 |
| BOU-DD25-530 | 318442 | 3477117 | 1247 | 90 | -50 | 624 |
| BOU-DD25-531 | 315756 | 3477499 | 1281 | 270 | -50 | 363 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-532 | 315533 | 3478212 | 1259 | 270 | -50 | 357 |
| BOU-DD25-533 | 315406 | 3478012 | 1268 | 270 | -50 | 252 |
| BOU-DD25-534 | 315273 | 3477410 | 1308 | 270 | -50 | 114 |
| BOU-DD25-535 | 315447 | 3478012 | 1263 | 270 | -50 | 318 |
| BOU-DD25-536 | 319128 | 3477118 | 1217 | 90 | -50 | 411 |
| BOU-DD25-537 | 315342 | 3477410 | 1297 | 270 | -50 | 270 |
| BOU-DD25-538 | 315489 | 3478012 | 1262 | 270 | -50 | 381 |
| BOU-DD25-539 | 315307 | 3477410 | 1306 | 270 | -50 | 174 |
| BOU-DD25-540 | 315595 | 3478011 | 1273 | 270 | -50 | 498 |
| BOU-DD25-541 | 315382 | 3477410 | 1292 | 270 | -50 | 294 |
| BOU-DD25-542 | 315425 | 3477410 | 1292 | 270 | -50 | 372 |
| BOU-DD25-543 | 315536 | 3478012 | 1266 | 270 | -50 | 459 |
| BOU-DD25-544 | 315350 | 3477210 | 1273 | 270 | -50 | 210 |
| BOU-DD25-545 | 315648 | 3478011 | 1282 | 270 | -50 | 516 |
| BOU-DD25-546 | 315383 | 3477210 | 1270 | 270 | -50 | 195 |
| BOU-DD25-547 | 315427 | 3477210 | 1271 | 270 | -50 | 264 |
| BOU-DD25-548 | 319060 | 3476719 | 1221 | 90 | -50 | 294 |
| BOU-DD25-549 | 315470 | 3477210 | 1273 | 270 | -50 | 342 |
| BOU-DD25-550 | 315397 | 3477010 | 1265 | 270 | -50 | 105 |
| BOU-DD25-551 | 315432 | 3477010 | 1264 | 270 | -50 | 162 |
| BOU-DD25-552 | 315489 | 3477010 | 1281 | 270 | -50 | 270 |
| BOU-DD25-553 | 315523 | 3477210 | 1288 | 270 | -50 | 414 |
| BOU-DD25-554 | 315538 | 3477010 | 1288 | 270 | -50 | 312 |
| BOU-DD25-555 | 315580 | 3477010 | 1283 | 270 | -50 | 423 |
| BOU-DD25-556 | 315437 | 3476809 | 1253 | 270 | -50 | 123 |
| BOU-DD25-557 | 315837 | 3477500 | 1277 | 270 | -50 | 495 |
| BOU-DD25-559 | 315510 | 3476809 | 1253 | 270 | -50 | 216 |
| BOU-DD25-560 | 315566 | 3476809 | 1266 | 270 | -50 | 309 |
| BOU-DD25-561 | 315908 | 3477500 | 1262 | 270 | -50 | 630 |
| BOU-DD25-562 | 315624 | 3476809 | 1282 | 270 | -50 | 429 |
| BOU-MP24-001 | 318381 | 3473137 | 1308 | 250 | -50 | 476 |
| BOU-MP24-002 | 318613 | 3473231 | 1309 | 250 | -50 | 280 |
| BOU-MP24-003 | 318683 | 3473251 | 1295 | 250 | -50 | 606 |
| BOU-MP24-004 | 318722 | 3473055 | 1276 | 250 | -50 | 702 |
| BOU-MP24-005 | 318934 | 3473135 | 1255 | 250 | -50 | 696 |
| BOU-MP24-006 | 319101 | 3473194 | 1258 | 250 | -50 | 402 |
| BOU-MP24-007 | 318415 | 3473585 | 1317 | 250 | -50 | 180 |
| BOU-MP24-008 | 315403 | 3478306 | 1284 | 270 | -50 | 300 |
| BOU-MP24-009 | 315472 | 3478311 | 1267 | 270 | -50 | 151 |
| BOU-MP24-010 | 315469 | 3478305 | 1268 | 270 | -50 | 423 |
| BOU-MP24-011 | 315556 | 3478306 | 1264 | 270 | -50 | 508 |
| BOU-MP24-012 | 315635 | 3478306 | 1266 | 270 | -50 | 385 |
| BOU-MP24-013 | 315712 | 3478311 | 1248 | 270 | -50 | 118 |
| BOU-MP24-014 | 315818 | 3478307 | 1269 | 270 | -50 | 461 |
| BOU-MP24-015 | 315898 | 3478304 | 1264 | 270 | -50 | 561 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP24-016 | 313645 | 3476400 | 1213 | 90 | -50 | 618 |
| BOU-MP24-017 | 313441 | 3476401 | 1208 | 90 | -50 | 609 |
| BOU-MP24-018 | 313238 | 3476399 | 1200 | 90 | -50 | 643 |
| BOU-MP24-019 | 312844 | 3476399 | 1195 | 90 | -50 | 630 |
| BOU-MP24-020 | 312644 | 3476398 | 1189 | 90 | -50 | 621 |
| BOU-MP24-021 | 312643 | 3476397 | 1190 | 90 | -50 | 29 |
| BOU-MP24-022 | 313159 | 3475399 | 1205 | 90 | -50 | 48 |
| BOU-MP24-023 | 317084 | 3477410 | 1203 | 250 | -50 | 221 |
| BOU-MP25-024 | 317164 | 3477440 | 1200 | 250 | -50 | 200 |
| BOU-MP25-025 | 316664 | 3477470 | 1215 | 250 | -50 | 200 |
| BOU-MP25-026 | 316744 | 3477500 | 1216 | 250 | -50 | 398 |
| BOU-MP25-027 | 316822 | 3477528 | 1217 | 250 | -50 | 200 |
| BOU-MP25-028 | 316896 | 3477555 | 1212 | 250 | -55 | 540 |
| BOU-MP25-029 | 316518 | 3477630 | 1214 | 250 | -55 | 114 |
| BOU-MP25-030 | 316594 | 3477658 | 1213 | 250 | -55 | 120 |
| BOU-MP25-031 | 316667 | 3477684 | 1208 | 250 | -55 | 405 |
| BOU-MP25-032 | 316743 | 3477712 | 1208 | 250 | -55 | 159 |
| BOU-MP25-033 | 316415 | 3477806 | 1221 | 250 | -55 | 36 |
| BOU-MP25-034 | 316415 | 3477806 | 1221 | 250 | -55 | 539 |
| BOU-MP25-035 | 316495 | 3477834 | 1214 | 250 | -55 | 18 |
| BOU-MP25-036 | 316495 | 3477834 | 1214 | 250 | -55 | 791 |
| BOU-MP25-037 | 316570 | 3477862 | 1213 | 250 | -55 | 887 |
| BOU-MP25-038 | 316653 | 3477893 | 1212 | 250 | -55 | 78 |
| BOU-MP25-039 | 316741 | 3477924 | 1212 | 250 | -55 | 659 |
| BOU-MP25-040 | 316823 | 3477741 | 1207 | 250 | -55 | 642 |
| BOU-MP25-041 | 316518 | 3477630 | 1214 | 250 | -55 | 822 |
| BOU-MP25-042 | 316594 | 3477658 | 1213 | 250 | -55 | 102 |
| BOU-MP25-043 | 317976 | 3477117 | 1194 | 90 | -55 | 645 |
| BOU-MP25-044 | 318142 | 3477117 | 1196 | 90 | -55 | 336 |
| BOU-MP25-045 | 318309 | 3477117 | 1201 | 90 | -55 | 103 |
| BOU-MP25-046 | 318374 | 3477514 | 1181 | 90 | -55 | 66 |
| BOU-MP25-047 | 318811 | 3477117 | 1203 | 90 | -55 | 130 |
| BOU-MP25-048 | 318979 | 3477118 | 1198 | 90 | -55 | 58 |
| BOU-MP25-049 | 320772 | 3477301 | 1349 | 270 | -55 | 200 |
| BOU-MP25-050 | 320923 | 3477300 | 1345 | 270 | -50 | 204 |
| BOU-MP25-051 | 321068 | 3477300 | 1348 | 270 | -55 | 252 |
| BOU-MP25-052 | 321199 | 3477300 | 1348 | 270 | -55 | 156 |
| BOU-MP25-053 | 321463 | 3477299 | 1358 | 270 | -60 | 252 |
| BOU-MP25-054 | 321603 | 3477299 | 1368 | 270 | -55 | 204 |
| BOU-MP25-055 | 321339 | 3477300 | 1351 | 270 | -55 | 66 |
| BOU-MP25-056 | 321639 | 3476599 | 1323 | 90 | -60 | 250 |
| BOU-MP25-057 | 321513 | 3476599 | 131861 | 90 | -60 | 250 |
| BOU-MP25-058 | 321382 | 3476599 | 1322 | 90 | -60 | 204 |
| BOU-MP25-059 | 321101 | 3476599 | 1346 | 90 | -60 | 108 |
| BOU-MP25-060 | 320554 | 3476599 | 1322 | 90 | -60 | 250 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-061 | 320411 | 3476599 | 1339 | 90 | -60 | 156 |
| BOU-MP25-062 | 321239 | 3476599 | 1333 | 90 | -60 | 250 |
| BOU-MP25-063 | 318554 | 3477514 | 1181 | 90 | -55 | 108 |
| BOU-MP25-064 | 318656 | 3477514 | 1183 | 90 | -55 | 126 |
| BOU-MP25-065 | 318461 | 3477514 | 1178 | 90 | -55 | 160 |
| BOU-MP25-066 | 318816 | 3477514 | 1186 | 90 | -55 | 156 |

---

## Exhibit 99.25

---

| | |
|:---|:---|
| ![image_0b.jpg](image_0b.jpg) | **Exhibit 99.25** |

---

**TSX TRUST COMPANY**

**VIA ELECTRONIC TRANSMISSION**

April 9, 2025

**TO ALL APPLICABLE EXCHANGES AND COMMISSIONS:**

---

| | |
|:---|:---|
| **RE:** | **AYA GOLD & SILVER INC.**<br>**Confirmation of Notice of Record and Meeting Dates** |

---

We are pleased to confirm that Notice of Record and Meeting Dates was sent to The Canadian Depository for Securities.

We advise the following with respect to the upcoming Annual General Meeting of Security Holders for the subject issuer:

---

| | | |
|:---|:---|:---|
| 1 | ISIN: | CA05466C1095 |
|  | CUSIP: | 05466C109 |
| 2 | Date Fixed for the Meeting: | June 20, 2025 |
| 3 | Record Date for Notice: | May 5, 2025 |
| 4 | Record Date for Voting: | May 5, 2025 |
| 5 | Beneficial Ownership Determination Date: | May 5, 2025 |
| 6 | Classes or Series of Securities that entitle <br>the holder to receive Notice of the Meeting: | COMMON SHARES |
| 7 | Classes or Series of Securities that entitle<br>the holder to vote at the meeting: | COMMON SHARES |
| 8 | Business to be conducted at the meeting: | Annual General |
| 9 | Notice-and-Access: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Shareholders: | YES |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial Holders: | YES |
|  | Stratification Level: | Not Applicable |
| 10 | Reporting issuer is sending proxy-related materials<br>directly to Non-Objecting Beneficial Owners: | YES |
| 11 | Issuer paying for delivery to Objecting Beneficial Owners: | YES |

---

Yours truly,

**TSX Trust Company**

---

| | | | |
|:---|:---|:---|:---|
| **VANCOUVER**<br>733 Seymour Street, Suite #2310<br>Vancouver, BC V6B 0S6<br>**T** 604 689-3334 | **CALGARY**<br>Telus Sky Building<br>2110, 685 Centre Street SW<br>Calgary Alberta T2G 1S5<br>**T** 403 218-2800 | **TORONTO**<br>301 - 100 Adelaide Street West<br>Toronto ON M5H 4H1<br>**Toll Free** 1-866-600-5869<br>**T** 416 361-0930 | **MONTRÉAL**<br>1701 - 1190, avenue des <br>Canadiens-de-Montréal, C. P. 37 <br>Montréal (Québec) H3B 0G7<br>**T** 514 395-5964 |

---

## Exhibit 99.26

---

| | |
|:---|:---|
| | **Exhibit 99.26** |
| PRESS RELEASE | ![ayalogok.jpg](ayalogok.jpg) |

---

**Aya Gold & Silver Announces Record Q1-2025 Production Results**

**Montreal, Quebec, April 11, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce production of 1.07 million ("M") ounces ("oz") of silver ("Ag") for the first quarter of 2025 at its Zgounder Silver Mine, located in the Kingdom of Morocco.

**"I am pleased to announce that we delivered a strong Q1-2025, producing over one million ounces of silver at Zgounder — just three months after declaring commercial production on December 29**<sup>th</sup>**, 2024,"** said Benoit La Salle, President & CEO. **"It was a record quarter, driven by strong production and silver sales averaging more than $32.00/oz. With mining rates steadily increasing in line with our plan, we are well positioned for a strong ramp-up and a solid second half of 2025."**

**Q1-2025 Production Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Production Metrics** | **Q1-2025** | **Q1-2024** | **Variance** |
| Silver production (oz) | 1068652 | 366362 | 192% |
| Tonnes processed (kt) | 249743 | 81331 | 207% |
| Silver recovery (%) | 82 | 82 | 0% |
| Mill availability (%) | 91 | 96 | -5% |
| Mine production (t) | 194661 | 106880 | 82% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;Q1-2025 Summary | &nbsp;&nbsp;Q1-2025 Summary |
| &nbsp;&nbsp;&nbsp;● | Silver production of 1.07M oz in Q1-2025 compared with 366,362 oz for the same period last year, representing a 192% increase. |
| &nbsp;&nbsp;&nbsp;● | Tonnes processed of 249,743 tonnes ("t") in Q1-2025 compared with 81,331t for the same period last year, representing a 207% increase. |
| &nbsp;&nbsp;&nbsp;● | Silver recovery of 82% in Q1-2025.  |
| &nbsp;&nbsp;&nbsp;● | Combined mill availability of 91% in Q1-2025, in line with plans. |
| &nbsp;&nbsp;&nbsp;● | Mine production of 194,661t in Q1-2025 compared with 106,880t for the same period last year, representing an 82% increase. |

---

**"This strong early performance comes despite planned shutdowns and seasonal rainfall. It reflects increased mine and processing rates. The plant is currently operating at design capacity and above, with room for improvement,"** said Raphaël Beaudoin, VP Operations**. "This a testament to the strength of our team and the quality of our execution on the ground. Recovery and throughput are improving as we optimize and debottleneck various parts of the plant."**

**Q1-2025 Operational Update** 

The first quarter of 2025 was marked by several milestones. The Corporation reached 2,163 tonnes per day ("tpd") mining rate and produced 1.07M oz of silver during the quarter. Mill capacity steadily improved and reagent dosages have been adjusted as the mill blend converges to a 2:1 in favor of the open pit. Aya expects to see recovery improvements throughout the year as plant operations are optimized and as more fresh rock is introduced into the plant.

January was the last month where silver concentrate was produced at Zgounder. All produced silver is now silver doré, increasing revenue per ounce produced by approximately 15% compared to concentrate.

------

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "increase", "plan", "strong", "solid", "expected", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the capacity of the Corporation to achieve continued improved production results namely mining, milling, processing, recoveries and overall production, throughput to improve and achieving a solid second half of 2025. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be

------

incorrect. These assumptions include, among other things, the ability of the plant to operate per its designed and intended purpose, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.27

**Exhibit 99.27**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogol.jpg](ayalogol.jpg) |

---

**Aya Gold & Silver Announces Appointment of John Burzynski to the Board and Departure of Nikolaos Sofronis** 

**Montreal, Quebec, April 14, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the appointment of Mr. John Burzynski to its Board of Directors as an Independent Director, effective immediately. Concurrently, Mr. Nikolaos Sofronis has stepped down from the Board for health reasons.

**"We are delighted to welcome John Burzynski to Aya's Board,"** said Benoit La Salle, President and CEO of Aya Gold & Silver. **"John is a seasoned mine builder with deep technical expertise and a proven track record of creating value in the mining sector. He is one of the three Osisko Mining Corp. founders, the team that developed and operated the world-class Canadian Malartic Mine in the heart of the Abitibi Gold Belt, prior to its 2014 sale to Agnico Eagle and Yamana for $3.9 billion. More recently, John led and grew Osisko Mining Inc. into a premier gold developer with the world-class Windfall project — culminating in its acquisition by Gold Fields last year. All of these exceptional experiences brings valuable and meaningful insights as we advance our growth strategy."**

Mr. Burzynski holds over 35 years of mining industry experience and was a founding member of Osisko Mining Corporation, where he served as Vice President Exploration and then Vice President Corporate Development. He was instrumental in the development, construction and successful operation of the Canadian Malartic Mine, one of Canada's, and the world's, largest gold operations. Most recently, he led Osisko Mining Inc. as Chairman and Chief Executive Officer through the Windfall Gold Project's discovery and development, ultimately resulting in the C$2.2 billion sale of the company to Gold Fields in late 2024. The former Chairman of O3 Mining, which was acquired by Agnico Eagle in March of this year, Mr. Burzynski currently serves as Executive Chairman with Osisko Metals Inc.

Aya would like to extend its sincere gratitude and appreciation to Mr. Nikolaos Sofronis for his dedication and many contributions during his tenure as Director.

------

**"We thank Nikolaos for his counsel and unwavering support of Aya's vision over the years. He has played a key role in Aya's evolution, and, on behalf of the Board and the entire team, we wish him the best,"** added Mr. La Salle.

These Board changes further enhance the depth of mining experience on Aya's Board as the Company continues to execute on its strategy of becoming a leading silver producer.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future and business prospects. Wherever possible, words such as "expect", "deem", "uncertain", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to Aya's ability to become a leading silver producer in the region. Such statements reflect the Corporation's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information.

------

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Corporation as of the date of such statements, are inherently subject to significant business, geological, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to Aya's capacity to execute on its plan, its capacity to achieve each item of its guidance, and those material factors and assumptions set forth in Corporation's management's discussion and analysis ("MD&A") and the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2024 available with Canadian securities regulators. For a more detailed discussion of such risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

## Exhibit 99.28

---

| | |
|:---|:---|
| | **Exhibit 99.28** |
| PRESS RELEASE | ![ayalogom.jpg](ayalogom.jpg) |

---

**Aya Gold & Silver Announces Completion of Strategic Transaction with Mx2 Mining**

**Montreal, Quebec, April 16, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the successful closing of the previously announced strategic transaction with Mx2 Mining Inc. ("Mx2"), which includes the transfer of rights to the Amizmiz Gold Project ("Amizmiz" or the "Project") located in the Kingdom of Morocco (the "Transaction").

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Transaction Highlights | &nbsp;&nbsp;&nbsp;Transaction Highlights |
| &nbsp;&nbsp;&nbsp;&nbsp;● | **Mx2 acquires 100% interest in the Amizmiz Gold Project** |
|  | **Historical Inferred Mineral Resource\*** of 340,000 ounces at 12.98 g/t gold  |
| &nbsp;&nbsp;&nbsp;&nbsp;● | **Strong capital base supports growth** |
|  | Private placement completed with C$16 million raised |
|  | Aya invested C$1 million in the financing and in combination with the Transaction **now owns 42.3% of Mx2** |
|  | Mx2 directors and officers hold 10%; institutional investors hold 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;● | **Governance aligns with Aya's strategic interest** |
|  | **Benoit La Salle (Aya President & CEO) and Ugo Landry-Tolszczuk (Aya CFO) appointed to Mx2's Board of Directors** |
| &nbsp;&nbsp;&nbsp;&nbsp;● | **Operational momentum in Morocco** |
|  | Mx2 exploration and operations team fully established |
|  | Mx2 Marrakech office, situated near Aya's existing operations, opened |
|  | Mx2 active pipeline of new opportunities under evaluation across Morocco and Mauritania |

---

*\* Not National Instrument 43-101 compliant.*

**"This transaction creates value for all Aya shareholders by unlocking the potential of Amizmiz through a focused, well-capitalized partner – Mx2,"** stated Benoit La Salle, President and CEO. **"We view this as a terrific partnership that leverages Aya's platform in Morocco while maintaining meaningful exposure to upside through our equity interest and Board representation. Mx2's experienced team and aggressive exploration mandate will strongly complement Aya's growth strategy across the region."**

------

**"We're very pleased to have completed the transaction to formally launch Mx2 Mining,"** commented Adam Spencer, President and CEO of Mx2. **"Over the past several months, we've worked hard to build a strong presence in Morocco, assembling a high-caliber team, and laying the groundwork for long-term success. With deep experience in the gold sector, a history of success in Africa and the strong support of Aya, we believe Mx2 is uniquely positioned to pursue high-growth exploration opportunities across Morocco and North Africa."**

**Transaction Summary** 

Effective April 15, 2025, Mx2 has acquired and holds a 100% interest in the Amizmiz Gold Project and has entered into an investor rights agreement (the "IRA") with Aya, as well as Mx2 founders Mr. Richard Clark and Mr. Adam Spencer. In conjunction with the Transaction, Mx2 completed a brokered private placement for gross proceeds of C$16.0 million, priced at C$0.50 per unit (see **Mx2 news release dated November 20, 2024**). Subscription receipts converted on a 1:1 basis into 28,680,000 common shares upon closing, and escrowed proceeds have been released.

As consideration for the Transaction, Aya received 20,000,000 common shares, and now holds 42.3% of Mx2's outstanding 52,000,001 shares. Aya, Clark, and Spencer are subject to a two-year lock-up on their respective holdings, extending to November 14, 2026.

**Operational Presence in Morocco**

Mx2 has established its Moroccan headquarters in Marrakech, strategically located less than one hour from the Amizmiz property and adjacent to Aya's local office. The shared proximity is designed to foster collaboration, streamline logistics, and support rapid execution on the ground. This location enables close coordination with Mx2 on-the-ground partners, including Aya, and provides a central base to support exploration activities.

**Qualified Person**

David Lalonde, B.Sc. P. Geo, Vice President, Exploration is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

------

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com or contact:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "potential", "success", "believe", "design", , and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Amizmiz and the advancement of and success of Mx2. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates and notably the Historical Inferred Mineral Resource, gold price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not

------

limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at **www.sedarplus.ca**. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.29

---

| | |
|:---|:---|
| | **Exhibit 99.29** |
| PRESS RELEASE | ![ayalogon.jpg](ayalogon.jpg) |

---

**Aya Gold & Silver Provides Notice of First Quarter 2025 Results and Conference Call**

**Montreal, Quebec, May 2, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") plans to release its first quarter 2025 results on Tuesday, May 13, 2025 before market opens. Senior management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows:

**Webcast link**: **https://edge.media-server.com/mmc/p/48g2kxgq**

Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Click on the following call link and complete the online registration form.

**https://register-conf.media-server.com/register/BI84408f0b334445fd8c5977ae41b1dd02**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya's website.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

------

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

## Exhibit 99.30

---

| | |
|:---|:---|
| | **Exhibit 99.30** |
| PRESS RELEASE | ![ayalogoo.jpg](ayalogoo.jpg) |

---

**Aya Gold & Silver Reports April Production as Zgounder Ramp Up Gains Momentum**

**Montreal, Quebec, May 9, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to report continued operational progress at its Zgounder Silver Mine, driven by a strong mine ramp up, exceptional mill performance, a clear path to improve recovery, and solid April production.

**April Production Metrics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Production Metrics** | | **Q1-2024** | **Q1-2025** | **April 2025** |
| Silver production | oz | 366362 | 1068652 | 345550 |
| Tonnage processed | kt | 81331 | 249743 | 90763 |
| Silver recovery | % | 82 | 82 | 80 |
| Mill availability | % | 96 | 91 | 98 |
| Mine production | t | 106880 | 194661 | 82496 |

---

---

| | |
|:---|:---|
| Operational Highlights | Operational Highlights |
| ● | Mine ramp-up continues to exceed expectations, with 2,750 tonnes per day ("tpd") mined in April 2025. |
| ● | Mill throughput and availability in April are above expectations, averaging 3,025 tpd at 98% availability. |
| ● | Recovery rates have improved in May. |
| ● | Clear path to 89% recoveries identified with corrective actions underway, focused on stabilizing and optimizing oxygen production. |
| Key Actions Underway | Key Actions Underway |
| ● | Specialized contractor mobilized onsite to restore full capacity of the oxygen plant, with improvements expected over the coming weeks. |
| ● | Direct collaboration was initiated with the oxygen plant equipment supplier, to fast-track long-term performance enhancements. |
| ● | Once the oxygen plant reaches designed capacity, it is expected that recoveries will improve to reach feasibility study recovery rates. |
| ● | Conclusive tests conducted on plant tailings to confirm feasibility study leaching parameters. |

---

------

**"Our fundamentals are strong, the ramp up is on track, and the results are showing — mine production is up 64% since January,"** said Benoit La Salle, President and CEO. **"We've seen a recovery improvement in May, and April's performance confirms that we're maximizing throughput, strengthening free cash flow, and driving down costs. We are pleased to reaffirm our 2025 guidance."**

Outlook

As the ramp-up progresses, April's solid production marks an important step forward. Our focus is on attaining consistent performance and delivering sustained recovery improvements at Zgounder.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "momentum", "improve", "expectation", "budget", "expect", "track", "confirm", "maximize", "strengthen", "drive down", "guidance", "continue", "significant", "increase", "confirm", "growth", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the production, production capacity, availabilities, throughput, milling and mining rates and capacities, recoveries and recovery rates, timing

------

associated with improving any of the foregoing, as well as the Corporations' guidance. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the capacity to stabilise or improve production, production capacity, mining or milling rates, throughput, availabilities, and recoveries, the capacity to stabilize or improve any of the foregoing, the capacity to obtain results described in the feasibility study and the capacity for the Corporation to meet its guidance, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.31

**Exhibit 99.31**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogop.jpg](ayalogop.jpg) |

---

**Aya Gold & Silver Secures US$25 Million Credit Facility from EBRD to Support Growth in Morocco** 

**Montreal, Quebec, May 12, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce that it has received final internal approval by the Board of Directors of the European Bank for Reconstruction and Development ("EBRD"), for a proposed US$25 million secured credit facility (the "Facility"). The proceeds of the Facility are intended to support the development of the Corporation's Boumadine polymetallic project and enhance financial flexibility as part of Aya's growth strategy in Morocco.

This Facility from EBRD, the current lender on the Zgounder Silver Mine expansion project, represents a significant endorsement of Aya's operating and financial track record and further strengthens the Company's long-standing relationship with EBRD, who has been a strategic partner in Morocco.

**"As a responsible operator committed to sustainable growth, we are pleased to welcome this non-dilutive credit facility from EBRD,"** said Benoit La Salle, President and CEO of Aya Gold & Silver. **"It is a strong endorsement of our leadership position in Morocco and the trusted partnerships we've built. With robust free cash flow and a strengthening balance sheet, we are well equipped to accelerate our growth plan and deliver low-cost ounces at Boumadine and Zgounder."**

**"We are pleased to strengthen our 10-year partnership with Aya Gold & Silver, whose operational progress, growth plans, and focus on sustainability are well aligned with our priorities,"** said Natalia Lacorzana, Head of Natural Resources, EBRD. **"Since our last project finance facility in 2023, Aya has made steady progress at Zgounder and advanced the potential of Boumadine. This new facility reflects our confidence in the company's leadership and our continued support for responsible mining in Morocco."**

The Facility remains subject to: (i) negotiation and finalization of definitive agreements; and (ii) customary closing conditions, including security arrangements and regulatory compliance.

The proposed two-year term Facility is expected to be structured as a secured bullet payment loan with a 5.00% interest margin, semi-annual interest payments, and customary fees.

------

The Facility will be used to support Aya's balance sheet and continue the development of its high-grade Boumadine polymetallic project.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future and business prospects. Wherever possible, words such as "intend", "enhance", "growth", "strengthen", "ensure", "plan", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to Aya's strength of the balance sheet, its growth plans, the continued execution on its strategic plans, its ability to become a leading silver producer in the region. Such statements reflect the Corporation's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Corporation as of the date of such statements, are inherently subject to significant business, geological, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the

------

forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to Aya's capacity to execute on its plan, its capacity to achieve each item of its guidance, and those material factors and assumptions set forth in Corporation's management's discussion and analysis ("MD&A") and the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2024 available with Canadian securities regulators. For a more detailed discussion of such risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

## Exhibit 99.32

![cover_mdaxq1-2025a.jpg](cover_mdaxq1-2025a.jpg)

**Exhibit 99.32**

![cover_mdaxq1-2025xp2xa.jpg](cover_mdaxq1-2025xp2xa.jpg)

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20252

**Management's Discussion and Analysis of Financial** 

**Condition and Results of Operations**

This Management's Discussion and Analysis ("MD&A") of the operations, results, and financial position of Aya Gold & Silver

Inc. ("Aya") and its subsidiaries (together the "Corporation"), dated May 12, 2025, covers the three months ("Q1-2025" or the

"Quarter"). This MD&A is prepared by management and should be read in conjunction with the Corporation's Unaudited

Condensed Interim Consolidated Financial Statements ("FS") and related notes for the three-month period ended March 31,

2025 and 2024. The Corporation uses certain non-GAAP financial measures in this MD&A as described under "Non-GAAP

Measures."

The Corporation's March 31, 2025 FS and the related financial information contained in this MD&A have been prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS")

as issued by the International Accounting Standards Board ("IASB"), unless otherwise stated. All amounts are stated in

thousands of United States dollars ("US"), except for per share amounts, or unless otherwise indicated. References to "C$" are

to the Canadian dollar while "MAD" refers to the Moroccan Dirham.

This MD&A contains forward-looking information that is subject to risk factors set out in a cautionary note in this MD&A under

"Cautionary Statement Regarding Forward-Looking Information". All information contained in the FS and this MD&A has been

reviewed by the Audit Committee and approved by the Corporation's Board of Directors. This MD&A is current as of May 12,

2025, unless otherwise stated.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20253

**Contents**

---

| | |
|:---|:---|
| **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ia69be883b57d477e81508fc4144c35fd)** | **[2](#ia69be883b57d477e81508fc4144c35fd)** |
| **[Contents](#idb256bb02a704efd88aa6f7548fe295c)** | **[3](#idb256bb02a704efd88aa6f7548fe295c)** |
| **[Business Overview](#ic5b0d461e7a141c6978eefb3c6d4062c)** | **[4](#ic5b0d461e7a141c6978eefb3c6d4062c)** |
| **[Q1-2025 Highlights](#ibdfa440f81be45da9be8ed4146c11cf3)** | **[5](#ibdfa440f81be45da9be8ed4146c11cf3)** |
| **[Recent Developments](#ic87c6ba7b61a432cb8f0abfe1328e886)** | **[6](#ic87c6ba7b61a432cb8f0abfe1328e886)** |
| **[Q1-2025 Operational and Financial Highlights](#i6f977fb036d941d4b399b419eec1d12c)** | **[7](#i6f977fb036d941d4b399b419eec1d12c)** |
| **[Operating Results](#i3deb290f80a94bda8ec8e627e0f678d5)** | **[8](#i3deb290f80a94bda8ec8e627e0f678d5)** |
| **[Development and Exploration](#i8213b545899148faac8a646fc11e22c2)** | **[10](#i8213b545899148faac8a646fc11e22c2)** |
| **[Sustainability](#i5f54b2069a4943638da3c8e19e42bcba)** | **[12](#i5f54b2069a4943638da3c8e19e42bcba)** |
| **[Overview of Financial Performance](#i2404139d8ece4b51882ba8c65b0ab83b)** | **[13](#i2404139d8ece4b51882ba8c65b0ab83b)** |
| **[Summary of Quarterly Results](#i43c56cb92b0d4e899e862ce285b7b3e7)** | **[14](#i43c56cb92b0d4e899e862ce285b7b3e7)** |
| **[Liquidity and Capital Resources](#i4829a8fe44b543e38047203fb9c5078c)** | **[15](#i4829a8fe44b543e38047203fb9c5078c)** |
| **[Financial Position](#i1ef248269abb4bf3be569a5f6fa7b8bb)** | **[18](#i1ef248269abb4bf3be569a5f6fa7b8bb)** |
| **[Capital Management](#i1fed20a2b3124b8694b3c12aa7d5ae3b)** | **[19](#i1fed20a2b3124b8694b3c12aa7d5ae3b)** |
| **[Commitments and Contingency](#i6ac5db48c3ba47249809211451852372)** | **[20](#i6ac5db48c3ba47249809211451852372)** |
| **[Non-GAAP Measures](#i1338cd0dfaab4709bc6993653e83ea04)** | **[21](#i1338cd0dfaab4709bc6993653e83ea04)** |
| **[Risks and Uncertainties](#i71993083e50d4b31a822b6de8b3fafe0)** | **[22](#i71993083e50d4b31a822b6de8b3fafe0)** |
| **[Other Financial Information](#i874dac2d658749a0899a873cf1af5bf7)** | **[22](#i874dac2d658749a0899a873cf1af5bf7)** |
| **[Accounting Policies, Judgments and Estimates](#i590cd3e0188a4d2a99f633eab6bf6852)** | **[23](#i590cd3e0188a4d2a99f633eab6bf6852)** |
| **[Proposed Transaction](#iba2fa2a4f2e2428eaf6fe7270eac1275)** | **[23](#iba2fa2a4f2e2428eaf6fe7270eac1275)** |
| **[Management's Report on Internal Controls and Financial Reporting](#i44cf9598f972484ab83ccb3580f8441a)** | **[24](#i44cf9598f972484ab83ccb3580f8441a)** |
| **[Cautionary Note Regarding Forward-Looking Information](#i9baff32902994f5da5e9c04a7269ed60)** | **[24](#i9baff32902994f5da5e9c04a7269ed60)** |
| **[Additional Information and Continuous Disclosure](#idc6b8ed76cd1438b8238077dbee0a18e)** | **[26](#idc6b8ed76cd1438b8238077dbee0a18e)** |
| **[Technical Information](#i24778340cb664bdf9ce41e90d4699cc7)** | **[26](#i24778340cb664bdf9ce41e90d4699cc7)** |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20254

**Business Overview**

Aya Gold & Silver Inc. (the "Corporation" or "Aya") is a Canadian based precious metals mining corporation which focuses on

the exploration, development, production and acquisition of precious metals mining projects. The Corporation is focused on

producing silver and exploration activities at its flagship project, the Zgounder property through its 100% ownership of

Zgounder Millennium Silver Mine S.A ("ZMSM"). On December 29, 2024, the Corporation reached commercial production at the

new Zgounder mill. The Corporation also owns 85% of the Boumadine polymetallic project and is the sole owner of the permits

related to Azegour, Zgounder Regional, Tirzzit and Imiter bis properties. All of these properties are located in the Kingdom of

Morocco. Aya's registered office is located at 1320 boulevard Graham, suite 132, Mont-Royal, Quebec, Canada, H3P 3C8.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF". Aya's issued and outstanding

share capital totals 130,874,834 common shares on May 12, 2025. The Zgounder Silver Mine is in operation while all other

projects are at the exploration and evaluation stage.

![map_operationsxappel-projeb.jpg](map_operationsxappel-projeb.jpg)

<sup>1</sup> Non-GAAP measures, refer to page 21.

<sup>2</sup> Non-GAAP Measures, consisting of cash of $18,319 and restricted cash of $18,257 (December 31, 2024, balances of $30,944 and $18,246 respectively).

<sup>3</sup> Commercial production is defined by the Corporation herein as a period of 30 days of operations during which the new mill operated at a minimum of 60% of the mill

nameplate throughput of 2,000 tpd. This milestone was reached on December 29, 2024. 45,683t were processed in that 30 day period averaging 76% capacity.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20255

**Q1-2025 Highlights**

**•Operational and Financial:** 

• Silver production of 1,061,565 ounces ("oz") in Q1-2025 compared to 366,362 oz in Q1-2024.

• Ore processed increased to 249,743 tonnes ("t") in Q1-2025 compared to 81,331 tonnes in Q1-2024.

• 194,661 tonnes of ore mined in Q1-2025 for an average of 2,163 tonnes per day ("tpd").

• Revenue of $33.8 million in Q1-2025, a 566% increase from Q1-2024.

• Cash cost per silver ounce sold of $18.93 in Q1-2025 compared to cash cost of $20.31 in Q1-2024.<sup>1</sup>

• Robust financial position with $37 million of cash and restricted cash as at March 31, 2025, compared to $49 million

as at December 31, 2024.<sup>2</sup>

• Accounts receivable of $11,645 as at March 31, 2025 compared to $1,827 as at December 31, 2024. Funds received in

early Q2-2025 from sales that occurred in the last days of Q1-2025.

**•Expansion, Development and Exploration:** 

• Continued ramp-up in Q1-2025 after reaching commercial production<sup>3</sup> of the Zgounder Mine on December 29<sup>th</sup>, 2024

less than two months after the mill began processing the first ore.

• Conducted 2,916 meters ("m") of diamond drill hole ("DDH") drilling at Zgounder.

• Completed 1,059m of DDH on Zgounder Regional.

• Advanced development of Boumadine through 46,207m of drilling of combined DDH and reverse circulation ("RC").

Drilling at Boumadine culminated in a mineral resource update on February 24, 2025.

**•Environmental, Social and Governance ("ESG"):**

• Launched 2024 data collection campaign for sustainability report with aim to publish in May 2025.

• Continued solidifying health and safety ("H&S") processes through preventive measures, 100% of incidents analyzed,

and 2,364 hours of training.

• Organized pick up for recycling at a certified facility of waste oils and metal scraps.

• Expanded tutoring programs at the high school in Talouine and the secondary school in Taouyalte.

• Strengthened community engagement by launching an inaugurating invitation for project proposal for local

communities, entrepreneurs and cooperatives. This was developed in partnership with local administration from INDH

(National institute for human development).

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20256

**Recent Developments**

• On April 14, 2025, the Corporation announced the appointment of Mr. John Burzynski to its Board of Directors as an

Independent Director, effective immediately. Mr. Burzynski is a seasoned mine builder with deep technical expertise

and a proven track record of creating value in the mining sector.

• On April 16, 2025, the Corporation completed a strategic transaction with Mx2 Mining Inc. ("Mx2") involving the

transfer of full ownership of the Amizmiz Gold Project in Morocco. In connection with the transaction, Mx2 completed

a C$16 million private placement, in which the Corporation invested C$1 million. Following the closing, Aya holds a

42.3% equity interest in Mx2 and has appointed two representatives—President & CEO Benoit La Salle and CFO Ugo

Landry-Tolszczuk—to Mx2's Board of Directors. The transaction provides Aya with indirect exposure to the exploration

potential of Amizmiz while allowing it to focus on its core operations. Mx2 has also established an operational

presence in Morocco, including a dedicated exploration team and office in Marrakech.

• On May 12, 2025, the Corporation announced that it has received final internal approval by the Board of Directors of

the European Bank for Reconstruction and Development ("EBRD"), for a proposed $25 million secured credit facility

(the "Facility"). The proceeds of the Facility are intended to support the development of the Corporation's Boumadine

polymetallic project and enhance financial flexibility as part of Aya's growth strategy in Morocco.

The Facility remains subject to: (i) negotiation and finalization of definitive agreements; and (ii) customary closing

conditions, including security arrangements and regulatory compliance.

The proposed two-year term Facility is expected to be structured as a secured bullet payment loan with a 5.00%

interest margin, semi-annual interest payments, and customary fees.

The Facility will be used to support Aya's balance sheet and continue the development of its high-grade Boumadine

polymetallic project.

<sup>4</sup> Non-GAAP measures, refer to page 21.

<sup>5</sup> Non-GAAP Measures, consisting of current assets of $73,268 less current liabilities of $71,516 (December 31, 2024, current assets of $76,540 less current liabilities

of $53,116).

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20257

**Q1-2025 Operational and Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** |  |
| | **March 31,** | **March 31,** |  |
| **Operational for Zgounder** | **2025** | **2024** | **Variance** |
| Ore Mined (tonnes) | 194661 | 106880 | 82% |
| Average Grade Mined (g/t Ag)  | 151 | 159 | (5)% |
| Ore Processed (tonnes) | 249743 | 81331 | 207% |
| Average Grade Processed (g/t Ag) | 163 | 173 | (6)% |
| Combined Mill Recovery (%) | 82.4% | 81.8% | 0.6% |
| Milling Operations (tpd) | 2775 | 894 | 210% |
| Silver Ingots Produced (oz) | 1011173 | 111497 | 807% |
| Silver in Concentrate Produced (oz) | 57479 | 254865 | (77)% |
| **Total Silver Produced (oz)** | **1068652** | **366362** | **192%** |
| Silver Ingots Sold (oz) | 958521 | 0 | —% |
| Silver in Concentrate Sold (oz) | 103044 | 129662 | (21)% |
| **Total Silver Sales (oz) (A)** | **1061565** | **129662** | **719%** |
| Avg. Net Realized Silver ($/oz) (B/A) | 31.87 | 21.31 | 50% |
| Cash Costs per Silver Ounce Sold<sup>4</sup> | 18.93 | 20.31 | (7)% |
| **Financial** | **2025** | **2024** | **Variance** |
| Revenues (B) | 33831 | 5077 | 566% |
| Cost of Sales | 23584 | 4741 | 397% |
| Gross Profit | 10247 | 336 | 2,950% |
| Operating Income (Loss) | 3328 | (2869) | 216% |
| Net Income (Loss) | 6930 | (2592) | 367% |
| Operating Cash Flows | 7926 | (3736) | 312% |
| **Shareholders** | **2025** | **2024** | **Variance** |
| Earnings (Loss) per Share – basic | 0.05 | (0.02) | NM |
| Earnings (Loss) per Share – diluted | 0.05 | (0.02) | NM |
|  | **March 31,** | **December 31,** |  |
| **Financial** | **2025** | **2024** | **Variance** |
| Working Capital<sup>5</sup> | 1752 | 23424 | (98)% |
| Cash  | 18319 | 30944 | (41)% |
| Accounts receivable | 11645 | 1827 | 537% |

---

***\*NM*** *– Not Meaningful*

<sup>6</sup> Non-GAAP Measures, refer to page 21.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20258

**Q1-2025 Operational Highlights:**

• Silver production of 1,068,652 oz, comprising 57,479 oz as silver concentrate and 1,011,173 oz as silver ingots.

• Mill average feed grade of 163 g/t Ag was recorded in Q1-2025 compared to 173 g/t Ag in Q1-2024, a decrease of 6%.

• Milling operations reached 2,775 tpd in Q1-2025 compared to 894 tpd in Q1-2024.

• Average combined mill recovery of 82.4% in Q1-2025 compared to 81.8% in Q1-2024, an increase of 0.6%.

• Combined plant availability reached 91% in Q1-2025.

• 194,661t of ore were mined in Q1-2025 for an average of 2,163 tpd mined compared to 106,880 tonnes (1,175 tpd) in

Q1-2024.

• Cost of sales of $23,584 (Q1-2024 – $4,741) with an average cash cost per silver oz sold of $18.93 in Q1-2025 compared

to $20.31 oz in Q1-2024.<sup>6</sup>

• A total of 46,207m of drilling was completed at Boumadine, 2,916m at Zgounder and 1,059m on Zgounder Regional

permits.

**Q1-2025 Financial Highlights:**

• Revenue from silver sales totaled $33,831 in Q1-2025, (Q1-2024 – $5,077), an increase of 566% representing an average

net realized price of $31.87 per oz (Q1-2024 - $21.31/oz).

• Operations generated a gross profit of $10,247 in Q1-2025 compared to a gross profit of $336 in Q1-2024, an increase of

2,950%.

• Cash flow generated by operating activities of $7,926 in Q1-2025 compared to $(3,736) used in Q1-2024.

• Net income was $6,930 (diluted EPS of $0.05) in Q1-2025, compared to a net loss of $(2,592) (diluted EPS of $(0.02)) in

Q1-2024.

**Operating Results**

**Q1-2025 Zgounder Silver Mine Operations**

In Q1-2025, 249,743t of ore was processed. Mill availability for the quarter was 91%. Mill average processed grade was 163 g/t

Ag, and combined mill recovery averaged 82.4%. Q1-2025 was highlighted by the continuous ramp-up of the new mill,

producing over 1Moz during the quarter, slightly above budgeted production for the quarter.

While throughput and mill availability was satisfactory, recovery has yet to reach the expected feasibility study recovery rate of

89%. The main cause affecting recovery is the lack of oxygen in the leaching tanks. The oxygen plant will be repaired during

the second quarter. Once repaired, recoveries are expected to improve. Other parameters are also being optimized, which

combined will bring recovery in line with the feasibility study recovery expectations.

The total mining rate for the quarter averaged 2,163 tpd, for a total of 194,661t of ore mined at a grade of 151 g/t Ag. Mining

rate was accelerated according to our ramp-up plan. This mining rate ensured limited depletion of stockpiles, which were at

281,290 tonnes at the end of the quarter. Mining rate acceleration will continue during the year to reach 3,000tpd by the end of

2025. In Q1-2025, 133,848t of ore were mined from the open pit at an average grade of 155 g/t Ag. The open pit mine had a strip

ratio of 13 during Q1-2025, lower than planned for the quarter, as ore zones were preferentially mined. The open pit mining rate

was 20,891tpd of total material moved, compared with 15,360 tpd in Q4-2024. In April 2025, additional mining equipment was

added to the open pit mining contractor's fleet, increasing mining rate to a capacity above 30,000 tpd. With increasing mining

capacity, strip ratio will increase to continue developing the open pit, ensuring sustainable future production. By year end, open

pit mining rate is planned to reach over 40,000 tpd of total material moved.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-20259

In Q1-2025, 60,813t (676 tpd) was mined in the underground mine at an average grade of 143 g/t Ag. Long term mining rate for

the underground is planned at 1,000 tpd of ore. Underground development is progressing as planned, with new, deeper levels,

being opened. The ramp is now lower than level 1,875 and the ramp is progressing at an average rate of 25 vertical meters bi-

monthly.

![dji_20250117215141x0155xda.jpg](dji_20250117215141x0155xda.jpg)

Figure 1 - Zgounder Open Pit

**Capital Projects**

Capital projects in Q1-2025 were mainly related to surface infrastructures in preparation for the larger open pit. A new

ventilation raise is expected to be completed in Q3-2025. The main ventilation fans, cement plant, electrical substations for the

underground mine and the related powerline will be moved to accommodate the new open pit design. Underground

development focused on the ramp to lower levels. Level 1875 was reached, and the ramp is progressing as per the long-term

mine plan. In 2025, we expect to reach level 1800.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202510

**Development and Exploration**

**Zgounder Exploration**

In Q1-2025, the Corporation drilled 2,916m of DDH on near-mine targets with the aim of defining at-depth and lateral

mineralization. Initial results from the at-depth program outlined significant down-plunge extensions of the deposit with thick

high-grade interceptions. Underground holes ZG-SF-24-203 and ZG-SF-24-259 intersected 911 g/t Ag over 10.0m and 1,082 g/t

Ag over 8.5m, respectively, confirming mineralization at depth at the granite contact outside of the current resource boundary.

Two underground rigs were mobilized with the aim of expanding mineral resources at depth.

In the first quarter of 2025, drilling focused on targets west, near the major fault, and at depth toward the granite contact. Infill

drilling, underground and surface, on the high-grade mineralization at the main ore body confirmed the mineralization and

extended underground production zones.

**Zgounder Regional** 

In Q1-2025, a total of 1,059m of DDH were drilled on Zgounder Regional permits, part of the 10,000m of the 2025 regional drill

program. In addition, detailed mapping and prospecting are being carried out on both Tourchkal and Zgounder Far East

permits. Several high impact drill targets have been identified on these permits.

**Boumadine**

The first quarter saw the Corporation drill 39,600m DDH and 6,607m RC at Boumadine confirming continuity of the Boumadine

Deposit and extending the strike length of the Tizi Zone from 2.0 km to 2.2 km. New targets identified by the 2024 mapping

and geophysical program were also drill tested. These results are pending.

An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24, 2025, consisting of an

Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag,

2.4Moz of Au, 615 kt of Zn and 237 kt of Pb. Representing 378Moz AgEq, an increase of 19%, and an Indicated Mineral

Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145

kt of Zn and 44 kt of Pb. Representing 74.4Moz Silver equivalent ("AgEq"), an increase of 120%.

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR US$/t** | **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained Indicated** | 95 | 3920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | **476** | 5.30 | 11881 | 343 | 5 | 33 | 116 | **60051** | 667 |
| **Pit-constrained Inferred** | 95 | 14258 | 90 | 2.89 | 0.10 | 0.81 | 2.38 | **450** | 5.00 | 41135 | 1102 | 14 | 115 | 339 | **206293** | 2293 |
| **Out-of-pit Indicated** | 125 | 1249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | **358** | 3.98 | 3216 | 106 | 1 | 11 | 29 | **14382** | 160 |
| **Out-of-pit Inferred** | 125 | 14938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | **357** | 3.97 | 35669 | 1294 | 10 | 122 | 276 | **171393** | 1905 |
| **Total Indicated** | 95/ 125 | 5169 | 91 | 2.78 | 0.12 | 0.85 | 2.80 | **448** | 4.98 | 15097 | 449 | 6 | 44 | 145 | **74433** | 827 |
| **Total Inferred** | 95/ 125 | 29196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | **402** | 4.47 | 76804 | 2396 | 25 | 237 | 615 | **377686** | 4198 |

---

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 in this news release 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, as may be amended from time to time.

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 in establishing the MRE.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202511

5. AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag

price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 +

Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au

price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 +

Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*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.

In Q1-2025 the Corporation continued to increase its Boumadine land holdings through the acquisition of four mining licenses

to extend its land package to 272km<sup>2</sup>. In addition, the Corporation was granted a 600km<sup>2</sup> authorization of exploration. Several

high impact drill targets have been identified within these licenses and to the south within the exploration authorization area.

![permisboumadine_engxv6b.jpg](permisboumadine_engxv6b.jpg)

Figure 2 - Plan View of Boumadine Property with Existing Permits over Apparent Conductivity at 175Hz

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202512

**Sustainability**

**Q1-2025 Sustainability**

During Q1-2025, the Corporation continued to implement its Environment and Social Management System ("ESMS"). Below are

the main activities during the quarter:

• Compiled 2024 data for sustainability report with aim to publish in May 2025

• Continued solidifying health and safety ("H&S") processes through preventive measures, 100% of incidents analyzed, and

2,364 hours of training.

• Organized pick up for recycling at a certified facility of waste oils and metal scraps

• Continued community engagement:

• Launched expanded school tutoring program to high school in Talouine and second secondary school in Taouyalte.

• Strengthened community engagement by launching an inaugurating invitation for project proposal for local

communities, entrepreneurs and cooperatives. This was developed in partnership with local administration from

INDH (National institute for human development).

• Stakeholder engagement plan – Held workshops and inaugural mine site visit with communal councils and local

authorities to discuss 2024 annual report on Aya's Community Investment Program.

![dsc00565a.jpg](dsc00565a.jpg)

Figure 3 - Zgounder Emergency Responder Drills

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202513

**Overview of Financial Performance**

For three-month period ended March 31, 2025 and 2024 (in thousands of dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** |  |
| | **March 31,** | **March 31,** | **March 31,** |  |
| | **2025** | **2024** | **Variance** |  |
|<br>**Revenues** | **33831** | **5077** | **566%** | **(1)** |
| Cost of sales | 23584 | 4741 | 397% | (2) |
| **Gross profit** | **10247** | **336** | **2,950%** | **(3)** |
| General and administrative expenses | 6919 | 3205 | 116% | (4) |
| **Operating income (loss)** | **3328** | **(2869)** | **(216)%** |  |
| Net finance income  | 7336 | 574 | 1,178% | (5) |
| **Net income (loss) before income taxes** | **10664** | **(2295)** | **(565)%** |  |
| Income tax expense | 3734 | 297 | 1157% | (6) |
| **Net income (loss) for the period** | **6930** | **(2592)** | **(367)%** | **(7)** |
| Income per share (diluted) | 0.05 | (0.02) | NM | (7) |

---

***\*NM*** *– Not Meaningful*

**Three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024**

1.**Revenues from silver sales** totaled $33,831 in Q1-2025 compared to $5,077 in Q1-2024, driven by a 566% increase in

ounces sold to 1,061,565 oz in Q1-2025 compared with 129,662 oz in Q1-2024 due to the new Zgounder mill at the end of

2024. The average net realized silver price per oz sold increased by 50% to $31.87 in Q1-2025 compared to $21.31 in

Q1-2024.

2.**Cost of sales** in Q1-2025 increased by 397% compared to Q1-2024, driven by the increase in revenues and higher

depreciation, which rose by $3,370 compared to Q1-2024, reflecting the commissioning of the new Zgounder plant which

began commercial production on December 29, 2024. While the new plant benefits from lower cash costs, the processing

of slightly lower-grade material in Q1-2025 compared to Q1-2024 required higher tonnage to maintain output, which in turn

increased unit costs. These cost increases are expected to gradually normalize as the Zgounder plant ramp-up continues

to progress and production volumes increase in the coming quarters. In addition, non-cash share-based compensation

included in cost of sales was $305 in Q1-2025 compared to $nil in Q1-2024.

3.**Gross profit** for the quarter was $10,247 compared to $336 in Q1-2024, representing an increase of 2,950%. The increase

reflects the impact of higher sales volumes combined with the higher average net realized silver price per oz and lower unit

production costs compared to the corresponding period in 2024.

4.**General and administrative expense** increased by 116% or by $3,714 in Q1-2025 compared with Q1-2024. This increase

was significantly driven by a non-cash expense related to share-based compensation which increased by $2,918 to $4,044

in Q1-2025 compared to $1,126 in Q1-2024. The increase was largely attributable to 5 million share purchase options

granted in 2024 at an exercise price of C$15.63. In addition, the Corporation now has multiple projects in Morocco as such,

G&A expenses increased to manage these projects. To support the continued growth of the Corporation and ensure

adequate resources for project execution and corporate functions, additional headcount was added at the head office in

Montreal and in Morocco.

5.**Net finance income** increased by $6,762 in Q1-2025 compared to Q1-2024 primarily driven by a $9,793 increase in foreign

exchange gains. This reflects the 4.7% appreciation of the MAD against the U.S. dollar, resulting in an approximate $9.6

million gain in Q1-2025. Additionally, following the commencement of commercial production at the end of Q4-2024,

interest on the EBRD facility is now recognized in the income statement, resulting in a $2.7 million interest expense in

Q1-2025 compared to $nil in Q1-2024. Interest income also declined from $0.8 million in Q1-2024 to $0.5 million in

Q1-2025.

6.**Income tax expense** in Q1-2025 increased by 1,157% to $3,734 compared with Q1-2024, primarily due to higher net taxable

income of our Moroccan operating entity as well as our Canadian entity for a total of $3,345 and $389 in accrued

withholding taxes on interest on advances in Morocco in 2025. The increase reflects the ramp-up of the new plant during

its first full quarter of operations.

7.**Net income (loss)** of $6,930 (diluted EPS of $0.05) was recorded in Q1-2025 compared to net income of $(2,592) (diluted

EPS of $(0.02) in Q1-2024).

<sup>7</sup> Non-GAAP Measures, refer to page 21.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202514

**Summary of Quarterly Results**

Selected quarterly information

---

| | | | |
|:---|:---|:---|:---|
|  | **Revenues** | **Net income (loss)** | **Income (loss) per share** <br>**(diluted)**<br>|
| **Quarter ended** | **$** | **$** | **$** |
| March 31, 2025 | 33831 | 6930 | 0.05 |
| December 31, 2024 | 9338 | (29983) | (0.23) |
| September 30, 2024 | 11024 | (263) | (0.00) |
| June 30, 2024 | 13678 | 6813 | 0.05 |
| March 31, 2024 | 5077 | (2592) | (0.02) |
| December 31, 2023 | 11070 | 3590 | 0.03 |
| September 30, 2023 | 11714 | 1206 | 0.01 |
| June 30, 2023 | 9621 | (525) | (0.00) |

---

Revenues in Q1-2025 were $33,831 compared to $9,338 in Q4-2024. The Corporation sold 1,061,565 oz of silver in Q1-2025

compared to 337,733 oz in Q4-2024, benefiting from a full quarter of operational ramp-up at the new Zgounder plant, which

reached commercial production on December 29, 2024. Additionally, the average net realized silver price increased to $31.87

per ounce in Q1-2025, up from $27.65 per ounce in Q4-2024, further contributing to the increase in revenue. The cost of sales

increased primarily due to the higher volume of silver processed and sold and a $1,685 increase in depreciation expense in

Q1-2025 compared to Q4-2024, driven by the start of depreciation of the new Zgounder plant. In addition, tax expense rose

significantly to $3,734 in Q1-2025 compared to a tax recovery of $(1,867) in Q4-2024 reflecting the sharp increase in taxable

income generated by the Corporation's Moroccan subsidiary.

Revenues in Q4-2024 were $9,338 compared to $11,024 in Q3-2024. The Corporation sold 337,733 oz compared to 403,957 oz

of silver in Q3-2024. In addition, the cost of sales increased in proportion to the oz sold due to an increase in operational costs

associated with the finalization of the expansion, mine ramp-up, additional staff, training and health and safety activities that

have accelerated in Q4-2024 since the new Zgounder plant reached commercial production on December 29, 2024. These

additional costs will represent a smaller portion of revenues once additional production from the new plant increases as

planned in Q1-2025. In addition, an impairment charge of $27,350 related to the Tijirit Project owned by the Corporation at 75%

was taken in Q4-2024. (See Note 7 of the Q4-2024 FS).

Revenues in Q3-2024 were $11,024 compared to $13,678 in Q2-2024. The Corporation sold 403,957 oz compared to 521,971

oz of silver in Q2-2024. The 23% reduction in oz sold is mainly explained by the average grade processed that came in lower at

161 g/t compared to 196 g/t in Q2-2024, partially offset by higher average selling prices. The cost of sales rose in line with the

increase in ounces sold due to higher operational costs from expansion preparation, mine ramp-up, and health and safety

activities in Q3-2024, as the new Zgounder plant neared completion.

Revenues in Q2-2024 were $13,678 compared to $5,077 in Q1-2024. The Corporation sold 521,971 oz of silver in Q2-2024

compared to 238,266 oz of silver in Q1-2024 since 157,457 oz of silver concentrate was held in inventory and was sold at a

higher price in Q2-2024. The average grade processed came in higher at 196 g/t in Q2-2024 compared to 173 g/t in Q1-2024,

resulting in a net income of $6,813 compared to a net loss of $(2,594) in Q1-2024.

Revenues in Q1-2024 were $5,077 compared to $11,070 in Q4-2023. The Corporation sold 238,266 oz of silver in Q1-2024

compared to 507,635 oz of silver in Q4-2023. The average grade processed came in lower at 173 g/t in Q1-2024 compared to

239 g/t in Q4-2023. The Corporation increased its inventory of silver in concentrate by $1,830 in Q1-2024, affecting sales

negatively during the quarter since fewer ounces were sold. As a result of lower revenues and higher G&A expenses, the

Corporation recorded a net loss of $(2,592) in Q1-2024 compared to a net income of $3,590 in Q4-2023.

The net income in Q4-2023 increased by 198% from Q3-2023 due to a net finance expense of $1,385 in Q3-2023 compared to a

net finance income of $2,885 in Q4-2023 and the recognition of a deferred tax asset of $1,765 in Q4-2023 compared to $(138)

in Q4-2022. The increase has been partially offset by the increase in cash cost per silver ounce sold<sup>7</sup> which went from $10.73

in Q3-2023 to $13.69 in Q4-2023.

Revenues in Q3-2023 increased by 24% from Q2-2023 mainly due to the increase in sales volume in Q3-2023 to 543,983 oz

compared with 439,080 oz in Q2-2023, resulting in a net profit of $1,206 compared to a net loss of $(525) in Q2-2023.

Revenues in Q2-2023 decreased by 8% from Q1-2023 mainly due to the decrease in sales volume in Q2-2023 to 452,523 oz

compared with 508,204 oz in Q1-2023, resulting in a net loss of $(525) compared to a net income of $1,061 in Q1-2023.

<sup>8</sup> Non-GAAP Measures, consisting of current assets of $73,268 less current liabilities of $71,516 (December 31, 2024, current assets of $76,540 less current liabilities

of $53,116).

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202515

**Liquidity and Capital Resources**

As at March 31, 2025, the Corporation had working capital of $1,752 compared to $23,424 as at December 31, 2024<sup>8</sup> including

cash of $18,319 ($30,944 on December 31, 2024). The Corporation has sufficient liquidity to finance its operations for at least

the next 12 months. The Corporation generated $7,926 in operating cash flow in Q1-2025, principally from the Zgounder

operation and the Corporation anticipates generating cash flow from the Zgounder mine in fiscal 2025. The Corporation's

principal sources of financing in the past have been equity, debt financing and production cash flows. The success of equity

and debt financing is dependent on capital markets, the attractiveness of mining companies to investors, and metal prices. To

facilitate its growth and to continue its exploration, development, expansion activities and be able to support its ongoing

operations the Corporation may be required to raise further equity or debt financing in the capital markets. The Corporation

continues to assess financing alternatives, including equity or debt or a combination of both, to fund future growth, including

the development of the Boumadine Project. On May 12, 2025, the Corporation announced that it has received final internal

approval by the Board of Directors of the EBRD for a proposed $25 million secured credit facility. (see Recent Developments

section for further details).

As part of its $100 million financing with EBRD, the Corporation is required to maintain $18 million in restricted cash as a Cost

Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, any unused

portion of the COF may be reallocated to fund the $16.25 million Debt Service Reserve Account ("DSRA"). Project Completion

is defined as achieving at least 90% of forecasted silver production over a 90-day period, with no month below 85%, based on

the banking base case model. While timing remains uncertain, the requirement to maintain the full COF, and eventually the

DSRA, limits the Corporation's accessible cash. As these funds are not available for general corporate use, these amounts are

recorded as restricted cash on the condensed interim consolidated statement of financial position.

The following table summarizes the corporation's cash flow activity during three-month period ended March 31, 2025 and

2024:

---

| | | |
|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** |
| | **March 31,** | **March 31,** |
| **Cash Flow** | **2025** | **2024** |
| Operating cash flows before working capital | 7812 | (951) |
| Change in non-cash operating working capital | 114 | (2785) |
| Net cash flow from (used in) operating activities | 7926 | (3736) |
| Net cash flow used in investing activities | (15955) | (32304) |
| Net cash flow (used in) from financing activities | (4706) | 79069 |
| Effect of exchange rate changes on cash in foreign currencies | 110 | (2320) |
| **Net (decrease) increase in cash** | **(12625)** | **40709** |
| Cash beginning of the period | 30944 | 49830 |
| **Cash end of period** | **18319** | **90539** |

---

**Operating**

During the three-month period ended March 31, 2025 the Corporation's generated operating cash flow before working capital

items of $7,812, compared to used operating cash flow before working capital items of $951 for the same prior-year period.

The increase was driven by higher operating income in Q1-2025 compared to Q1-2024. See section Overview of Financial

Performance.

The operating cash flow in Q1-2025 was positively impacted by changes of $114 in working capital items, mainly due to higher

accounts payable and lower income tax receivable offset by an increase in accounts receivable from silver sales that occurred

late in Q1-2025.

**Investing**

During the three-month period ended March 31, 2025, the Corporation used cash of $15,955in investing activities compared to

$32,304 in Q1-2024. The decrease is due to lower capital expenditures with $8,135 spent in Q1-2025 compared to $26,435 in

Q1-2024 due to the completion of the new Zgounder mill in 2024. This reflects the current stage of the Zgounder expansion

compared to last year as the project is now completed. Exploration and evaluation assets investments are mainly related to

<sup>9</sup> Includes $3.2 million in share issue costs related to the February 14, 2024 C$77.6 million financing.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202516

the Boumadine, Zgounder and Zgounder Regional projects, where $7,820 was invested in Q1-2025 compared to $5,869 in

Q1-2024, in line with the planned budget for exploration.

During the three-month periods ended March 31, 2025 and 2024:

• The Corporation drew down $nil from the EBRD loan compared to $25,000 for the same prior-year period. The proceeds

have been solely used for the Zgounder expansion.

• Stock options were exercised in Q1-2025 for proceeds of $20 compared to proceeds of $101 in Q1-2024.

• Lease liabilities payments between Q1-2025 and Q1-2024 were at a comparable level.

• Payments related to long-term debt of $4,626 in relation to the EBRD loan in Q1-2025.

• In Q1-2025, the Corporation did not close any financing, whereas in Q1-2024, it closed an equity financing and issued

7,573,900 common shares of the Corporation at C$10.25 per common share for net proceeds of $54,081.

**Use of Proceeds**

February 14, 2024 Financing

On February 14, 2024, the Corporation closed a bought deal public financing and issued 7,573,900 common shares in the

capital of the Corporation at a price of C$10.25 per share for gross proceeds of approximately C$77.6 million ($57.3 million).

The Offering was completed by way of a prospectus supplement filed on February 8, 2024 in each Canadian province, to the

short form base shelf prospectus dated January 12, 2023.

Below is an update, in tabular form, reflecting the use of the funds as of March 31, 2025 compared to the budgeted amounts

initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 36.9 | 36.5 |
| Zgounder regional and other projects | 4.4 | 4.4 |
| General corporate purposes<sup>9</sup> | 16.0 | 11.0 |
| **Total** | **57.3** | **51.9** |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202517

**Financing Sources**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** |
| **Date** | **Type** | **Financings** | **Gross** <br>**Amounts ($)**<br>| **General description of the use of proceeds** |
| February 14, 2024 | Short Form <br>Prospectus<br>| Common <br>shares<br>| 57297 | The net proceeds of the financing after financing costs are <br>being used for the exploration and development of <br>Boumadine, for Zgounder Regional exploration programs <br>and for general corporation purposes (see Use of <br>Proceeds section for a reconciliation of the usage).<br>|
| From May 4, 2023 <br>to Sep 2, 2023<br>| Warrants | Common <br>shares<br>| 10894 | The net proceeds of the financing after financing costs <br>were used for the expansion of the Zgounder Mine, for <br>advancement of its exploration programs at Zgounder, <br>Zgounder Regional and Boumadine; and for general <br>corporation purposes.<br>|
| From Apr 4, 2023 to <br>Jan 21, 2025<br>| Options <br>exercised<br>| Common <br>shares<br>| 3848 | The net proceeds from the exercise of options were used <br>to fund general administrative expenses, investing <br>activities and other working capital needs.<br>|

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202518

**Financial Position**

The following table details the changes to the statements of financial position as at March 31, 2025 compared to

December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As at March 31, 2025** | **As at December 31, 2024** | **Variance** | |  |  | |
| | **As at March 31, 2025** | **As at December 31, 2024** | **Variance** | <br>Cash  | 18319 | 30944 | (41)% |
| Accounts receivable | 11645 | 1827 | 537% |  |  |  |  |
| Sales taxes receivable | 10199 | 9979 | 2% |  |  |  |  |
| Income tax receivable | 2651 | 3415 | (22)% |  |  |  |  |
| Inventories  | 27806 | 27389 | 2% |  |  |  |  |
| Deposit in trust | 698 | 695 | —% |  |  |  |  |
| Prepaid expenses and security deposits | 1950 | 2249 | (13)% |  |  |  |  |
| Options contracts |  | 42 | NM |  |  |  |  |
| **Total current assets** | **73268** | **76540** | **(4)%** |  |  |  |  |
| Restricted cash  | 18257 | 18246 | —% |  |  |  |  |
| Non-refundable deposits to suppliers  | 2197 | 2787 | (21)% |  |  |  |  |
| Deferred income tax | 2042 | 3425 | (40)% |  |  |  |  |
| Property, plant, and equipment  | 243037 | 231205 | 5% |  |  |  |  |
| Exploration and evaluation assets  | 80152 | 67904 | 18% |  |  |  |  |
| **Total assets** | **418953** | **400107** | **5%** |  |  |  |  |
| **Total current liabilities** | **71516** | **53116** | **35%** |  |  |  |  |
| Lease liabilities  | 1126 | 1121 | —% |  |  |  |  |
| Long-term debt  | 81714 | 95517 | (14)% |  |  |  |  |
| Asset retirement obligations  | 3139 | 2872 | 9% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 1760 | 1000 | 76% |  |  |  |  |
| **Total liabilities** | **159255** | **153626** | **4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **259698** | **246481** | **5%** |  |  |  |  |
| **Total liabilities and equity** | **418953** | **400107** | **5%** |  |  |  |  |

---

***\*NM:*** *Not Meaningful*

**Assets** 

The change in the Corporation's cash balance on March 31, 2025 compared to the amount held on December 31, 2024, is

detailed in the section Liquidity and Capital Resources.

In Q1-2025, the increase in accounts receivable of $9,818 compared to December 31, 2024, was due to significant silver sales

at the end of the quarter for which cash had not yet been received. The cash was received at the beginning of Q2-2025.

Sales tax receivable and inventory remained at a comparable level between December 31, 2024 and March 31, 2025.

The decrease of $764 in income tax receivable reflects a significant increase in taxable income in the Moroccan subsidiary in

Q1-2025, compared to overpaid tax installments in 2024.

The change in non-current assets balance on March 31, 2025 compared to the amount held on December 31, 2024, is detailed

in the Liquidity and Capital Resources section.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202519

**Liabilities and Equity**

The current liabilities increased by 35% between December 31, 2024 and March 31, 2025, mainly related to an increase of

$3,672 in accounts payable and accrued liabilities due to the Zgounder ramp-up and the increased exploration expenses at

Boumadine. In addition, there is a current portion of long-term debt of $14,286 due on January 19<sup>th</sup>, 2026 and tax payable

increased by $341 over the last three months due to higher taxable income in Morocco.

The increase in the asset retirement obligation is primarily driven by changes in assumptions, including higher inflation

expectations in Morocco and a revision of the risk-free discount rate used.

The change in total equity is mainly attributable to net income during the period ended March 31, 2025.

During Q1-2025, 20,000 stock options were exercised at an average strike price of C$1.43. In addition, the Corporation issued

384,141 restricted share units (RSUs) and 32,915 deferred share units (DSUs).

**Capital Management**

The Corporation defines capital as long-term debt and equity. When managing capital, the Corporation's objectives are to:

1. Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

2. Ensure the externally imposed capital requirements relating to debt obligations are being met;

3. Increase the value of the Corporation's assets; and

4. Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at March 31, 2025 managed capital is $355,693 (December 31, 2024 - $341,993) representing long-term debt

and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
|  | **As at March 31, 2025** | **As at December 31, 2024** |
| Long-term debt (including current portion) | 96000 | 95517 |
| Total equity before non-controlling interests | 259693 | 246476 |
|  | **355693** | 341993 |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202520

**Commitments and Contingency**

The Corporation had the following undiscounted contractual obligations at March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments due by period** | **Less than 1** <br>**year**<br>| **1-3 Years** | **4-5 years** | **After 5 Years** | **Total** |
| **Contractual obligations** | **$** | **$** | **$** | **$** | **$** |
| Accounts payable and accrued liabilities\*  | 55023 |  |  |  | 55023 |
| Long-term debt | 14286 | 57143 | 28571 |  | 100000 |
| Interest on long-term debt\*\* | 8562 | 10558 | 1427 |  | 20547 |
| Balance of purchase price payable  | 1552 |  |  |  | 1552 |
| Lease liabilities | 390 | 616 | 397 | 277 | 1680 |
| Asset retirement obligations |  |  |  | 3352 | 3352 |
|  | **79813** | **68317** | **30395** | **3629** | **182154** |

---

\* Includes interest on long-term debt of $2,016 payable on July 19, 2025.

\*\* The interest on the US$100 million long-term debt with EBRD has been calculated using the SOFR+5% (9.35%) rate as at March 31, 2025 for the $92 million

EBRD Tranche and at 1% for the Climate Investment Funds tranche of $8 million.

**Royalties**

As per the terms of the property purchase agreements, the Corporation is committed to pay the following royalties:

• 3.0% royalty to ONHYM on revenue from the Zgounder property or $1,015 for three-month period ended March 31, 2025

($149 for three-month period ended March 31, 2024);

• 3.0% royalty to ONHYM on revenue from the Boumadine property;

• 2.5% royalty to Ouiselat Mines on revenue from the Azegour property.

All royalty agreements are payable in perpetuity.

<sup>10</sup> As per note 12 of the FS for the total cost of sales.

<sup>11</sup> As per note 11 of the FS for treatment, smelting and refining costs reported as net of sales.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202521

**Non-GAAP Measures**

The Corporation uses non-GAAP key performance metrics to monitor and assess the operational performance of each active

mining unit by calculating the operating cash cost per silver ounce sold to assess operating performance at the Corporation's

active mining unit of Zgounder. These indicators are commonly used as measures of performance in the mining sector, but

they are presented in addition to the IFRS indicators, although there is no consistent definition. These non-GAAP financial

measures are not standardized financial measure under IFRS used to prepare the financial statements of the Corporation to

which the measure relate. These indicators are used by management to assess the cost of operations compared to peers and

the performance of each mine in the portfolio.

The below indicators are non-GAAP performance indicators and were calculated using World Gold Council (or "WGC")

guidelines. WGC is not an industry regulatory agency and therefore does not have the authority to develop accounting

standards for disclosure specifications. Due to differences in underlying accounting rules and procedures, the different

groupings used in the presentation on non-GAAP measures, other mining companies may calculate cash costs in a variety of

ways. This measure is used by management and investors to evaluate operating efficiency on a per-ounce basis and to

compare performance across periods and with other producers. The following table reconciles costs of sales, the closest IFRS

measure, and also provides the calculation of the non-GAAP ratios.

---

| | | |
|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** |
| | **March 31,** | **March 31,** |
| **Zgounder Silver Mine – Morocco** | **2025** | **2024** |
| Cost of sales<sup>10</sup> | 23584 | 4741 |
| Share-based compensation | (305) |  |
| Depreciation | (3638) | (268) |
| Treatment, smelting and refining costs<sup>11</sup> | 453 | 365 |
| **Operating cash costs (A)** | **20094** | **4838** |
| **Total silver sales (oz) (B)** | **1061565** | **238266** |
| **Cash cost per silver ounce sold (A/B)** | **18.93** | **20.31** |

---

**Available Liquidity**

Available liquidity is a new non-IFRS measure used by Management to monitor its cash. Available liquidity is comprised of

cash and undrawn amounts under available credit facilities. The Corporation uses available liquidity to measure the liquidity

required to satisfy its lenders, fund capital expenditures and support operations. This measure does not have any standardized

meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

---

| | | |
|:---|:---|:---|
|  | **As at March 31, 2025** | **As at December 31, 2024** |
| Cash  | 18319 | 30944 |
| Undrawn amount under long-term debt |  |  |
| **Available liquidity** | 18319 | 30944 |

---

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202522

**Risks and Uncertainties**

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 common

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 MD&A.

For a discussion of these risk factors, please refer to the MD&A for the year ended December 31, 2024 and for additional

information please refer to the Annual Information Form for the year ended December 31, 2024 located on the Corporation's

website www.ayagoldsilver.com.

**Financial Risk Factors**

Disclosure and description of the Corporation's capital management, financial risk management and financial instruments,

including the risks pertaining to credit, commodity prices, liquidity and currencies, are in notes 15, 16 and 17 of the FS.

**Other Financial Information**

**Share Purchase Options**

The following table reflects the share purchase options issued and outstanding as at the date of this MD&A:

---

| | | |
|:---|:---|:---|
| **Expiry dat**e | **Number of options** | **Exercise Price** |
|  | **Number** | **C$** |
| July 1, 2030 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | 15.63 |
|  | **9569451** | **9.03** |

---

**Outstanding Share Data**

---

| | |
|:---|:---|
|  | **Number of shares outstanding (diluted)** |
| Outstanding as of May 12, 2025 | 130874834 |
| Shares reserved for issuance pursuant to share purchase options  | 9569451 |
| Shares reserved for issuance pursuant to deferred share units | 478039 |
| Shares reserved for issuance pursuant to restricted share units | 1426232 |
|  | **142348556** |

---

**Off-Balance Sheet Arrangements**

As at March 31, 2025 the Corporation had no material off-balance sheet arrangements such as contingent interest in assets

transferred to an entity, derivative instruments obligations or any obligations that generate financing, liquidity, market or credit

risk to the Corporation, other than commitments, contingent liabilities and interest, as disclosed in this MD&A and the FS.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202523

**Related Party Disclosures**

During the three-month period ended March 31, 2025 and the year ended December 31, 2024, the following related party

transactions occurred in the normal course of operations:

• During the three-month periods ended March 31, 2025 and 2024, the following related party transaction occurred in

the normal course of operations for management and consulting fees to Groupe Conseils Group, La Salle Inc., a

company owned by the President and Chief Executive Officer of $216 for the three-month period ended March 31,

2025 ($238 for the three-month period ended March 31, 2024). As at March 31, 2025, $107 (December 31, 2024 -

$758) was due to that company.

**Remuneration of Key Management Personnel of the Corporation**

Key management included members of the Board of Directors and executive officers of the Corporation. During the three-

month periods ended March 31, 2025 and 2024, the remuneration awarded to key management personnel (including the

amounts above) was as follows:

---

| | | |
|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** |
| | **March 31,** | **March 31,** |
| | **2025** | **2024** |
| | **$** | **$** |
| Salaries and benefits | **350** | 301 |
| Management consulting and professional fees | **303** | 328 |
| Share-based payments | **3304** | 806 |
|  | **3957** | 1435 |

---

**Accounting Policies, Judgments and Estimates**

**Critical Accounting Judgments and Estimates**

The preparation of unaudited condensed interim consolidated financial statements in conformity with IFRS requires

management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets

and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting

year. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results

may differ from these estimates.

In preparing the Corporation's FS for the three-month periods ended March 31, 2025 and 2024, the Corporation applied the

critical judgments and estimates disclosed in note 4 of its audited consolidated financial statements for the year ended

December 31, 2024.

**Proposed Transaction**

As at March 31, 2025, and the date hereof, the Corporation had no disclosable proposed transaction.

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202524

**Management's Report on Internal Controls and Financial** 

**Reporting**

**Disclosure Controls and Procedures**

The Corporation's board, officers and management are responsible for establishing and maintaining disclosure controls and

procedures (DC&P) for the Corporation. Disclosure controls and procedures are designed to provide reasonable assurance

that material information regarding our reports filed or submitted under securities legislation fairly presents the financial

information of Aya and its subsidiaries and to ensure that required information is gathered and communicated to the

Corporation's management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to

permit timely decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of

disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide

reasonable assurance of achieving their control objectives.

**Internal Controls over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") as

defined in NI 52-109. A Corporation's internal control over financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with applicable generally accepted accounting principles.

A Corporation's internal control over financial reporting includes those policies and procedures that (i) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets

of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii)

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

Corporation's assets that could have a material effect on the financial statements. It should be noted that a control system, no

matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of

the control system are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and

procedures may deteriorate.

**Changes in Internal Control over Financial Reporting**

There were no changes to the Corporation's ICFR for the quarter ended March 31, 2025 that have materially affected, or are

reasonably likely to materially affect, the Corporation's ICFR.

**Cautionary Note Regarding Forward-Looking Information**

All statements, other than statements of historical fact, contained or incorporated by reference in this MD&A including, but not

limited to, any information as to the future financial or operating performance of the Corporation, constitute "forward-looking

information" or "forward-looking statements" within the meaning of certain securities laws and are based on expectations,

estimates and projections as of the date of this MD&A. 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 contained in this MD&A, include, but are not limited to, those under the headings

"Environmental, Social and Governance", "Development and Exploration", "Operating Results", "2025 Guidance and Outlook",

and "Liquidity and Capital Resources" and amongst others include, without limitation, statements with respect to recoveries

reaching expected feasibility study rates of 89%, repairing the oxygen plant on time and the repair to bring recovery rates to

expected levels as per the feasibility study, mining rate to accelerate to reach 3,000 tpd, to identify new geological targets at

Boumadine and Zgounder, mining rate of 40,000 tpd of total material moved to be achieved at the open pit by end of 2025, the

impacts of the backfilling of the stopes in the underground mine, the advancement of the development ramp at a rate of 25

vertical meters every two months, reaching mill recovery rate as per the Feasibility Study of approximately 89% in 2025,

reaching 3,000 tpd or nameplate capacity of processing rate in 2025, our 2025 guidance and outlook specifically guidance for

production of between 5 to 5.3 M oz Ag, cost guidance, including silver cash cost of between $15.00 and $17.50 per oz,

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202525

production costs of sales, all-in sustaining cost of sales, and capital expenditures; average recoveries being between 84% and

88%, average grade processed being between 170g/t Ag and 200g/t Ag, statements with respect to timelines of certain events

and plans including timelines related to the ramp-up to commercial production, advancement of mining rates, milling rates,

achieving nameplate capacities at the mill, advancement rate of the ramps, increase of processing capacities, statements with

respect to recoveries, average grades mined or processed, exploration budgets; identification of additional resources and

reserves or the conversion of resources to reserves; the Corporation's liquidity and access to cash; ESG objectives;

greenhouse gas reduction initiatives and targets; the implementation and effectiveness of the Corporation's ESG or Climate

Change strategy; forecast for the Corporation's projects including the new plant; budgets for and future prospects for

exploration, development and operation at the Corporation's operations and projects, including the Zgounder project; potential

mine life extensions at the Corporation's operations; the Corporation's balance sheet and liquidity outlook, as well as

references to other possible events including, the future price of silver, the timing and amount of estimated future production,

costs of production, operating costs; price inflation; capital expenditures, costs and timing of the development of projects and

new deposits at Zgounder or Boumadine, estimates and the realization of such estimates (such as mineral or silver reserves

and resources or mine life), success of exploration, development and mining, currency fluctuations, capital requirements,

project studies, government regulation, permit applications, environmental risks and proceedings, and resolution of pending

litigation. The words "expect", "on target", "continue", "plan", "reach", "accelerate", "expectation", "remain", "confirm", "guidance",

"outlook", "estimate", "range", "extend", "design", "objective", "advance", "continue", "plan", "potential", or variations of or similar

such words and phrases or statements that certain actions, events or results may, could, should or will be achieved, received

or taken, or will occur or result and similar such expressions identify forward-looking statements. Forward-looking statements

are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as

of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and

contingencies. The estimates, models and assumptions of the Corporation referenced, contained or incorporated by reference

in this MD&A, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in

our MD&A for the year ended December 31, 2024, and the Annual Information Form dated March 31, 2025 as well as: (1) there

being no significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including,

without limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to

strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2)

permitting, development, operations and production from the Corporation's operations and development projects being

consistent with current expectations including, without limitation: the maintenance of existing permits and approvals and the

timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of

exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in

any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation,

restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining

laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies,

including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently

expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or

resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being

approximately consistent with current levels; (6) certain price assumptions for silver; (7) prices for diesel, fuel oil, electricity

and other key supplies being approximately consistent with the Corporation's expectations; (8) attributable production and

cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral

resource estimates of the Corporation's analysis thereof being consistent with expectations (including but not limited to grade,

ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary

work undertaken by the Corporation, mine plans for the Corporation's current and future mining operations, and the

Corporation's internal models; (10) labour and materials costs increasing on a basis consistent with our current expectations;

(11) the terms and conditions of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent

with their intent and our expectations; (12) asset impairment potential; (13) the regulatory and legislative regime regarding

mining in Morocco being consistent with our current expectations; (14) access to capital markets; (15) potential direct or

indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government

legislation or other government actions; (17) litigation, regulatory proceedings and audits, and the potential ramifications

thereof, being concluded in a manner consistent with the Corporation's expectations, (18) having and maintaining human and

technical capacities to execute on its plans to achieve the 2025 Guidance figures, and (19) transactions announced by the

Corporation, including the Tijirit advancing and closing per the Corporation's timeline and expectations. Known and unknown

factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors

include, but are not limited to: the inaccuracy of any of the foregoing assumptions; inacuracies of mining reserve and resource

calculations, challenges related to underground mining, fluctuations in the currency markets; fluctuations in the spot and

forward price of silver or certain other commodities; price inflation of goods and services; changes in the discount rates

applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital;

changes in the market valuations of peer group silver producers and the Corporation, and the resulting impact on market price

to net asset value multiples; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and

mark-to-market risk);risks arising from reliance on a single operating mine, risks arising from reliance on contractors namely

one EPC provider at the Zgounder expansion project and one open pit mining contractor, changes in national and local

government legislation, taxation (including but not limited to income tax, advance income tax, withholding tax, capital tax,

tariffs, value-added or sales tax, production royalties, excise tax, customs/import or export taxes/duties, together with any

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q1-202526

related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and regulations; the

security of personnel and assets; political or economic developments in Morocco or Mauritania; operating or technical

difficulties in connection with mining and milling notably improving recoveries, development or refining activities; employee

relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders

or sanctions in respect of the Corporation (and/or its directors, officers, or employees) including, but not limited to, securities

class action litigation in Canada, environmental litigation or regulatory proceedings or any investigations, enforcement actions

and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and

regulations or any other applicable jurisdiction; the speculative nature of silver or gold exploration and development including,

but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing quantities or grades of

reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and

hazards associated with the business of silver and gold exploration, development and mining, including environmental

hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the

risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and

contingencies can directly or indirectly affect, and could cause, Aya's actual results to differ materially from those expressed

or implied in any forward-looking statements made by, or on behalf of, Aya, including but not limited to resulting in an

impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be

accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-

looking statements are provided for the purpose of providing information about management's expectations and plans relating

to the future. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place

undue reliance on forward-looking statements. All of the forward-looking statements made in this MD&A are qualified by this

cautionary statement and those made in our other filings with the securities regulators of Canada including, but not limited to,

the "Risk Factors" set forth in the Corporation's Annual Information Form dated March 31, 2025. These factors are not

intended to represent a complete list of the factors that could affect Aya. The forward-looking statements contained herein are

made only as of the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking

statements or to explain any material difference between subsequent actual events and such forward-looking statements,

except to the extent required by applicable law.

**Additional Information and Continuous Disclosure**

Additional information about the Corporation FS for the period ended March 31, 2025, will be available on SEDAR+ at

www.sedarplus.ca and on the Corporation's website at www.ayagoldsilver.com.

**Technical Information**

David Lalonde, B. Sc, Vice-President Exploration, designated as a Qualified Person under National Instrument 43-101 for Aya

Gold and Silver has reviewed and approved the technical content of this document.

## Exhibit 99.33

![cover_fsxq1-2025xfinal2a.jpg](cover_fsxq1-2025xfinal2a.jpg)

**Exhibit 99.33**

![cover_fsxq1-2025xpage2a.jpg](cover_fsxq1-2025xpage2a.jpg)

AYA GOLD & SILVER INC.

1320 Boulevard Graham, bureau 132, Mont-Royal, Québec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.33**

**Management's responsibilities over financial reporting**

The Condensed Interim Consolidated Financial Statements of Aya Gold & Silver Inc. (the "Corporation" or "Aya") are the

responsibility of the Corporation's management. The condensed interim consolidated financial statements are prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" of the International Accounting

Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and reflect management's best

estimates and judgment based on information currently available.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the

results of the condensed interim consolidated financial statements prior to their submission to the Board of Directors for

approval.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1 2025<sub>1</sub>

**Condensed Interim Consolidated Statements of Financial Position**

(Expressed in thousands of US dollars - unaudited)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | December 31, 2024 |
|  | **$** | $|
| **ASSETS** |  |  |
| Current  |  |  |
| Cash | **18319** | 30944 |
| Accounts receivable | **11645** | 1827 |
| Sales taxes receivable | **10199** | 9979 |
| Income tax receivable | **2651** | 3415 |
| Inventories (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_37)</u><u>4</u>) | **27806** | 27389 |
| Deposit in trust (<u>No</u><u>[te](#i495a24938bf5488ba4231b1b0b8e8571_103)</u><u>20</u>) | **698** | 695 |
| Prepaid expenses and security deposits | **1950** | 2249 |
| Options contracts (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_85)</u><u>16</u>) | **-** | 42 |
|  | **73268** | 76540 |
| Non-current  |  |  |
| Restricted cash (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_85)</u><u>16</u>) | **18257** | 18246 |
| Non-refundable deposits to suppliers (<u>[Note 5](#i495a24938bf5488ba4231b1b0b8e8571_40)</u>) | **2197** | 2787 |
| Deferred tax assets | **2042** | 3425 |
| Property, plant, and equipment and mineral property <u>(</u><u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_40)</u><u>5</u>) | **243037** | 231205 |
| Exploration and evaluation assets (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_43)</u><u>6</u>) | **80152** | 67904 |
| **TOTAL ASSETS** | **418953** | 400107 |
| **LIABILITIES** |  |  |
| Current  |  |  |
| Accounts payable and accrued liabilities | **55023** | 51351 |
| Current portion of long-term debt (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_49)</u><u>7</u>) | **14286** | - |
| Balance of purchase price payable | **1552** | 1483 |
| Income tax payable | **341** | - |
| Current portion of lease liabilities | **314** | 282 |
|  | **71516** | 53116 |
| Non-current  |  |  |
| Lease liabilities | **1126** | 1121 |
| Long-term debt (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_49)</u><u>7</u>) | **81714** | 95517 |
| Asset retirement obligations | **3139** | 2872 |
| Deferred tax liabilities | **1760** | 1000 |
| **TOTAL LIABILITIES** | **159255** | 153626 |
| **EQUITY** |  |  |
| Share capital (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_58)</u><u>8</u>) | **323184** | 323148 |
| Equity reserves | **5311** | (940) |
| Deficit | **(68802)** | (75732) |
|  | **259693** | 246476 |
| Non-controlling interests | **5** | 5 |
| **TOTAL EQUITY**  | **259698** | 246481 |
| **TOTAL LIABILITIES AND EQUITY** | **418953** | 400107 |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

On behalf of the Board,

---

| | |
|:---|:---|
| *Benoit La Salle /s/* | *Yves Grou /s/* |
| President, CEO, Director | Director |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1 2025<sub>2</sub>

**Condensed Interim Consolidated Statements of Comprehensive** 

**Income (Loss)**

(Expressed in thousands of US dollars, except share and per share amounts - unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** |
|  |  | **March 31,** |
|  | **2025** | 2024 |
| | **$** | $|
| **Revenue from silver sales** (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_67)</u><u>1</u>) | **33831** | 5077 |
| Cost of sales (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_70)</u><u>2</u>) | **23584** | 4741 |
| **Gross profit** | **10247** | 336 |
| **Expenses** |  |  |
| General and administrative (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_76)</u>3) <sup>(1)</sup> | **6919** | 3205 |
| **Operating income (loss)** | **3328** | (2869) |
| Net finance income (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_76)</u>3) | **7336** | 574 |
| **Net income (loss) before income taxes** | **10664** | (2295) |
| Income tax expense | **3734** | 297 |
| **Net income (loss)** | **6930** | (2592) |
| **Net income (loss) attributable to** |  |  |
| Equity holders of Aya Gold & Silver Inc. | **6930** | (2543) |
| Non-controlling interests | **-** | (49) |
| **Net income (loss)** | **6930** | (2592) |
| **Other comprehensive income (loss)**<br>**Items that will subsequently be reclassified to net income:**<br>Foreign currency translation adjustment<br>| **1663** | (4974) |
| **Comprehensive income (loss)**  | **8593** | (7566) |
| Basic income (loss) per common share (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_91)</u><u>18</u>)  | **0.05** | (0.02) |
| Diluted income (loss) per common share (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_91)</u>8) | **0.05** | (0.02) |
| Weighted average number of shares - basic (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_91)</u>8)  | **130785386** | 126277806 |
| Weighted average number of shares - diluted (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_91)</u>8)  | **136646870** | 126277806 |

---

<sup>(1)</sup> *Included in general and administrative is share-based payments expense of $4,044 during the three-month period ended* 

*March 31, 2025 ($1,126 during the three-month period ended March 31, 2024).*

*For the three-month period ended March 31, 2024, share-based payments expense was previously reported as a separate line* 

*item and now has been reclassified into the related functional expense item and therefore has been included in general and* 

*administrative (<u>Note 13</u>) for consistency with the current year presentation. This reclassification has no effect on the 2024 period* 

*reported net loss.*

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>3</sub>

**Condensed Interim Consolidated Statement of Changes in Equity**

(Expressed in thousands of US dollars - unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Equity Reserves** | **Equity Reserves** | **Equity Reserves** |  |  |  |
|  | **Number of** <br>**issued and** <br>**outstanding** <br>**shares**<br>| **Share** <br>**capital**<br>| **Contributed** <br>**surplus(a)**<br>| **Accumulated** <br>**other** <br>**comprehensive** <br>**income (loss)(b)**<br>| **Equity** <br>**Reserves**<br>| **Deficit** <br>**attributable to** <br>**equity holders** <br>**of Aya Gold &** <br>**Silver Inc.**<br>| **Non-**<br>**controlling** <br>**interests**<br>| **Total** <br>**equity**<br>|
|  |  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **Balance as at December 31, 2024** | **130770053** | **323148** | **26152** | **(27092)** | **(940)** | **(75732)** | **5** | **246481** |
| Exercise of options  | 20000 | 36 | (16) | - | (16) | - | - | 20 |
| Share-based payments (<u>[Note 9](#i495a24938bf5488ba4231b1b0b8e8571_61)</u>) | - | - | 4604 | - | 4604 | - | - | 4604 |
|  | **130790053** | **323184** | **30740** | **(27092)** | **3648** | **(75732)** | **5** | **251105** |
| **Net income** | **-** | **-** | **-** | **-** | **-** | **6930** | **-** | **6930** |
| Other comprehensive income | - | - | - | 1663 | 1663 | - | - | 1663 |
| **Comprehensive loss** | **-** | **-** | **-** | **1663** | **1663** | **6930** | **-** | **8593** |
| **Balance as at March 31, 2025** | **130790053** | **323184** | **30740** | **(25429)** | **5311** | **(68802)** | **5** | **259698** |
| **Balance as at December 31, 2023** | **122377703** | **260897** | **19893** | **(7826)** | **12067** | **(52243)** | **4415** | **225136** |
| Exercise of options  | 95000 | 184 | (83) | - | (83) | - | - | 101 |
| Share-based payments (<u>[Note 9](#i495a24938bf5488ba4231b1b0b8e8571_61)</u>) | - | - | 1126 | - | 1126 | - | - | 1126 |
| Share issuance <u>[(Note 8)](#i495a24938bf5488ba4231b1b0b8e8571_58)</u> | 7573900 | 57297 | **-** | **-** | **-** | **-** | **-** | 57297 |
| Share issue costs | - | - | - | - | - | (3216) | - | (3216) |
|  | **130046603** | **318378** | **20936** | **(7826)** | **13110** | **(55459)** | **4415** | **280444** |
| Net loss | - | - | - | - | - | (2543) | (49) | (2592) |
| Other comprehensive loss | - | - | - | (4974) | (4974) | - | - | (4974) |
| **Comprehensive loss** | **-** | **-** | **-** | **(4974)** | **(4974)** | **(2543)** | **(49)** | **(7566)** |
| **Balance as at March 31, 2024** | **130046603** | **318378** | **20936** | **(12800)** | **8136** | **(58002)** | **4366** | **272878** |

---

**a)**Contributed surplus reserve records the cumulative amounts of compensation expense recognized under IFRS 2 Share-Based Payment with respect to share purchase options granted, shares

purchase warrants, restricted share units and deferred share units issued but not yet exercised.

**b)**Accumulated other comprehensive income (loss) reserve records the gains and losses arising from the translation of the Corporation's Financial Statements to the presentation currency.

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>4</sub>

**Condensed Interim Consolidated Statement of Cash Flows**

(Expressed in thousands of US dollars - unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended March** <br>**31,** | **Three-month periods ended March** <br>**31,** |
|  | **2025** | 2024 |
| **Cash flows provided by (used in)** | **$** | $|
| **OPERATING ACTIVITIES** |  |  |
| **Net income (loss)** | **6930** | (2592) |
| **Adjustments for non-cash items** |  |  |
| Share-based payments recorded in net income (loss) (<u>[Note 9](#i495a24938bf5488ba4231b1b0b8e8571_61)</u>) | **4349** | 1126 |
| Depreciation and depletion of property, plant, and equipment and mineral property | **3681** | 289 |
| Accretion expense (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_76)</u><u>3</u>) | **42** | 30 |
| Gain on foreign currency translation | **(9305)** | 233 |
| Deferred income taxes | **2139** | - |
| Change in fair value of options contracts (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_85)</u>6) | **(24)** | (37) |
|  | **7812** | (951) |
| **Changes in working capital items (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_88)</u>7)** | **114** | (2785) |
|  | **7926** | (3736) |
| **INVESTING ACTIVITIES** |  |  |
| Deposits to suppliers for capital expenditures | **(1407)** | - |
| Acquisition of property, plant and equipment and mineral property (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_40)</u><u>5</u> and <u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_88)</u><u>17</u>) | **(6728)** | (26435) |
| Additions to exploration and evaluation assets (<u>[Note 6](#i495a24938bf5488ba4231b1b0b8e8571_43)</u> and <u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_88)</u>7) | **(7820)** | (5869) |
|  | **(15955)** | (32304) |
| **FINANCING ACTIVITIES** |  |  |
| Repayment of lease liabilities  | **(100)** | (113) |
| Proceeds from long-term debt (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_49)</u><u>7</u>) | **-** | 25000 |
| Payment of borrowing costs on long-term debt (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_49)</u><u>7</u>) | **(4626)** | - |
| Proceeds from exercise of options (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_61)</u> <u>9</u>) | **20** | 101 |
| Proceeds from share issuance (<u>[Note 8](#i495a24938bf5488ba4231b1b0b8e8571_58)</u>) | **-** | 57297 |
| Share issue costs | **-** | (3216) |
|  | **(4706)** | 79069 |
| Effect of exchange rate changes on cash in foreign currencies | **110** | (2320) |
| **Net change in cash**  | **(12625)** | 40709 |
| Cash, beginning of period | **30944** | 49830 |
| **Cash, end of period** | **18319** | 90539 |

---

*Supplemental cash flow information (<u>[Note 1](#i495a24938bf5488ba4231b1b0b8e8571_88)</u><u>7</u>)*

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>5</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**1. GENERAL INFORMATION**

Aya Gold & Silver Inc. (the "Corporation or "Aya") is a Canadian based precious metals mining corporation which focuses on

the exploration, development, production and acquisition of precious metals mining projects. The Corporation is concentrated

on producing silver and exploration activities at its flagship project, the Zgounder property through its 100% ownership of

Zgounder Millennium Silver Mine S.A ("ZMSM"). On December 29, 2024, the Corporation reached commercial production at the

new Zgounder mill. The Corporation also owns 85% of the Boumadine polymetallic project and is the sole owner of the

permits related to the Amizmiz, Azegour, Zgounder Regional, Tirzzit and Imiter bis properties. All of these properties are

located in the Kingdom of Morocco. The Corporation also owns through Algold Resources Ltd. ("Algold"), 75% of the Tijirit

project located in Mauritania. All projects other than the Zgounder Mine are at the exploration and evaluation stage.

Aya's registered office is located at 1320 boulevard Graham, suite 132, Mont-Royal, Quebec, Canada, H3P 3C8.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31 and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX market under the symbol "AYASF".

**2. BASIS OF PRESENTATION**

***Statement of compliance***

The consolidated financial statements of the Corporation have been prepared in accordance with International Accounting

Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS") as issued by the International Accounting

Standards Board ("IASB").

The Board of Directors approved and authorized for issue these consolidated financial statements on May 12, 2025.

***Basis of measurement***

The consolidated financial statements have been prepared on a historical cost basis, except for:

**(i)**Option contracts, which are accounted for at fair value;

**(ii)**Share-based payment arrangements, which are measured at fair value on grant date;

**(iii)**Asset retirement obligations, which are measured at the discounted estimated cost of future remediation;

**(iv)**Lease liabilities, which are initially measured at the present value of minimum lease payments; and

**(v)**Non-controlling interest which is initially measured at the proportionate share of the acquiree's identifiable net

assets as at the date of acquisition.

**3. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS**

***Material accounting policies***

These condensed interim consolidated financial statements have been prepared following the same accounting policies and

methods of computation as the audited annual consolidated financial statements for the year ended December 31, 2024.

***Functional and presentation currency***

The functional currency of Aya Gold & Silver Inc. is the Canadian dollar. The functional currency of the Corporation and its

subsidiaries has remained unchanged during the reporting period. The Corporation's presentation currency is the US dollar.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>6</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**4. INVENTORIES**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | December 31, 2024 |
|  | **$** | $|
| Mining supplies | **12599** | 11094 |
| Silver bars | **4915** | 2636 |
| Sliver in concentrate | **-** | 1187 |
| Silver in circuit | **602** | 545 |
| Ore stockpile | **9690** | 11927 |
|  | **27806** | 27389 |

---

For the three-month period ended March 31, 2025, the Corporation recognized $21,767 ($3,852 for the three-month period

ended March 31, 2024) of inventory costs in the cost of sales.

**5. PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTY**

The majority of properties, plant and equipment and mineral property are located in Morocco and are related to the Zgounder

mine. As at March 31, 2025, the Corporation determined that there was no material events or changes in circumstances

indicating that the carrying amount of property, plant and equipment may not be recoverable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | 3381 | 61292 | 113614 | 1311 | 179598 |
| Additions | 646 | 12158 | 55737 | 612 | 69153 |
| Disposals | (237) | (392) | - | - | (629) |
| Transfer | 7232 | 146000 | (153232) | - | - |
| Borrowing costs (<u>[Note 7](#i495a24938bf5488ba4231b1b0b8e8571_49)</u>) | 71 | 8872 | - | - | 8943 |
| Asset retirement obligation | - | 355 | - | - | 355 |
| Foreign exchange | (234) | (4469) | (281) | (249) | (5233) |
| As at December 31, 2024 | 10859 | 223816 | 15838 | 1674 | 252187 |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>7</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**5. PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTY** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets**<br>**under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| As at January 1, 2025 | 10859 | 223816 | 15838 | 1674 | 252187 |
| Additions | 289 | 2361 | 2082 | 83 | 4815 |
| Transfers | 200 | 5662 | (5862) | - | - |
| Asset retirement obligation | - | 233 | - | - | 233 |
| Foreign exchange | 503 | 10379 | 547 | 40 | 11469 |
| **As at March 31, 2025** | **11851** | **242451** | **12605** | **1797** | **268704** |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | 430 | 17455 | - | 211 | 18096 |
| Transfers | 1578 | (1578) | - | - | - |
| Depreciation | 1158 | 2043 | - | 303 | 3504 |
| Disposals | (27) | - | - | - | (27) |
| Foreign exchange | (67) | (520) | - | (4) | (591) |
| As at December 31, 2024 | 3072 | 17400 | - | 510 | 20982 |
| Depreciation | 333 | 3320 | - | 85 | 3738 |
| Foreign exchange | 145 | 783 | - | 19 | 947 |
| **As at March 31, 2025** | **3550** | **21503** | **-** | **614** | **25667** |
| **Carrying amounts** |  |  |  |  |  |
| At December 31, 2024 | 7787 | 206416 | 15838 | 1164 | 231205 |
| **At March 31, 2025** | **8301** | **220948** | **12605** | **1183** | **243037** |

---

Assets under construction at March 31, 2025 are located in Morocco and represent expenditures for the construction and

development of assets which the Corporation intends to put into production by the end of 2025.

Since July 1, 2023, all mining assets in production are amortized over the expected mineral reserve as reported in the

Feasibility Study on the Zgounder Silver Mine published on June 16, 2022.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>8</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS**

During the three-month period ended March 31, 2025 and the year December 31, 2024, changes in exploration and evaluation

assets were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | December 31, 2024 |
|  | **$** | $|
| **Rights on mining properties**  |  |  |
| Balance, beginning of the period | **5554** | 24114 |
| Impairment | **-** | (18276) |
| Additions  | **-** | 223 |
| Foreign exchange | **222** | (507) |
| Balance, end of the period | **5776** | 5554 |
| **Deferred exploration and evaluation expenses** |  |  |
| Balance, beginning of the period | **62350** | 35898 |
| Impairment | **-** | (9074) |
| Additions: |  |  |
| Drilling, Sampling, Geology, and others  | **8906** | 36841 |
| Foreign exchange | **3120** | (1315) |
| Balance, end of the period | **74376** | 62350 |
| **Total** | **80152** | 67904 |

---

All exploration and evaluation assets are located in Morocco and relate to the Boumadine, Imiter Bis, Azegour, Tirzzit, and

Zgounder Regional projects. The following schedule represents the Corporation's exploration and evaluation expenses:

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>9</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | |
|  |  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Others** | **Total** |
|  |  | **$** | **$** | **$** | &nbsp;&nbsp;&nbsp;&nbsp;**$** | **$** |
| Opening Balance |  | 53720 | 6991 | 4845 | 2348 | 67904 |
| Drilling, sampling, geology, and others |  | 8498 | 311 | - | 97 | 8906 |
| Foreign exchange |  | 2874 | 296 | 68 | 104 | 3342 |
| **Closing Balance** |  | **65092** | **7598** | **4913** | **2549** | **80152** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Tijirit** | **Others** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** |
| Opening Balance | 22926 | 4112 | 4817 | 26489 | 1668 | 60012 |
| Additions to mining rights | 223 | - | - | - | - | 223 |
| Impairment on mining rights | - | - | - | (18276) | - | (18276) |
| Impairment on exploration and evaluation <br>assets<br>| - | - | - | (9074) | - | (9074) |
| Drilling, sampling, geology, and others | 31641 | 2974 | 360 | 1024 | 842 | 36841 |
| Foreign exchange | (1069) | (95) | (332) | (163) | (163) | (1822) |
| **Closing Balance** | **53721** | **6991** | **4845** | **-** | **2347** | **67904** |

---

***Tijirit project*** 

In December 2023, the Corporation provided a feasibility report for its Tijirit gold project to the government of Mauritania, as

required by the obligations stated in the mining permit. The results of the feasibility study demonstrated a project with good

economics but with a short mine life.

The Corporation engaged with the Mauritanian government to seek an additional three-year extension to start construction to

allow for further exploration and extend the life of mine. In December 2024, the Mauritanian government made a unilateral

decision to grant a 6-month extension ending in June 2025.

This decision by the Mauritanian government renders the validity of the mining permit post June 2025 uncertain. Given the

decision of the government, the Corporation decided to abandon the Tijirit project.

The Corporation deemed the recoverable amount of the Tiijirit project to be $nil and an impairment loss of $27,350 on the

Tijirit exploration and evaluation asset was recorded as of December 31, 2024.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>10</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**7. LONG-TERM DEBT**

On January 19, 2023, the Corporation entered into a credit agreement for a secured project financing facility with the European

Bank for Reconstruction and Development ("EBRD") (the "Facility") to provide financing for the Zgounder expansion (see note

5) of up to $100,000.

The loan consists of a $92,000 loan provided by the EBRD ("EBRD Tranche") and an $8,000 tranche (pari-passu with the EBRD)

by the Climate Investment Funds ("CTF") ("CTF Tranche"), managed by the EBRD. Amounts borrowed under the loan incur

interest at a rate of SOFR plus 5% for the EBRD Tranche and 1% for the CTF Tranche. Payments are made bi-annually in

January and July.

All debts under the loan are guaranteed by the Corporation and its subsidiaries and secured by the assets of the Corporation

and pledges of the securities of the Corporation's subsidiary, ZMSM. The loan is subject to adherence to debt covenants. As at

March 31, 2025, ZMSM was in compliance with its financial covenants.

The long-term debt has been recorded at amortized cost, net of transaction costs, and will be accreted to face value over the

life of the long-term debt using the effective interest rate method.

In addition, a cost overrun account of $18,000 is funded and included in restricted cash and has been since inception of loan.

Once the expansion has reached financial completion, as defined in the credit agreement, the cost overrun account will be

liberated and replaced with a Debt Service Reserve Account ("DSRA") and a balance up to $16,250 which will be considered

restricted cash.

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | December 31, 2024 |
|  | **$** | **$** |
| Balance, beginning of the period | **99928** | 59622 |
| Drawdown in cash | **-** | 40000 |
| Payments on interest and fees | **(4626)** | (6526) |
| Interest expense  | **2714** | 9456 |
| Gain resulting from the change in expected cash flows | **-** | (430) |
| Transaction costs | **-** | (2194) |
| Balance, end of the period | **98016** | 99928 |
| Current portion of long-term debt | **(14286)** | - |
| Interest payable and commitment charges, presented in accounts payable and <br>accrued liabilities<br>| **(2016)** | (4411) |
| Long-term debt | **81714** | 95517 |

---

The loan includes a two-year principal grace period. The first principal payment is scheduled for January 2026. The

repayments related to the long-term debt and accrued interest for the forthcoming years are as follows

---

| | |
|:---|:---|
|  | **$** |
| 2025 | 2016 |
| 2026 | 28571 |
| 2027 | 28571 |
| 2028 | 28571 |
| 2029 | 10287 |
| **Total** | **98016** |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>11</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**8. SHARE CAPITAL**

***Authorized***

Unlimited number of common shares without par value.

***Common Shares***

As at March 31, 2025, the Corporation had 130,790,053 issued and outstanding common shares (December 31, 2024 -

130,770,053).

***Transactions during the three-month period ended March 31, 2025:***

• A total of 20,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$29 ($20)

and ascribed value reclassification of C$23 ($16) from contributed surplus to share capital.

During the period in which the options were exercised, the Corporation's share price was C$11.74 ($8.14).

***Transactions during the three-month period ended March 31, 2024:***

• On February 14, 2024 the Corporation closed its bought deal financing and issued 7,573,900 common shares at a price

of C$10.25 per share for total consideration of C$77,632 ($57,297).

• A total of 95,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$136 ($101)

and ascribed value reclassification of C$111 ($83) from contributed surplus to share capital.

During the period in which the options were exercised, the Corporation's minimum market share price was C$9.75 ($7.20)

while the maximum was C$10.43 ($7.72).

**9. SHARE-BASED PAYMENTS**

***Share purchase options***

The Corporation's incentive share purchase option plan (the "Plan") which provides that the Board of Directors of the

Corporation may, from time to time, in its discretion, and in accordance with the TSX policies, grant to directors, officers,

employees and consultants to the Corporation, non-transferable share purchase options to purchase common shares of the

Corporation, provided that the number of common shares issuable under the Plan, combined with the number of common

shares issuable under all share compensation arrangements, shall not exceed 10% of the outstanding common shares as at

the date of any grant of options. The vesting period for the share purchase options is determined at the discretion of the

Corporation's Board of Directors at the time the share purchase options are granted. The stock options granted prior to 2024

were vested on an annual pro-rata basis over three years with one-third vesting on the date of grant for which accelerated

compensation expense was recorded. The stock options granted in 2024 are vested on an annual pro-rata basis evenly over

three years for which accelerated compensation expense is recorded.

The outstanding share purchase options and their exercise price in Canadian dollars as at March 31, 2025 and as at December

31, 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended** | **Three-month period ended** | Year ended | Year ended |
|  | **March 31, 2025** | **March 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$** <sup>(1)</sup> | Number | C$ <sup>(1)</sup> |
| Balance, beginning of the period | 9589451 | 9.02 | 5101401 | 2.07 |
| Granted | - |  | 5000000 | 15.63 |
| Exercised | (20000) | 1.43 | (511950) | 4.43 |
| **Balance, end of the period** | **9569451** | **9.03** | **9589451** | **9.02** |
| Exercisable | 4569451 | 1.81 | 4589451 | 1.81 |

---

(1)Weighted average exercise price in Canadian dollars.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>12</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

The following table reflects the share purchase options that could be exercisable for an equal number of common shares:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4121484 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9569451 | 4569451 |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4141484 | 4141484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9589451 | 4589451 |  |

---

The fair value of share purchase options granted was determined using the Black & Scholes valuation model based on the

following weighted average assumptions:

---

| | |
|:---|:---|
|  | **August 23, 2024** |
| Weighted average fair value of awards | 6.57 C$ |
| Market share price | 15.85 C$ |
| Grant option exercise price | 15.63 C$ |
| Volatility | 39.7% - 45.1% |
| Risk-free rate | 2.92% |
| Dividend yield | 0% |
| Expected life | 4.0 - 5.7 |

---

Share-based payments of $3,447 were recognized during the three-month period ended March 31, 2025 of which $57 was

capitalized to property, plant and equipment, $146 was capitalized to exploration and evaluation assets, $189 was included in

cost of sales and $3,055 was included in general and administrative expenses related to options granted during the current

year. No options were granted during the three-month period ended March 31, 2024 and a share-based payment expense of

$nil was recognized during the three-month period ended March 31, 2024.

***Restricted share units***

The RSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the DSU Plan.

The RSUs are time-based awards and all the amount of RSUs granted will vest upon the continuous employment of the

Participants on the third anniversaries of the RSU grant, starting from the date of the grant or such other period not exceeding

three years determined by the Board of Directors.

Pursuant to the terms of the RSU Plan, Participants will receive, upon vesting of the RSUs, either cash or common shares of the

Corporation issued from treasury. The outstanding RSUs as at March 31, 2025 and as at December 31, 2024 are as follows:

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>13</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended** | **Three-month period ended** | Year ended | Year ended |
|  | **March 31, 2025** | **March 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(2)</sup> | Number | C$<sup>(2)</sup> |
| Balance, beginning of the period | 1120750 | 9.97 | 982328 | 9.52 |
| Granted | 384141 | 11.42 | 450006 | 10.13 |
| Settled | - | - | (306500) | 8.77 |
| Forfeited | (5878) | 10.50 | (5084) | 10.19 |
| **Balance, end of the period** | **1499013** | **10.34** | **1120750** | **9.97** |
| Vested | - | - | - | - |

---

(2)Weighted average fair value in Canadian dollars at grant date.

Share-based payments of $884 were recognized during the three-month period ended March 31, 2025 of which $11 was

capitalized to property, plant and equipment, $41 was capitalized to exploration and evaluation assets, $116 was included in

cost of sales and $716 was included in general and administrative expenses ($836 during the three-month period ended March

31, 2024 included in general and administrative expenses).

***Deferred share units***

The DSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the RSU Plan.

The DSUs are time-based awards and all the amount of DSUs granted will be settled on termination of service.

Pursuant to the terms of the DSU Plan, Directors will receive, on the second December after the termination date, common

shares of the Corporation issued from treasury. The outstanding DSU's as at March 31, 2025 and as at December 31, 2024 are

as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended** | **Three-month period ended** | Year ended | Year ended |
|  | **March 31, 2025** | **March 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(3)</sup> | Number | C$<sup>(3)</sup> |
| Balance, beginning of the period | 457124 | 9.85 | 328512 | 8.41 |
| Granted | 32915 | 10.56 | 128612 | 13.53 |
| **Balance, end of the period** | **490039** | **9.90** | **457124** | **9.85** |
| Exercisable | 37503 | 9.50 | 37503 | 9.50 |

---

(3)Weighted average fair value in Canadian dollars at grant date.

Share-based compensation payments of $273 were recognized in general and administrative expenses during the three-month

period ended March 31, 2025 ($290 during the three-month period ended March 31, 2024).

**10. SEGMENTED INFORMATION**

All of the Corporation's operations are within the mining industry and its major products are precious metals ingots and

concentrate which are refined or smelted into pure silver and sold to global metal brokers. An operating segment is defined as

a component of the Corporation that:

• Engages in business activities from which it may earn revenues and incur expenses;

• Whose operating results are reviewed regularly by the entity's executive management; and

• For which discrete financial information is available.

For the three-month period ended March 31, 2025, the Corporation's operating segments include the production segment, with

its Zgounder silver project in Morocco. All other properties are in the "non-producing properties" segment (i.e. referred to as

Exploration, evaluation and development segment) for the three-month periods ended March 31, 2025 and 2024. Corporate

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025<sub>14</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**10. SEGMENTED INFORMATION** (continued)

consists primarily of the Corporation's corporate assets including cash and corporate expenses which are not allocated to

operating segments.

Management evaluates segment performance based on segment operating income (loss). Therefore, finance income and

expense items and income taxes are not allocated to the segments. Significant information relating to the Corporation's

operating segments is summarized in the tables below.

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 247114 | 305773 | 144870 |
| Exploration, evaluation, and development | 80571 | 82708 | 10812 |
| Corporate | 18000 | 30472 | 3573 |
| **Total per consolidated statement of financial position** | **345685** | **418953** | **159255** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 236733 | 282794 | 138968 |
| Exploration, evaluation, and development  | 68836 | 73370 | 10975 |
| Corporate | 17998 | 43943 | 3683 |
| **Total per consolidated statement of financial position** | **323567** | **400107** | **153626** |

---

As at March 31, 2025, all production and exploration, evaluation and development segments are located in Morocco, except for

one exploration, evaluation and development segment that is located in Mauritania, that has total assets of $3 (December 31,

2024 - $8) and total liabilities of $167 (December 31, 2024 - $166). Corporate is based in Canada.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three-month periods ended March 31, 2025 and** <br>**2024**<br>|  | **Revenue** | **Cost of sales** | **G&A** <br>**expenses**<br>| **Operating** <br>**income (loss)** <br>|
|  |  | **$** | **$** | **$** | **$** |
| **Production (**Zgounder Silver Mine**)** | **2025** | **33831** | **23584** | **766** | **9481** |
|  | 2024 | 5077 | 4741 | 285 | 51 |
| **Exploration** | **2025** | **-** | **-** | **50** | **(50)** |
|  | 2024 | - | - | 176 | (176) |
| **Corporate unallocated costs** | **2025** | **-** | **-** | **6103** | **(6103)** |
|  | 2024 | - | - | 2744 | (2744) |
| **Consolidated** | **2025** | **33831** | **23584** | **6919** | **3328** |
|  | 2024 | 5077 | 4741 | 3205 | (2869) |

---

Corporate is mainly unallocated items from the Corporation's head office that comprises of corporate assets (mainly cash and

restricted cash), liabilities and expenses for the three-month periods ended March 31, 2025 and 2024.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **15** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**11. ADDITIONAL INFORMATION ON THE NATURE OF REVENUE FROM SILVER SALES**

The following is a breakdown of the nature of revenue included in silver sales for the three-month periods ended March 31,

2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** |
|  | **March 31,** | **March 31,** |
| **Revenue from sales** | **2025** | 2024 |
|  | **$** | $|
| Ingots | **28874** | 2631 |
| Silver concentrate | **5410** | 2811 |
| Less: treatment, smelting, and refining costs | **(453)** | (365) |
|  | **33831** | 5077 |

---

The Corporation's sales are with two clients (2024 – two clients) located in Switzerland.

**12. ADDITIONAL INFORMATION ON THE NATURE OF COST OF SALES**

The following is a breakdown of the nature of cost of sales for the three-month periods ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** |
|  | **March 31,** | **March 31,** |
| **Cost of sales** | **2025** | 2024 |
|  | **$** | $|
| Production costs | **18354** | 4250 |
| Share-based payments (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_61)</u> <u>9</u>) | **305** | - |
| Freight outbound | **272** | 74 |
| Royalties | **1015** | 149 |
| Depreciation and depletion | **3638** | 268 |
|  | **23584** | 4741 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **16** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**13. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE INCOME (LOSS) COMPONENTS**

The following is a breakdown of the nature of expenses included in general and administrative expenses and finance expense

for the three-month periods ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** |
|  | **March 31,** | **March 31,** |
| **General and administrative expenses** | **2025** | 2024 |
|  | **$** | $|
| Salaries and benefits | **1123** | 721 |
| Share-based payments (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_61)</u> <u>9</u>) | **4044** | 1126 |
| Consulting fees | **574** | 540 |
| Investor relations | **277** | 325 |
| Depreciation | **43** | 21 |
| Office | **289** | 212 |
| Professional fees | **559** | 227 |
| Reporting issuer costs | **10** | 33 |
|  | **6919** | 3205 |

---

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** |
|  | **March 31,** | **March 31,** |
| **Finance income (expense)** | **2025** | 2024 |
|  | $| $|
| Change in fair value of options contracts | **24** | 37 |
| Interest (expense) income | **(2206)** | 800 |
| Gain (loss) on foreign exchange | **9560** | (233) |
| Accretion expense | **(42)** | (30) |
|  | **7336** | 574 |

---

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** |
|  | **March 31,** | **March 31,** |
| **Expenses recognized for employee benefits (including capitalized amounts)** | **2025** | 2024 |
|  | **$** | $|
| Salaries and fringe benefits | **4527** | 3491 |
| Share-based payments (<u>[Note](#i495a24938bf5488ba4231b1b0b8e8571_61)</u><u>9</u>) | **4331** | 1126 |
|  | **8858** | 4617 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **17** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**14. CAPITAL MANAGEMENT** 

The Corporation defines capital as long-term debt and total equity. When managing capital, the Corporation's objectives are to:

• Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

• Ensure the externally imposed capital requirements relating to debt obligations are being met;

• Increase the value of the Corporation's assets; and

• Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at March 31, 2025 managed capital is $355,693 (December 31, 2024 - $341,993) representing long-term debt

and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Long-term debt (including current portion) | **96000** | 95517 |
| Total equity before non-controlling interest | **259693** | 246476 |
|  | **355693** | 341993 |

---

**15. FINANCIAL RISK MANAGEMENT**

The Corporation is exposed to various financial risks resulting from both its operations and its investment activities. There

were no changes to the financial objectives, policies and processes during the three-month periods ended March 31, 2025 and

2024. The Corporation's main financial risks exposure and its financial risks management policies are as follows:

***Credit risk***

Credit risk refers to the risk of an unexpected loss if a party to a financial instrument fails to meet its contractual obligations.

The Corporation's financial assets exposed to credit risk are primarily composed of cash, accounts receivable, deposits in

trust, and restricted cash. The Corporation's cash and restricted cash are mostly held with reputable Canadian or Moroccan

banks.

Credit risk arises from the possibility that its customers may experience financial difficulties and be unable to fulfil their

obligations. The Corporation requires that it is paid the majority of what it is owed on transfer of property and deals with only

creditworthy counterparties to mitigate the risk of financial loss from defaults. The Corporation monitors the credit risk of

customers through credit rating reviews and constant communication with customers. The Corporation establishes an

allowance for expected credit losses taking into account the credit risk of specific customers, historical trends and other

information. For the three-month periods ended March 31, 2025 and 2024, the Corporation sells its ingots and silver

concentrated ore to a limited number of large customers and has never experienced a credit loss. Consequently, credit risk is

considered to be limited. In management's opinion, the maximum credit risk exposure for all of the Corporation's current

financial assets is the carrying value of those assets.

***Commodity price risk***

The Corporation's profitability is exposed to commercial risks notably those linked to the price of silver. The Corporation does

not have financial instruments to hedge exposures to silver price fluctuations

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **18** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**15. FINANCIAL RISK MANAGEMENT** (continued)

***Liquidity risk***

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. The organization has instituted a comprehensive planning and budgeting process designed to ascertain the

financial resources necessary to sustain its standard operational requirements and developmental initiatives. Over the years,

the Corporation generates cash flow from its financing activities.

As part of its $100,000 financing with EBRD (<u>N</u><u>[ote 7](#i495a24938bf5488ba4231b1b0b8e8571_49)</u><u>)</u>, the Corporation is required to maintain $18,000 in restricted cash for a

Cost Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, as defined in

the credit agreement, any unused portion of the COF may be reallocated to fund the $16,250 Debt Service Reserve Account

("DSRA"). Upon the start of commercial production phase of the new Zgounder mill effective at the end of 2024, the

Corporation currently intends to take into account the anticipated cash flows generated from operational activities to

contribute to its business commitments.

The following are the contractual maturities of financial liabilities and other liabilities, including interest that is included in

accounts payable as at March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities | 55023 | 55023 | 55023 | - | - |
| Long-term debt (excluding interest)  | 96000 | 100000 | 14286 | 28571 | 57143 |
| Balance of purchase price payable | 1552 | 1552 | 1552 | - | - |
| Lease liabilities | 1440 | 1680 | 390 | 349 | 941 |
|  | **154015** | **158255** | **71251** | **28920** | **58084** |

---

The following are the contractual maturities of financial liabilities as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities  | 51351 | 51351 | 51351 | - | - |
| Long-term debt (excluding interest)  | 95517 | 100000 | - | 28571 | 71429 |
| Balance of purchase price payable | 1483 | 1483 | 1483 | - | - |
| Lease liabilities | 1403 | 1650 | 356 | 330 | 964 |
|  | 149754 | 154484 | 53190 | 28901 | 72393 |

---

***Foreign currency risk***

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, BGM and AGS, for which the functional currency is

the Moroccan dirham, and for TIREX and ALGOLD S.A.R.L., for which the functional currency is the Mauritanian Ouguiya.

Transactions related to the Corporation's exploration and evaluation activities are mainly denominated in Moroccan dirhams.

Foreign currency denominated financial assets and liabilities which expose the Corporation to currency risk are presented

below.

The Corporation enters into option contracts to mitigate some of the risk of fluctuations in the exchange rate of its holdings of

US dollars. 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

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **19** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**15. FINANCIAL RISK MANAGEMENT** (continued)

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.

The fair value of option contracts, which represents the amount that would be received/(paid) by the Corporation if the

contracts were terminated at March 31, 2025 was $nil (December 31, 2024 - $42).

Balances in the table below are dominated in US dollars, the presentation currency of the Corporation:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2025** | **USD** | **EUR** | **CAD** | **MAD** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| Cash | 4587 | 185 | - | - | 4772 |
| Accounts receivable | 10966 | - | - | - | 10966 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Current portion of long-term debt | (14286) | - | - | - | (14286) |
| Long-term debt | (85714) | - | - | - | (85714) |
| Accounts payable and accrued liabilities | (3583) | (1158) | (438) | - | (5179) |
| Balance of purchase price payable | - | - | - | (1553) | (1553) |
|  | **(70030)** | **(973)** | **(438)** | **(1553)** | **(72994)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **USD** | **EUR** | **CAD** | **MAD** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| Cash | 7774 | 179 | - | - | 7953 |
| Accounts receivable | 1053 | - | - | - | 1053 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Long-term debt | (100000) | - | - | - | (100000) |
| Accounts payable and accrued liabilities | (5514) | (1060) | (666) | - | (7240) |
| Balance of purchase price payable | - | - | - | (1483) | (1483) |
|  | (78687) | (881) | (666) | (1483) | (81717) |

---

The impact on net income (loss) and equity of a 10% increase or decrease in foreign currencies on the Corporation's financial

instruments based on balances on March 31, 2025 would be approximately $7,299 (December 31, 2024 - $8,172).

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **20** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**16. FINANCIAL INSTRUMENTS**

The classification of financial instruments is summarized as follows, as at March 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Financial Assets** | **Classification** | **March 31,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Cash | Financial assets at amortized cost | **18319** | 30944 |
| Accounts receivable | Financial assets at amortized cost | **11645** | 1827 |
| Deposit in trust | Financial assets at amortized cost | **698** | 695 |
| Restricted cash | Financial assets at amortized cost | **18257** | 18246 |
|  |  | **48919** | 51712 |
| **Financial Liabilities** | **Classification** | **March 31,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Current portion of long-term debt (<u>[Note 7](#i495a24938bf5488ba4231b1b0b8e8571_49)</u>) | Financial liabilities at amortized cost | **14286** | - |
| Long-term debt (<u>[Note 7](#i495a24938bf5488ba4231b1b0b8e8571_49)</u>) | Financial liabilities at amortized cost | **81714** | 95517 |
| Accounts payable and accrued liabilities | Financial liabilities at amortized cost | **55023** | 51351 |
| Balance of purchase price payable | Financial liabilities at amortized cost | **1552** | 1483 |
|  |  | **152575** | 148351 |
| **Financial Assets** | **Classification** | **March 31,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Option contracts | Fair value through profit & loss | **-** | 42 |
|  |  | **-** | 42 |

---

***Fair value of financial instruments***

Current financial instruments that are not measured at fair value consist of by cash, accounts receivable, deposit in trust,

restricted cash, accounts payable and accrued liabilities, balance of purchase price payable and long-term debt. Their carrying

values are considered a reasonable approximation of their fair value because of their short-term maturity. The long-term debt

is predominantly subject to a variable interest rate. As a result, the carrying value is considered to be its fair value.

***Fair value hierarchy***

The following table classifies financial assets and liabilities that are recognized on the consolidated statement of financial

position at fair value in a hierarchy that is based on significance of the inputs used in making the measurements. The levels in

the hierarchy are:

Level 1:Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3:Inputs for the asset or liability that are not based on observable market data.

As at March 31, 2025, the instruments measured at fair value was $nil.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **21** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**16. FINANCIAL INSTRUMENTS** (continued)

As at December 31, 2024, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | 42 | - | **42** |

---

The Corporation's foreign currency option contracts are not traded in active markets. The fair value of these instruments has

been determined using observable forward exchange rates. The effects of non-observable inputs are not significant for foreign

contract positions.

**17. SUPPLEMENTAL CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended**<br>**March 31,** | **Three-month periods ended**<br>**March 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Accounts receivable | **(9512)** | (386) |
| Sales tax receivable | **232** | 4383 |
| Income tax receivable | **889** | - |
| Inventories | **841** | (2644) |
| Prepaid expenses and security deposits | **440** | (27) |
| Accounts payable and accruals | **6891** | (275) |
| Income tax payable | **333** | (3836) |
| **Changes in working capital items** | **114** | (2785) |
| **Non-cash transactions** |  |  |
| Additions of new lease right-of-use assets  | **83** | 48 |
| Addition of new lease liabilities  | **(83)** | (48) |
| Net change in deposits to suppliers for capital expenditures | **2111** | 4483 |
| Change in accounts payable and accrued liabilities related to PP&E | **(4175)** | (6233) |
| Change in accounts payable and accrued liabilities related to E&E assets | **899** | (265) |
| Share-based compensation in PP&E additions | **68** | - |
| Share-based compensation in E&E additions | **187** | - |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **22** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**18. INCOME (LOSS) PER COMMON SHARE**

Basic income or loss per share is the net income or loss available to common shareholders divided by the weighted average

number of common shares outstanding during the period. Diluted net income or loss per share adjusts basic net income per

share for the effects of potential dilutive common shares such as options, RSUs and DSUs.

The calculations for basic and diluted income per share for the three-month periods ended March 31, 2025 and 2024 are as

follows:

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended**<br>**March 31,** | **Three-month periods ended**<br>**March 31,** |
|  | **Three-month periods ended**<br>**March 31,** | **Three-month periods ended**<br>**March 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Net income (loss) | **6930** | (2592) |
| Weighted average number of shares – basic | **130785386** | 126277806 |
| Impact of dilutive securities |  |  |
| Stock options, RSUs and DSUs | **5861483** | - |
| Weighted average number of shares – diluted | **136646870** | 126277806 |
| Income (loss) per share - basic | **0.05** | (0.02) |
| Income (loss) per share - diluted | **0.05** | (0.02) |

---

Weighted average number of shares - diluted excludes the effects of 5,000,000 share purchase options as at March 31, 2025

as they were anti-dilutive (March 31, 2024 - 5,006,401 share purchase options, 1,419,835 restricted share units, and 361,921

deferred share units were excluded).

**19. RELATED PARTY TRANSACTIONS** 

During the three-month periods ended March 31, 2025 and 2024, the following related party transaction occurred in the normal

course of operations for management and consulting fees to Groupe Conseils Group, La Salle Inc., a company owned by the

President and Chief Executive Officer, in the amount of $216 for the three-month period ended March 31, 2025 ($238 for the

three-month period ended March 31, 2024). As at March 31, 2025, $107 (December 31, 2024 - $758) was due to that company.

***Remuneration of key management personnel of the Corporation*** 

Key management included members of the Board of Directors and executive officers of the Corporation. During three-month

periods ended March 31, 2025 and 2024 the remuneration awarded to key management personnel (including the amounts

above) was as follows:

---

| | | |
|:---|:---|:---|
|  | **Three-month periods ended March 31,** | **Three-month periods ended March 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Salaries and benefits | **350** | 301 |
| Management consulting and professional fees | **303** | 328 |
| Share-based compensation | **3304** | 806 |
|  | **3957** | 1435 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q1-2025 | **23** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**March 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**20. SUBSEQUENT EVENTS**

• On April 16, 2025, the Corporation completed a strategic transaction with Mx2 Mining Inc. ("Mx2") involving the transfer

of full ownership of the Amizmiz Gold Project in Morocco. In connection with the transaction, Mx2 completed a C$16

million private placement, in which the Corporation invested C$1 million (deposit in trust of $698 as at March 31, 2025).

Following the closing, Aya holds a 42.3% equity interest in Mx2 and has appointed two representatives—President &

CEO Benoit La Salle and CFO Ugo Landry-Tolszczuk—to Mx2's Board of Directors.

The transaction provides Aya with indirect exposure to the exploration potential of Amizmiz while allowing it to focus on

its core operations. Mx2 has also established an operational presence in Morocco, including a dedicated exploration

team and office in Marrakech.

• On May 12, 2025, the Corporation announced that it has received final internal approval by the Board of Directors of the

EBRD, for a proposed $25 million secured credit facility (the "Facility"). The proceeds of the Facility are intended to

support the development of the Corporation's Boumadine polymetallic project and enhance financial flexibility as part of

Aya's growth strategy in Morocco.

The Facility remains subject to: (i) negotiation and finalization of definitive agreements; and (ii) customary closing

conditions, including security arrangements and regulatory compliance.

The proposed two-year term Facility is expected to be structured as a secured bullet payment loan with a 5.00% interest

margin, semi-annual interest payments, and customary fees.

The Facility will be used to support Aya's balance sheet and continue the development of its high-grade Boumadine

polymetallic project.

## Exhibit 99.34

**Exhibit 99.34**

**Form 52-109F2** 

***Certification of Interim Filings***

***Full Certificate***

I, **Benoit La Salle, CEO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the interim financial statements and interim MD&A (together, the "interim filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial interim period ended March 31, 2025

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial interim period ended March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial interim period and the issuer has disclosed in its interim MD&A our conclusions about the effectiveness of DC&P at the financial interim period based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial interim period and the issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial interim period based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2025** and ended on **March 31, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Dated this 13<sup>th</sup> day of May, 2025.  |
| *//s//Benoit La Salle* |
| [Signature] |
| Benoit La Salle, CEO |

---

## Exhibit 99.35

**Exhibit 99.35**

**Form 52-109F2** 

***Certification of Interim Filings***

***Full Certificate***

I, **Ugo Landry-Tolszczuk, CFO of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the interim financial statements and interim MD&A (together, the "interim filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial interim period ended March 31, 2025

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial interim period ended March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial interim period and the issuer has disclosed in its interim MD&A our conclusions about the effectiveness of DC&P at the financial interim period based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial interim period and the issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial interim period based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2025** and ended on **March 31, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Dated this 13<sup>th</sup> day of May, 2025.  |
| //s//Ugo Landry-Tolszczuk |
| [Signature] |
| Ugo Landry-Tolszczuk, CFO |

---

## Exhibit 99.36

**Exhibit 99.36**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogoq.jpg](ayalogoq.jpg) |

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Aya Gold & Silver Reports Record Q1-2025 Results,

Strengthens Liquidity and Reaffirms Guidance

**Montreal, Quebec, May 13, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") today announced first quarter financial and operational results for the three-month period ended March 31, 2025. *All amounts are in US dollars, unless otherwise stated.* 

Q1-2025 Highlights

&nbsp;&nbsp;&nbsp;&nbsp;• **Silver production of 1,068,652 ounces ("oz") in Q1-2025 compared to 366,362 oz in Q1-2024, a 192% increase.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Ore processed increased to 249,743 tonnes ("t"), reaching record throughput levels, compared with 81,331t in Q1-2024, a 207% increase.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Mine production increased to 194,661t, achieving an average mining rate of 2,163 tonnes per day ("tpd"), compared with 106,880t in Q1-2024, an 82% increase.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Record revenues of $33.8 million ("M"), up 566% year-over-year, with an average net realized silver price of $31.87/oz.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating cash flow of $7.9M, compared to a negative cash flow of $3.7M in Q1-2024.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash cost per silver ounce sold decreased to $18.93/oz in Q1-2025 from $20.31/oz in Q1-2024.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Net income of $6.9M, compared to a net loss of $2.6M in Q1-2024; diluted EPS of $0.05.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Robust financial position with $37M in cash and restricted cash, compared to $49M as at December 31, 2024.**<sup>i</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• **Accounts receivable of $11.6M as at March 31, 2025 compared to $1.8M as at December 31, 2024. Funds received in early Q2-2025 from sales that occurred in the last days of Q1-2025.**

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Ramp Up, Exploration and Development

&nbsp;&nbsp;&nbsp;&nbsp;• Successful ramp up of the new plant at the Zgounder Mine following the declaration of commercial production on December 29, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Drilling activity included 2,916 (diamond drill hole ("DDH")) meters ("m") at Zgounder and 1,059m at Zgounder Regional.

&nbsp;&nbsp;&nbsp;&nbsp;• Boumadine drilling totaled 46,207m of combined DDH and reverse circulation ("RC") drilling.

&nbsp;&nbsp;&nbsp;&nbsp;• Updated mineral resource estimate for Boumadine in February 2025.

Environmental, Social and Governance ("ESG")

&nbsp;&nbsp;&nbsp;&nbsp;• Launched the 2024 data collection campaign with the aim of publishing Aya's 2024 sustainability report in May 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Strengthened health and safety ("H&S") processes through preventative measures, with 100% of incidents analyzed and 2,364 hours of training completed.

&nbsp;&nbsp;&nbsp;&nbsp;• Expanded tutoring programs at the high school in Talouine and the secondary school in Taouyalte.

&nbsp;&nbsp;&nbsp;&nbsp;• Began new community engagement inviting project proposals from local communities, entrepreneurs and cooperatives, which was developed in partnership with National Institute for Human Development.

Recent Developments

&nbsp;&nbsp;&nbsp;&nbsp;• Appointment of Mr. John Burzynski, a seasoned mine builder with deep technical expertise, to Aya's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Completed strategic spinout of the Amizmiz gold project to Mx2 Mining Inc. on April 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Received final approval for a $25M credit facility from EBRD, continuing the parities' long-standing relationship, to support the development of Boumadine and to enhance financial flexibility as part of Aya's growth strategy in Morocco.

**"Aya delivered a standout quarter, achieving record silver production of over one million ounces, record revenues of $33.8 million, and operating cash flow of nearly $8 million — all while reducing cash costs and successfully ramping up operations inline with plans and only three months after commissioning the plant,"** said Benoit La Salle, President and CEO of Aya

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Gold & Silver. **"Our open-pit ramp up continues as planned, contributing to record plant throughput and supporting an increase in revenue and cash flow year-over-year.**

**"Operationally, we continue to see steady improvements, with a clear path to higher throughput and recovery rates aligned with long-term expectations. Backed by strong cash flow generation, improving cost performance, growing production, and a solid liquidity position, Aya is well-positioned to drive sustainable growth, maximize profitability, and deliver strong returns to shareholders.**

**"Importantly, we ended the quarter with $36.6 million in cash and restricted cash, excluding $11.6 million from silver sales made in Q1 and collected in early Q2—further strengthening our liquidity position. We also secured a $25 million credit facility from our long-standing partner EBRD — a clear vote of confidence in Aya's long-term growth trajectory. This added liquidity allows us to accelerate development at Boumadine, while maintaining a strong balance sheet and funding future growth."**

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Q1-2025 Highlights

**Table 1 - Q1-2025 Operational Highlights**

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| | | | |
|:---|:---|:---|:---|
| | **Three-Month periods ended March 31** | **Three-Month periods ended March 31** | |
| **Operational Highlights** | **2025** | **2024** | **Variance** |
| Ore Mined (tonnes) | 194661 | 106880 | &nbsp;&nbsp;&nbsp;&nbsp;82&nbsp;&nbsp;&nbsp;&nbsp;% |
| Average Grade Mined (g/t Ag) | 151 | 159 | &nbsp;&nbsp;&nbsp;&nbsp;(5) % |
| Ore Processed (tonnes) | 249743 | 81331 | &nbsp;&nbsp;&nbsp;&nbsp;207&nbsp;&nbsp;&nbsp;&nbsp;% |
| Average Grade Processed (g/t Ag) | 163 | 173 | &nbsp;&nbsp;&nbsp;&nbsp;(6) % |
| Combined Mill Recovery (%) | 82.4% | 81.8% | 0.6% |
| Milling Operations (tpd | 2775 | 894 | &nbsp;&nbsp;&nbsp;&nbsp;210&nbsp;&nbsp;&nbsp;&nbsp;% |
| Silver Ingots Produced (oz) | 1011173 | 111497 | &nbsp;&nbsp;&nbsp;&nbsp;807&nbsp;&nbsp;&nbsp;&nbsp;% |
| Silver in Concentrate Produced (oz) | 57479 | 254865 | &nbsp;&nbsp;&nbsp;&nbsp;(77) % |
| **Total Silver Produced (oz)** | **1068652** | **366362** | **&nbsp;&nbsp;&nbsp;&nbsp;192%** |
| Silver Ingots Sold (oz) | 958521 | 108604 | &nbsp;&nbsp;&nbsp;&nbsp;783&nbsp;&nbsp;&nbsp;&nbsp;% |
| Silver in Concentrate Sold (oz) | 103044 | 129662 | &nbsp;&nbsp;&nbsp;&nbsp;(21) % |
| **Total Silver Sales (oz) (A)** | **1061565** | **238266** | **&nbsp;&nbsp;&nbsp;&nbsp;346%** |
| Avg. Net Realized Silver ($/oz) (B/A) | 31.87 | 21.31 | &nbsp;&nbsp;&nbsp;&nbsp;50&nbsp;&nbsp;&nbsp;&nbsp;% |
| Cash Costs per Silver Ounce Sold<sup>ii</sup> | 18.93 | 20.31 | &nbsp;&nbsp;&nbsp;&nbsp;(7) % |

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**Table 2 - Q1-2025 Financial Highlights**

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| | | | |
|:---|:---|:---|:---|
| | **Three-Month periods ended March 31** | **Three-Month periods ended March 31** | |
| **Financial Highlights** | **2025** | **2024** | **Variance** |
| &nbsp;&nbsp;Revenues (B) | 33831 | 5077 | 566% |
| &nbsp;&nbsp;Cost of Sales | 23584 | 4741 | 397% |
| &nbsp;&nbsp;Gross Profit | 10247 | 336 | &nbsp;&nbsp;&nbsp;&nbsp;2,950% |
| &nbsp;&nbsp;Operating Income (Loss) | 3328 | (2869) | 216% |
| &nbsp;&nbsp;Net Income (Loss) | 6930 | (2592) | 367% |
| &nbsp;&nbsp;Operating Cash Flows | 7893 | (3736) | 311% |
| &nbsp;&nbsp;**Shareholders** |  |  |  |
| &nbsp;&nbsp;(Loss) Earnings per share – basic | 0.05 | (0.02) | NM |
| &nbsp;&nbsp;(Loss) Earnings per share – diluted | 0.05 | (0.02) | NM |
|  | **March 31,** | **December 31,** |  |
|  | **2025** | **2024** | **Variance** |
| Working Capital<sup>iii</sup> | 1752 | 23424 | &nbsp;&nbsp;&nbsp;&nbsp;(98) % |
| &nbsp;&nbsp;Cash | 18319 | 30944 | &nbsp;&nbsp;&nbsp;&nbsp;(41) % |
| &nbsp;&nbsp;Accounts Receivable | 11645 | 1827 | &nbsp;&nbsp;&nbsp;&nbsp;537&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Restricted Cash | 18257 | 18246 | 0.1% |

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Operational Review

The first quarter 2025 was highlighted by the continuous ramp of the new mill, producing over one million ounces of silver during the quarter.

Throughput and mill availability were at or above target. Milling throughput averaged 2,775 tonnes per day with over 90% availability. Mill feed grade was at 163gpt and recovery was 82.4%, below the 89% target established in the feasibility study. Lower recovery was caused by low dissolved oxygen in the leaching tanks due to poor performance of the oxygen plant. The oxygen plant is currently being repaired. It is expected that recovery will improve once the oxygen plant is repaired and producing at the designed capacity.

The total mining rate for the quarter averaged 2,163 tpd, for a total of 194,661t of ore mined at a grade of 151 g/t Ag. The mill feed included stockpiled, underground, and open pit ore. Production at both mines is accelerating according to our ramp up plan. Stockpiles levels were at 281,290t at the end of the quarter. Mining rate will continue to increase during the year to reach 3,000tpd of ore, from both underground and open pit mines, by the end of 2025.

More specifically, 133,848t of ore was mined during the quarter from the open pit at an average grade of 155 g/t Ag. This included ore from transitional and oxide zones. The open-pit mine had a strip ratio of 13 during Q1-2025, which was lower than planned, as ore zones were preferentially mined. The open-pit mining rate was 20,891tpd of total material moved, compared with 15,360 tpd in Q4-2024 as per ramp up. In April 2025, additional mining equipment was added to the open-pit mining contractor's fleet, increasing mining rate near 30,000 tpd of total material mined. With increasing mining capacity, the strip ratio will increase to continue developing the open pit, ensuring sustainable future production. By year end, the open-pit mining rate is planned to reach over 40,000 tpd of total material moved, reaching comfortably over 2,000tpd of ore from the open pit.

Exploration

**Zgounder Near Mine and Regional**

In Q1-2025, the Corporation drilled 2,916m of DDH on near-mine targets with the aim of defining at-depth and lateral mineralization. Initial results from the at-depth program outlined significant down-plunge extensions of the deposit with thick high-grade interceptions. Underground holes ZG-SF-24-203 and ZG-SF-24-259 intersected 911 g/t Ag over 10.0m and 1,082 g/t Ag over 8.5m,

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respectively, confirming mineralization at depth at the granite contact outside of the current resource boundary. Two underground rigs were mobilized with the aim of expanding mineral resources at depth.

In the quarter, drilling focused on targets west, near the major fault, and at depth towards the granite contact. Infill drilling, underground and surface, on the high-grade mineralization at the main ore body confirmed the mineralization and extended underground production zones.

In Q1-2025, a total of 1,059m of DDH were drilled on Zgounder Regional permits, part of the 10,000m budgeted for the 2025 regional drill program. In addition, detailed mapping and prospecting are being carried out on both Tourchkal and Zgounder Far East permits. Several high impact drill targets have been identified on these permits.

**Boumadine**

During the quarter, the Corporation drilled 39,600m DDH and 6,607m RC at Boumadine confirming continuity of the Boumadine deposit and extending the strike length of the Tizi Zone from 2.0 km to 2.2 km. New targets identified by the 2024 mapping and geophysical program were also drill tested. These results are pending.

An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24, 2025, consisting of an Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag, 2.4Moz of Au, 615 kt of Zn and 237 kt of Pb, representing 378Moz AgEq, an increase of 19%, and an Indicated Mineral Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145 kt of Zn and 44 kt of Pb, representing 74.4Moz Silver equivalent ("AgEq"), an increase of 120%.

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**Table 3 - Boumadine Updated Mineral Resource Estimate (February 24, 2025)**

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR US$/t** | **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained**<br>**Indicated** | 95 | 3920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | **476** | 5.3 | 11881 | 343 | 5 | 33 | 116 | **60051** | 667 |
| **Pit-constrained**<br>**Inferred** | 95 | 14258 | 90 | 2.89 | 0.1 | 0.81 | 2.38 | **450** | 5 | 41135 | 1102 | 14 | 115 | 339 | **206293** | 2293 |
| **Out-of-pit**<br>**Indicated** | 125 | 1249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | **358** | 3.98 | 3216 | 106 | 1 | 11 | 29 | **14382** | 160 |
| **Out-of-pit**<br>**Inferred** | 125 | 14938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | **357** | 3.97 | 35669 | 1294 | 10 | 122 | 276 | **171393** | 1905 |
| **Total**<br>**Indicated** | 95/ 125 | 5169 | 91 | 2.78 | 0.12 | 0.85 | 2.8 | **448** | 4.98 | 15097 | 449 | 6 | 44 | 145 | **74433** | 827 |
| **Total**<br>**Inferred** | 95/ 125 | 29196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | **402** | 4.47 | 76804 | 2396 | 25 | 237 | 615 | **377686** | 4198 |

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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 in this news release 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, as may be amended from time to time.

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 in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*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/m3 determined from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was used.

12.1.0 m composites were used during grade estimation.

In Q1-2025, Aya continued to increase its Boumadine land holdings through the acquisition of four mining licenses, extending its land package to 272km<sup>2</sup>. In addition, the Corporation was

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granted a 600km<sup>2</sup> authorization of exploration. Several high impact drill targets have been identified within these licenses and to the south within the exploration authorization area.

**Figure 1 - Boumadine Permits Overlaying the Apparent Conductivity Airborne Regional Survey**

![figure1d.jpg](figure1d.jpg)

Q1-2025 Conference Call Details

Aya will release its Q1-2025 earnings results on May 13, 2025 before market-open. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's operational and financial results.

**Webcast link**: **https://edge.media-server.com/mmc/p/48g2kxgq**

**Instructions for obtaining conference call dial-in numbers:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form.

**https://register-conf.media-server.com/register/BI84408f0b334445fd8c5977ae41b1dd02** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The live webcast will be archived and will be available for replay. Presentation slides that will accompany the conference call will also be posted on Aya's website.

Qualified Person

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "plan", "improve", "expectation", "growing", "accelerate", "guidance", "ongoing", "focus", "optimize", "expect", "maximize", "pursue", "similar", "potential", "improve", "transition", "objective", "continue", "target", "prioritize", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to (1) Aya reaching milling nameplate capacity in early 2025; (2) optimization of Zgounder's operations including improving recoveries as expected, repairing the oxygen plan in the expected timeline, and the reparation of the oxygen plant to impact recovery and help bring recoveries to the expected feasibility study levels, mining rates to increase as planned to reach over 40,000 tpd of total material moved; (3) Aya to complete an updated Technical Report in 2025; (4) maximization of profitability; (5) growth opportunities at both Zgounder and Boumadine; (6) Boumadine potential, namely statement to the effect that Boumadine is to reveal its potential in 2025; (7) Zgounder plant mining capacity to process ore at a steady rate of 3,000tpd in 2025; (8) mill recovery rate to reach the feasibility study recovery rate of 89% in 2025; (9) mill optimization; (10) potential for discovery of satellite deposits to the Zgounder Mine; (11) results from the geophysical and geochemical survey; (12) execution of the 2025 drilling program; (13) growing Boumadine mineralized footprint including through the multiple potentially parallel, on-trend conductive anomalies; (14) similarity to Boumadine of the multiple potentially parallel, on-trend conductive anomalies; (15) drilling of the Boumadine anomalies in 2025; (16) Aya's guidance, namely the Corporation's ability to attain 5.0 – 5.3 Moz Ag of annual production, a cash cost raging between $15.00 – $17.50/oz, a recovery of 84% – 88%, an average grade processed of 170 – 200 g/t Ag, and to deploy an exploration and development budget of 25 – 30 million dollars; (16) timing for ramp up of the Zgounder plant and optimization of its mining capacity rationalizing costs; (17) foreign exchange rate; (18) sales mix and product strategy, including only silver ingots to be produced and sold starting in Q2-2025; (19) results of the sales mix shift, including improvement to overall realized price for a given sales volume; (20) transition to a production

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strategy at Zgounder Mine to 1/3 underground and 2/3 open pit; (21) impacts of the shift to 1/3 underground and 2/3 open pit at Zgounder Mine on cost efficiency, margins, mining costs, and cash cost in 2025; (22) the completion of a mine plan in 2025 to support the shift in mining strategy at the Zgounder Mine plant; (23) the 2025 exploration program, namely the 2025 drilling program at Zgounder – near-mine and regional of 20,000m – 25,000m, and at Boumadine of 100,000m – 140-000m; (24) planned drilling campaign at Zgounder (near-mine) to follow up on the underground targets generated from the 2024 program; (25) finding satellite mineralization at Zgounder; (26) update of the mineral resources estimate for Zgounder later in 2025; (27) focus of the drilling at Boumadine, namely along the Main Trend and Tizi; (28) expending of the know mineralization trend along strike, at depth and to infill areas at Boumadine; (29) advancement of the preliminary economic assessment, which is targeted for 2026; (30) the greenfield exploration to test geological hypotheses and drill targets generated from the past three years of work; (31) Aya's strategy and priorities with respect to Environment, Social and Governance. Such statements reflect the Corporation's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Corporation as of the date of such statements, are inherently subject to significant business, geological, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to Aya's capacity to execute on its plan, its capacity to achieve each item of its guidance, and those material factors and assumptions set forth in Corporation's management's discussion and analysis ("MD&A") and the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2024 available with Canadian securities regulators, as well as: (1) there being no significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including, without limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Corporation's

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operations and development projects being consistent with current expectations including, without limitation the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies, including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for silver; (7) prices for diesel, fuel oil, electricity and other key supplies being approximately consistent with the Corporation's expectations; (8) attributable production and cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Corporation's analysis thereof being consistent with expectations (including but not limited to grade, ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Corporation, mine plans for the Corporation's current and future mining operations, and the Corporation's internal models; (10) labour and materials costs increasing on a basis consistent with our current expectations; (11) the terms and conditions of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent with their intent and our expectations; (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining in Morocco being consistent with our current expectations; (14) access to capital markets; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Corporation's expectations, and (18) transactions announced by the Corporation, including the Mx2 spinoff advancing and closing per the Corporation's timeline and expectations. For a more detailed discussion of such risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see

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the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Notes to Investors Regarding the Use of Mineral Resources

Zgounder technical information on resources and reserve is based on 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 (the "Zgounder Report") which was prepared under the supervision of Daniel M. Gagnon, DRA, with the participation of William Stone, Antoine Yassa, Jarita Barry, Fred Brown, Eugene Puritch, Daniel Morrison, André-François Gravel, Claude Bisaillon, Julie Gravel, Kathy Kalenchuk, Hugo Dello Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coatesall "qualified persons" for the purpose of the Zgounder Report.

Boumadine technical information is based on Aya's press release of February 24, 2025. The mineral reserve and mineral resource estimates contained in this press release have been prepared in accordance with NI 43-101.

Mineral resources are reported exclusive of mineral reserves and as such the mineral resources do not have demonstrated economic viability. Numbers may not add or multiply accurately due to rounding. Inferred mineral resources 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 therefore no certainty that the conclusions of the initial exploration drilling results will be realized. Additionally, where the Corporation discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated using industry-standard methods appropriate for each mineral project with support of various commercially available mining software packages. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks

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for each of the Corporation's mineral properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com and the Corporation's website at **www.ayagoldsilver.com**.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

i.Non-GAAP Measures, consisting of cash of $18,319 and restricted cash of $18,257 (December 31, 2024, balances of $30,944 and $18,246 respectively).

ii.Non-GAAP measures, refer to page 21 of Aya Gold & Silver's Management and Discussion Analysis for the three-months ended March 31, 2025.

iii.Non-GAAP Measures, consisting of current assets of $73,268 less current liabilities of $71,516 (December 31, 2024, current assets of $76,540 less current liabilities of $53,116).

## Exhibit 99.37

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| | |
|:---|:---|
| | **Exhibit 99.37** |
| PRESS RELEASE | ![ayalogor.jpg](ayalogor.jpg) |

---

**Aya Gold & Silver Publishes 2024 Sustainability Report** 

**Montreal, Quebec, May 15, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce that is has published its 2024 Sustainability Report for the year ended December 31, 2024 (the "Report").

The Report highlights the Corporation's progress and achievements across key environmental, social, and governance ("ESG") areas, while reaffirming its commitments to stakeholders. This year's Report, which is aligned with Task Force on Climate-Related Financial Disclosures ("TCFD") framework, has also been prepared in accordance with 2021 Global Reporting Standards, along with the additional sector standard for mining. Highlights for 2024 are as follows:

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---

| | |
|:---|:---|
| Environmental | Environmental |
| &nbsp;&nbsp;&nbsp;● | Achieved reduction of 7,671 tonnes of carbon dioxide equivalent emissions compared to "business-as-usual", with 60Kv renewable energy power line commissioned in July 2024. |
| &nbsp;&nbsp;&nbsp;● | Decreased emissions intensity by 48.53% year-over-year ("YoY"). |
| &nbsp;&nbsp;&nbsp;● | Started ISO 14001 implementation to help ensure Aya's facility management system meets internationally recognized standards. |
| Social | Social |
| &nbsp;&nbsp;&nbsp;● | Increased female employees in the workforce by 20% YoY, with nearly 11% of Aya's total workforce now comprised of female workers. |
| &nbsp;&nbsp;&nbsp;● | Almost tripled stakeholder engagement plan meetings since 2023. |
| &nbsp;&nbsp;&nbsp;● | Enhanced health & safety training program, with 12,907 hours of training conducted in 2024. |
| Governance | Governance |
| &nbsp;&nbsp;&nbsp;● | Joined UN Global Compact ("UNGC"), the world's largest corporate sustainability initiative, with the aim of aligning Aya's operations with the Ten Principles of UNGC. |
| &nbsp;&nbsp;&nbsp;● | Participated in the Carbon Disclosure Project questionnaire for the first time. |

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**"I'm proud of our team's deep commitment to advancing Aya's ESG strategy as we grow our operations and ramp up the new Zgounder plant,"** said Benoit La Salle, President and CEO. **"In 2024, we prioritized worker health and safety, strengthened our policies through employee engagement, and delivered targeted training to foster a safer environment for employees, contractors and nearby communities. As we enter a new phase of growth, we remain focused on delivering best-in-class sustainability performance and reinforcing our leadership in responsible mining."**

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Aya's complete 2024 Sustainability Report can be accessed via the Corporation's website at: **https://ayagoldsilver.com/esg-analyst-centre/**.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

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Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "commitment", "advancing", "grow", "focused", "deliver", "reinforce", "continue", "significant", "increase", "confirm", "growth", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to Aya's ESG commitments and objectives and its capacity to achieve same including its ability remain focused on delivering best-in-class sustainability performance and reinforcing our leadership in responsible mining. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual

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results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the accuracy of Mineral Reserve and Mineral Resource Estimates, the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.38

**Exhibit 99.38**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogos.jpg](ayalogos.jpg) |

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**Aya Gold & Silver Reports High-Grade Silver Results at Depth and Identifies New Zgounder Regional Targets**

**Montreal, Quebec, May 21, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce high-grade silver results from its ongoing drill program at the Zgounder Silver Mine. The Corporation has also identified multiple high-potential targets within the broader Zgounder Regional area in the Kingdom of Morocco.

&nbsp;&nbsp;&nbsp;&nbsp;**Highlights** *(all intersections are in core lengths)*<br>&nbsp;&nbsp;&nbsp;&nbsp;• In the Central Zone: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-412** intercepted 3,279 grams per tonne ("g/t") silver ("Ag") over 8.0 meters ("m"), including 6,425 g/t Ag over 4.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-422** intercepted 5,297 g/t Ag over 4.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-409** intercepted 3,042 g/t Ag over 3.0m including 4,456 g/t Ag over 2.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-557** intercepted 1,534 g/t Ag over 4.3m including 6,144 g/t Ag over 0.8m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Open-Pit Area: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-593** intercepted 1,123 g/t Ag over 6.0 m <br>&nbsp;&nbsp;&nbsp;&nbsp;• At Depth Near the Granite Contact: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-24-123** intercepted 1,640 g/t Ag over 12.6m, including 10,104 g/t Ag over 1.0m and 2,747 over 7.0m <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-24-216** intercepted 772 g/t Ag over 3.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **T28-25-666** intercepted 664 g/t Ag over 10.8m including 1,344 g/t Ag over 4.8m<br>&nbsp;&nbsp;&nbsp;&nbsp;• Identification of Several Regional Targets from Mapping and Grab Sampling: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ag values up to 178 g/t<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold ("Au") values up to 10.3 g/t<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copper ("Cu") values up to 4.4%<br>&nbsp;&nbsp;&nbsp;&nbsp;• 7,122m of the 2025 Exploration Program Drilled Year-to-Date<br>

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**"Today's high-grade results — including hole ZG-SF-24-123 near the granite contact and DZG-SF-25-412 in the Central zone — are among our best to date. They confirm strong continuity at depth and reveal a new high-grade zone in the core of the orebody, all outside the current resource model,"** said Benoit La Salle, President & CEO. **"At the regional scale, recent mapping and sampling have outlined several high-priority targets east of Zgounder with potential for new discoveries. With three rigs turning, we expect a steady stream of results in the months ahead at both Zgounder and Zgounder Regional."** 

Included in this release are results from 295 holes, which include four surface Diamond Drill ("DDH"), 180 underground DDH, 15 Reverse Circulation ("RC"), 68 T28 and 28 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

**Table 1 –** Significant Intercepts from Drilling at Zgounder (core lengths)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length** | **Ag x width** |
| | | | **(g/t)** | **(m)** | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-24-136 | 51.5 | 53.0 | 2240 | 1.5 | 3360 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-123 | 276.5 | 289.1 | 1640 | 12.6 | 20660 |
| Including | 278.0 | 279.0 | 10104 | 1.0 | 10104 |
| Including | 277.5 | 284.5 | 2747 | 7.0 | 19230 |
| ZG-SF-24-216 | 79.0 | 82.0 | 772 | 3.0 | 2316 |
| DZG-SF-25-405 | 11.5 | 17.5 | 625 | 6.0 | 3753 |
| DZG-SF-25-405 | 38.0 | 40.0 | 1466 | 2.0 | 2931 |
| DZG-SF-25-407A | 20.5 | 22.5 | 1573 | 2.0 | 3146 |
| DZG-SF-25-408 | 11.0 | 16.0 | 537 | 5.0 | 2686 |
| DZG-SF-25-409 | 23.0 | 26.0 | 3042 | 3.0 | 9125 |
| Including | 23.5 | 25.5 | 4456 | 2.0 | 8913 |
| DZG-SF-25-410 | 21.4 | 27.0 | 462 | 5.6 | 2586 |
| DZG-SF-25-411 | 31.5 | 32.5 | 4045 | 1.0 | 4045 |
| DZG-SF-25-412 | 56.5 | 64.5 | 3279 | 8.0 | 26231 |
| Including | 56.5 | 60.5 | 6425 | 4.0 | 25700 |
| DZG-SF-25-422 | 48.0 | 52.0 | 5297 | 4.0 | 21188 |
| DZG-SF-25-461 | 20.0 | 26.0 | 796 | 6.0 | 4777 |
| Including | 21.0 | 24.1 | 1193 | 3.1 | 3700 |
| DZG-SF-25-465 | 35.5 | 36.5 | 7220 | 1.0 | 7220 |
| DZG-SF-25-532 | 15.0 | 16.5 | 2450 | 1.5 | 3675 |
| DZG-SF-25-557 | 35.7 | 40.0 | 1534 | 4.3 | 6597 |
| Including | 37.5 | 38.3 | 6144 | 0.8 | 4915 |
| DZG-SF-25-578 | 35.5 | 42.5 | 377 | 7.0 | 2636 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-593 | 0.0 | 6.0 | 1123 | 6.0 | 6740 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-623 | 9.6 | 22.8 | 222 | 13.2 | 2933 |
| T28-25-628 | 1.2 | 8.4 | 845 | 7.2 | 6080 |
| T28-25-645 | 8.4 | 12.0 | 1292 | 3.6 | 4650 |
| T28-25-666 | 14.4 | 25.2 | 664 | 10.8 | 7169 |
| Including | 14.4 | 19.2 | 1344 | 4.8 | 6450 |
| T28-25-668 | 14.4 | 21.6 | 482 | 7.2 | 3467 |
| Including | 14.4 | 16.8 | 1178 | 2.4 | 2826 |
| T28-25-671 | 12.0 | 25.2 | 751 | 13.2 | 9910 |
| Including | 18.0 | 24.0 | 1244 | 6.0 | 7464 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-255 | 44.4 | 50.4 | 807 | 6.0 | 4841 |
| Including | 44.4 | 46.8 | 1573 | 2.4 | 3774 |
| YAK-25-282 | 0.0 | 1.2 | 3380 | 1.2 | 4056 |

---

**Figure 1:** Location of Drill Results at Zgounder

![figure1e.jpg](figure1e.jpg)

**2025 Exploration Results**

This year, 38 diamond drill holes ("DDH") totaling 7,122m have been completed at Zgounder. Drilling was conducted mostly underground in the Central and Western Zones as well as on some near-mine regional targets.

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Figures 2, 3, 4 and 5 shows the advance of the regional mapping and prospecting. Grab sample results have identified some high-grade grab Ag-Cu, and Au, along with many precious metal anomalies, indicating a strong mineralization potential within 20km from the Zgounder deposit. Ag-Cu anomalies in the northern and eastern regions are associated with intermediate to mafic units, while Au anomalies in the southwest correlate with strongly altered rocks (bleaching) — a mineralization style previously unrecorded in the district. New targets in the Zgounder Far East permits will be drill tested in the coming months.

The Zgounder Far East block comprises Neoproterozoic geology divided into three distinct zones: Southern Zone dominated by volcano-sedimentary rocks and pebbly sandstones alternated with felsic volcanics. Central Zone hosts an ophiolite complex, featuring mafic and ultramafic rocks intercalated with fine-grained sandstone units. Northern Zone is composed of intermediate to mafic volcanic and intrusive rocks, alternating with conglomerates.

**Figure 2:** Surface Map of Zgounder Property with Simplified Geology

![figure2b.jpg](figure2b.jpg)

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**Figure 3:** Surface Map of Zgounder Far East with Simplified Geology and Ag Grab Samples

![figure3b.jpg](figure3b.jpg)

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**Figure 4:** Surface Map of Zgounder Far East with Simplified Geology and Cu Grab Samples

![figure4b.jpg](figure4b.jpg)

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**Figure 5:** Surface Map of Zgounder Far East with Simplified Geology and Au Grab Samples

![figure5a.jpg](figure5a.jpg)

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakesh, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

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**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "growth", "potential", "targets", "potential", "expect", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the growth potential of the Zgounder resource, making new discoveries in Zgounder and Zgounder Regional, and exploration results to be steadily coming in and published by the Corporation,. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future

------

estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

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**Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag**<br>**(g/t)** | **Length (m)\*** | **Ag x width** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-24-136 | 51.5 | 53.0 | 2240 | 1.5 | 3360 |
| ZG-24-136 | 69.0 | 71.0 | 88 | 2.0 | 176 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-102 | 122.5 | 124.0 | 128 | 1.5 | 192 |
| ZG-SF-24-123 | 276.5 | 289.1 | 1640 | 12.6 | 20660 |
| Including | 278.0 | 279.0 | 10104 | 1.0 | 10104 |
| Including | 277.5 | 284.5 | 2747 | 7.0 | 19230 |
| ZG-SF-24-197 | 67.0 | 69.0 | 160 | 2.0 | 320 |
| ZG-SF-24-197 | 81.0 | 81.5 | 84 | 0.5 | 42 |
| ZG-SF-24-216 | 61.5 | 66.0 | 83 | 4.5 | 372 |
| ZG-SF-24-216 | 79.0 | 82.0 | 772 | 3.0 | 2316 |
| ZG-SF-24-216 | 86.3 | 87.3 | 92 | 1.0 | 92 |
| ZG-SF-24-278 | 115.3 | 116.5 | 373 | 1.2 | 447 |
| ZG-SF-24-278 | 120.0 | 120.5 | 80 | 0.5 | 40 |
| ZG-SF-24-278 | 125.0 | 126.5 | 340 | 1.5 | 510 |
| ZG-SF-24-278 | 128.0 | 129.0 | 76 | 1.0 | 76 |
| ZG-SF-25-294 | 284.5 | 288.5 | 108 | 4.0 | 432 |
| DZG-SF-25-298 | 25.6 | 27.1 | 437 | 1.5 | 656 |
| DZG-SF-25-310 | 52.5 | 54.0 | 647 | 1.5 | 971 |
| DZG-SF-25-316 | 3.5 | 8.0 | 394 | 4.5 | 1773 |
| DZG-SF-25-316 | 11.5 | 13.0 | 649 | 1.5 | 974 |
| DZG-SF-25-316 | 24.5 | 25.0 | 4120 | 0.5 | 2060 |
| DZG-SF-25-317 | 6.0 | 7.0 | 2171 | 1.0 | 2171 |
| DZG-SF-25-318 | 13.0 | 14.0 | 129 | 1.0 | 129 |
| DZG-SF-25-330 | 28.1 | 28.6 | 2700 | 0.5 | 1350 |
| DZG-SF-25-400 | 2.0 | 6.5 | 93 | 4.5 | 420 |
| DZG-SF-25-400 | 7.5 | 8.5 | 87 | 1.0 | 87 |
| DZG-SF-25-400 | 9.5 | 10.5 | 97 | 1.0 | 97 |
| DZG-SF-25-400 | 11.0 | 11.5 | 102 | 0.5 | 51 |
| DZG-SF-25-400 | 13.5 | 16.5 | 273 | 3.0 | 818 |
| DZG-SF-25-400 | 17.0 | 17.5 | 85 | 0.5 | 43 |
| DZG-SF-25-400 | 37.0 | 38.5 | 79 | 1.5 | 119 |
| DZG-SF-25-401 | 3.0 | 4.0 | 133 | 1.0 | 133 |
| DZG-SF-25-401 | 5.5 | 6.0 | 101 | 0.5 | 51 |
| DZG-SF-25-401 | 8.0 | 16.5 | 252 | 8.5 | 2145 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Including | 14.0 | 16.5 | 575 | 2.5 | 1437 |
| DZG-SF-25-401 | 23.0 | 24.5 | 164 | 1.5 | 246 |
| DZG-SF-25-401 | 44.0 | 45.0 | 166 | 1.0 | 166 |
| DZG-SF-25-401 | 61.5 | 63.0 | 245 | 1.5 | 367 |
| DZG-SF-25-401 | 69.0 | 69.5 | 92 | 0.5 | 46 |
| DZG-SF-25-401 | 70.5 | 71.5 | 136 | 1.0 | 136 |
| DZG-SF-25-402 | 2.3 | 2.8 | 92 | 0.5 | 46 |
| DZG-SF-25-402 | 6.5 | 7.0 | 81 | 0.5 | 41 |
| DZG-SF-25-402 | 12.0 | 13.5 | 79 | 1.5 | 119 |
| DZG-SF-25-402 | 14.5 | 15.0 | 256 | 0.5 | 128 |
| DZG-SF-25-402 | 21.0 | 24.0 | 95 | 3.0 | 285 |
| DZG-SF-25-403 | 7.5 | 9.0 | 77 | 1.5 | 116 |
| DZG-SF-25-403 | 15.0 | 15.5 | 82 | 0.5 | 41 |
| DZG-SF-25-403 | 16.0 | 17.0 | 79 | 1.0 | 79 |
| DZG-SF-25-403 | 19.5 | 21.0 | 338 | 1.5 | 507 |
| DZG-SF-25-405 | 11.5 | 17.5 | 625 | 6.0 | 3753 |
| Including | 11.5 | 13.5 | 975 | 2.0 | 1949 |
| DZG-SF-25-405 | 18.0 | 18.5 | 84 | 0.5 | 42 |
| DZG-SF-25-405 | 25.0 | 28.0 | 741 | 3.0 | 2222 |
| Including | 26.5 | 27.5 | 1590 | 1.0 | 1590 |
| DZG-SF-25-405 | 38.0 | 40.0 | 1466 | 2.0 | 2931 |
| DZG-SF-25-405 | 74.5 | 75.0 | 84 | 0.5 | 42 |
| DZG-SF-25-406 | 4.5 | 8.0 | 501 | 3.5 | 1754 |
| DZG-SF-25-406 | 11.5 | 15.5 | 181 | 4.0 | 724 |
| DZG-SF-25-406 | 19.3 | 19.8 | 81 | 0.5 | 41 |
| DZG-SF-25-406 | 21.6 | 24.0 | 906 | 2.4 | 2174 |
| DZG-SF-25-406 | 40.5 | 42.5 | 445 | 2.0 | 890 |
| DZG-SF-25-407A | 5.0 | 5.5 | 100 | 0.5 | 50 |
| DZG-SF-25-407A | 6.0 | 7.0 | 83 | 1.0 | 83 |
| DZG-SF-25-407A | 9.5 | 10.0 | 173 | 0.5 | 87 |
| DZG-SF-25-407A | 13.5 | 15.0 | 106 | 1.5 | 159 |
| DZG-SF-25-407A | 13.5 | 15.5 | 104 | 2.0 | 209 |
| DZG-SF-25-407A | 17.0 | 18.0 | 86 | 1.0 | 86 |
| DZG-SF-25-407A | 20.5 | 22.5 | 1573 | 2.0 | 3146 |
| DZG-SF-25-407A | 24.0 | 25.0 | 81 | 1.0 | 81 |
| DZG-SF-25-408 | 6.7 | 7.5 | 145 | 0.8 | 116 |
| DZG-SF-25-408 | 8.0 | 8.5 | 80 | 0.5 | 40 |
| DZG-SF-25-408 | 11.0 | 16.0 | 537 | 5.0 | 2686 |
| Including | 11.0 | 12.0 | 2181 | 1.0 | 2181 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-408 | 22.0 | 23.0 | 77 | 1.0 | 77 |
| DZG-SF-25-408 | 24.5 | 25.0 | 119 | 0.5 | 60 |
| DZG-SF-25-408 | 32.5 | 35.0 | 279 | 2.5 | 699 |
| DZG-SF-25-409 | 11.0 | 15.0 | 502 | 4.0 | 2007 |
| Including | 13.0 | 14.5 | 1153 | 1.5 | 1730 |
| DZG-SF-25-409 | 21.5 | 22.0 | 87 | 0.5 | 44 |
| DZG-SF-25-409 | 23.0 | 26.0 | 3042 | 3.0 | 9125 |
| Including | 23.5 | 25.5 | 4456 | 2.0 | 8913 |
| DZG-SF-25-409 | 26.5 | 27.0 | 96 | 0.5 | 48 |
| DZG-SF-25-409 | 33.4 | 33.9 | 195 | 0.5 | 98 |
| DZG-SF-25-409 | 36.8 | 37.8 | 390 | 1.0 | 390 |
| DZG-SF-25-410 | 8.0 | 9.5 | 103 | 1.5 | 155 |
| DZG-SF-25-410 | 11.0 | 13.0 | 121 | 2.0 | 243 |
| DZG-SF-25-410 | 14.5 | 15.0 | 83 | 0.5 | 42 |
| DZG-SF-25-410 | 21.4 | 27.0 | 462 | 5.6 | 2586 |
| Including | 21.5 | 22.0 | 2330 | 0.5 | 1165 |
| DZG-SF-25-410 | 30.0 | 31.0 | 597 | 1.0 | 597 |
| DZG-SF-25-410 | 35.0 | 36.0 | 96 | 1.0 | 96 |
| DZG-SF-25-410 | 39.0 | 40.0 | 83 | 1.0 | 83 |
| DZG-SF-25-411 | 8.5 | 10.0 | 101 | 1.5 | 152 |
| DZG-SF-25-411 | 12.0 | 16.5 | 237 | 4.5 | 1065 |
| DZG-SF-25-411 | 17.0 | 17.5 | 92 | 0.5 | 46 |
| DZG-SF-25-411 | 20.3 | 21.8 | 130 | 1.5 | 195 |
| DZG-SF-25-411 | 24.0 | 24.5 | 152 | 0.5 | 76 |
| DZG-SF-25-411 | 25.5 | 26.0 | 160 | 0.5 | 80 |
| DZG-SF-25-411 | 28.5 | 29.0 | 92 | 0.5 | 46 |
| DZG-SF-25-411 | 31.5 | 32.5 | 4045 | 1.0 | 4045 |
| DZG-SF-25-411 | 36.5 | 37.5 | 160 | 1.0 | 160 |
| DZG-SF-25-411 | 40.5 | 42.0 | 369 | 1.5 | 554 |
| DZG-SF-25-412 | 12.5 | 14.0 | 87 | 1.5 | 131 |
| DZG-SF-25-412 | 20.0 | 22.5 | 96 | 2.5 | 241 |
| DZG-SF-25-412 | 56.5 | 64.5 | 3279 | 8.0 | 26231 |
| Including | 56.5 | 60.5 | 6425 | 4.0 | 25700 |
| DZG-SF-25-413 | 8.8 | 9.3 | 87 | 0.5 | 44 |
| DZG-SF-25-413 | 15.6 | 18.0 | 113 | 2.4 | 272 |
| DZG-SF-25-413 | 36.5 | 38.0 | 461 | 1.5 | 692 |
| DZG-SF-25-413 | 59.5 | 61.6 | 208 | 2.1 | 436 |
| DZG-SF-25-415 | 50.5 | 51.5 | 755 | 1.0 | 755 |
| DZG-SF-25-415 | 77.5 | 78.5 | 713 | 1.0 | 713 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-421 | 73.6 | 74.6 | 211 | 1.0 | 211 |
| DZG-SF-25-422 | 48.0 | 52.0 | 5297 | 4.0 | 21188 |
| DZG-SF-25-422 | 62.0 | 63.5 | 187 | 1.5 | 281 |
| DZG-SF-25-424 | 24.0 | 28.0 | 165 | 4.0 | 661 |
| DZG-SF-25-424 | 33.0 | 34.0 | 127 | 1.0 | 127 |
| DZG-SF-25-427 | 4.5 | 6.0 | 168 | 1.5 | 252 |
| DZG-SF-25-430 | 57.0 | 59.5 | 182 | 2.5 | 455 |
| DZG-SF-25-435 | 12.0 | 13.0 | 168 | 1.0 | 168 |
| DZG-SF-25-446 | 38.0 | 39.3 | 82 | 1.3 | 107 |
| DZG-SF-25-446 | 50.0 | 50.5 | 156 | 0.5 | 78 |
| DZG-SF-25-452 | 29.5 | 31.0 | 83 | 1.5 | 125 |
| DZG-SF-25-460 | 19.5 | 21.5 | 294 | 2.0 | 588 |
| DZG-SF-25-460 | 24.5 | 25.5 | 96 | 1.0 | 96 |
| DZG-SF-25-461 | 20.0 | 26.0 | 796 | 6.0 | 4777 |
| Including | 21.0 | 24.1 | 1193 | 3.1 | 3700 |
| DZG-SF-25-462 | 24.5 | 26.0 | 866 | 1.5 | 1299 |
| DZG-SF-25-465 | 35.5 | 36.5 | 7220 | 1.0 | 7220 |
| DZG-SF-25-470 | 33.0 | 36.0 | 538 | 3.0 | 1614 |
| DZG-SF-25-471 | 35.0 | 38.5 | 621 | 3.5 | 2172 |
| DZG-SF-25-472 | 38.0 | 39.5 | 216 | 1.5 | 324 |
| DZG-SF-25-473 | 4.5 | 5.5 | 79 | 1.0 | 79 |
| DZG-SF-25-473 | 19.0 | 19.9 | 85 | 0.9 | 76 |
| DZG-SF-25-474 | 1.8 | 4.5 | 145 | 2.7 | 391 |
| DZG-SF-25-476 | 22.0 | 22.5 | 638 | 0.5 | 319 |
| DZG-SF-25-481 | 1.5 | 2.5 | 76 | 1.0 | 76 |
| DZG-SF-25-494 | 16.0 | 19.0 | 464 | 3.0 | 1392 |
| DZG-SF-25-494 | 56.0 | 57.5 | 117 | 1.5 | 176 |
| DZG-SF-25-495 | 30.3 | 31.5 | 402 | 1.2 | 482 |
| DZG-SF-25-496 | 47.0 | 50.5 | 160 | 3.5 | 561 |
| DZG-SF-25-500 | 20.0 | 21.0 | 379 | 1.0 | 379 |
| DZG-SF-25-509 | 28.5 | 29.5 | 113 | 1.0 | 113 |
| DZG-SF-25-517 | 38.0 | 39.5 | 167 | 1.5 | 251 |
| DZG-SF-25-518 | 3.7 | 5.0 | 188 | 1.3 | 244 |
| DZG-SF-25-523 | 25.5 | 28.0 | 102 | 2.5 | 256 |
| DZG-SF-25-529 | 0.0 | 1.5 | 81 | 1.5 | 122 |
| DZG-SF-25-529 | 4.0 | 5.0 | 114 | 1.0 | 114 |
| DZG-SF-25-532 | 15.0 | 16.5 | 2450 | 1.5 | 3675 |
| DZG-SF-25-546 | 52.3 | 53.4 | 92 | 1.1 | 101 |
| DZG-SF-25-557 | 35.7 | 40.0 | 1534 | 4.3 | 6597 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Including | 37.5 | 38.3 | 6144 | 0.8 | 4915 |
| DZG-SF-25-560 | 40.1 | 41.2 | 385 | 1.1 | 423 |
| DZG-SF-25-560 | 48.5 | 51.5 | 209 | 3.0 | 626 |
| DZG-SF-25-560 | 64.9 | 66.4 | 95 | 1.5 | 143 |
| DZG-SF-25-566 | 52.0 | 53.5 | 93 | 1.5 | 140 |
| DZG-SF-25-574 | 49.0 | 50.0 | 210 | 1.0 | 210 |
| DZG-SF-25-577 | 33.0 | 34.7 | 151 | 1.7 | 257 |
| DZG-SF-25-578 | 35.5 | 42.5 | 377 | 7.0 | 2636 |
| Including | 39.0 | 40.5 | 1115 | 1.5 | 1673 |
| DZG-SF-25-578 | 61.9 | 63.4 | 902 | 1.5 | 1353 |
| DZG-SF-25-579 | 21.0 | 22.2 | 92 | 1.2 | 110 |
| DZG-SF-25-579 | 41.6 | 42.0 | 1935 | 0.4 | 774 |
| DZG-SF-25-583 | 47.0 | 48.0 | 169 | 1.0 | 169 |
| DZG-SF-25-585 | 40.0 | 41.0 | 93 | 1.0 | 93 |
| DZG-SF-25-596 | 27.5 | 30.4 | 278 | 2.9 | 806 |
| DZG-SF-25-596 | 31.1 | 31.6 | 166 | 0.5 | 83 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-456 | 23.0 | 24.0 | 84 | 1.0 | 84 |
| ZG-RC-24-456 | 26.0 | 27.0 | 112 | 1.0 | 112 |
| ZG-RC-24-461 | 15.0 | 16.0 | 140 | 1.0 | 140 |
| ZG-RC-24-461 | 18.0 | 21.0 | 77 | 3.0 | 232 |
| ZG-RC-24-461 | 25.0 | 26.0 | 80 | 1.0 | 80 |
| ZG-RC-24-472 | 8.0 | 9.0 | 624 | 1.0 | 624 |
| ZG-RC-24-593 | 0.0 | 6.0 | 1123 | 6.0 | 6740 |
| ZG-RC-24-595 | 0.0 | 3.0 | 101 | 3.0 | 304 |
| ZG-RC-25-474 | 47.0 | 57.0 | 199 | 10.0 | 1988 |
| ZG-RC-25-702 | 43.0 | 44.0 | 112 | 1.0 | 112 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-590 | 0.0 | 1.2 | 100 | 1.2 | 120 |
| T28-24-590 | 3.6 | 4.8 | 104 | 1.2 | 125 |
| T28-24-590 | 8.4 | 10.8 | 612 | 2.4 | 1469 |
| T28-24-590 | 14.4 | 15.6 | 120 | 1.2 | 144 |
| T28-24-590 | 20.4 | 21.6 | 664 | 1.2 | 797 |
| T28-25-623 | 1.2 | 4.8 | 107 | 3.6 | 386 |
| T28-25-623 | 9.6 | 22.8 | 222 | 13.2 | 2933 |
| T28-25-624 | 0.0 | 7.2 | 292 | 7.2 | 2100 |
| T28-25-625 | 8.4 | 10.8 | 101 | 2.4 | 241 |
| T28-25-626 | 22.8 | 25.2 | 85 | 2.4 | 204 |
| T28-25-628 | 1.2 | 8.4 | 845 | 7.2 | 6080 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| T28-25-630 | 8.4 | 13.2 | 175 | 4.8 | 838 |
| T28-25-630 | 14.4 | 15.6 | 110 | 1.2 | 132 |
| T28-25-631 | 2.4 | 7.2 | 302 | 4.8 | 1447 |
| T28-25-632 | 3.6 | 6.0 | 508 | 2.4 | 1218 |
| T28-25-633 | 18.0 | 22.8 | 262 | 4.8 | 1258 |
| T28-25-634 | 7.2 | 8.4 | 81 | 1.2 | 97 |
| T28-25-634 | 15.6 | 19.2 | 203 | 3.6 | 731 |
| T28-25-635 | 2.4 | 7.2 | 97 | 4.8 | 464 |
| T28-25-638 | 10.8 | 13.2 | 956 | 2.4 | 2294 |
| T28-25-639 | 6.0 | 7.2 | 83 | 1.2 | 100 |
| T28-25-641 | 9.6 | 10.8 | 80 | 1.2 | 96 |
| T28-25-644 | 13.2 | 21.6 | 86 | 8.4 | 721 |
| T28-25-645 | 8.4 | 12.0 | 1292 | 3.6 | 4650 |
| T28-25-645 | 16.8 | 20.4 | 93 | 3.6 | 335 |
| T28-25-645 | 22.8 | 26.4 | 123 | 3.6 | 444 |
| T28-25-649 | 10.8 | 12.0 | 108 | 1.2 | 130 |
| T28-25-649 | 14.4 | 15.6 | 87 | 1.2 | 104 |
| T28-25-651 | 16.8 | 18.0 | 99 | 1.2 | 119 |
| T28-25-651 | 19.2 | 21.6 | 804 | 2.4 | 1930 |
| T28-25-655 | 1.2 | 2.4 | 172 | 1.2 | 206 |
| T28-25-666 | 14.4 | 25.2 | 664 | 10.8 | 7169 |
| Including | 14.4 | 19.2 | 1344 | 4.8 | 6450 |
| T28-25-667 | 13.2 | 16.8 | 93 | 3.6 | 335 |
| T28-25-668 | 14.4 | 21.6 | 482 | 7.2 | 3467 |
| Including | 14.4 | 16.8 | 1178 | 2.4 | 2826 |
| T28-25-669 | 10.8 | 15.6 | 200 | 4.8 | 958 |
| T28-25-671 | 12.0 | 25.2 | 751 | 13.2 | 9910 |
| Including | 18.0 | 24.0 | 1244 | 6.0 | 7464 |
| T28-25-673 | 21.6 | 25.2 | 383 | 3.6 | 1379 |
| T28-25-683 | 7.2 | 9.6 | 81 | 2.4 | 193 |
| TD28-24-2100-383 | 1.2 | 12.0 | 202 | 10.8 | 2178 |
| TD28-24-2100-383 | 24.0 | 25.2 | 276 | 1.2 | 331 |
| TD28-24-2100-384 | 12.0 | 13.2 | 103 | 1.2 | 124 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-255 | 44.4 | 50.4 | 807 | 6.0 | 4841 |
| Including | 44.4 | 46.8 | 1573 | 2.4 | 3774 |
| YAK-25-256 | 42.0 | 44.4 | 139 | 2.4 | 332 |
| YAK-25-257 | 0.0 | 1.2 | 392 | 1.2 | 470 |
| YAK-25-257 | 3.6 | 4.8 | 87 | 1.2 | 104 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| YAK-25-257 | 42.0 | 46.8 | 169 | 4.8 | 810 |
| YAK-25-263 | 16.8 | 18.0 | 90 | 1.2 | 108 |
| YAK-25-263 | 21.6 | 24.0 | 499 | 2.4 | 1198 |
| YAK-25-270 | 38.4 | 39.6 | 84 | 1.2 | 101 |
| YAK-25-280 | 9.6 | 10.8 | 140 | 1.2 | 168 |
| YAK-25-282 | 0.0 | 1.2 | 3380 | 1.2 | 4056 |

---

## Exhibit 99.39

**Exhibit 99.39**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | ![ayalogot.jpg](ayalogot.jpg) |
| **Reporting Entity Name** | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. |  |
| **Reporting Year** | **From** | 2024-01-01 | **To:** | 2024-12-31 | **Date submitted** | 2025-05-26 |  |
| **Reporting Entity ESTMA Identification Number** | E296052 | E296052 | û Original Submission<br>⯄ Amended Report | û Original Submission<br>⯄ Amended Report |  |  |  |
| **Other Subsidiaries Included**<br>(optional field) |  |  |  |  |  |  |  |
| **Not Consolidated** |  |  |  |  |  |  |  |
| **Not Substituted** |  |  |  |  |  |  |  |
| **Attestation by Reporting Entity** |  |  |  |  |  |  |  |
| *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* |  |
| **Full Name of Director or Officer of Reporting Entity** | **Ugo Landry-Tolszczuk** | **Ugo Landry-Tolszczuk** | **Ugo Landry-Tolszczuk** | **Ugo Landry-Tolszczuk** | **Date** | *2025-05-26* |  |
| **Position Title** | **CFO** | **CFO** | **CFO** | **CFO** | **Date** | *2025-05-26* |  |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2024-01-01 | **To:** | 2024-12-31 |  |  |  |  |  |  |  |
| **Reporting Entity Name** |  | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | **Currency of the Report** | CAD |  |  |  |  |
| **Reporting Entity ESTMA <br>Identification Number** |  | E296052 | E296052 | E296052 | E296052 |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if<br>necessary)** |  |  |  |  |  |  |  |  |  |  |  |
| **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** |
| Country | Payee Name<sup>1</sup> | Departments, Agency, etc… within Payee that Received <br>Payments<sup>2</sup> | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure<br>Improvement Payments | Total Amount paid to<br>Payee | Notes<sup>34</sup> |
| Morocco | Government of Morocco | National Office of Hydrocarbons and Mines (ONHYM) |  | 1 800 000 |  |  |  |  |  | **1 800 000** |  |
| Morocco | Government of Morocco | The General Tax Administration | 7 710 000 |  |  |  |  |  |  | **7 710 000** |  |
| Morocco | Rural town of Askaouen |  | 220 000 |  |  |  |  |  |  | **220 000** |  |
| Morocco | Government of Morocco | National Office of Electricity and Drinking Water (ONEE) |  |  |  |  |  |  | 11 780 000 | **11 780 000** | L'Office National de l'Électricité et de l'Eau Potable (ONEE) |
| **Additional Notes:** | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2024-01-01 | **To:** | 2024-12-31 |  |  |  |  |  |  |
| **Reporting Entity Name** |  | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. |  |  | **Currency of the Report** | CAD |  |  |  |
| **Reporting Entity ESTMA <br>Identification Number** |  | E296052 | E296052 |  |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if<br>necessary)** |  |  |  |  |  |  |  |  |  |  |
| **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** |
| Country | Project Name<sup>1</sup> | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure<br>Improvement Payments | Total Amount paid by<br>Project | Notes<sup>23</sup> |
| Morocco | Zgounder Millenium Silver Mining S.A. (ZMSM) | 7 640 000 | 1 800 000 |  |  |  |  | 11 780 000 | **21 220 000** |  |
| Morocco | Boumadine Global Mining S.A. (BGM) | 290 000 |  |  |  |  |  | - | **290 000** |  |
| **Additional Notes**<sup>3</sup>**:** | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. |

---

## Exhibit 99.40

**Exhibit 99.40**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogou.jpg](ayalogou.jpg) |

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Aya Gold & Silver Reports High-Grade Exploration Results at Boumadine, Extends Imariren Zone to 0.7km and Adds 4 New Regional Permits

**Montreal, Quebec, June 5, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce new high-grade drill exploration results from its 2024 - 2025 program at Boumadine in the Kingdom of Morocco. Today's results extend the Imariren mineralized trend by 400 meters ("m"), confirming high-grade continuity along the Boumadine Main Trend. In addition, Aya is pleased to announce the addition of four (4) new permits to the west, expanding the Boumadine exploration footprint by 15.7% to over 314.5 square kilometers ("km<sup>2</sup>").

&nbsp;&nbsp;&nbsp;&nbsp;**Highlights**<sup>1</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High-Grade Intercepts on the Boumadine Main Trend:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-516** intercepted 5,373 grams per tonne ("g/t") silver equivalent ("AgEq") over 0.5m (66.7 g/t gold ("Au"), 111 g/t silver ("Ag"), 1.6% zinc ("Zn"), 1.0% lead ("Pb") and 0.1% copper ("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)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-513** 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)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-465** intercepted 199 g/t AgEq over 10.6m (0.48 g/t Au, 81 g/t Ag, 2.0% Zn, 1.3% Pb and 0.02% Cu)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High-Grade Intercepts on the Tizi Zone:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-478** intercepted 460 g/t AgEq over 3.3m (4.61 g/t Au, 75 g/t Ag, 0.5% Zn, 0.1% Pb and 0.1% Cu)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-474** intercepted 302 g/t AgEq over 4.0m (2.38 g/t Au, 37 g/t Ag, 2.5% Zn, 0.6% Pb and 0.1% Cu)<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension of the Imariren Strike Length to 0.7km:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-509** intercepted 296 g/t AgEq over 9.3m (2.18 g/t Au, 62 g/t Ag, 1.5% Zn, 0.7% Pb and 0.1% Cu), including 1.6m at 897 g/t AgEq<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-504** 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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-511** 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)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Acquired one (1) mining licence and three (3) exploration permits totaling 42.9 km**<sup>2</sup> **in the Boumadine area (Figure 3).**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Completed 72,044m of drilling at Boumadine so far in 2025.**<br>

*1. All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.*

**Today's high-grade drill exploration results highlight the scale and continuity of Boumadine and mark a significant step in unlocking its full potential,"** said Benoit La Salle, President & CEO. **"High-grade holes BOU-DD25-513 and BOU-DD25-516 confirm strong continuity of the Boumadine Main Trend at depth—this is the backbone of the deposit and will form the foundation of our upcoming PEA. Drilling continues to expand the footprint, with extensions to the north at Imariren and new intercepts at depth on the parallel Tizi structure. Boumadine continues to demonstrate the potential to become a large-scale, high-grade deposit with mineralization open in all directions. With four new permits secured, a consolidated 314 km² land package, and exploration rights over 600 km², we are in a strong position to continue creating value."**

**Table 1 –** Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | | | | | | | | | | |
| **DDH No.** | **Section** | **Zone** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(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-DD24-442 | 6425N | Boumadine | 205.0 | 212.4 | 0.69 | 33 | 7.4 | 0.0 | 0.5 | 0.8 | 289 | 126 |
| 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 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| **BOU-DD24-478** | 3477600 | Tizi | 459.4 | 462.7 | 4.61 | 75 | 3.3 | 0.1 | 0.1 | 0.5 | 11 | 460 |
| BOU-DD24-486 | 3477600 | Imariren | 350.5 | 352.2 | 4.81 | 143 | 1.7 | 0.3 | 0.1 | 0.2 | 7 | 549 |
| BOU-DD24-487 | 9050N | Boumadine | 483.1 | 486.5 | 3.36 | 225 | 3.4 | 0.1 | 0.1 | 0.0 | 2 | 502 |
| BOU-MP24-015 | 3478300 | East-West | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 4 | 788 |
| 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-DD25-501 | 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 | 0.1 | 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-DD25-507 | 9850N | Boumadine | 487.0 | 493.2 | 1.74 | 13 | 6.2 | 0.1 | 0.0 | 0.0 | 2 | 156 |
| BOU-DD25-508 | 10050N | Imariren | 227.0 | 228.6 | 4.98 | 143 | 1.6 | 0.3 | 0.2 | 2.5 | 3 | 619 |
| **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 |

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 *\* True width remains undetermined at this stage; all values are uncut.*

*\*\* Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*

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**Figure 1 -** Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2025 Drill Holes

![onthepage2thetableisnotfix.jpg](onthepage2thetableisnotfix.jpg)

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**Figure 2 -** Boumadine Property Surface Plan with 2025 Drill Holes

![figure2-boumadinepropertys.jpg](figure2-boumadinepropertys.jpg)

**2025 Exploration Results**

This year, 140 diamond drill holes ("DDH"), 31 reverse circulation holes ("RC") and 11 multi-purpose drill holes ("MP") totaling 72,044m have been completed at Boumadine (Figure 1, Figure 2 and Appendix 2). Drilling was conducted on strike along the Main Trend (North Zones), Tizi, Imariren as well as on some regional targets. The majority of results have been received for drill holes up to BOU-DD25-530 (Table 1, Figure 3, and Appendix 1).

Results received so far in 2025, including hole BOU-DD24-465, BOU-DD25-513 and BOU-DD25-516, confirm the high-grade continuity of the Main Trend, which remains open in all directions. Today's results, with BOU-DD25-504, BOU-DD25-509 and BOU-DD25-511, also confirm the continuity of the Imariren Zone and extend Tizi mineralization to 0.7km. The Imariren Zone also remains open in all directions.

Hole BOU-MP24-015 returned high-grade silver results including 774 g/t Ag over 1.6m in an east-west structure.

The main mineralization generally measures 1m to 4m wide (locally reaching over a 10m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite,

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galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

Figures 4 shows the newly acquired permits expanding the Boumadine exploration footprint by 15.7% to over 314.5 km<sup>2</sup>.

**Figure 3 –** Surface Plan of Boumadine North, Imariren and Tizi Zones with New DDH Results

![figure3surfaceplanofboumad.jpg](figure3surfaceplanofboumad.jpg)

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**Figure 4 –** Surface Map of Boumadine Property with Apparent Conductivity at 175Hz and New Permits

![figure4surfacemapofboumadi.jpg](figure4surfacemapofboumadi.jpg)

**Next Steps**

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km and remains open in all directions. Currently, the Corporation has mobilized 6 drill rigs to complete the 100,000m to 140,000m drilling program. Half of the drilling will focus along the Main Trend and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment. The remaining 50% will focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. The results from ongoing geology work will determine additional development work.

**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every meter in some chip trays stored on site. A split sample representing 1/16<sup>th</sup>, ranging from 2 to 4 kilograms is

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sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco.

All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com or contact:**

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "continuity", "confirm", "continue", "potential", 'advance", "targets", "confirming", "potential", "advancing", "expand", "belief", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine, and timing for the release of the Company's disclosure in connection

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with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at **www.sedarplus.ca**. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

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**Appendix 1 –** Full Drill Results from Boumadine (core lengths)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | | | | | | | | | | |
| **DDH No.** | **Section** | **Zone** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD24-367 | 5200N | Boumadine | 604.0 | 604.6 | 0.47 | 64 | 0.6 | 0.0 | 0.1 | 1.2 | 417 | 142 |
| BOU-DD24-367 | 5200N | Boumadine | 620.7 | 622.7 | 0.33 | 26 | 2.0 | 0.0 | 0.1 | 0.4 | 46 | 65 |
| BOU-DD24-367 | 5200N | Boumadine | 624.5 | 625.0 | 0.28 | 24 | 0.5 | 0.0 | 0.1 | 0.2 | 14 | 52 |
| BOU-DD24-377 | 5000N | NSR | 0.0 | 654.3 | 0.00 | 0 | 654.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-378 | 5000N | NSR | 0.0 | 568.1 | 0.00 | 0 | 568.1 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-379 | Sud1 | NSR | 0.0 | 525.0 | 0.00 | 0 | 525.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-380 | Sud1 | NSR | 0.0 | 597.0 | 0.00 | 0 | 597.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-381 | 5200N | Boumadine | 585.7 | 586.3 | 1.14 | 16 | 0.6 | 0.0 | 0.0 | 0.0 | 34 | 107 |
| BOU-DD24-382 | 5200N | NSR | 0.0 | 566.6 | 0.00 | 0 | 566.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-383 | 5000N | Boumadine | 457.0 | 458.0 | 0.61 | 44 | 1.0 | 0.0 | 0.0 | 0.0 | 4 | 93 |
| BOU-DD24-383 | 5000N | Boumadine | 488.5 | 490.4 | 0.63 | 70 | 1.9 | 0.0 | 0.3 | 1.2 | 45 | 159 |
| BOU-DD24-384 | Sud1 | NSR | 0.0 | 219.8 | 0.00 | 0 | 219.8 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-385 | Sud1 | NSR | 0.0 | 799.6 | 0.00 | 0 | 799.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-386 | 5200N | NSR | 0.0 | 158.6 | 0.00 | 0 | 158.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-387 | 5000N | Boumadine | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 74 | 497 |
| BOU-DD24-419 | West_Mag | NSR | 0.0 | 466.0 | 0.00 | 0 | 466.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-430 | 6000N | Boumadine | 108.0 | 110.0 | 0.41 | 4 | 2.0 | 0.0 | 0.0 | 0.0 | 3 | 38 |
| BOU-DD24-430 | 6000N | Boumadine | 183.8 | 184.7 | 0.03 | 2 | 0.9 | 0.6 | 0.0 | 0.0 | 1 | 54 |
| BOU-DD24-430 | 6000N | Boumadine | 187.5 | 188.3 | 0.03 | 4 | 0.8 | 0.9 | 0.1 | 0.0 | 6 | 86 |
| BOU-DD24-430 | 6000N | Boumadine | 448.0 | 449.0 | 0.52 | 3 | 1.0 | 0.0 | 0.1 | 0.1 | 5 | 49 |
| BOU-DD24-430 | 6000N | Boumadine | 1007.0 | 1008.0 | 0.41 | 15 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 48 |
| BOU-DD24-430 | 6000N | Boumadine | 1015.0 | 1016.0 | 0.48 | 47 | 1.0 | 0.0 | 0.4 | 0.1 | 9 | 101 |
| BOU-DD24-433 | East-West | NSR | 0.0 | 534.7 | 0.00 | 0 | 534.7 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-435 | 3478300 | Tizi | 37.8 | 38.4 | 0.14 | 38 | 0.6 | 0.0 | 1.0 | 2.8 | 10 | 144 |
| BOU-DD24-435 | 3478300 | Tizi | 333.3 | 333.8 | 0.30 | 35 | 0.5 | 0.1 | 0.5 | 0.7 | 2 | 95 |
| BOU-DD24-435 | 3478300 | Tizi | 334.7 | 335.6 | 0.30 | 46 | 0.9 | 0.1 | 0.5 | 0.9 | 2 | 109 |
| BOU-DD24-438 | 6400N | Boumadine | 134.2 | 138.0 | 0.22 | 78 | 3.8 | 0.0 | 0.8 | 3.6 | 1065 | 229 |
| BOU-DD24-438 | 6400N | Boumadine | 141.3 | 146.0 | 0.44 | 79 | 4.7 | 0.0 | 1.0 | 1.5 | 256 | 182 |
| Including | Including | Including | 141.3 | 142.3 | 0.86 | 248 | 1.0 | 0.0 | 4.0 | 3.7 | 619 | 517 |
| BOU-DD24-438 | 6400N | Boumadine | 148.8 | 150.5 | 0.47 | 21 | 1.7 | 0.0 | 0.1 | 0.1 | 58 | 64 |
| BOU-DD24-438 | 6400N | Boumadine | 153.0 | 154.0 | 0.74 | 9 | 1.0 | 0.0 | 0.1 | 0.1 | 165 | 76 |
| BOU-DD24-438 | 6400N | Boumadine | 158.0 | 159.1 | 0.46 | 79 | 1.1 | 0.0 | 0.4 | 4.4 | 279 | 240 |
| BOU-DD24-438 | 6400N | Boumadine | 165.0 | 165.7 | 0.08 | 83 | 0.7 | 0.4 | 0.5 | 3.3 | 21 | 215 |
| BOU-DD24-438 | 6400N | Boumadine | 169.2 | 171.0 | 0.85 | 35 | 1.8 | 0.1 | 1.4 | 2.7 | 48 | 206 |
| BOU-DD24-441 | West_Sect2 | NSR | 0.0 | 701.6 | 0.00 | 0 | 701.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-442 | 6425N | Boumadine | 149.2 | 150.0 | 0.91 | 105 | 0.8 | 0.1 | 0.6 | 8.7 | 27 | 412 |
| BOU-DD24-442 | 6425N | Boumadine | 156.7 | 157.4 | 1.06 | 74 | 0.7 | 0.1 | 1.1 | 4.2 | 346 | 299 |
| BOU-DD24-442 | 6425N | Boumadine | 162.0 | 163.0 | 0.47 | 23 | 1.0 | 0.0 | 0.5 | 0.7 | 32 | 89 |
| BOU-DD24-442 | 6425N | Boumadine | 163.8 | 164.7 | 0.54 | 57 | 0.9 | 0.0 | 0.5 | 2.4 | 288 | 176 |
| BOU-DD24-442 | 6425N | Boumadine | 173.7 | 178.3 | 0.20 | 73 | 4.6 | 0.1 | 1.3 | 4.9 | 178 | 248 |
| BOU-DD24-442 | 6425N | Boumadine | 181.3 | 181.9 | 1.29 | 70 | 0.6 | 0.0 | 1.6 | 2.5 | 159 | 275 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-442 | 6425N | Boumadine | 186.0 | 187.0 | 0.54 | 28 | 1.0 | 0.0 | 0.1 | 2.3 | 35 | 132 |
| BOU-DD24-442 | 6425N | Boumadine | 189.0 | 190.0 | 1.41 | 90 | 1.0 | 0.0 | 1.3 | 4.3 | 15 | 339 |
| BOU-DD24-442 | 6425N | Boumadine | 205.0 | 212.4 | 0.69 | 33 | 7.4 | 0.0 | 0.5 | 0.8 | 289 | 126 |
| BOU-DD24-443 | 6400N | Boumadine | 228.3 | 230.4 | 0.87 | 36 | 2.1 | 0.0 | 0.4 | 1.6 | 3 | 155 |
| BOU-DD24-443 | 6400N | Boumadine | 231.3 | 232.2 | 0.50 | 30 | 0.9 | 0.0 | 0.4 | 0.8 | 3 | 98 |
| BOU-DD24-443 | 6400N | Boumadine | 270.9 | 271.4 | 0.42 | 72 | 0.5 | 0.0 | 0.9 | 1.9 | 6 | 174 |
| BOU-DD24-443 | 6400N | Boumadine | 279.0 | 280.0 | 0.99 | 40 | 1.0 | 0.0 | 0.6 | 5.1 | 4 | 257 |
| BOU-DD24-444 | West_Sect2 | NSR | 0.0 | 593.3 | 0.00 | 0 | 593.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-445 | West_Sect2 | NSR | 0.0 | 614.4 | 0.00 | 0 | 614.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-446 | West_Sect2 | NSR | 0.0 | 633.0 | 0.00 | 0 | 633.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-453 | 7025N | Boumadine | 162.4 | 163.4 | 0.66 | 6 | 1.0 | 0.0 | 0.1 | 0.1 | 2 | 64 |
| 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-DD24-454 | EastTarget1 | NSR | 0.0 | 498.0 | 0.00 | 0 | 498.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-457 | West_Sect2 | NSR | 0.0 | 675.0 | 0.00 | 0 | 675.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-458 | West_Sect2 | NSR | 0.0 | 603.0 | 0.00 | 0 | 603.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-459 | West_Sect3 | NSR | 0.0 | 621.0 | 0.00 | 0 | 621.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-461 | EastTarget1 | New | 128.0 | 129.0 | 2.01 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 4 | 161 |
| BOU-DD24-462 | West_Sect3 | NSR | 0.0 | 597.0 | 0.00 | 0 | 597.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-463 | EastTarget1 | New | 695.0 | 696.0 | 0.03 | 61 | 1.0 | 1.5 | 0.1 | 0.0 | 6 | 192 |
| BOU-DD24-464 | 3477600 | Tizi | 126.4 | 127.0 | 0.51 | 55 | 0.6 | 0.0 | 0.4 | 2.1 | 21 | 155 |
| BOU-DD24-465 | 9050N | Boumadine | 123.9 | 124.9 | 0.18 | 54 | 1.0 | 0.0 | 0.1 | 0.1 | 10 | 75 |
| BOU-DD24-465 | 9050N | inc | 135.0 | 137.1 | 0.96 | 128 | 2.1 | 0.0 | 2.5 | 3.9 | 11 | 362 |
| BOU-DD24-465 | 9050N | Boumadine | 128.8 | 139.4 | 0.48 | 81 | 10.6 | 0.0 | 1.3 | 2.0 | 9 | 199 |
| BOU-DD24-466 | 3477600 | Tizi | 50.8 | 51.6 | 0.50 | 3 | 0.8 | 0.0 | 0.0 | 0.1 | 10 | 45 |
| BOU-DD24-466 | 3477600 | Tizi | 61.2 | 64.5 | 2.11 | 87 | 3.3 | 0.1 | 0.4 | 0.1 | 27 | 268 |
| Including | Including | Including | 61.8 | 63.2 | 4.41 | 146 | 1.4 | 0.1 | 0.2 | 0.1 | 47 | 509 |
| BOU-DD24-466 | 3477600 | Tizi | 193.2 | 195.1 | 0.43 | 36 | 1.9 | 0.0 | 0.6 | 4.0 | 8 | 186 |
| BOU-DD24-466 | 3477600 | Tizi | 206.3 | 207.3 | 0.90 | 8 | 1.0 | 0.0 | 0.1 | 2.5 | 5 | 145 |
| BOU-DD24-467 | 7650N | NSR | 0.0 | 413.5 | 0.00 | 0 | 413.5 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-468 | 10250N | Boumadine | 137.0 | 137.6 | 0.33 | 52 | 0.6 | 0.0 | 1.8 | 2.4 | 8 | 183 |
| BOU-DD24-469 | EastTarget1 | NSR | 0.0 | 614.0 | 0.00 | 0 | 614.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-470 | 10250N | Boumadine | 166.3 | 167.3 | 2.77 | 20 | 1.0 | 0.0 | 0.8 | 1.4 | 12 | 292 |
| BOU-DD24-470 | 10250N | Boumadine | 173.0 | 174.0 | 0.91 | 4 | 1.0 | 0.1 | 0.2 | 0.9 | 4 | 107 |
| BOU-DD24-470 | 10250N | Boumadine | 324.3 | 324.9 | 0.45 | 33 | 0.6 | 0.0 | 0.7 | 1.7 | 4 | 130 |
| BOU-DD24-471 | 10250N | Boumadine | 219.0 | 220.0 | 1.36 | 9 | 1.0 | 0.0 | 0.1 | 0.1 | 3 | 122 |
| BOU-DD24-471 | 10250N | Boumadine | 246.8 | 247.6 | 1.53 | 66 | 0.8 | 0.1 | 0.5 | 1.5 | 5 | 241 |
| BOU-DD24-471 | 10250N | Boumadine | 259.7 | 260.4 | 2.45 | 304 | 0.7 | 0.3 | 8.2 | 16.3 | 11 | 1118 |
| BOU-DD24-471 | 10250N | Boumadine | 294.2 | 295.4 | 0.79 | 18 | 1.2 | 0.0 | 0.1 | 2.1 | 1 | 139 |
| BOU-DD24-472 | 3477600 | Tizi | 124.0 | 125.0 | 0.83 | 1 | 1.0 | 0.0 | 0.1 | 0.1 | 25 | 72 |
| BOU-DD24-472 | 3477600 | Tizi | 125.8 | 128.7 | 3.78 | 29 | 2.9 | 0.1 | 0.7 | 1.8 | 17 | 394 |
| BOU-DD24-472 | 3477600 | Tizi | 229.4 | 230.0 | 2.37 | 12 | 0.6 | 0.0 | 0.1 | 0.6 | 3 | 216 |
| BOU-DD24-473 | 10250N | Boumadine | 257.7 | 258.7 | 0.51 | 7 | 1.0 | 0.0 | 0.3 | 2.2 | 7 | 109 |
| BOU-DD24-473 | 10250N | Boumadine | 270.7 | 271.7 | 1.23 | 66 | 1.0 | 0.2 | 0.6 | 1.0 | 4 | 214 |
| BOU-DD24-473 | 10250N | Boumadine | 282.7 | 288.1 | 1.48 | 54 | 5.4 | 0.1 | 1.1 | 1.7 | 6 | 243 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-473 | 10250N | Boumadine | 373.0 | 374.0 | 0.46 | 16 | 1.0 | 0.0 | 0.1 | 0.3 | 2 | 62 |
| BOU-DD24-474 | 3477600 | Tizi | 48.0 | 52.0 | 2.38 | 37 | 4.0 | 0.0 | 0.6 | 2.5 | 56 | 302 |
| BOU-DD24-474 | 3477600 | Tizi | 77.2 | 77.8 | 0.39 | 58 | 0.6 | 0.0 | 0.6 | 3.2 | 7 | 182 |
| BOU-DD24-474 | 3477600 | Tizi | 312.3 | 313.3 | 0.05 | 70 | 1.0 | 0.0 | 1.0 | 1.3 | 7 | 133 |
| BOU-DD24-475 | 10250N | Boumadine | 293.5 | 294.2 | 0.31 | 30 | 0.7 | 0.0 | 0.7 | 1.1 | 8 | 101 |
| BOU-DD24-475 | 10250N | Boumadine | 305.0 | 306.0 | 0.41 | 22 | 1.0 | 0.0 | 0.3 | 0.4 | 5 | 72 |
| 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 | 382.3 | 383.1 | 0.80 | 30 | 0.8 | 0.0 | 0.7 | 1.8 | 4 | 157 |
| BOU-DD24-475 | 10250N | Boumadine | 390.5 | 391.4 | 0.71 | 18 | 0.9 | 0.0 | 0.1 | 0.3 | 8 | 85 |
| BOU-DD24-475 | 10250N | Boumadine | 398.0 | 398.8 | 0.90 | 15 | 0.8 | 0.0 | 0.2 | 0.2 | 6 | 99 |
| BOU-DD24-475 | 10250N | Boumadine | 405.4 | 407.1 | 5.62 | 257 | 1.7 | 0.4 | 0.3 | 3.5 | 6 | 820 |
| BOU-DD24-476 | 8275N | Boumadine | 115.0 | 116.0 | 0.58 | 7 | 1.0 | 0.0 | 0.1 | 0.1 | 17 | 58 |
| BOU-DD24-476 | 8275N | Boumadine | 292.0 | 293.0 | 0.51 | 6 | 1.0 | 0.0 | 0.1 | 0.3 | 7 | 56 |
| BOU-DD24-476 | 8275N | Boumadine | 430.8 | 431.6 | 0.38 | 27 | 0.8 | 0.1 | 2.3 | 2.9 | 14 | 188 |
| BOU-DD24-476 | 8275N | Boumadine | 432.4 | 435.0 | 1.84 | 14 | 2.6 | 0.0 | 0.6 | 1.3 | 7 | 207 |
| BOU-DD24-476 | 8275N | Boumadine | 504.3 | 508.4 | 2.33 | 18 | 4.1 | 0.1 | 0.0 | 0.0 | 6 | 212 |
| BOU-DD24-476 | 8275N | Boumadine | 512.2 | 513.8 | 0.86 | 14 | 1.6 | 0.1 | 0.2 | 2.2 | 5 | 143 |
| BOU-DD24-476 | 8275N | Boumadine | 580.0 | 581.0 | 0.40 | 21 | 1.0 | 0.1 | 1.2 | 0.8 | 11 | 105 |
| BOU-DD24-476 | 8275N | Boumadine | 597.7 | 599.6 | 3.53 | 63 | 1.9 | 0.2 | 0.2 | 3.1 | 11 | 440 |
| BOU-DD24-476 | 8275N | Boumadine | 603.7 | 604.2 | 0.80 | 14 | 0.5 | 0.0 | 0.0 | 0.1 | 18 | 80 |
| BOU-DD24-476 | 8275N | Boumadine | 606.0 | 606.6 | 0.58 | 12 | 0.6 | 0.0 | 0.0 | 0.0 | 12 | 59 |
| BOU-DD24-476 | 8275N | Boumadine | 608.6 | 612.4 | 1.08 | 11 | 3.8 | 0.0 | 0.0 | 0.0 | 8 | 101 |
| BOU-DD24-476 | 8275N | Boumadine | 625.8 | 628.3 | 0.84 | 15 | 2.5 | 0.0 | 0.2 | 0.2 | 10 | 94 |
| BOU-DD24-476 | 8275N | Boumadine | 630.0 | 631.0 | 0.58 | 2 | 1.0 | 0.0 | 0.2 | 0.1 | 11 | 53 |
| BOU-DD24-476 | 8275N | Boumadine | 731.9 | 733.0 | 0.31 | 23 | 1.1 | 0.0 | 0.3 | 1.8 | 5 | 104 |
| BOU-DD24-476 | 8275N | Boumadine | 768.4 | 769.0 | 0.57 | 24 | 0.6 | 0.0 | 0.2 | 0.1 | 6 | 79 |
| BOU-DD24-476 | 8275N | Boumadine | 770.8 | 772.0 | 0.57 | 17 | 1.2 | 0.1 | 0.3 | 0.6 | 5 | 90 |
| BOU-DD24-477 | 7650N | NSR | 0.0 | 507.0 | 0.00 | 0 | 507.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-478 | 3477600 | Imariren | 67.1 | 68.2 | 3.49 | 111 | 1.1 | 0.2 | 0.7 | 1.2 | 42 | 451 |
| BOU-DD24-478 | 3477600 | Tizi | 459.4 | 462.7 | 4.61 | 75 | 3.3 | 0.1 | 0.1 | 0.5 | 11 | 460 |
| BOU-DD24-479 | 3477600 | Imariren | 155.6 | 156.1 | 1.60 | 18 | 0.5 | 0.0 | 0.1 | 0.1 | 8 | 149 |
| BOU-DD24-479 | 3477600 | Imariren | 185.0 | 185.9 | 0.27 | 277 | 0.9 | 0.1 | 0.1 | 0.0 | 10 | 307 |
| BOU-DD24-479 | 3477600 | Imariren | 187.6 | 188.3 | 0.07 | 52 | 0.7 | 0.0 | 0.0 | 0.0 | 10 | 59 |
| BOU-DD24-479 | 3477600 | Imariren | 222.1 | 223.0 | 1.54 | 25 | 0.9 | 0.1 | 0.1 | 0.1 | 13 | 158 |
| BOU-DD24-479 | 3477600 | Imariren | 224.4 | 225.3 | 0.51 | 5 | 0.9 | 0.0 | 0.1 | 0.1 | 6 | 48 |
| BOU-DD24-479 | 3477600 | Imariren | 231.0 | 232.0 | 1.31 | 2 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 107 |
| BOU-DD24-480 | 10250N | Boumadine | 368.0 | 369.0 | 0.28 | 34 | 1.0 | 0.0 | 1.4 | 2.4 | 2 | 153 |
| BOU-DD24-480 | 10250N | Boumadine | 430.7 | 431.3 | 0.76 | 3 | 0.6 | 0.0 | 0.2 | 0.4 | 7 | 76 |
| BOU-DD24-480 | 10250N | Boumadine | 686.9 | 687.4 | 0.46 | 46 | 0.5 | 0.0 | 1.4 | 1.5 | 62 | 157 |
| BOU-DD24-481 | 10250N | Boumadine | 514.4 | 516.1 | 1.49 | 1 | 1.7 | 0.0 | 0.0 | 0.0 | 6 | 119 |
| BOU-DD24-481 | 10250N | Boumadine | 519.2 | 520.6 | 0.94 | 1 | 1.4 | 0.0 | 0.0 | 0.0 | 8 | 76 |
| BOU-DD24-481 | 10250N | Boumadine | 521.2 | 522.0 | 0.54 | 37 | 0.8 | 0.1 | 0.1 | 0.0 | 2 | 91 |
| BOU-DD24-481 | 10250N | Boumadine | 562.8 | 563.6 | 0.50 | 13 | 0.8 | 0.0 | 0.2 | 0.8 | 4 | 79 |
| BOU-DD24-481 | 10250N | Boumadine | 564.4 | 564.9 | 0.75 | 21 | 0.5 | 0.0 | 0.2 | 2.0 | 1 | 136 |
| BOU-DD24-482 | 9050N | Boumadine | 181.8 | 184.2 | 0.83 | 28 | 2.4 | 0.0 | 0.8 | 1.8 | 10 | 156 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD24-482 | 9050N | Boumadine | 217.0 | 219.0 | 2.52 | 22 | 2.0 | 0.2 | 0.2 | 0.3 | 49 | 247 |
| BOU-DD24-482 | 9050N | Boumadine | 316.2 | 318.7 | 2.09 | 21 | 2.5 | 0.0 | 0.0 | 0.0 | 20 | 189 |
| BOU-DD24-482 | 9050N | Boumadine | 321.3 | 321.8 | 0.72 | 42 | 0.5 | 0.0 | 0.5 | 2.5 | 79 | 175 |
| BOU-DD24-482 | 9050N | Boumadine | 339.8 | 340.3 | 0.51 | 28 | 0.5 | 0.0 | 0.2 | 0.6 | 18 | 89 |
| BOU-DD24-482 | 9050N | Boumadine | 421.3 | 423.1 | 0.47 | 64 | 1.8 | 0.1 | 4.1 | 0.8 | 8 | 231 |
| BOU-DD24-483 | EastTarget1 | NSR | 0.0 | 268.2 | 0.00 | 0 | 268.2 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-484 | EastTarget2 | NSR | 0.0 | 603.0 | 0.00 | 0 | 603.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-485 | EastTarget2 | NSR | 0.0 | 606.0 | 0.00 | 0 | 606.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD24-486 | 3477600 | Imariren | 18.0 | 18.9 | 0.40 | 23 | 0.9 | 0.0 | 0.1 | 0.0 | 18 | 58 |
| BOU-DD24-486 | 3477600 | Imariren | 273.0 | 273.9 | 0.65 | 4 | 0.9 | 0.0 | 0.1 | 0.1 | 12 | 64 |
| BOU-DD24-486 | 3477600 | Imariren | 280.7 | 281.9 | 0.89 | 11 | 1.2 | 0.0 | 0.1 | 0.0 | 10 | 87 |
| BOU-DD24-486 | 3477600 | Imariren | 283.3 | 283.8 | 0.75 | 8 | 0.5 | 0.0 | 0.1 | 0.2 | 9 | 76 |
| BOU-DD24-486 | 3477600 | Imariren | 288.0 | 288.7 | 0.69 | 9 | 0.7 | 0.0 | 0.1 | 0.2 | 7 | 71 |
| BOU-DD24-486 | 3477600 | Imariren | 340.4 | 344.6 | 0.55 | 13 | 4.2 | 0.0 | 0.1 | 0.2 | 6 | 64 |
| BOU-DD24-486 | 3477600 | Imariren | 350.5 | 352.2 | 4.81 | 143 | 1.7 | 0.3 | 0.1 | 0.2 | 7 | 549 |
| BOU-DD24-486 | 3477600 | Imariren | 502.1 | 503.2 | 0.53 | 20 | 1.1 | 0.1 | 0.9 | 1.8 | 5 | 134 |
| BOU-DD24-487 | 9050N | Boumadine | 271.5 | 272.0 | 1.17 | 43 | 0.5 | 0.0 | 0.1 | 0.1 | 4 | 142 |
| BOU-DD24-487 | 9050N | Boumadine | 278.3 | 281.6 | 0.28 | 45 | 3.3 | 0.0 | 0.0 | 0.0 | 8 | 71 |
| BOU-DD24-487 | 9050N | Boumadine | 360.6 | 361.4 | 0.82 | 9 | 0.8 | 0.0 | 0.1 | 1.2 | 8 | 108 |
| BOU-DD24-487 | 9050N | Boumadine | 362.3 | 364.4 | 2.17 | 38 | 2.1 | 0.1 | 0.2 | 1.6 | 12 | 257 |
| BOU-DD24-487 | 9050N | Boumadine | 380.0 | 381.0 | 0.62 | 11 | 1.0 | 0.0 | 0.1 | 0.2 | 19 | 68 |
| BOU-DD24-487 | 9050N | Boumadine | 401.0 | 403.0 | 0.79 | 27 | 2.0 | 0.1 | 0.2 | 3.8 | 11 | 193 |
| BOU-DD24-487 | 9050N | Boumadine | 440.2 | 440.8 | 0.03 | 124 | 0.6 | 2.1 | 15.2 | 0.1 | 11 | 680 |
| BOU-DD24-487 | 9050N | Boumadine | 483.1 | 486.5 | 3.36 | 225 | 3.4 | 0.1 | 0.1 | 0.0 | 2 | 502 |
| BOU-DD24-487 | 9050N | Boumadine | 495.4 | 496.0 | 2.74 | 103 | 0.6 | 0.1 | 0.7 | 0.7 | 4 | 360 |
| BOU-MP24-001 | 4600N | NSR | 0.0 | 476.3 | 0.00 | 0 | 476.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-002 | 4600N | NSR | 0.0 | 280.4 | 0.00 | 0 | 280.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-003 | 4600N | Boumadine | 506.0 | 512.2 | 0.39 | 2 | 6.2 | 0.0 | 0.0 | 0.0 | 7 | 34 |
| BOU-MP24-004 | 4400N | NSR | 0.0 | 702.3 | 0.00 | 0 | 702.3 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-005 | 4400N | NSR | 0.0 | 696.0 | 0.00 | 0 | 696.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-006 | 4400N | NSR | 0.0 | 402.2 | 0.00 | 0 | 402.2 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-007 | 5000N | NSR | 0.0 | 180.0 | 0.00 | 0 | 180.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-008 | 3478300 | Tizi | 41.0 | 42.0 | 0.12 | 20 | 1.0 | 0.0 | 1.3 | 1.8 | 5 | 107 |
| BOU-MP24-009 | 3478300 | Tizi | 7.0 | 8.0 | 0.50 | 20 | 1.0 | 0.0 | 0.2 | 0.0 | 5 | 66 |
| BOU-MP24-009 | 3478300 | Tizi | 10.0 | 11.0 | 0.53 | 1 | 1.0 | 0.0 | 0.1 | 0.0 | 9 | 47 |
| BOU-MP24-009 | 3478300 | Tizi | 105.0 | 107.0 | 0.37 | 54 | 2.0 | 0.1 | 0.4 | 1.7 | 9 | 143 |
| BOU-MP24-010 | 3478300 | Tizi | 111.0 | 115.0 | 1.44 | 7 | 4.0 | 0.0 | 0.3 | 0.5 | 6 | 138 |
| BOU-MP24-010 | 3478300 | Tizi | 194.0 | 196.0 | 0.91 | 44 | 2.0 | 0.1 | 1.0 | 2.5 | 5 | 208 |
| BOU-MP24-010 | 3478300 | Tizi | 246.1 | 247.8 | 1.78 | 2 | 1.7 | 0.0 | 0.0 | 0.0 | 6 | 143 |
| BOU-MP24-011 | 3478300 | Tizi | 88.0 | 90.0 | 0.61 | 54 | 2.0 | 0.1 | 0.0 | 0.1 | 9 | 109 |
| BOU-MP24-012 | 3478300 | Tizi | 27.0 | 28.0 | 0.03 | 60 | 1.0 | 0.0 | 0.0 | 0.1 | 4 | 65 |
| BOU-MP24-012 | 3478300 | Tizi | 86.0 | 87.0 | 3.86 | 16 | 1.0 | 0.1 | 0.1 | 0.5 | 8 | 335 |
| BOU-MP24-012 | 3478300 | Tizi | 132.0 | 133.0 | 0.03 | 83 | 1.0 | 0.1 | 0.2 | 0.3 | 3 | 102 |
| BOU-MP24-012 | 3478300 | Tizi | 138.0 | 144.1 | 0.43 | 23 | 6.1 | 0.1 | 0.0 | 0.0 | 5 | 62 |
| BOU-MP24-012 | 3478300 | Tizi | 305.0 | 306.0 | 2.41 | 6 | 1.0 | 0.0 | 0.2 | 0.2 | 3 | 205 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP24-013 | 3478300 | NSR | 0.0 | 118.0 | 0.00 | 0 | 118.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-014 | 3478300 | Tizi | 87.0 | 89.0 | 0.19 | 58 | 2.0 | 0.0 | 1.2 | 2.2 | 6 | 158 |
| BOU-MP24-014 | 3478300 | Tizi | 180.0 | 181.0 | 0.26 | 37 | 1.0 | 0.6 | 0.9 | 3.2 | 8 | 206 |
| BOU-MP24-014 | 3478300 | Tizi | 240.5 | 241.0 | 0.39 | 14 | 0.5 | 0.0 | 0.4 | 2.6 | 1 | 122 |
| BOU-MP24-014 | 3478300 | Tizi | 404.0 | 404.8 | 0.61 | 133 | 0.8 | 0.2 | 1.6 | 1.0 | 23 | 257 |
| BOU-MP24-014 | 3478300 | Tizi | 427.0 | 427.8 | 0.18 | 34 | 0.8 | 0.1 | 0.7 | 3.1 | 1 | 149 |
| BOU-MP24-014 | 3478300 | Tizi | 432.8 | 434.0 | 1.76 | 66 | 1.2 | 0.1 | 0.3 | 1.8 | 2 | 268 |
| BOU-MP24-015 | 3478300 | Tizi | 137.0 | 138.0 | 0.45 | 44 | 1.0 | 0.0 | 0.8 | 1.4 | 16 | 136 |
| BOU-MP24-015 | 3478300 | Tizi | 421.0 | 423.5 | 0.50 | 13 | 2.5 | 0.0 | 0.3 | 0.6 | 4 | 77 |
| BOU-MP24-015 | 3478300 | Tizi | 464.0 | 465.6 | 0.03 | 97 | 1.6 | 0.1 | 0.1 | 0.2 | 3 | 109 |
| BOU-MP24-015 | 3478300 | Tizi | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 4 | 788 |
| BOU-MP24-015 | 3478300 | Tizi | 504.4 | 505.0 | 0.83 | 36 | 0.6 | 0.1 | 0.4 | 3.3 | 6 | 203 |
| BOU-MP24-015 | 3478300 | Tizi | 519.7 | 522.7 | 1.78 | 31 | 3.0 | 0.1 | 0.7 | 2.2 | 11 | 247 |
| BOU-MP24-016 | West_Sect1 | NSR | 0.0 | 618.0 | 0.00 | 0 | 618.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-017 | West_Sect1 | NSR | 0.0 | 609.0 | 0.00 | 0 | 609.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-018 | West_Sect1 | NSR | 0.0 | 643.0 | 0.00 | 0 | 643.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-019 | West_Sect1 | NSR | 0.0 | 629.9 | 0.00 | 0 | 629.9 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-020 | West_Sect1 | NSR | 0.0 | 620.7 | 0.00 | 0 | 620.7 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-022 | West_Sect2 | NSR | 0.0 | 48.0 | 0.00 | 0 | 48.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP24-023 | 9050N | NSR | 0.0 | 221.0 | 0.00 | 0 | 221.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-488 | 3477600 | Imariren | 378.2 | 380.7 | 2.67 | 33 | 2.5 | 0.0 | 0.1 | 0.1 | 3 | 248 |
| BOU-DD25-488 | 3477600 | Imariren | 383.0 | 383.5 | 1.23 | 21 | 0.5 | 0.0 | 0.1 | 0.1 | 6 | 122 |
| BOU-DD25-488 | 3477600 | Imariren | 395.0 | 397.8 | 0.68 | 9 | 2.8 | 0.0 | 0.1 | 0.2 | 2 | 70 |
| BOU-DD25-488 | 3477600 | Imariren | 399.6 | 400.5 | 0.67 | 5 | 0.9 | 0.0 | 0.1 | 0.1 | 1 | 61 |
| BOU-DD25-488 | 3477600 | Imariren | 463.9 | 464.8 | 0.22 | 37 | 0.9 | 0.1 | 0.5 | 1.0 | 10 | 98 |
| BOU-DD25-488 | 3477600 | Imariren | 508.2 | 510.0 | 1.96 | 38 | 1.8 | 0.3 | 0.1 | 0.4 | 4 | 226 |
| BOU-DD25-489 | East-West | New | 103.3 | 104.7 | 0.03 | 45 | 1.4 | 2.9 | 0.2 | 0.1 | 15 | 305 |
| BOU-DD25-490 | East-West | New | 163.0 | 165.0 | 0.03 | 38 | 2.0 | 1.0 | 0.0 | 0.0 | 8 | 125 |
| BOU-DD25-490 | East-West | New | 181.8 | 182.6 | 0.14 | 460 | 0.8 | 4.5 | 0.0 | 0.1 | 33 | 859 |
| BOU-DD25-491 | East-West | NSR | 0.0 | 158.6 | 0.00 | 0 | 158.6 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-493 | 9050N | Boumadine | 337.6 | 339.1 | 0.47 | 24 | 1.5 | 0.0 | 0.1 | 0.3 | 10 | 73 |
| BOU-DD25-493 | 9050N | Boumadine | 344.1 | 347.0 | 1.19 | 25 | 2.9 | 0.1 | 0.1 | 0.0 | 8 | 130 |
| BOU-DD25-493 | 9050N | Boumadine | 350.0 | 351.0 | 0.54 | 9 | 1.0 | 0.0 | 0.1 | 0.0 | 10 | 58 |
| BOU-DD25-493 | 9050N | Boumadine | 370.0 | 372.0 | 2.44 | 2 | 2.0 | 0.0 | 0.1 | 0.1 | 7 | 198 |
| BOU-DD25-493 | 9050N | Boumadine | 374.0 | 374.9 | 0.76 | 4 | 0.9 | 0.0 | 0.1 | 0.1 | 9 | 69 |
| BOU-DD25-493 | 9050N | Boumadine | 423.0 | 431.0 | 1.19 | 16 | 8.0 | 0.0 | 0.2 | 1.1 | 3 | 142 |
| Including | Including | Including | 427.3 | 428.6 | 2.53 | 36 | 1.3 | 0.0 | 0.4 | 2.7 | 4 | 312 |
| BOU-DD25-493 | 9050N | Boumadine | 464.8 | 469.7 | 0.91 | 12 | 4.9 | 0.0 | 0.3 | 1.0 | 8 | 117 |
| BOU-DD25-493 | 9050N | Boumadine | 525.9 | 526.4 | 0.50 | 43 | 0.5 | 0.4 | 0.2 | 0.1 | 6 | 119 |
| BOU-DD25-493 | 9050N | Boumadine | 552.6 | 553.1 | 1.60 | 50 | 0.5 | 0.1 | 0.2 | 0.5 | 5 | 203 |
| BOU-DD25-493 | 9050N | Boumadine | 560.6 | 561.3 | 1.62 | 54 | 0.7 | 0.1 | 0.2 | 0.6 | 4 | 210 |
| BOU-DD25-494 | East-West | NSR | 0.0 | 243.4 | 0.00 | 0 | 243.4 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-495 | East-West | New | 97.5 | 98.5 | 0.11 | 41 | 1.0 | 0.0 | 0.0 | 0.1 | 4 | 54 |
| BOU-DD25-497 | 9850N | Imariren | 157.0 | 158.6 | 2.35 | 37 | 1.6 | 0.1 | 0.4 | 1.4 | 49 | 273 |
| BOU-DD25-497 | 9850N | Imariren | 161.1 | 162.5 | 1.00 | 18 | 1.4 | 0.0 | 0.2 | 0.6 | 19 | 120 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-497 | 9850N | Imariren | 170.4 | 171.2 | 0.58 | 14 | 0.8 | 0.1 | 2.9 | 4 | 138 |
| BOU-DD25-497 | 9850N | Imariren | 172.1 | 172.8 | 0.56 | 13 | 0.7 | 0.1 | 2.9 | 2 | 135 |
| BOU-DD25-497 | 9850N | Imariren | 176.0 | 177.8 | 0.97 | 19 | 1.8 | 0.1 | 1.2 | 1 | 128 |
| BOU-DD25-497 | 9850N | Imariren | 178.5 | 179.2 | 0.86 | 7 | 0.7 | 0.0 | 0.0 | 2 | 77 |
| BOU-DD25-497 | 9850N | Imariren | 180.0 | 182.6 | 0.53 | 12 | 2.6 | 0.0 | 0.0 | 3 | 57 |
| BOU-DD25-497 | 9850N | Imariren | 184.6 | 190.8 | 1.93 | 18 | 6.2 | 0.1 | 0.9 | 3 | 201 |
| Including | Including | Including | 187.9 | 189.5 | 3.67 | 34 | 1.6 | 0.1 | 1.6 | 2 | 377 |
| BOU-DD25-497 | 9850N | Imariren | 208.0 | 209.0 | 0.48 | 8 | 1.0 | 0.3 | 1.5 | 11 | 91 |
| BOU-DD25-497 | 9850N | Imariren | 223.9 | 225.6 | 1.54 | 1 | 1.7 | 0.0 | 0.1 | 9 | 124 |
| BOU-DD25-500 | 9050N | Boumadine | 411.7 | 414.0 | 2.18 | 37 | 2.3 | 0.1 | 0.1 | 9 | 233 |
| BOU-DD25-500 | 9050N | Boumadine | 415.0 | 416.0 | 0.51 | 6 | 1.0 | 0.0 | 0.0 | 4 | 49 |
| BOU-DD25-500 | 9050N | Boumadine | 422.0 | 423.0 | 0.98 | 17 | 1.0 | 3.7 | 0.7 | 4 | 201 |
| BOU-DD25-500 | 9050N | Boumadine | 455.8 | 456.5 | 0.54 | 31 | 0.7 | 0.9 | 1.3 | 7 | 128 |
| BOU-DD25-500 | 9050N | Boumadine | 608.0 | 608.9 | 1.08 | 24 | 0.9 | 2.0 | 9.8 | 41 | 406 |
| BOU-DD25-500 | 9050N | Boumadine | 614.3 | 615.2 | 1.29 | 17 | 0.9 | 2.9 | 0.5 | 40 | 200 |
| BOU-DD25-500 | 9050N | Boumadine | 623.5 | 624.0 | 1.28 | 21 | 0.5 | 0.3 | 0.1 | 4 | 136 |
| BOU-DD25-501 | 9850N | Imariren | 93.0 | 99.0 | 1.73 | 48 | 6.0 | 0.2 | 0.5 | 16 | 210 |
| Including | Including | Including | 93.6 | 96.0 | 3.78 | 93 | 2.4 | 0.1 | 0.2 | 15 | 413 |
| BOU-DD25-501 | 9850N | Imariren | 104.0 | 105.0 | 0.22 | 97 | 1.0 | 0.3 | 0.7 | 6 | 167 |
| BOU-DD25-501 | 9850N | Imariren | 131.9 | 132.8 | 0.12 | 150 | 0.9 | 1.6 | 0.7 | 6 | 240 |
| BOU-DD25-501 | 9850N | Imariren | 182.6 | 184.5 | 1.13 | 15 | 1.9 | 0.2 | 0.1 | 12 | 112 |
| BOU-DD25-501 | 9850N | Imariren | 188.1 | 189.5 | 5.31 | 27 | 1.4 | 0.0 | 0.1 | 10 | 448 |
| BOU-DD25-501 | 9850N | Imariren | 192.5 | 200.1 | 1.68 | 7 | 7.6 | 0.0 | 0.0 | 6 | 146 |
| BOU-DD25-501 | 9850N | Imariren | 212.0 | 214.0 | 0.15 | 34 | 2.0 | 2.6 | 2.1 | 2 | 164 |
| BOU-DD25-502 | 9250N | Boumadine | 135.3 | 136.5 | 0.80 | 43 | 1.2 | 1.8 | 3.3 | 130 | 235 |
| BOU-DD25-502 | 9250N | Boumadine | 160.0 | 160.9 | 0.55 | 12 | 0.9 | 0.4 | 2.7 | 15 | 135 |
| BOU-DD25-502 | 9250N | Boumadine | 161.5 | 169.3 | 0.99 | 26 | 7.8 | 0.4 | 3.0 | 17 | 191 |
| Including | Including | Including | 161.5 | 162.7 | 3.06 | 95 | 1.2 | 1.5 | 15.1 | 10 | 763 |
| BOU-DD25-502 | 9250N | Boumadine | 172.3 | 174.5 | 0.74 | 14 | 2.2 | 0.0 | 0.1 | 23 | 76 |
| BOU-DD25-502 | 9250N | Boumadine | 175.4 | 176.4 | 0.37 | 23 | 1.0 | 0.1 | 3.7 | 317 | 153 |
| BOU-DD25-502 | 9250N | Boumadine | 181.5 | 183.2 | 2.91 | 35 | 1.7 | 0.3 | 0.2 | 15 | 278 |
| BOU-DD25-502 | 9250N | Boumadine | 244.7 | 245.2 | 3.93 | 55 | 0.5 | 0.2 | 0.2 | 12 | 377 |
| BOU-DD25-503 | 9850N | Imariren | 168.0 | 168.8 | 0.58 | 21 | 0.8 | 0.6 | 0.8 | 7 | 103 |
| BOU-DD25-503 | 9850N | Imariren | 174.0 | 175.9 | 1.26 | 20 | 1.9 | 0.5 | 0.5 | 11 | 144 |
| BOU-DD25-503 | 9850N | Imariren | 180.0 | 180.8 | 1.04 | 16 | 0.8 | 0.4 | 0.5 | 29 | 123 |
| BOU-DD25-503 | 9850N | Imariren | 248.0 | 249.0 | 0.97 | 2 | 1.0 | 0.1 | 0.1 | 4 | 83 |
| BOU-DD25-504 | 10050N | Imariren | 17.8 | 20.3 | 1.81 | 52 | 2.5 | 1.0 | 0.1 | 15 | 221 |
| BOU-DD25-504 | 10050N | Imariren | 71.0 | 72.5 | 0.50 | 38 | 1.5 | 1.1 | 2.7 | 5 | 171 |
| BOU-DD25-504 | 10050N | Imariren | 141.0 | 147.6 | 3.69 | 46 | 6.6 | 0.2 | 0.3 | 3 | 349 |
| Including | Including | Including | 141.0 | 142.2 | 10.34 | 37 | 1.2 | 0.1 | 0.1 | 3 | 851 |
| BOU-DD25-505 | 10050N | Imariren | 50.5 | 52.4 | 1.66 | 25 | 1.9 | 0.2 | 1.3 | 10 | 195 |
| BOU-DD25-505 | 10050N | Imariren | 133.0 | 136.0 | 0.28 | 42 | 3.0 | 1.6 | 2.4 | 6 | 161 |
| BOU-DD25-505 | 10050N | Imariren | 170.0 | 170.9 | 0.62 | 6 | 0.9 | 0.4 | 0.6 | 4 | 79 |
| BOU-DD25-505 | 10050N | Imariren | 174.5 | 177.0 | 2.86 | 21 | 2.5 | 0.2 | 0.4 | 8 | 262 |
| BOU-DD25-506 | 9850N | Boumadine | 297.3 | 302.3 | 3.19 | 48 | 5.0 | 0.1 | 0.1 | 2 | 312 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Including | Including | Including | 297.3 | 299.5 | 4.45 | 50 | 2.2 | 0.1 | 0.0 | 0.1 | 2 | 413 |
| BOU-DD25-507 | 9850N | Boumadine | 402.4 | 403.8 | 0.69 | 46 | 1.4 | 0.1 | 1.1 | 2.3 | 12 | 193 |
| BOU-DD25-507 | 9850N | Boumadine | 482.7 | 483.2 | 0.75 | 11 | 0.5 | 0.0 | 0.1 | 0.0 | 3 | 75 |
| BOU-DD25-507 | 9850N | Boumadine | 487.0 | 493.2 | 1.74 | 13 | 6.2 | 0.1 | 0.0 | 0.0 | 2 | 156 |
| Including | Including | Including | 489.0 | 490.6 | 3.60 | 42 | 1.6 | 0.2 | 0.1 | 0.1 | 3 | 345 |
| BOU-DD25-508 | 10050N | Imariren | 62.4 | 63.0 | 1.56 | 4 | 0.6 | 0.1 | 0.8 | 3.5 | 27 | 238 |
| BOU-DD25-508 | 10050N | Imariren | 92.9 | 93.5 | 0.62 | 16 | 0.6 | 0.1 | 0.6 | 1.0 | 6 | 109 |
| BOU-DD25-508 | 10050N | Imariren | 172.0 | 173.0 | 0.30 | 51 | 1.0 | 0.0 | 0.7 | 0.9 | 13 | 117 |
| BOU-DD25-508 | 10050N | Imariren | 227.0 | 228.6 | 4.98 | 143 | 1.6 | 0.3 | 0.2 | 2.5 | 3 | 619 |
| BOU-DD25-508 | 10050N | Imariren | 233.4 | 234.3 | 0.60 | 21 | 0.9 | 0.0 | 0.3 | 0.4 | 3 | 85 |
| BOU-DD25-509 | 10050N | Imariren | 166.8 | 169.0 | 0.27 | 69 | 2.2 | 0.1 | 2.4 | 3.4 | 7 | 236 |
| 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-DD25-509 | 10050N | Imariren | 394.8 | 396.5 | 0.28 | 28 | 1.7 | 0.0 | 0.7 | 1.7 | 3 | 109 |
| BOU-DD25-510 | 9250N | Boumadine | 331.6 | 332.3 | 1.68 | 30 | 0.7 | 0.0 | 0.2 | 1.9 | 6 | 215 |
| BOU-DD25-510 | 9250N | Boumadine | 333.2 | 334.1 | 0.40 | 28 | 0.9 | 0.0 | 0.3 | 0.9 | 5 | 89 |
| BOU-DD25-510 | 9250N | Boumadine | 336.0 | 337.0 | 0.13 | 48 | 1.0 | 0.0 | 0.8 | 2.4 | 1 | 137 |
| BOU-DD25-510 | 9250N | Boumadine | 339.4 | 341.3 | 3.53 | 40 | 1.9 | 0.2 | 0.1 | 0.1 | 7 | 332 |
| BOU-DD25-510 | 9250N | Boumadine | 423.0 | 426.0 | 0.71 | 109 | 3.0 | 0.2 | 0.9 | 1.2 | 4 | 231 |
| BOU-DD25-510 | 9250N | Boumadine | 431.0 | 432.0 | 0.68 | 19 | 1.0 | 0.0 | 0.2 | 0.3 | 10 | 88 |
| BOU-DD25-511 | 10050N | Imariren | 190.0 | 191.0 | 0.90 | 9 | 1.0 | 0.0 | 0.1 | 0.3 | 10 | 90 |
| BOU-DD25-511 | 10050N | Imariren | 309.1 | 310.1 | 0.58 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 9 | 56 |
| BOU-DD25-511 | 10050N | Imariren | 311.1 | 316.0 | 1.95 | 270 | 4.9 | 0.1 | 0.1 | 0.6 | 8 | 449 |
| BOU-DD25-511 | 10050N | Imariren | 330.5 | 331.7 | 3.70 | 53 | 1.2 | 0.1 | 0.2 | 0.6 | 4 | 365 |
| BOU-DD25-511 | 10050N | Imariren | 343.9 | 344.9 | 2.64 | 1 | 1.0 | 0.1 | 0.1 | 0.1 | 4 | 215 |
| BOU-DD25-511 | 10050N | Imariren | 422.0 | 422.6 | 0.67 | 30 | 0.6 | 0.1 | 0.1 | 2.2 | 4 | 144 |
| BOU-DD25-511 | 10050N | Imariren | 503.0 | 505.0 | 0.61 | 7 | 2.0 | 0.0 | 0.0 | 0.1 | 5 | 59 |
| BOU-DD25-512 | 10050N | Imariren | 338.0 | 339.0 | 15.86 | 1 | 1.0 | 0.0 | 0.1 | 0.3 | 4 | 1247 |
| BOU-DD25-512 | 10050N | Imariren | 358.4 | 360.6 | 2.81 | 109 | 2.2 | 0.0 | 0.2 | 0.9 | 4 | 359 |
| BOU-DD25-512 | 10050N | Imariren | 373.6 | 377.0 | 0.89 | 32 | 3.4 | 0.0 | 0.1 | 0.4 | 3 | 116 |
| BOU-DD25-512 | 10050N | Imariren | 379.0 | 380.0 | 0.62 | 10 | 1.0 | 0.0 | 0.3 | 1.6 | 2 | 109 |
| 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-DD25-513 | 9850N | Boumadine | 379.7 | 381.5 | 1.25 | 14 | 1.8 | 0.0 | 0.0 | 0.1 | 9 | 115 |
| BOU-DD25-513 | 9850N | Boumadine | 390.0 | 390.7 | 0.77 | 13 | 0.7 | 0.1 | 0.1 | 0.8 | 10 | 102 |
| BOU-DD25-513 | 9850N | Boumadine | 457.1 | 459.0 | 1.08 | 2 | 1.9 | 0.0 | 0.0 | 0.0 | 1 | 90 |
| BOU-DD25-513 | 9850N | Boumadine | 484.0 | 486.0 | 2.75 | 12 | 2.0 | 0.1 | 0.5 | 0.6 | 1 | 266 |
| BOU-DD25-514 | 10150N | Imariren | 126.0 | 126.5 | 0.42 | 12 | 0.5 | 0.0 | 0.2 | 0.6 | 7 | 66 |
| BOU-DD25-514 | 10150N | Imariren | 131.3 | 132.3 | 0.22 | 47 | 1.0 | 0.0 | 1.2 | 1.3 | 5 | 126 |
| BOU-DD25-515 | 10150N | Imariren | 156.2 | 157.0 | 0.36 | 3 | 0.8 | 0.0 | 0.3 | 0.7 | 13 | 56 |
| BOU-DD25-516 | 9050N | Boumadine | 22.9 | 23.4 | 0.19 | 42 | 0.5 | 0.0 | 0.0 | 0.0 | 5 | 58 |
| BOU-DD25-516 | 9050N | Boumadine | 498.0 | 507.0 | 1.24 | 6 | 9.0 | 0.1 | 0.1 | 0.2 | 2 | 114 |
| Including | Including | Including | 498.0 | 500.0 | 3.09 | 2 | 2.0 | 0.2 | 0.1 | 0.0 | 3 | 259 |
| BOU-DD25-516 | 9050N | Boumadine | 628.0 | 629.0 | 1.06 | 12 | 1.0 | 0.1 | 0.1 | 0.4 | 3 | 110 |
| BOU-DD25-516 | 9050N | Boumadine | 648.5 | 649.0 | 66.66 | 111 | 0.5 | 0.1 | 1.0 | 1.6 | 6 | 5373 |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-516 | 9050N | Boumadine | 666.3 | 668.0 | 0.74 | 23 | 1.7 | 0.1 | 0.1 | 0.1 | 14 | 91 |
| BOU-DD25-516 | 9050N | Boumadine | 762.5 | 764.0 | 1.48 | 34 | 1.5 | 0.0 | 0.3 | 0.0 | 3 | 158 |
| BOU-DD25-516 | 9050N | Boumadine | 857.6 | 858.5 | 0.03 | 57 | 0.9 | 0.0 | 0.5 | 0.2 | 8 | 75 |
| BOU-DD25-517 | 9450N | Boumadine | 336.6 | 337.3 | 0.18 | 36 | 0.7 | 0.1 | 1.0 | 0.8 | 13 | 99 |
| BOU-DD25-517 | 9450N | Boumadine | 338.3 | 339.1 | 4.43 | 44 | 0.8 | 0.2 | 0.7 | 5.3 | 9 | 556 |
| BOU-DD25-518 | 9650N | Boumadine | 109.5 | 110.4 | 0.66 | 12 | 0.9 | 0.0 | 0.6 | 2.4 | 7 | 137 |
| BOU-DD25-518 | 9650N | Boumadine | 111.3 | 114.0 | 0.56 | 18 | 2.7 | 0.0 | 0.4 | 1.9 | 4 | 119 |
| BOU-DD25-520 | 9650N | Boumadine | 137.0 | 138.2 | 1.24 | 70 | 1.2 | 0.1 | 3.0 | 3.6 | 4 | 335 |
| BOU-DD25-520 | 9650N | Boumadine | 211.0 | 212.0 | 0.61 | 12 | 1.0 | 0.0 | 0.1 | 0.5 | 6 | 76 |
| BOU-DD25-521 | 10150N | Imariren | 112.0 | 113.0 | 0.11 | 61 | 1.0 | 0.0 | 1.8 | 2.4 | 10 | 173 |
| BOU-DD25-521 | 10150N | Imariren | 171.6 | 172.6 | 2.87 | 37 | 1.0 | 0.1 | 0.5 | 1.0 | 2 | 308 |
| BOU-DD25-521 | 10150N | Imariren | 199.3 | 202.0 | 1.35 | 25 | 2.7 | 0.0 | 0.6 | 1.5 | 4 | 185 |
| BOU-DD25-522 | 10150N | Imariren | 226.2 | 226.7 | 1.22 | 1 | 0.5 | 0.1 | 0.1 | 0.1 | 6 | 106 |
| BOU-DD25-522 | 10150N | Imariren | 278.0 | 280.0 | 0.53 | 10 | 2.0 | 0.0 | 0.3 | 1.3 | 4 | 92 |
| BOU-DD25-522 | 10150N | Imariren | 310.0 | 310.6 | 7.02 | 125 | 0.6 | 0.3 | 0.4 | 6.2 | 1 | 861 |
| BOU-DD25-524 | 9650N | Boumadine | 189.0 | 190.0 | 0.72 | 17 | 1.0 | 0.0 | 0.8 | 1.5 | 5 | 129 |
| BOU-DD25-524 | 9650N | Boumadine | 206.8 | 207.6 | 0.87 | 9 | 0.8 | 0.0 | 0.2 | 1.2 | 3 | 113 |
| BOU-DD25-524 | 9650N | Boumadine | 268.0 | 269.0 | 4.10 | 6 | 1.0 | 0.0 | 0.1 | 0.2 | 3 | 332 |
| BOU-DD25-525 | 3478200 | Tizi | 87.3 | 87.9 | 0.79 | 26 | 0.6 | 0.1 | 0.2 | 1.2 | 1 | 128 |
| BOU-DD25-525 | 3478200 | Tizi | 89.6 | 90.4 | 1.13 | 39 | 0.8 | 0.1 | 0.2 | 1.1 | 1 | 165 |
| BOU-DD25-525 | 3478200 | Tizi | 232.6 | 234.5 | 1.92 | 15 | 1.9 | 0.1 | 0.8 | 2.3 | 5 | 248 |
| BOU-DD25-526 | 3478200 | Tizi | 122.6 | 123.1 | 0.40 | 40 | 0.5 | 0.1 | 0.9 | 0.9 | 2 | 120 |
| BOU-DD25-526 | 3478200 | Tizi | 258.8 | 259.3 | 1.26 | 45 | 0.5 | 0.1 | 0.3 | 3.1 | 6 | 236 |
| BOU-DD25-527 | 3478200 | Tizi | 57.6 | 58.1 | 0.31 | 28 | 0.5 | 0.1 | 0.1 | 0.3 | 7 | 72 |
| BOU-DD25-527 | 3478200 | Tizi | 125.5 | 128.9 | 0.36 | 71 | 3.4 | 0.1 | 0.8 | 1.6 | 8 | 168 |

---

 *\* True width remains undetermined at this stage; all values are uncut.*

**\*\*** *Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*.

------

**Appendix 2 –** New Drillhole Coordinates of 2025 Boumadine Exploration Program (completed holes) (core lengths)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD25-562 | 315624 | 3476809 | 1282 | 270 | -50 | 429 |
| BOU-DD25-563 | 315993 | 3477500 | 1262 | 270 | -50 | 720 |
| BOU-DD25-564 | 317717 | 3477109 | 1147 | 250 | -60 | 1431 |
| BOU-DD25-565 | 315650 | 3477304 | 1291 | 270 | -50 | 639 |
| BOU-DD25-566 | 316156 | 3477500 | 1249 | 270 | -50 | 603 |
| BOU-DD25-567 | 315825 | 3477304 | 1301 | 270 | -50 | 642 |
| BOU-DD25-568 | 316305 | 3477500 | 1230 | 270 | -50 | 672 |
| BOU-DD25-569 | 315958 | 3477304 | 1258 | 270 | -50 | 612 |
| BOU-DD25-570 | 316112 | 3477304 | 1240 | 270 | -50 | 636 |
| BOU-DD25-571 | 315829 | 3477698 | 1245 | 250 | -50 | 258 |
| BOU-DD25-572 | 317259 | 3477264 | 1201 | 250 | -50 | 780 |
| BOU-DD25-573 | 315910 | 3477728 | 1251 | 250 | -50 | 336 |
| BOU-DD25-574 | 316270 | 3477304 | 1228 | 270 | -50 | 663 |
| BOU-DD25-575 | 315989 | 3477757 | 1251 | 250 | -50 | 462 |
| BOU-DD25-576 | 316446 | 3477304 | 1233 | 270 | -50 | 633 |
| BOU-DD25-577 | 317260 | 3477264 | 1201 | 250 | -57 | 791 |
| BOU-DD25-578 | 316065 | 3477784 | 1245 | 250 | -50 | 615 |
| BOU-DD25-579 | 317713 | 3476658 | 1203 | 250 | -50 | 819 |
| BOU-DD25-580 | 316137 | 3477811 | 1234 | 250 | -50 | 663 |
| BOU-DD25-581 | 306448 | 3472488 | 1262 | 180 | -50 | 156 |
| BOU-DD25-582 | 306450 | 3472571 | 1258 | 180 | -50 | 306 |
| BOU-DD25-583 | 306450 | 3472651 | 1250 | 180 | -50 | 462 |
| BOU-DD25-584 | 317221 | 3477147 | 1219 | 250 | -50 | 666 |
| BOU-DD25-585 | 306450 | 3472857 | 1238 | 180 | -50 | 303 |
| BOU-DD25-586 | 306450 | 3472985 | 1244 | 180 | -50 | 312 |
| BOU-DD25-587 | 307017 | 3473984 | 1197 | 180 | -50 | 201 |
| BOU-DD25-588 | 307019 | 3474089 | 1220 | 180 | -50 | 201 |
| BOU-DD25-590 | 307019 | 3474196 | 1246 | 180 | -50 | 207 |
| BOU-DD25-591 | 307019 | 3474301 | 1269 | 180 | -50 | 213 |
| BOU-DD25-592 | 307019 | 3474384 | 1266 | 180 | -50 | 222 |
| BOU-DD25-594 | 305278 | 3473564 | 1297 | 180 | -50 | 156 |
| BOU-DD25-595 | 305278 | 3473628 | 1271 | 180 | -50 | 150 |
| BOU-MP25-068 | 317439 | 3476395 | 1208 | 250 | -55 | 294 |
| BOU-MP25-069 | 317323 | 3476459 | 1214 | 250 | -55 | 255 |
| BOU-RC25-002 | 314592 | 3473053 | 1266 | 180 | -50 | 150 |
| BOU-RC25-003 | 314594 | 3473103 | 1268 | 180 | -50 | 200 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-RC25-004 | 314592 | 3473147 | 1268 | 180 | -50 | 96 |
| BOU-RC25-005 | 314442 | 3473086 | 1277 | 180 | -50 | 100 |
| BOU-RC25-006 | 314442 | 3473128 | 1278 | 180 | -50 | 150 |
| BOU-RC25-007 | 314442 | 3473168 | 1278 | 180 | -50 | 200 |
| BOU-RC25-008 | 314442 | 3473210 | 1279 | 180 | -50 | 250 |
| BOU-RC25-009 | 330777 | 3486440 | 1046 | 135 | -50 | 200 |
| BOU-RC25-010 | 330748 | 3486470 | 1045 | 135 | -50 | 200 |
| BOU-RC25-011 | 331216 | 3486533 | 1047 | 135 | -50 | 204 |
| BOU-RC25-012 | 331185 | 3486564 | 1051 | 135 | -50 | 200 |
| BOU-RC25-013 | 331609 | 3486591 | 1034 | 135 | -50 | 200 |
| BOU-RC25-014 | 331577 | 3486623 | 1039 | 135 | -50 | 200 |
| BOU-RC25-015 | 331822 | 3487123 | 1023 | 315 | -50 | 200 |
| BOU-RC25-016 | 331795 | 3487152 | 1026 | 315 | -50 | 200 |
| BOU-RC25-017 | 331721 | 3487082 | 1037 | 315 | -50 | 200 |
| BOU-RC25-018 | 331748 | 3487055 | 1029 | 315 | -50 | 200 |
| BOU-RC25-019 | 331769 | 3486728 | 1026 | 135 | -50 | 200 |
| BOU-RC25-020 | 331739 | 3486759 | 1027 | 135 | -50 | 200 |
| BOU-RC25-021 | 332488 | 3487835 | 1042 | 315 | -50 | 200 |
| BOU-RC25-022 | 332460 | 3487862 | 1049 | 315 | -50 | 200 |
| BOU-RC25-023 | 317009 | 3475388 | 1248 | 250 | -50 | 200 |
| BOU-RC25-024 | 317045 | 3475401 | 1243 | 250 | -50 | 120 |
| BOU-RC25-025 | 317082 | 3475414 | 1239 | 250 | -55 | 178 |
| BOU-RC25-026 | 317362 | 3476367 | 1208 | 250 | -55 | 150 |
| BOU-RC25-027 | 317361 | 3476473 | 1213 | 250 | -55 | 200 |

---

## Exhibit 99.41

**Exhibit 99.41**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogov.jpg](ayalogov.jpg) |

---

Aya Gold and Silver Announces $100 Million Bought Deal Offering of Common Shares

**MONTREAL, June 10, 2025 -- Aya Gold & Silver Inc.** (**TSX: AYA; OTCQX: AYASF**) ("**Aya**" or the "**Company**") is pleased to announce that it has 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 "**Underwriters**"), has agreed to purchase, on a bought deal basis, 7,491,000 common shares in the capital of the Company (the "**Shares**"), at a price of $13.35 per Share (the "**Issue Price**") for gross proceeds of $100,004,850 (the "**Offering**").

The Company has 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 "**Over-Allotment Option**"). If the Over-Allotment Option is exercised in full, $15,000,728 additional proceeds will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $115,005,578.

The Company intends to use the net proceeds of the 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.

The closing date of the Offering is scheduled to be on or about June 19, 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

The Offering will be completed by way of a prospectus supplement (the "**Supplement**") to the short form base shelf prospectus of the Company dated June 10, 2025 (the "**Base Prospectus**"), which Supplement is expected to be filed on or prior to June 12, 2025 with the securities commissions and other similar regulatory authorities in each of the provinces of Canada and in such other jurisdictions as are agreed to by the Company and the Underwriters, in each case provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction and that the Company will not be or become subject to any continuous disclosure obligations in such jurisdiction. The Base Prospectus and, once filed, the Supplement

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can be found on SEDAR+ at www.sedarplus.ca, and contain important detailed information about the Offering.

Electronic or paper copies of the Base Prospectus, the Supplement (when filed), and any amendment to the documents may be obtained, without charge, from Desjardins Capital Markets at 25 York St., 10th Floor, Toronto, ON M5J 2V5, Attention: Equity Capital Markets or by email at ecm@desjardins.com.

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration under the 1933 Act and all applicable U.S. state securities laws, or in compliance with applicable exemptions from such registration requirements.

AYA GOLD & SILVER INC.

Per: "Benoit La Salle"

Benoit La Salle, FCPA FCA

President and Chief Executive Officer

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact**:** 

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

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**Notice Regarding Forward-Looking Statements**

Certain information in this news release related to the Company is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but

------

rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. The information generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the Offering including anticipated timing of the filing of the Supplement and the closing, the exercise of the Over-Allotment Option, the receipt of required regulatory approvals including acceptance of the Offering by the TSX, and the intended use of proceeds of the Offering. There are numerous risks and uncertainties that could cause actual results and Aya's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral production and exploration sectors in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.42

**Exhibit 99.42**

*This short form base shelf prospectus has been filed under legislation in each of the provinces of Canada that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities. This short form base shelf prospectus is filed in reliance on an exemption from the preliminary base shelf prospectus requirements for a well-known seasoned issuer.*

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise****. This short form base shelf prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and only by persons permitted to sell such securities in those jurisdictions. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "****U.S. Securities Act****") or any U.S. state securities laws. Accordingly, these securities may not be offered or sold in the "United States" (as such term is defined in Regulation S under the U.S. Securities Act), except pursuant to transactions exempt from registration under the U.S. Securities Act and all applicable U.S. state securities laws. This short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in the United States.* 

***Information has been incorporated by reference in this short form base shelf prospectus from documents filed with securities commissions or similar regulatory authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Aya Gold & Silver Inc. at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada, telephone (514) 512-1320 and are also available electronically under the Aya Gold & Silver Inc. profile on the System for Electronic Data Analysis and Retrieval + ("****SEDAR+****") at <u>www.sedarplus.ca</u>.* 

**SHORT FORM BASE SHELF PROSPECTUS**

---

| | |
|:---|:---|
| ***<u>New Issue</u>*** | June 10, 2025 |

---

![ayalogow.jpg](ayalogow.jpg)

**AYA GOLD & SILVER INC.**

**COMMON SHARES**

**SUBSCRIPTION RECEIPTS**

**WARRANTS** 

**DEBT SECURITIES**

**UNITS**

Aya Gold & Silver Inc. (the "**Company**" or "**Aya**") may, from time to time, offer and issue the following securities: (i) common shares ("**Common Shares**"); (ii) subscription receipts ("**Subscription Receipts**"); (iii) warrants ("**Warrants**"); (iv) debt securities ("**Debt Securities**"); and/or (v) units comprised of one or more of the other securities described in this short form base shelf prospectus ("**Units**", and together with the Common Shares, Subscription Receipts, Warrants and Debt Securities, collectively, the "**Securities**"), during the 25-month period that this short form base shelf prospectus (the "**Prospectus**"), including any amendments hereto, remains valid. Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying prospectus supplement (each, a "**Prospectus Supplement**"). In addition, the Securities may be offered and issued in consideration for the acquisition of other businesses, assets or securities by the Company or one of its subsidiaries. The consideration for any such acquisition may consist of the Securities separately or any combination of, among other things, Securities, cash and assumption of liabilities.

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- ii -

**Investing in the Securities involves significant risks. Prospective investors should carefully read and consider the risk factors described or referenced under the heading "*Risk Factors*" in this Prospectus, contained in any of the documents incorporated herein by reference, and in any applicable Prospectus Supplement, before purchasing Securities.**

The specific terms of any offering of Securities will be set out in the applicable Prospectus Supplement including, where applicable: (i) in the case of Common Shares, the number of Common Shares offered and the offering price (or the manner of determination thereof if offered on a non-fixed price basis); (ii) in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price (or the manner of determination thereof if offered on a non-fixed price basis), the procedures for the exchange of Subscription Receipts for Common Shares, the currency or currency unit in which the Subscription Receipts are issued and any other specific terms; (iii) in the case of Warrants, the designation, number and terms of the Common Shares or other Securities purchasable upon exercise of the Warrants, any procedures that will result in the adjustment of those numbers, the exercise price, dates and periods of exercise, the currency or currency unit in which the Warrants are issued and any other specific terms; (iv) in the case of Debt Securities, the designation of the Debt Securities, the aggregate principal amount of the Debt Securities being offered, the currency or currency unit in which the Debt Securities may be purchased, authorized denominations, whether payment on the Debt Securities will be senior or subordinated to the Company's other liabilities and obligations, the nature and priority of any security for the Debt Securities, any limit on the aggregate principal amount of the Debt Securities of the series being offered, the issue and delivery date, the maturity date, the offering price (at par, discount or at a premium), the interest rate or method of determining the interest rate, the interest payment date(s), any conversion or exchange rights that are attached to the Debt Securities, any redemption provisions, any repayment provisions, any arrangements with the trustee for the Debt Securities and any other specific terms; and (v) in the case of Units, the designation and terms of the Units and of the Securities comprising the Units, the currency or currency unit in which the Units are issued and any other specific terms. A Prospectus Supplement may include other terms pertaining to the Securities that are not within the alternatives and parameters described in this Prospectus. The Company does not intend to issue "novel" securities pursuant to this Prospectus, as such term is defined under *Regulation 44-102 respecting Shelf Distributions* ("**Regulation 44-102**").

As of the date hereof, the Company has determined that it qualifies as a "well-known seasoned issuer" under the WKSI Blanket Orders (as defined below). See "*Well-Known Seasoned Issuer*". All applicable information permitted under applicable laws, including under the WKSI Blanket Orders, to be omitted from this Prospectus that has been so omitted will be contained in one or more Prospectus Supplements that will, except in respect of any sales pursuant to an "at-the-market distribution" as contemplated by Regulation 44-102, be delivered to purchasers together with this Prospectus. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities to which the Prospectus Supplement pertains. Prospective investors should read this Prospectus and any applicable Prospectus Supplement carefully before investing in any securities issued pursuant to this Prospectus.

The Company may sell the Securities to or through underwriters or dealers purchasing as principals and may also sell the Securities to one or more purchasers directly subject to obtaining any required exemptive relief or through agents. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, if any, engaged by the Company in connection with the offering and sale of Securities and will set forth the terms of the offering of such Securities, the method of distribution of such Securities including, to the extent applicable, the proceeds

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- iii -

to the Company, and any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material terms of the plan of distribution. Securities may be sold from time to time in one or more transactions at a fixed price or fixed prices, or at non-fixed prices. If offered on a non-fixed price basis, Securities may be offered at market prices prevailing at the time of sale (including sales in transactions that are deemed to be "at-the-market distributions" (as such term is defined in Regulation 44-102)), at prices related to such prevailing market prices or at prices to be negotiated with purchasers at the time of sale, which prices may vary between purchasers and during the period of distribution. If Securities are offered on a non-fixed price basis, the underwriters', dealers' or agents' compensation will be increased or decreased by the amount by which the aggregate price paid for Securities by the purchasers exceeds or is less than the gross proceeds paid by the underwriters, dealers or agents to the Company. See "*Plan of Distribution*".

This Prospectus may qualify an "at-the-market distribution" (as such term is defined in Regulation 44-102).

Subject to applicable laws, in connection with any offering of Securities, the underwriters, dealers or agents may over-allot or effect transactions which stabilize or maintain the market price of the Securities at levels other than those which may prevail on the open market. Such transactions, if commenced, may be interrupted or discontinued at any time. A purchaser who acquires Securities forming part of the underwriters', dealers' or agents' over-allocation position acquires those securities under this Prospectus. See "*Plan of Distribution*".

The outstanding Common Shares are listed and posted for trading on the Toronto Stock Exchange (the "**TSX**") under the symbol "AYA" and trade on the OTCQX International Exchange ("**OTCQX**") under the symbol "AYASF". On June 9, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares was $14.64 on the TSX and US$10.68 on the OTCQX. **There is currently no market through which the Subscription Receipts, Warrants, Debt Securities and Units may be sold and purchasers may not be able to resell any Subscription Receipts, Warrants, Debt Securities or Units purchased under this Prospectus. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities and the extent of issuer regulation. See "*Risk Factors*" below and the "Risk Factors" section of the applicable Prospectus Supplement.** 

Each of Ghislane Guedira Bennouna, Dr. Jürgen Hambrecht, Eloïse Martin and Robert Taub is a director of the Company that reside outside of Canada. Each of such individuals have appointed Norton Rose Fulbright Canada LLP, 1 Place Ville Marie, Suite 2500, Montréal, Québec, H3B 1R1, Canada as their agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

See "*Statutory Rights of Withdrawal and Rescission*" below for information about the right to withdraw or rescind from an agreement to purchase Securities.

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- iv -

**No underwriter has been involved in the preparation of this Prospectus nor has any underwriter performed any review of the contents hereof.**

The head and registered office of Aya is located at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **ABOUT THIS PROSPECTUS** | **1** |
| **CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** | **1** |
| **FINANCIAL INFORMATION** | **3** |
| **DOCUMENTS INCORPORATED BY REFERENCE** | **3** |
| **TECHNICAL INFORMATION** | **5** |
| **THE COMPANY** | **6** |
| **SUMMARY DESCRIPTION OF THE BUSINESS** | **7** |
| **CONSOLIDATED CAPITALIZATION** | **7** |
| **USE OF PROCEEDS** | **8** |
| **PLAN OF DISTRIBUTION** | **8** |
| **EARNINGS COVERAGE RATIOS** | **10** |
| **DESCRIPTION OF SECURITIES BEING DISTRIBUTED** | **10** |
| **PRIOR SALES** | **18** |
| **TRADING VOLUME AND PRICE** | **18** |
| **INTERESTS OF EXPERTS** | **18** |
| **ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS** | **19** |
| **AUDITORS, TRANSFER AGENT AND REGISTRAR** | **19** |
| **CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** | **19** |
| **RISK FACTORS** | **20** |
| **WELL-KNOWN SEASONED ISSUER** | **21** |
| **STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION** | **21** |
| **CERTIFICATE OF THE COMPANY** | **23** |

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**ABOUT THIS PROSPECTUS**

This Prospectus provides a general description of the Securities that we may offer. Each time we sell Securities under this Prospectus, we will provide you with a Prospectus Supplement that will contain specific information about the terms of that offering. The Prospectus Supplement may also add, update or change information contained in this Prospectus. Before investing in any Securities, you should read both this Prospectus and any applicable Prospectus Supplement, together with the additional information described below and in the applicable Prospectus Supplement under "*Documents Incorporated by Reference*".

Investors should rely only on the information contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement. We have not authorized anyone to provide investors with different or additional information. We take no responsibility for, and can provide no assurance as to, the reliability of any other information that others may give readers of this Prospectus. We are not making an offer of Securities in any jurisdiction where such an offer is not permitted by law. Readers are required to inform themselves about, and to observe any restrictions relating to, any offer of Securities and the possession or distribution of this Prospectus and any applicable Prospectus Supplement.

Readers should not assume that the information contained or incorporated by reference in this Prospectus is accurate as of any date other than the date of this Prospectus or the respective dates of the documents incorporated by reference herein, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein and therein are accurate only as of their respective dates. We do not undertake to update the information contained or incorporated by reference herein, including any Prospectus Supplement, except as required by applicable securities laws.

This Prospectus shall not be used by anyone for any purpose other than in connection with an offering of Securities in compliance with applicable securities laws. Information contained on, or otherwise accessed through, our website shall not be deemed to be a part of this Prospectus and such information is not incorporated by reference herein.

Unless we have indicated otherwise, or the context otherwise requires, references in this Prospectus to the "Company", "Aya", "we", "us" and "our" refer to Aya Gold & Silver Inc. and/or, as applicable, one or more of its subsidiaries.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus and the documents incorporated herein by reference contain "forward looking statements" or "forward-looking information" within the meaning of applicable securities legislation ("**forward-looking statements**"). Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Company's business plans and financial performance and condition.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on opinions, estimates and reasonable assumptions that have been made by the Company as at the date of such information and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,

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level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks related to: the potential of the Company's properties; results of exploration activities and interpretation of such results; the Company's capacity to acquire new projects; plan, cost and timing of future exploration and development; requirements for additional capital; continuous access to capital markets; and other statements relating to the future financial and business performance and strategic plans of the Company; as well as those factors discussed in the section entitled "*Risk Factors*" in this Prospectus and identified elsewhere in other disclosure documents of the Company filed on SEDAR+ at <u>www.sedarplus.ca</u>. Forward-looking statements have also been incorporated by reference through the AIF (as defined below) and other documents incorporated herein by reference, which include forward-looking statements with respect to, among other things, the Company's corporate development and strategy.

Forward-looking statements are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Company will be able to meet its future capital commitments; the Company will be able to obtain additional financing on reasonable terms if and when needed; the Company will be able to recruit and retain the services of its key technical, sales, marketing, operations and management personnel; the Company will be able to develop commercially viable solutions as a result of its research and development activities; and that the risks referenced above and herein, collectively or individually, will not have a material impact on the Company. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. Many risks, uncertainties and other factors could cause the actual results of Aya to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to the following: overall economic conditions, rapid technological changes, demand for the Company's products and services, the introduction of competing technologies, competitive pressures, network restrictions, fluctuations in foreign currency exchange rates, and other similar factors that may cause actual results, performance or achievements to differ materially from those expressed or implied in forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many additional factors, including, but not limited to, any future sales or issuances of securities of the Company, and the risk factors described under the heading "Risk Factors" in the AIF, which section is incorporated by reference herein. See also the section entitled "*Risk Factors*" in this Prospectus.

The Company cautions that the foregoing list of factors is not exhaustive, and that, when relying on forward-looking statements to make decisions with respect to the Company or the Securities, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Although the Company 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. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein and those discussed in the documents incorporated herein by reference. There is a significant risk that predictions and other forward-looking statements will not prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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The forward-looking statements contained herein and the documents incorporated herein by reference are expressly qualified in their entirety by the above cautionary statement.

Forward-looking statements are provided as of the date of this Prospectus or such other date specified herein, and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.

**FINANCIAL INFORMATION**

Aya presents its financial statements in United States dollars and its financial statements are prepared in accordance with International Financial Reporting Standards ("**IFRS**"). Certain calculations included in tables and other figures in this Prospectus have been rounded for clarity of presentation.

This Prospectus contains references to Canadian and United States dollars. All dollar amounts referenced, unless otherwise indicated, are expressed in Canadian dollars. References to "$" are to Canadian dollars and references to "US$" are to United States dollars. The following table shows, for the years and dates indicated, certain information regarding the Canadian dollar/United States dollar exchange rate. The information is based on the daily average exchange rate as reported by the Bank of Canada. Such exchange rate on June 9, 2025 the last business day prior to the date of this Prospectus, was US$1.00 = $1.3684.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Period End** | **Average**<sup>(1)</sup> | **Low** | **High** |
| | **($ per US$)** | **($ per US$)** | **($ per US$)** | **($ per US$)** |
| **Quarter ended March 31,** | | | | |
| 2025 | $1.4376 | $1.4352 | $1.4166 | $1.4603 |
| 2024 | $1.3550 | $1.3486 | $1.3316 | $1.3593 |
| **Year ended December 31,** |  |  |  |  |
| 2024 | $1.4389 | $1.3698 | $1.3316 | $1.4416 |
| 2023 | $1.3544 | $1.3497 | $1.3128 | $1.3875 |

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(1)The average of the daily average exchange rates during the relevant period.

**DOCUMENTS INCORPORATED BY REFERENCE**

Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar regulatory authorities in Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Aya at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada, telephone (514) 512-1320 and are also available electronically under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

The following documents of the Company are specifically incorporated by reference into, and form an integral part of, this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;a)the Company's annual information form for the year ended December 31, 2024 dated March 31, 2025 (the "**AIF**");

&nbsp;&nbsp;&nbsp;&nbsp;b)the Company's audited consolidated financial statements for the years ended December 31, 2024 and 2023, together with the auditor's report thereon and notes contained therein (the "**Annual Financial Statements**");

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&nbsp;&nbsp;&nbsp;&nbsp;c)the Company's management's discussion and analysis of financial condition and results of operations for the year and quarter ended December 31, 2024 dated March 27, 2025 (the "**Annual MD&A**");

&nbsp;&nbsp;&nbsp;&nbsp;d)the Company's unaudited interim condensed consolidated financial statements and the notes thereto for the three-month periods ended March 31, 2025 and 2024 (the "**Interim Financial Statements**");

&nbsp;&nbsp;&nbsp;&nbsp;e)the Company's management's discussion and analysis of financial condition and results of operations for the three-month period ended March 31, 2025 dated May 12, 2025 (the "**Interim MD&A**"); and

&nbsp;&nbsp;&nbsp;&nbsp;f)the Company's management information circular dated May 12, 2025 for the annual general meeting of shareholders to be held on June 20, 2025.

**Any document of the type required by section 11.1 of Form 44-101F1 of *Regulation 44-101 respecting Short Form Prospectus Distributions* ("Regulation 44-101") to be incorporated by reference into a short form prospectus, including any annual information forms, material change reports (excluding confidential material change reports), business acquisition reports, interim financial statements, annual financial statements (in each case, including any applicable exhibits containing updated earnings coverage information) and the independent auditor's report thereon, management's discussion and analysis ("MD&A") and information circulars of the Company filed by the Company with securities commissions or similar authorities in Canada after the date of this Prospectus and prior to the completion or withdrawal of any offering under this Prospectus shall be deemed to be incorporated by reference into this Prospectus. The documents incorporated or deemed to be incorporated herein by reference contain meaningful and material information relating to the Company and readers should review all information contained in this Prospectus, the applicable Prospectus Supplement and the documents incorporated or deemed to be incorporated by reference herein and therein.**

**A Prospectus Supplement containing the specific terms of any offering of the Securities will be delivered to purchasers of the Securities together with this Prospectus and will be deemed to be incorporated by reference in this Prospectus as of the date of the Prospectus Supplement and only for the purposes of the offering of the Securities to which that Prospectus Supplement pertains.**

**Any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded, for purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated herein by reference modifies, replaces or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.** 

**The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.** 

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Upon a new annual information form or new audited annual consolidated financial statements, together with the independent auditor's report thereon and MD&A relating thereto, being filed by the Company with, and where required, accepted by, the applicable securities commissions or similar regulatory authorities during the period that this Prospectus is effective, the previous annual information form, the previous audited annual consolidated financial statements and related MD&A and all unaudited interim condensed consolidated financial statements and related MD&A, material change reports, information circulars, business acquisition reports and other disclosure documents filed prior to the commencement of the Company's financial year in which the new annual information form or annual consolidated financial statements are filed shall be deemed no longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities hereunder. Upon new interim condensed consolidated financial statements and the accompanying MD&A relating thereto being filed by the Company with the applicable Canadian securities commissions or similar regulatory authorities during the period that this Prospectus is effective, all interim condensed consolidated financial statements and the accompanying MD&As filed prior to such new interim condensed consolidated financial statements and MD&As shall be deemed to no longer be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. In addition, upon a new management information circular for an annual meeting of shareholders being filed by the Company with the applicable Canadian securities commissions or similar regulatory authorities during the period that this Prospectus is effective, the previous management information circular filed in respect of the prior annual meeting of shareholders shall no longer be deemed to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

References to our website in any documents that are incorporated by reference into this Prospectus and any Prospectus Supplement do not incorporate by reference the information on such website into this Prospectus or any Prospectus Supplement, and we disclaim any such incorporation by reference.

In addition, certain marketing materials (as that term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities under this Prospectus and the applicable Prospectus Supplement(s). Any "template version" of "marketing materials" (as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the Company after the date of the Prospectus Supplement for the distribution, and before termination of the distribution, of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

**TECHNICAL INFORMATION**

The disclosure contained or incorporated by reference in this Prospectus of a scientific or technical nature, including, among other things, disclosure of mineral reserves and mineral resources, regarding Aya's mineral assets in the Kingdom of Morocco ("**Morocco**") is based on: (i) the technical report entitled "NI 43-101 Technical Report – Feasibility Study, Zgounder Expansion Project, Kingdom of Morocco" originally dated March 31, 2022, as amended on June 16, 2022 (the "**Zgounder Technical Report**"), prepared for Aya by 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 and Richard Barbeau, P. Eng. in accordance with *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects* ("**Regulation 43-101**"); (ii) the technical report entitled "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of

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Morocco" dated March 31, 2025 (the "**Boumadine Technical Report**") prepared for Aya by David Lalonde, P.Geo. and Patrick Pérez, P.Eng. in accordance with Regulation 43-101; and (iii) the other information that has been prepared by or under the supervision of qualified persons (as such term is defined in Regulation 43-101) and included in this Prospectus with the consent of such persons.

The Zgounder Technical Report has been filed on SEDAR+ and may be accessed electronically under the Company's profile at <u>www.sedarplus.ca</u>. The Zgounder Technical Report is based on the updated Mineral Resource Estimate for the Company's Zgounder silver project (the "**Zgounder Project**") with an effective date of December 13, 2021, as disclosed in a technical report dated January 28, 2022 which was filed on SEDAR+. The Zgounder Technical Report constitutes Aya's current technical report in respect of the Zgounder Project.

The Boumadine Technical Report has been filed on SEDAR+ and may be accessed electronically under the Company's profile at <u>www.sedarplus.ca</u>. The Boumadine Technical Report is based on the updated Mineral Resource Estimate for the Company's Boumadine polymetallic project (the "**Boumadine Project**") with an effective date of May 8, 2024, as disclosed in a technical report dated May 31, 2024 which was filed on SEDAR+. The Boumadine Technical Report constitutes Aya's current technical report in respect of the Boumadine Project.

Actual recoveries of mineral products may differ from reported mineral reserves and mineral resources due to inherent uncertainties in acceptable estimating techniques. In particular, inferred mineral resources have a significant amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category of resource. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into proven and probable reserves.

For further information on any scientific or technical disclosure included in this Prospectus and any documents incorporated herein by reference relating to Aya's Zgounder Project or Boumadine Project, please refer to the Zgounder Technical Report or Boumadine Technical Report, respectively.

**THE COMPANY**

***The following description of the Company is, in some instances, derived from selected information about the Company contained in the documents incorporated by reference into this Prospectus. This description does not contain all of the information about the Company and its business that prospective investors should consider before investing in any Securities. Prospective investors should carefully read the entire Prospectus and the applicable Prospectus Supplement, including under the heading "Risk Factors", as well as the documents incorporated by reference into this Prospectus and the applicable Prospectus Supplement, before making an investment decision.***

Aya was incorporated under the *Canada Business Corporations Act* on December 19, 2007. The Company is a publicly traded Canadian precious metals mining company focused on the operation, exploration, acquisition and development of precious metals mining projects. On February 27, 2018, articles of amendment were issued to consolidate the common shares of the Company on a four (4) to one (1) basis. On July 22, 2020, articles of amendment were issued to change the name of the Company from Maya Gold & Silver Inc. to Aya Gold & Silver Inc., and effective July 31, 2020, the Company began trading under its new name on the TSX.

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The head and registered office of Aya is located at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada.

**SUMMARY DESCRIPTION OF THE BUSINESS**

Aya is a publicly traded Canadian company focused on the operation, acquisition, exploration and development of silver and gold deposits. Aya is currently operating mining and milling facilities at its flagship property, the Zgounder Project, located in the central Anti-Atlas mountains in Morocco. Aya's mining portfolio also includes the Boumadine Project located in the Anti-Atlas mountains in Morocco, an advanced stage development asset with the *Office National des Hydrocarbures et des Mines* of Morocco in which Aya has an 85% ownership stake.

Additionally, the Company's portfolio includes exploration properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources with gold, tungsten, molybdenum and copper occurrences in the center of the historical mining district of Morocco.

The following chart sets out the organizational structure of Aya and each of its material subsidiaries, as well as the percentage of ownership and jurisdiction of incorporation of each such material subsidiary:

![exhibit.jpg](exhibit.jpg)

**CONSOLIDATED CAPITALIZATION**

Since the Company's most recent financial statements, being the Interim Financial Statements, there have been no material changes in the share and loan capital of the Company, on a consolidated basis.

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The applicable Prospectus Supplement will describe any material change, and the effect of such material change, in the share and loan capitalization of the Company that will result from the issuance of Securities pursuant to such Prospectus Supplement.

**USE OF PROCEEDS**

The use of proceeds from the sale of Securities will be described in the applicable Prospectus Supplement relating to a specific offering and sale of Securities. Among other potential uses, the Company may use the net proceeds from the sale of Securities to advance the Company's business objectives and for general corporate purposes, including funding ongoing operations and/or working capital requirements. Unless otherwise set forth in the applicable Prospectus Supplement, the Company will not receive any proceeds from any sale of any Securities by selling securityholders.

The management of the Company will retain broad discretion in allocating the net proceeds of any offering of Securities under this Prospectus and the Company's actual use of the net proceeds will vary depending on its operating and capital needs from time to time.

We may also, from time to time, decide to issue Securities otherwise than pursuant to a Prospectus Supplement to this Prospectus. All expenses relating to an offering of Securities and any compensation paid to underwriters, dealers or agents, as the case may be, will be paid out of the proceeds from the sale of such Securities, unless otherwise stated in the applicable Prospectus Supplement.

**PLAN OF DISTRIBUTION**

Aya may from time to time, during the 25-month period that this Prospectus, including any amendments and supplements hereto, remains valid, offer and sell the Securities to or through underwriters or dealers purchasing as principals, and may also sell the Securities to one or more purchasers directly pursuant to applicable statutory exemptions or through agents. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by Aya in connection with the offering and sale of the Securities, and will set forth the terms of the offering of such Securities, including, to the extent applicable, any fees, discounts or any other compensation payable to underwriters, dealers or agents in connection with the offering, the method of distribution of the Securities, the initial issue price (in the event that the offering is a fixed price distribution), the proceeds that Aya will receive and any other material terms of the plan of distribution. Any initial offering price and discounts, concessions or commissions allowed or re-allowed or paid to dealers may be changed from time to time.

The Securities may be sold from time to time in one or more transactions at a fixed price or at prices which may be changed or at market prices prevailing at the time of sale, at prices related to such prevailing prices or negotiated prices (which prices may vary as between purchasers and during the period of distribution of the Securities), including sales in transactions that are deemed to be "at-the-market distributions" as defined in Regulation 44-102, which may include sales made directly on the TSX or other existing trading markets for the Securities. A description of such pricing will be disclosed in the applicable Prospectus Supplement.

This Prospectus may also, from time to time, relate to the offering of Securities by certain selling securityholders. The selling securityholders may sell all or a portion of the Company's Securities beneficially owned by them and offered thereby from time to time directly or through one or more underwriters, broker-dealers or agents. Securities may be sold by the selling securityholders in one or more transactions at fixed prices (which may be changed from time to time), at market prices prevailing at

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the time of the sale, at varying prices determined at the time of sale, at prices related to prevailing market prices or at negotiated prices.

No underwriter, dealer or agent, no affiliate of such an underwriter, dealer or agent and no person acting jointly or in concert with such an underwriter, dealer or agent (for the purposes of this paragraph only, any such person, an "**Underwriter**") involved in an "at-the-market distribution" will over-allot Securities in connection with such distribution or effect any other transactions that are intended to stabilize or maintain the market price of the Securities, including selling an aggregate number or principal amount of Securities that would result in the Underwriter creating an over-allocation position in the Securities. The price at which the Securities will be offered and sold may vary from purchaser to purchaser and during the period of distribution.

If offered on a non-fixed price basis, the Securities may be offered at market prices prevailing at the time of sale, at prices determined by reference to the prevailing price of a specified security in a specified market or at prices to be negotiated with purchasers, in which case the compensation payable to an underwriter, dealer or agent in connection with any such sale will be decreased by the amount, if any, by which the aggregate price paid for the Securities by the purchasers is less than the gross proceeds paid by the underwriter, dealer or agent to Aya. The price at which the Securities will be offered and sold may vary from purchaser to purchaser and during the period of distribution.

In connection with the sale of the Securities, underwriters, dealers or agents may receive compensation from Aya or from other parties, including in the form of underwriters', dealers' or agents' fees, commissions or concessions. Underwriters, dealers and agents that participate in the distribution of the Securities may be deemed to be underwriters for the purposes of applicable Canadian securities legislation and any such compensation received by them from Aya and any profit on the resale of the Securities by them may be deemed to be underwriting commissions.

In connection with any offering of Securities other than an "at-the-market distribution" (as defined under applicable Canadian legislation) (unless otherwise specified in the relevant Prospectus Supplement), the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions which stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or discontinued at any time.

Underwriters, dealers or agents who participate in the distribution of the Securities may be entitled, under agreements to be entered into with Aya, to indemnification by Aya against certain liabilities, including liabilities under Canadian securities legislation, or to contribution with respect to payments, which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, Aya in the ordinary course of business.

Unless otherwise specified in the applicable Prospectus Supplement, each series or issue of Securities (other than Common Shares) will be a new issue of Securities with no established trading market. Accordingly, there is currently no market through which the Securities (other than Common Shares) may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities and the extent of issuer regulation. Aya may elect to list any of the Securities on one or more exchanges, but unless otherwise specified in the applicable Prospectus Supplement, Aya shall not be obligated to do so. In addition, underwriters will not be obligated to make a

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market in any Securities. No assurance can be given regarding the activity of trading in, or liquidity of, any Securities. See "*Risk Factors*".

This Prospectus constitutes a public offering of Securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such Securities. Unless otherwise specified in the applicable Prospectus Supplement, the Securities have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws. Unless otherwise specified in the applicable Prospectus Supplement, the Securities may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons, unless the Securities are registered under the U.S. Securities Act and any applicable U.S. state securities laws or an exemption from such registration requirements is available. Each underwriter, dealer and agent who participates in the distribution will agree not to sell or offer to sell or to solicit any offer to buy any Securities within the U.S. or to, or for the account or benefit of, a U.S. person, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable U.S. state securities laws. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Securities in the U.S.

**EARNINGS COVERAGE RATIOS**

The applicable Prospectus Supplement will provide, as required, the earnings coverage ratios with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**

The following description sets forth certain general terms and provisions of the Securities. The Company may issue Securities either separately or together with or upon the conversion of or in exchange of other securities. The particular terms and provisions of each series of Securities the Company may offer will be described in greater details in the related Prospectus Supplement, which may provide information that is different from this Prospectus. The Company reserves the right to include in a Prospectus Supplement specific variable terms pertaining to the Securities that are not within the descriptions set forth in this Prospectus.

The summary below of the rights, privileges, restrictions and conditions attaching to the Securities is subject to, and qualified by reference to, the Company's articles and by-laws, which may be accessed electronically under Aya's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

**Common Shares** 

The authorized share capital of the Company consists of an unlimited number of Common Shares without par value. As of the date hereof, there are 131,124,439 Common Shares issued and outstanding. Common Shares may be sold separately or together with Subscription Receipts, Warrants or Debt Securities under this Prospectus. Common Shares may also be issuable on conversion, exchange, exercise or maturity of certain Subscription Receipts, Warrants or Debt Securities qualified for issuance under this Prospectus.

The summary below of the rights, privileges, restrictions and conditions attaching to the Common Shares is subject to, and qualified in its entirety by reference to, the Company's articles and by-laws, which may be accessed electronically under Aya's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

Holders of Common Shares are entitled to receive notice of, attend and vote at, all meetings of the shareholders of the Company (except with respect to matters requiring the vote of a specified class or series voting separately as a class or series) and are entitled to one vote for each Common Share on all

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matters to be voted on by shareholders at meetings of the Company's shareholders. Holders of Common Shares are entitled to receive such dividends, if, as and when declared by the board of directors of the Company, in their sole discretion. All dividends which the board of directors of the Company may declare shall be declared and paid in equal amounts per share on all Common Shares at the time outstanding.

On liquidation, dissolution or winding up of the Company, the holders of Common Shares will be entitled to receive the property of the Company remaining after payment of all outstanding debts on a *pro rata* basis, but subject to the rights, privileges, restrictions and conditions of any other class of shares issued by the Company. There are no pre-emptive, redemption or conversion rights attaching to the Common Shares. All Common Shares, when issued, are and will be issued as fully paid and non-assessable shares without liability for further calls or to assessment.

As of the date of this Prospectus, the Company has not declared dividends and has no current intention to declare dividends on its Common Shares in the foreseeable future. Any decision to pay dividends on its Common Shares in the future will be at the discretion of the Company's board of directors and will depend on, among other things, the Company's results of operations, current and anticipated cash requirements and surplus, financial condition, any future contractual restrictions and financing agreement covenants, solvency tests imposed by corporate law and other factors that the board of directors may deem relevant.

The specific terms of any offerings of Common Shares, including the number of Common Shares being offered and the offering price, will be described in one or more Prospectus Supplements.

**Subscription Receipts**

Subscription Receipts may be offered separately or together with Common Shares, Warrants or Debt Securities, as the case may be. Subscription Receipts will be issued under a subscription receipt agreement (a "**Subscription Receipt Agreement**") that will be entered into between the Company and the escrow agent (the "**Escrow Agent**") at the time of issuance of the Subscription Receipts. If underwriters or agents are used in the sale of any Subscription Receipts, one or more of such underwriters or agents may also be a party to the Subscription Receipt Agreement governing the Subscription Receipts sold to or through such underwriter or agent.

***Terms of the Subscription Receipts***

The applicable Prospectus Supplement will include details of the Subscription Receipt Agreement covering the Subscription Receipts being offered. The specific terms of the Subscription Receipts, and the extent to which the general terms described in this section apply to those Subscription Receipts, will be set forth in the applicable Prospectus Supplement. A copy of the Subscription Receipt Agreement will be filed with securities regulatory authorities after it has been entered into by the Company and will be available on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>.

Subscription Receipts will entitle the holder thereto to receive other Securities (typically Common Shares), for no additional consideration, upon the completion of a particular transaction or event or, if the transaction or event does not occur by the termination time, a return of the subscription funds for their Subscription Receipts together with any interest or other income earned thereon.

This section describes the general terms that will apply to any Subscription Receipts being offered. The terms and provisions of any Subscription Receipts offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of such terms. The

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particular terms of each issue of Subscription Receipts that will be described in the related Prospectus Supplement will include, where applicable:

(a)the number of Subscription Receipts;

(b)the price at which the Subscription Receipts will be offered;

(c)the Securities into which the Subscription Receipts may be exchanged;

(d)conditions (the "**Release Conditions**") for the exchange of Subscription Receipts into other Securities and the consequences of such conditions not being satisfied;

(e)the procedures for the exchange of the Subscription Receipts into other Securities;

(f)the number of Securities that may be issued upon the exchange of each Subscription Receipt and the price per Security or the aggregate principal amount, denominations and terms of the series of Securities that may be issued upon exchange of the Subscription Receipts, and the events or conditions under which the amount of Securities may be subject to adjustment;

(g)the currency or currency unit for which Subscription Receipts may be purchased and the aggregate principal amount, currency or currencies, denominations and terms of the series of other Securities that may be exchanged upon exercise of each Subscription Receipt;

(h)the designation and terms of any other Securities with which the Subscription Receipts will be offered, if any, and the number of Subscription Receipts that will be offered with each Security;

(i)the dates or periods during which the Subscription Receipts may be exchanged into other Securities;

(j)the identity of the Escrow Agent;

(k)the terms and conditions under which the Escrow Agent will hold all or a portion of the gross proceeds from the sale of such Subscription Receipts, together with interest and income earned thereon, or collectively, the Escrowed Funds, pending satisfaction of the Release Conditions;

(l)the terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed Funds to the Company upon satisfaction of the Release Conditions and if the Subscription Receipts are sold to or through underwriters or agents, the terms and conditions under which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters or agents in payment of all or a portion of their fees or commissions in connection with the sale of the Subscription Receipts;

(m)procedures for the payment by the Escrow Agent to holders of such Subscription Receipts of an amount equal to all or a portion of the subscription price of their Subscription Receipts, plus any additional amounts provided for in the Subscription Receipt Agreement, if the Release Conditions are not satisfied;

(n)the material income tax consequences of owning, holding and disposing of the Subscription Receipts;

(o)the securities exchange(s) on which the Subscription Receipts will be listed, if any; and

(p)any other material terms and conditions of the Subscription Receipts.

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Prior to the exchange of their Subscription Receipts, holders of Subscription Receipts will not have any of the rights of holders of the Securities to be received on the exchange of the Subscription Receipts.

***Escrow***

The Subscription Receipt Agreement will provide that the Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed Funds will be released to the Company (and, if the Subscription Receipts are sold to or through underwriters or agents, a portion of the Escrowed Funds may be released to such underwriters or agents in payment of all or a portion of their fees in connection with the sale of the Subscription Receipts) at the time and under the terms specified by the Subscription Receipt Agreement. If the Release Conditions are not satisfied, holders of Subscription Receipts will receive payment of an amount equal to all or a portion of the subscription price for their Subscription Receipts, plus any additional amounts provided for in the Subscription Receipt Agreement, in accordance with the terms of the Subscription Receipt Agreement.

***Modifications***

The Subscription Receipt Agreement will specify the terms upon which modifications and alterations to the Subscription Receipts issued thereunder may be made by way of a resolution of holders of Subscription Receipts at a meeting of such holders or by way of consent in writing from such holders. The number of holders of Subscription Receipts required to pass such a resolution or execute such a written consent will be specified in the Subscription Receipt Agreement. The Subscription Receipt Agreement will also specify that we may amend the Subscription Receipt Agreement and the Subscription Receipts, without the consent of the holders of the Subscription Receipts, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of the holder of outstanding Subscription Receipts or as otherwise specified in the Subscription Receipt Agreement.

**Warrants**

Warrants may be issued for the purchase of Common Shares or other Securities. Warrants may be issued independently or together with Common Shares, Subscription Receipts, Debt Securities or other Securities offered by any Prospectus Supplement and may be attached to, or separate from, any such offered Securities. Each series of Warrants will be issued under a warrant indenture or agreement between the Company and a warrant agent that will be named in the applicable Prospectus Supplement.

***Terms of the Warrants***

The applicable Prospectus Supplement will include details of the warrant agreement(s) covering the Warrants being offered. The specific terms of the Warrants, and the extent to which the general terms described in this section apply to those Warrants, will be set forth in the applicable Prospectus Supplement. A copy of the agreement governing the Warrants will be filed with securities regulatory authorities after it has been entered into by the Company and will be available on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>.

Warrants will entitle the holder thereof to receive other Securities (typically Common Shares) upon the exercise thereof and payment of the applicable exercise price. A Warrant is typically exercisable for a specific period of time at the end of which time it will expire and cease to be exercisable.

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This section describes the general terms that will apply to any Warrants being offered. The terms and provisions of any Warrants offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of such terms. The particular terms of each issue of Warrants that will be described in the related Prospectus Supplement will include, where applicable:

(a)the designation of the Warrants;

(b)the aggregate number of Warrants offered and the offering price;

(c)the designation, number and terms of the Common Shares or other Securities purchasable upon exercise of the Warrants, and procedures that will result in the adjustment of those numbers;

(d)the exercise price of the Warrants;

(e)the dates or periods during which the Warrants are exercisable;

(f)the designation and terms of any Securities with which the Warrants are issued;

(g)if the Warrants are issued as a Unit with another Security, the date on and after which the Warrants and the other Security will be separately transferable;

(h)the currency or currency unit in which the exercise price is denominated;

(i)whether such Warrants will be subject to redemption or call, and if so, the terms of such redemption or call provisions;

(j)any minimum or maximum amount of Warrants that may be exercised at any one time;

(k)whether such Warrants will be listed on any securities exchange;

(l)whether the Warrants will be issued in fully registered or global form;

(m)any terms, procedures and limitations relating to the transferability, exchange or exercise of the Warrants;

(n)any rights, privileges, restrictions and conditions attaching to the Warrants;

(o)the material income tax consequences of owning, holding and disposing of the Warrant; and

(p)any other specific terms.

Prior to the exercise of their Warrants, holders of Warrants will not have any of the rights of holders of the Securities subject to the Warrants.

***Modifications***

The Company may amend any agreement governing the Warrants and the Warrants themselves without the consent of the holders of the Warrants in certain circumstances including to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of holders of outstanding Warrants. A more detailed description of the amendment provisions will be included in the applicable Prospectus Supplement.

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***Enforceability***

The warrant agent or trustee, as applicable, will act solely as the Company's agent. The warrant agent or trustee, as applicable, will not have any duty or responsibility if the Company defaults under any agreement governing the Warrants or the warrant certificates. A Warrant holder may, without the consent of the warrant agent, enforce, by appropriate legal action on its own behalf, the holder's right to exercise the holder's Warrants.

**Debt Securities**

The following sets forth certain general terms and provisions of the Debt Securities that may be offered pursuant to this Prospectus. The terms and provisions of any Debt Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of such terms.

The Debt Securities may be offered separately or together with other Securities, as the case may be. The Debt Securities may be issued in one or more series under an indenture (the "**Indenture**") to be entered into between the Company and one or more trustees that will be named in a Prospectus Supplement for a series of Debt Securities. The applicable Prospectus Supplement will include details of the Indenture governing the Debt Securities being offered. A copy of any Indenture relating to an offering of Debt Securities will be filed by the Company with the relevant securities regulatory authorities in Canada after it has been entered into by the Company and will be available on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>. The Debt Securities may also be issued without the benefit of an Indenture. The statements made below relating to any Indenture, instalment receipt and pledge agreement (see below) or Debt Securities to be issued thereunder and to any specific Debt Security issued without the benefit of an Indenture, as the case may be, are summaries of certain anticipated provisions thereof and do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all provisions of the applicable Indenture, instalment receipt and pledge agreement, or the specific Debt Security, as the case may be.

***Terms of the Debt Securities***

The particular terms relating to Debt Securities offered by a Prospectus Supplement, and the extent to which the general terms described in this section apply to those Debt Securities, will be described in the related Prospectus Supplement. This description may include, but may not be limited to, any of the following, if applicable:

(a)the specific designation of the Debt Securities;

(b)the price or prices at which the Debt Securities will be issued;

(c)any limit on the aggregate principal amount of the Debt Securities;

(d)the date or dates, if any, on which the Debt Securities will mature and the portion (if less than all of the principal amount) of the Debt Securities to be payable upon declaration of acceleration of maturity;

(e)the rate or rates (whether fixed or variable) at which the Debt Securities will bear interest, if any, the date or dates from which any such interest will accrue and on which any such interest will be payable and the record dates for any interest payable on the Debt Securities that are in registered form;

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(f)the terms and conditions under which the Company may be obligated to redeem, repay or purchase the Debt Securities pursuant to any sinking fund or analogous provisions or otherwise;

(g)the terms and conditions upon which the Company may redeem the Debt Securities, in whole or in part, at the Company's option;

(h)the covenants and events of default applicable to the Debt Securities;

(i)the terms and conditions for any conversion or exchange of the Debt Securities for any other securities of the Company;

(j)whether the Debt Securities will be issuable in registered form or bearer form or both, and, if issuable in bearer form, the restrictions as to the offer, sale and delivery of the Debt Securities which are in bearer form and as to exchanges between registered form and bearer form;

(k)whether the Debt Securities will be issuable in the form of registered global securities ("**Global Securities**"), and, if so, the identity of the depositary for such registered Global Securities;

(l)the denominations in which registered Debt Securities will be issuable;

(m)each office or agency where payments on the Debt Securities will be made and each office or agency where the Debt Securities may be presented for registration of transfer or exchange;

(n)the currency in which the Debt Securities are denominated or the currency in which the Company will make payments on the Debt Securities;

(o)any index, formula or other method used to determine the amount of payments of principal of (and premium, if any) or interest, if any, on the Debt Securities; and

(p)any other terms of the Debt Securities which apply solely to the Debt Securities.

Each series of Debt Securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary.

The Company will summarize in the applicable Prospectus Supplement certain terms of the Debt Securities being offered thereby and the relevant Indenture or specific Debt Security, as the case may be, which the Company believes will be most important to an investor's decision to invest in the Debt Securities being offered. It is the Trust Indenture, as supplemented by any applicable supplemental indenture, or the specific Debt Security, as the case may be, and not the summary in the applicable Prospectus Supplement, which defines the rights of a holder of Debt Securities. There may be other provisions in the Trust Indenture or the specific Debt Security, as the case may be, which are important to a purchaser of Debt Securities. Such purchaser of Debt Securities should read the Indenture, instalment receipt or pledge agreement or the specific Debt Security, as the case may be, for a full description of the terms of the Debt Securities, the terms of which shall prevail to the extent of any inconsistency.

The Debt Securities offered pursuant to this Prospectus and any Prospectus Supplement may be represented by instalment receipts which will provide for payment for the Debt Securities on an instalment basis, the particular terms and provisions of which will be described in the applicable Prospectus Supplement and set out in an instalment receipt or pledge agreement or similar agreement. Any such instalment receipt will evidence, among other things: (a) the fact that a first instalment payment

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has been made in respect of the Debt Securities represented thereby, and (b) the beneficial ownership of the Debt Securities represented by the instalment receipt, subject to a pledge of such Debt Securities securing the obligation to pay the balance outstanding under such Debt Securities on or prior to a certain date.

The terms on which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other Securities of the Company will be described in the applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of the Company, and may include provisions pursuant to which the number of Common Shares or other Securities of the Company to be received by the holders of such series of Debt Securities would be subject to adjustment.

To the extent any Debt Securities are convertible into Common Shares or other securities of the Company, prior to such conversion the holders of such Debt Securities will not have any of the rights of holders of the Securities into which the Debt Securities are convertible, including the right to receive payments of dividends or the right to vote such underlying securities.

***Modifications***

The Company may amend any agreement(s) governing the Debt Securities and the Debt Securities themselves, without the consent of the holders of the Debt Securities, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of holders of outstanding Debt Securities. Other amendment provisions will be as indicated in the applicable Prospectus Supplement.

**Units**

The Company may issue Units comprised of only one or more of the other Securities described in this Prospectus in any combination. Each Unit will be issued so that the holder of the Unit is also the holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each included Security. The unit agreement under which a Unit is issued may provide that the Securities included in the Unit may not be held or transferred separately, at any time or at any time before a specified date.

***Terms of the Units***

Any Prospectus Supplement for Units supplementing this Prospectus will contain the terms and other information with respect to the Units being offered thereby, including, if applicable:

(a)the designation and terms of the Units and of the Securities comprising the Units, including whether and under what circumstances those Securities may be held or transferred separately;

(b)any provisions for the issuance, payment, settlement, transfer or exchange of the Units or of the Securities comprising the Units;

(c)how, for income tax purposes, the purchase price paid for the Units is to be allocated among the component Securities;

(d)the currency or currency units in which the Units may be purchased and the underlying Securities denominated;

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(e)the securities exchange(s) on which such Units will be listed, if any;

(f)whether the Units and the underlying Securities will be issued in fully registered or global form; and

(g)any other specific terms of the Units and the underlying Securities.

The preceding description and any description of Units in the applicable Prospectus Supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to any agreement(s) governing the Units and, if applicable, collateral arrangements and depositary arrangements relating to such Units.

***Modifications***

The Company may amend any agreement(s) governing the Units and the Units themselves, without the consent of the holders of the Units, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of holders of outstanding Units. Other amendment provisions will be as indicated in the applicable Prospectus Supplement.

**PRIOR SALES**

Information in respect of the prior sales of the Common Shares or Securities distributed under this Prospectus and for securities that are convertible or exchangeable into Common Shares or such other Securities that have been issued within the previous twelve month period, will be provided as required in a Prospectus Supplement with respect to the issuance of securities pursuant to such Prospectus Supplement.

**TRADING VOLUME AND PRICE**

Trading prices and volume of the Company's Securities will be provided, as required, in each Prospectus Supplement for each class or series of Securities distributed under such Prospectus Supplement and for Securities into which those classes or series of Securities are convertible or exchangeable.

**INTERESTS OF EXPERTS**

Unless otherwise specified in a Prospectus Supplement relating to any Securities offered, certain legal matters relating to the Securities offered by a Prospectus Supplement will be passed upon on behalf of the Company by Norton Rose Fulbright Canada LLP. The partners and associates of Norton Rose Fulbright Canada LLP as a group beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Company. In addition, certain legal matters in connection with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents, as the case may be.

The following experts have reviewed, prepared or supervised the preparation of information upon which certain scientific and technical information relating to the Company's mineral projects contained or incorporated by reference in this Prospectus is based:

&nbsp;&nbsp;&nbsp;&nbsp;• Daniel M. Gagnon, P. Eng.;

&nbsp;&nbsp;&nbsp;&nbsp;• Daniel Morrison, P. Eng.;

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&nbsp;&nbsp;&nbsp;&nbsp;• André-François Gravel, P. Eng., PMP;

&nbsp;&nbsp;&nbsp;&nbsp;• Claude Bisaillon, P. Eng.;

&nbsp;&nbsp;&nbsp;&nbsp;• William Stone, P.Geo.;

&nbsp;&nbsp;&nbsp;&nbsp;• Fred Brown, P.Geo.;

&nbsp;&nbsp;&nbsp;&nbsp;• Jarita Barry, P.Geo.;

&nbsp;&nbsp;&nbsp;&nbsp;• Eugene Puritch, P.Eng., FEC, CET;

&nbsp;&nbsp;&nbsp;&nbsp;• Antoine Yassa, P.Geo.;

&nbsp;&nbsp;&nbsp;&nbsp;• Kathy Kalenchuk, Ph.D., P. Eng., PE;

&nbsp;&nbsp;&nbsp;&nbsp;• Hugo Dello Sbarba, P. Eng.;

&nbsp;&nbsp;&nbsp;&nbsp;• Stephen Coates, P. Eng.;

&nbsp;&nbsp;&nbsp;&nbsp;• Julie Gravel, P. Eng.;

&nbsp;&nbsp;&nbsp;&nbsp;• Philippe Rio Roberge, P. Eng., PMP;

&nbsp;&nbsp;&nbsp;&nbsp;• Richard Barbeau, P. Eng.;

&nbsp;&nbsp;&nbsp;&nbsp;• David Lalonde, P.Geo.;

&nbsp;&nbsp;&nbsp;&nbsp;• Patrick Pérez, P.Eng.; and

&nbsp;&nbsp;&nbsp;&nbsp;• Raphael Beaudoin, P.Eng.

To the best of the Company's knowledge, after reasonable inquiry, as of the date hereof, each of the aforementioned experts held less than 1% of any class of the Company's securities or of any of the Company's associates or affiliates when they prepared the technical reports and estimates referred to above or following the preparation of such technical reports and estimates, as the case may be. None of the aforementioned persons received any direct or indirect interest in any of the Company's securities or property or of any of the Company's associates or affiliates in connection with the preparation of such technical reports or estimates.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS** 

Certain of the Company's directors, namely Ghislane Guedira Bennouna, Dr. Jürgen Hambrecht, Eloïse Martin and Robert Taub, reside outside of Canada. Each of such individuals have appointed Norton Rose Fulbright Canada LLP, 1 Place Ville Marie, Suite 2500, Montréal, Québec, H3B 1R1, Canada as their agent for service of process. Purchasers are advised that it may not be possible for them to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of process.

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The auditor of the Company is KPMG LLP. KPMG LLP has confirmed that it is independent of the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation.

The transfer agent and registrar for the Common Shares in Canada is TSX Trust Company at its principal office in Montréal, Québec.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The applicable Prospectus Supplement may describe certain Canadian federal income tax consequences to an investor of the acquisition, ownership and disposition of any Securities offered thereunder. Prospective investors should consult their own tax advisors prior to deciding to purchase any of the Securities.

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**RISK FACTORS**

An investment in the Company's securities is speculative and involves a high degree of risk. In addition to the other information included or incorporated by reference in this Prospectus or any applicable Prospectus Supplement, you should carefully consider the risks and uncertainties described in the documents incorporated by reference in this Prospectus and any applicable Prospectus Supplement, together with all of the other information contained in this Prospectus, before purchasing the Company's securities. In particular, you should carefully consider the risks described in the Company's AIF, Annual MD&A and Interim MD&A, as well as the risk factors described under the heading "Risk Factors" in any applicable Prospectus Supplement. The risks described herein and therein are not the only risks we face; risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and results of operations. If any of the events identified in the risks and uncertainties described herein and therein were to actually occur, our business, financial condition or results of operations could be materially harmed. The occurrence of any of such risks could have a material adverse effect on our business, financial condition, results of operations and future prospects. In these circumstances, the market price of our securities, including the Securities, could decline, and you may lose all or part of your investment.

***The Company may issue additional Securities in the future which may dilute the holdings of existing securityholders, including the holders of Securities purchased under this Prospectus.***

The Company may issue additional Securities in the future, which may dilute the holdings of existing securityholders in the Company, including purchasers of Securities under this Prospectus. The Company's constating documents allow the Company to issue an unlimited number of Common Shares for such consideration and on such terms and conditions as shall be established by the Company's board of directors, in many cases, without the approval of our shareholders. The Board also has the discretion to determine the price and terms of any issuances of Debt Securities, Subscription Receipts, Warrants and Units. Any such future issuances could be significant and the Company cannot predict the effect that future issuances and sales will have on the market price of the Common Shares. Issuances of a substantial number of additional Common Shares, or the perception that such issuances could occur, may adversely affect prevailing market prices for our Common Shares. With any additional issuance of Common Shares, investors will suffer dilution to their voting power and the Company may experience dilution in our earnings per share.

***Positive return not guaranteed.***

A positive return on an investment in the Securities is not guaranteed. There is no guarantee that an investment in the Securities will earn any positive return in the short term or long term. An investment in the Securities involves a high degree of risk and should be undertaken only by investors whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. An investment in the Securities is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment.

***There is no existing public market for the Subscription Receipts, Warrants, Debt Securities or Units and a market may not develop.***

There is currently no market through which the Subscription Receipts, Warrants, Debt Securities or Units may be sold and purchasers of Subscription Receipts, Warrants, Debt Securities or Units may not be able to resell such Subscription Receipts, Warrants, Debt Securities or Units purchased under this Prospectus. There can be no assurance that an active trading market will develop for the Subscription Receipts,

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Warrants, Debt Securities or Units after an offering or, if developed, that such market will be sustained. This may affect the pricing of the Subscription Receipts, Warrants, Debt Securities or Units in the secondary market, the transparency and availability of trading prices, the liquidity of the Subscription Receipts, Warrants, Debt Securities or Units and the extent of issuer regulation.

The public offering prices of the Securities may be determined by negotiation between the Company and underwriters, dealers or agents based on several factors and may bear no relationship to the prices at which the Securities will trade in the public market subsequent to such offering, if any public market develops. See "*Plan of Distribution*".

***The Debt Securities may be unsecured and would thereby rank equally in right of payment with all of our other future unsecured debt.***

Pursuant to the applicable Prospectus Supplement, the Debt Securities may be unsecured and would thereby rank equally in right of payment with all of our other existing and future unsecured debt. If unsecured, the Debt Securities will be effectively subordinated to all of our existing and future secured debt to the extent of the assets securing such debt. If we are involved in any bankruptcy, dissolution, liquidation or reorganization, the secured debt holders would, to the extent of the value of the assets securing the secured debt, be paid before the holders of unsecured Debt Securities. In such an event, a holder of Debt Securities may not be able to recover any principal or interest due to it under the Debt Securities.

**WELL-KNOWN SEASONED ISSUER**

The securities regulatory authorities in each of the provinces of Canada each independently adopted a series of substantively harmonized blanket orders, including *Décision N*<sup>o</sup> *2021-PDG-0066 – Décision générale relative à une dispense de certaines obligations du régime de prospectus préalable au bénéfice d'émetteurs établis bien connus* of the *Autorité des marchés financiers* (General Order relating to an Exemption from Certain Prospectus Requirements for Well-Known Seasoned Issuers) (together with the rules and equivalent local blanket orders in each of the other provinces of Canada, as extended, amended or varied from time to time, collectively, the "**WKSI Blanket Orders**"). The WKSI Blanket Orders were adopted to allow "well-known seasoned issuers", or "WKSIs", to file a final short form base shelf prospectus as the first public step in an offering, and exempt qualifying issuers from certain disclosure requirements relating to such final short form base shelf prospectus. As of the date hereof, the Company has determined that it meets the criteria to qualify as a "well-known seasoned issuer" as such term is defined in the WKSI Blanket Orders.

**STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in some provinces of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser. This right may only be exercised within two business days after receipt or deemed receipt of a prospectus or a prospectus supplement relating to the securities purchased by a purchaser and any amendments thereto. However, purchasers of Common Shares distributed under an "at-the-market distribution" by the Company do not have the right to withdraw from an agreement to purchase the Common Shares and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of the prospectus, prospectus supplement, and any amendment relating to Common Shares

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purchased by such purchaser because the prospectus, prospectus supplement, and any amendment relating to the Common Shares purchased by such purchaser will not be sent or delivered, as permitted under Part 9 of NI 44-102.

Securities legislation in some provinces of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contains a misrepresentation. Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of Common Shares distributed under an "at-the-market distribution" by the Company may have against the Company or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the prospectus referred to above.

In an offering of convertible, exchangeable or exercisable Subscription Receipts, Warrants or convertible, exchangeable or exercisable Debt Securities (or Units comprised partly thereof), investors are cautioned that the statutory right of action for damages under Canadian securities laws for a misrepresentation contained in the Prospectus or a Prospectus Supplement (or any amendment thereto) is limited, in certain provincial securities legislation, to the price at which convertible, exchangeable or exercisable Subscription Receipts, Warrants or Debt Securities (or Units comprised partly thereof) are offered to the public under the Prospectus offering. This means that, under the securities legislation of certain provinces, if the purchaser pays additional amounts upon conversion, exchange or exercise of such securities, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights, or consult with a legal adviser.

In addition, original purchasers of convertible, exchangeable or exercisable Securities (unless the Securities are reasonably regarded by the Company as incidental to the applicable offering as a whole) will have a contractual right of rescission against the Company in respect of the conversion, exchange or exercise of the convertible, exchangeable or exercisable Security. The contractual right of rescission will be further described in any applicable Prospectus Supplement, but will, in general, entitle such original purchasers to receive the amount paid for the applicable convertible, exchangeable or exercisable Security (and any additional amount paid upon conversion, exchange or exercise) upon surrender of the underlying securities acquired thereby, in the event that this Prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of the purchase of the convertible, exchangeable or exercisable Security under this Prospectus; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of the convertible, exchangeable or exercisable security under this Prospectus. This contractual right of rescission will be consistent with the statutory right of rescission described under the *Securities Act* (Québec), and is in addition to any other right or remedy available to original purchasers under the *Securities Act* (Québec) or otherwise at law.

A purchaser should refer to applicable securities legislation for the particulars of these rights and should consult a legal adviser. Rights and remedies also may be available to purchasers under U.S. law and purchasers may wish to consult with a U.S. lawyer for particulars of these rights.

------

**CERTIFICATE OF THE COMPANY**

Dated: June 10, 2025

This short form prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of the last supplement to this prospectus relating to the securities offered by this prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of each of the provinces of Canada.

---

| | |
|:---|:---|
| (signed) "*Benoit La Salle*" | (signed) "*Ugo Landry-Tolszczuk*" |
| Benoit La Salle | Ugo Landry-Tolszczuk |
| President and Chief Executive Officer | Chief Financial Officer |

---

On behalf of the Board of Directors of the Company

---

| | |
|:---|:---|
| (signed) "*Dr. Jürgen Hambrecht*" | (signed) "*Yves Grou*" |
| Dr. Jürgen Hambrecht | Yves Grou |
| Director | Director |

---

## Exhibit 99.43

**Exhibit 99.43**

![exhibita.jpg](exhibita.jpg)

**<u>VISA</u>**

**AYA OR & ARGENT INC.**

L'Autorité des marchés financiers octroie son visa pour le prospectus préalable de l'émetteur susmentionné daté du 10 juin 2025 (le « prospectus »).

En outre, le présent visa fait foi de visa du prospectus de la Commission des valeurs mobilières de l'Ontario.

Le prospectus a été déposé en vertu du *Règlement 11-102 sur le régime de passeport*, RLRQ, c. V*-*1.1, r. 1 (le « Règlement ») en Alberta, en Colombie-Britannique, à l'Île-du-Prince-Édouard, au Manitoba, au Nouveau-Brunswick, en Nouvelle-Écosse, en Saskatchewan et à Terre-Neuve-et-Labrador. Le visa du prospectus est réputé octroyé par l'autorité en valeurs mobilières de chacun de ces territoires lorsque les conditions prévues par le Règlement sont réunies.

Fait le 10 juin 2025.

Patrick Théorêt

Directeur des opérations de financement

N<sup>o</sup> dossier SEDAR+ : 06298252

DÉCISION N<sup>o</sup> : 2025-FS-1039226

---

| | |
|:---|:---|
| Place de la Cité, tour PwC | 800, rue du Square-Victoria, bureau 2200 |
| 2640, boulevard Laurier, bureau 400 | Montréal (Québec) H3C 0B4 |
| Québec (Québec) G1V 5C1 | Téléphone : 514 395-0337 |
| Téléphone : 418 525-0337 | Télécopieur : 514 873-3090 |
| Télécopieur : 418 525-9512 |  |
| Numéro sans frais : 1 877 525-0337 |  |
| www.lautorite.qc.ca |  |

---

## Exhibit 99.44

---

| | |
|:---|:---|
| | **Exhibit 99.44** |
| PRESS RELEASE | ![ayalogox.jpg](ayalogox.jpg) |

---

Aya Gold and Silver Announces Upsize of Previously Announced Bought Deal to $125 Million

**MONTREAL, June 11, 2025 -- Aya Gold & Silver Inc.** (**TSX: AYA; OTCQX: AYASF**) ("**Aya**" or the "**Company**") is pleased to announce that as a result of excess demand, it has entered into an amended 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 "**Underwriters**"), has agreed to increase the size of its previously announced bought deal equity financing to purchase, on a bought deal basis, 9,363,300 common shares in the capital of the Company (the "**Shares**"), at a price of $13.35 per Share (the "**Issue Price**") for gross proceeds of $125,000,055 (the "**Offering**").

The Company has 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 "**Over-Allotment Option**"). If the Over-Allotment Option is exercised in full, $18,750,008 additional proceeds will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $143,750,063.

The Company intends to use the net proceeds of the 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.

The closing date of the Offering is scheduled to be on or about June 19, 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

The Offering will be completed by way of a prospectus supplement (the "**Supplement**") to the short form base shelf prospectus of the Company dated June 10, 2025 (the "**Base Prospectus**"), which Supplement is expected to be filed on or prior to June 12, 2025 with the securities commissions and other similar regulatory authorities in each of the provinces of Canada and in such other jurisdictions as are agreed to by the Company and the Underwriters, in each case provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction and that the Company will not be or become subject to any continuous disclosure obligations in such jurisdiction. The Base Prospectus and, once filed, the Supplement can be found on SEDAR+ at www.sedarplus.ca, and contain important detailed information about the Offering.

Electronic or paper copies of the Base Prospectus, the Supplement (when filed), and any amendment to the documents may be obtained, without charge, from Desjardins Capital Markets at 25 York St., 10th Floor, Toronto, ON M5J 2V5, Attention: Equity Capital Markets or by email at ecm@desjardins.com.

------

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration under the 1933 Act and all applicable U.S. state securities laws, or in compliance with applicable exemptions from such registration requirements.

AYA GOLD & SILVER INC.

Per: "Benoit La Salle"

Benoit La Salle, FCPA FCA

President and Chief Executive Officer

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact**:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

**Notice Regarding Forward-Looking Statements**

Certain information in this news release related to the Company is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. The information generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the Offering including anticipated timing of the filing of the Supplement and the closing, the exercise of the Over-Allotment Option, the receipt of required regulatory approvals including acceptance of the Offering by the TSX, and the intended use of proceeds of the Offering. There are numerous risks and uncertainties that could cause actual results and Aya's plans and objectives to differ materially from those expressed in the forward-looking information,

------

including: (i) adverse market conditions; (ii) risks inherent in the mineral production and exploration sectors in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.45

---

| | |
|:---|:---|
| PRESS RELEASE | **Exhibit 99.45** |
| | ![ayalogoy.jpg](ayalogoy.jpg) |

---

Aya Gold and Silver Announces Filing of Prospectus Supplement

**MONTREAL, June 12, 2025 -- Aya Gold & Silver Inc.** (**TSX: AYA; OTCQX: AYASF**) ("**Aya**" or the "**Company**") is pleased to announce that it has filed a prospectus supplement (the "**Supplement**") to its short form base shelf prospectus dated June 10, 2025 (the "**Base Prospectus**") with respect to its previously announced bought deal equity financing to purchase, on a bought deal basis, 9,363,300 common shares in the capital of the Company (the "**Shares**"), at a price of $13.35 per Share (the "**Issue Price**") for gross proceeds of $125,000,055 (the "**Offering**").

The Supplement has been filed with the securities regulatory authorities in each of the provinces of Canada.

The Offering is led by 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 "**Underwriters**").

The Company has granted 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 "**Over-Allotment Option**"). If the Over-Allotment Option is exercised in full, $18,750,008 additional proceeds will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $143,750,063.

The Company intends to use the net proceeds of the 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.

The closing date of the Offering is scheduled to be on or about June 18, 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

Access to the Supplement, the corresponding Base Prospectus and any amendment thereto are provided in accordance with securities legislation relating to procedures for providing access to a base shelf prospectus, a prospectus supplement and any amendment thereto. The Supplement and the corresponding Base Prospectus are, and any amendment thereto, if any, will be, accessible on SEDAR+ at www.sedarplus.ca.

Electronic or paper copies of the Base Prospectus, the Supplement, and any amendment to the foregoing documents may be obtained, without charge, from Desjardins at 25 York St., 10th Floor, Toronto, ON M5J 2V5, Attention: Equity Capital Markets or by email at ecm@desjardins.com by providing Desjardins with an email address or address, as applicable. The Supplement, the corresponding Base Prospectus and any amendment thereto contain important detailed information about the Company and the Offering. Prospective investors

------

should read the Supplement, the corresponding Base Prospectus and the other documents the Company has filed on SEDAR+ before making an investment decision.

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration under the 1933 Act and all applicable U.S. state securities laws, or in compliance with applicable exemptions from such registration requirements.

AYA GOLD & SILVER INC.

Per: "Benoit La Salle"

Benoit La Salle, FCPA FCA

President and Chief Executive Officer

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact**:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

**Notice Regarding Forward-Looking Statements**

Certain information in this news release related to the Company is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. The information generally can

------

be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the Offering including anticipated timing of closing, the exercise of the Over-Allotment Option, the receipt of required regulatory approvals including acceptance of the Offering by the TSX, and the intended use of proceeds of the Offering. There are numerous risks and uncertainties that could cause actual results and Aya's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral production and exploration sectors in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this news release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.46

**Exhibit 99.46**

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This Prospectus Supplement (as defined herein), together with the Base Shelf Prospectus (as defined herein), and each document incorporated or deemed to be incorporated by reference in this Prospectus Supplement and in the Base Shelf Prospectus, constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.***

***These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the "United States" (as such term is defined in Regulation S under the U.S. Securities Act), except in transactions exempt from the registration requirements of the U.S. Securities Act and all applicable U.S. state securities laws. This Prospectus Supplement, together with the Base Shelf Prospectus, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States. See "Plan of Distribution".***

***Information has been incorporated by reference in this Prospectus Supplement and the Base Shelf Prospectus from documents filed with securities commissions or similar regulatory authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Aya Gold & Silver Inc. at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada, telephone (514) 512-1320 and are also available electronically under the Aya Gold & Silver Inc. profile on the System for Electronic Data Analysis and Retrieval Plus ("****SEDAR+****") at <u>www.sedarplus.ca</u>.*

**PROSPECTUS SUPPLEMENT**

**To the Short Form Base Shelf Prospectus dated June 10, 2025**

---

| | |
|:---|:---|
| ***<u>New Issue</u>*** | June 12, 2025 |

---

![ayalogoz.jpg](ayalogoz.jpg)

**AYA GOLD & SILVER INC.**

**$125,000,055**

**9,363,300 COMMON SHARES**

This prospectus supplement (the "**Prospectus Supplement**"), together with the accompanying short form base shelf prospectus dated June 10, 2025 (the "**Base Shelf Prospectus**"), is being filed by Aya Gold & Silver Inc. (the "**Company**" or "**Aya**") to qualify the distribution (the "**Offering**") of 9,363,300 common shares (the "**Offered Shares**") of Aya at a price of $13.35 per Offered Share (the "**Offering Price**"). The Offering is being made pursuant to an underwriting agreement (the "**Underwriting Agreement**") dated as of June 12, 2025, among the Company and Desjardins Securities Inc., as sole bookrunner and together with National Bank Financial Inc. and BMO Nesbitt Burns Inc., as co-lead underwriters (collectively, the "**Co-Lead Underwriters**"), and CIBC World Markets Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc., Scotia Capital Inc., SCP Resource Finance LP, Beacon Securities Limited and INFOR Financial Inc. (collectively with the Co-Lead Underwriters, the "**Underwriters**"). The Offering Price was determined by arm's length negotiation between the Company and the Underwriters with reference to the prevailing market price of the common shares of the Company (the "**Common Shares**"). See "*Plan of Distribution*".

The outstanding Common Shares are listed and posted for trading on the Toronto Stock Exchange (the "**TSX**") under the symbol "AYA" and trade on the OTCQX International Exchange ("**OTCQX**") under the symbol "AYASF". On June 11, 2025, the last trading day prior to the date of this Prospectus Supplement, the closing price of the Common Shares was $13.19 on the TSX and US$9.65 on the OTCQX. The TSX has conditionally approved the Company's application with respect to listing the Offered Shares and the Additional Shares (as defined herein) on the TSX. Listing is subject to the Company fulfilling all of the requirements of the TSX.

------

- ii -

**Offering Price: $13.35 per Offered Share**

---

| | | | |
|:---|:---|:---|:---|
| | **Price to**<br>**the Public** | **Underwriters' Fee**<sup>(1)</sup> | **Net Proceeds**<br>**to the Company**<sup>(2)</sup> |
| Per Offered Share | $13.35 | $0.60075 | $12.74925 |
| Total<sup>(3)</sup> | $125000055 | $5625002.48 | $119375052.52 |

---

(1)In consideration for the services rendered by the Underwriters in connection with the Offering, the Company has agreed to pay the Underwriters a cash fee (the "**Underwriters' Fee**") equal to 4.5% of the gross proceeds of the Offering, including any Additional Shares sold pursuant to the exercise of the Over-Allotment Option (as defined herein). See "*Plan of Distribution*".

(2)After deducting the Underwriters' Fee, but before deducting the expenses relating to the Offering, including the preparation and filing of this Prospectus Supplement, which expenses are estimated to be approximately $1,200,000 and which will be paid from the proceeds of the Offering.

(3)The Company has granted the Underwriters an over-allotment option (the "**Over-Allotment Option**"), exercisable in whole or in part, in the sole discretion of the Co-Lead Underwriters, on behalf of the Underwriters, for a period of 30 days from and including the Closing Date, to purchase up to an additional 1,404,495 Common Shares (the "**Additional Shares**"), at the Offering Price, to cover over-allotments, if any, made by the Underwriters in connection with the Offering and for market stabilization purposes. The grant of the Over-Allotment Option and the Additional Shares issuable upon exercise of the Over-Allotment Option are hereby qualified for distribution under this Prospectus Supplement. A purchaser who acquires Additional Shares forming part of the Underwriters' over-allocation position acquires such Additional Shares under this Prospectus Supplement regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases. If the Over-Allotment Option is exercised in full, the total "Price to the Public", "Underwriters' Fee" and "Net Proceeds to the Company" (before deducting the expenses relating to the Offering (see note 2 above)) will be $143,750,063.25, $6,468,752.85 and $137,281,310.40, respectively. See "*Plan of Distribution*" and the table below.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Underwriters' Position</u>** | **<u>Number of Common</u>**<br>**<u>Shares Available</u>** | **<u>Exercise Period</u>** | **<u>Exercise Price</u>** |
| Over-Allotment Option | Up to 1,404,495 Additional Shares | Up to 30 days from and including the Closing Date | $13.35 per Additional Share |

---

Unless the context otherwise requires, all references to the "Offering" and "Offered Shares" in this Prospectus Supplement include all securities issuable assuming the exercise of the Over-Allotment Option.

The Underwriters, as principals, conditionally offer the Offered Shares, subject to prior sale, if, as and when issued by the Company and accepted by the Underwriters in accordance with the terms and conditions contained in the Underwriting Agreement referred to under "*Plan of Distribution*", and subject to the approval of certain legal matters on behalf of the Company by Norton Rose Fulbright Canada LLP and on behalf of the Underwriters by McCarthy Tétrault LLP.

The Offering is being made in each of the provinces of Canada. The Offered Shares will be offered in such provinces through those Underwriters or their affiliates who are registered to offer Offered Shares for sale in such provinces and such other registered dealers as may be designated by the Underwriters. Subject to applicable law, the Underwriters may offer the Offered Shares in such other jurisdictions outside of Canada as agreed between the Company and the Underwriters. See "*Plan of Distribution*".

Subscriptions for the Offered Shares will be received subject to rejection or allotment, in whole or in part, and the right is reserved to close the subscription books at any time without notice. Closing of the Offering is expected to take place on or about June 18, 2025, or such other date as may be agreed upon by the Company and the Co-Lead Underwriters, on behalf of the Underwriters (the "**Closing Date**"). Subject to applicable laws, the Underwriters may, in connection with the Offering, over-allot or effect transactions that are intended to stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. **The Underwriters may offer the Offered Shares at a lower price than stated above.** See "*Plan of Distribution*".

------

- iii -

It is anticipated that the Offered Shares will be delivered under the book-based system through CDS Clearing and Depository Services Inc. ("**CDS**") or its nominee and deposited in electronic form. A purchaser of Offered Shares, including a purchaser of Offered Shares in the United States that is a "qualified institutional buyer" as defined in Rule 144A under the U.S. Securities Act (a "**Qualified Institutional Buyer**"), will receive only a customer confirmation from the registered dealer from or through which the Offered Shares are purchased and who is a CDS depository service participant, subject to certain limited exceptions. CDS will record the CDS participants who hold Offered Shares on behalf of owners who have purchased Offered Shares in accordance with the book-based system. No definitive certificates will be issued unless specifically requested or required. See "*Plan of Distribution*".

**Prospective investors should rely only on the information contained or incorporated by reference in this Prospectus Supplement and in the Base Shelf Prospectus. The Company and the Underwriters have not authorized anyone to provide purchasers with information different from that contained or incorporated by reference in this Prospectus Supplement and the Base Shelf Prospectus. The Underwriters are offering to sell and seeking offers to buy the Offered Shares only in jurisdictions where, and to persons whom, offers and sales are lawfully permitted. An investment in the Offered Shares is highly speculative and involves significant risks that should be carefully considered by prospective investors before purchasing such securities. Such investment should only be made by those persons who can afford the risk of loss of their entire investment. The risks outlined in this Prospectus Supplement, the Base Shelf Prospectus and in the documents incorporated by reference herein and therein should be carefully reviewed and considered by prospective investors in connection with an investment in such securities. See "*Cautionary Note Regarding Forward-Looking Statements*" and "*Risk Factors*" in this Prospectus Supplement and the Base Shelf Prospectus, "*Forward-Looking Statements*" and "*Risk Factors*" in the AIF (as defined herein) and the risk factors set forth in the Interim MD&A and the Annual MD&A (each as defined herein) which are available under the Company's profile on SEDAR+ at www.sedarplus.ca, before purchasing the Offered Shares.**

**Prospective investors are advised to consult their own tax advisors regarding the application of Canadian federal income tax laws to their particular circumstances, as well as any other provincial, foreign and other tax consequences of acquiring, holding or disposing of the Common Shares, including the Canadian federal income tax consequences applicable to a foreign controlled Canadian corporation that acquires the Offered Shares. See "*Certain Canadian Federal Income Tax Considerations*".**

Each of Ghislane Guedira Bennouna, Dr. Jürgen Hambrecht, Eloïse Martin and Robert Taub is a director of the Company that reside outside of Canada. Such individuals have appointed Norton Rose Fulbright Canada LLP, 1 Place Ville Marie, Suite 2500, Montréal, QC, H3B 1R1, Canada as their agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

See "*Statutory Rights of Withdrawal and Rescission*" below for information about the right to withdraw or rescind from an agreement to purchase Common Shares.

The head and registered office of Aya is located at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **ABOUT THIS PROSPECTUS** | **5** |
| **CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** | **5** |
| **FINANCIAL INFORMATION** | **7** |
| **DOCUMENTS INCORPORATED BY REFERENCE** | **7** |
| **ELIGIBILITY FOR INVESTMENT** | **9** |
| **TECHNICAL INFORMATION** | **9** |
| **THE COMPANY** | **10** |
| **CONSOLIDATED CAPITALIZATION** | **11** |
| **USE OF PROCEEDS** | **12** |
| **PLAN OF DISTRIBUTION** | **13** |
| **DESCRIPTION OF SECURITIES BEING DISTRIBUTED** | **15** |
| **PRIOR SALES** | **16** |
| **TRADING VOLUME AND PRICE** | **17** |
| **CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** | **17** |
| **RISK FACTORS** | **22** |
| **STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION** | **25** |
| **INTERESTS OF EXPERTS** | **25** |
| **CERTIFICATE OF THE UNDERWRITERS** | **27** |

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**ABOUT THIS PROSPECTUS**

This document is in two parts. The first part is the Prospectus Supplement, which describes the terms of the Offering and adds to and updates information contained in the Base Shelf Prospectus and the documents incorporated by reference therein. The second part is the Base Shelf Prospectus, which gives more general information, some of which may not apply to the Offering. This Prospectus Supplement is deemed to be incorporated by reference into the Base Shelf Prospectus solely for the purpose of the Offering. To the extent that the description of the Offered Shares varies between this Prospectus Supplement and the Base Shelf Prospectus, you should rely only on the information in this Prospectus Supplement with respect thereto.

Investors should carefully read both this Prospectus Supplement and the Base Shelf Prospectus, including the documents incorporated by reference herein and therein, and in particular the risk factors discussed in such documents, prior to investing in the Offered Shares.

Investors should rely only on the information contained in or incorporated by reference in this Prospectus Supplement and the Base Shelf Prospectus. The Company and the Underwriters have not authorized anyone to provide investors with additional or different information. If anyone provides you with different or additional information, you should not rely on it. The Company and the Underwriters are not offering the securities in any jurisdiction in which the Offering is not permitted. Investors should assume that the information contained in this Prospectus Supplement and the Base Shelf Prospectus is accurate only as of the date on the front of those documents and that information contained in any document incorporated by reference is accurate only as of the date of that document, regardless of the time of delivery of this Prospectus Supplement and the Base Shelf Prospectus or of any sale of the securities pursuant thereto. The Company's business, financial condition, results of operation and prospects may have changed since those dates. This Prospectus Supplement shall not be used by anyone for any purpose other than in connection with the Offering.

Unless we have indicated otherwise, or the context otherwise requires, references in this Prospectus Supplement to the "Company", "Aya", "we", "us" and "our" refer to Aya Gold & Silver Inc. and/or, as applicable, one or more of its subsidiaries.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus Supplement, the Base Shelf Prospectus and the documents incorporated herein and therein by reference contain "forward looking statements" or "forward-looking information" within the meaning of applicable securities legislation ("**forward-looking statements**"). Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Company's business plans and financial performance and condition. All information, other than information concerning historical fact, that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements with respect to the intention of the Company to complete the Offering, the terms of the Offering, the aggregate amount of total proceeds to be received by the Company, the anticipated use of the net proceeds to the Company from the Offering, the exercise of the Over-Allotment Option, the expected Closing Date and the listing of the Offered Shares, are forward-looking information.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words

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and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on opinions, estimates and reasonable assumptions that have been made by the Company as at the date of such information and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks related to: the potential of the Company's properties; results of exploration activities and interpretation of such results; the Company's capacity to acquire new projects; plan, cost and timing of future exploration and development; requirements for additional capital; continuous access to capital markets; and other statements relating to the future financial and business performance and strategic plans of the Company; as well as those factors discussed in the section entitled "*Risk Factors*" in this Prospectus Supplement, the Base Shelf Prospectus and identified elsewhere in other disclosure documents of the Company filed on SEDAR+ at <u>www.sedarplus.ca</u>. Forward-looking statements have also been incorporated by reference through the AIF (as defined below) and other documents incorporated herein by reference, which include forward-looking statements with respect to, among other things, the Company's corporate development and strategy.

Forward-looking statements are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Company will be able to meet its future capital commitments; the Company will be able to obtain additional financing on reasonable terms if and when needed; the Company will be able to recruit and retain the services of its key technical, sales, marketing, operations and management personnel; the Company will be able to develop commercially viable solutions as a result of its research and development activities; and that the risks referenced above and herein, collectively or individually, will not have a material impact on the Company. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. Many risks, uncertainties and other factors could cause the actual results of Aya to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to the following: overall economic conditions, rapid technological changes, demand for the Company's products and services, the introduction of competing technologies, competitive pressures, network restrictions, fluctuations in foreign currency exchange rates, and other similar factors that may cause actual results, performance or achievements to differ materially from those expressed or implied in forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many additional factors, including, but not limited to, any future sales or issuances of securities of the Company, and the risk factors described under the heading "Risk Factors" in the AIF, which section is incorporated by reference herein. See also the section entitled "*Risk Factors*" in this Prospectus Supplement and the Base Shelf Prospectus.

The Company cautions that the foregoing list of factors is not exhaustive, and that, when relying on forward-looking statements to make decisions with respect to the Company or the Offered Shares, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Although the Company 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. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein and those discussed in the documents incorporated herein by reference. There is a significant risk that

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predictions and other forward-looking statements will not prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The forward-looking statements contained herein and the documents incorporated herein by reference are expressly qualified in their entirety by the above cautionary statement.

Forward-looking statements are provided as of the date of this Prospectus Supplement or such other date specified herein, and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.

**FINANCIAL INFORMATION**

Aya presents its financial statements in United States dollars and its financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Certain calculations included in tables and other figures in this Prospectus Supplement have been rounded for clarity of presentation.

This Prospectus Supplement contains references to Canadian and United States dollars. All dollar amounts referenced, unless otherwise indicated, are expressed in Canadian dollars. References to "$" are to Canadian dollars and references to "US$" are to United States dollars. The following table shows, for the years and dates indicated, certain information regarding the Canadian dollar/United States dollar exchange rate. The information is based on the daily average exchange rate as reported by the Bank of Canada. Such exchange rate on June 11, 2025, the last business day prior to the date of this Prospectus Supplement, was US$1.00 = $1.3665.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Period End** | **Average**<sup>(1)</sup> | **Low** | **High** |
| | **($ per US$)** | **($ per US$)** | **($ per US$)** | **($ per US$)** |
| **Quarter ended March 31,** | | | | |
| 2025 | $1.4376 | $1.4352 | $1.4166 | $1.4603 |
| 2024 | $1.3550 | $1.3486 | $1.3316 | $1.3593 |
| **Year ended December 31,**  |  |  |  |  |
| 2024 | $1.4389 | $1.3698 | $1.3316 | $1.4416 |
| &nbsp;&nbsp;2023 | $1.3226 | $1.3497 | $1.3128 | $1.3875 |

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&nbsp;&nbsp;&nbsp;&nbsp;__________

(1)The average of the daily average exchange rates during the relevant period.

**DOCUMENTS INCORPORATED BY REFERENCE**

**This Prospectus Supplement is deemed to be incorporated by reference into the Base Shelf Prospectus solely for the purposes of the Offering. Other documents are also incorporated, or are deemed to be incorporated by reference, into the Base Shelf Prospectus and reference should be made to the Base Shelf Prospectus for full particulars thereof.**

**Information has been incorporated by reference in this Prospectus Supplement from documents filed with securities commissions or similar regulatory authorities in Canada**. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Aya at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada, telephone (514) 512-1320 and are also available electronically under the Company's profile on SEDAR+ at www.sedarplus.ca.

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The following documents of the Company are specifically incorporated by reference into, and form an integral part of, this Prospectus Supplement and the Base Shelf Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company's annual information form for the year ended December 31, 2024 dated March 31, 2025 (the "**AIF**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Company's audited consolidated financial statements for the years ended December 31, 2024 and 2023, together with the auditor's report thereon and notes contained therein (the "**Annual Financial Statements**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Company's management's discussion and analysis of financial condition and results of operations for the year and quarter ended December 31, 2024 dated March 27, 2025 (the "**Annual MD&A**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Company's unaudited interim condensed consolidated financial statements and the notes thereto for the three-month periods ended March 31, 2025 and 2024 (the "**Interim Financial Statements**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Company's management's discussion and analysis of financial condition and results of operations for the three-month period ended March 31, 2025 dated May 12, 2025 (the "**Interim MD&A**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Company's management information circular dated May 12, 2025 for the annual general meeting of shareholders to be held on June 20, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the template version of the term sheet dated June 10, 2025 (the "**Initial Term Sheet**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the template version of the amended term sheet dated June 11, 2025 (the "**Upsize Term Sheet**" and together with the Initial Term Sheet, the "**Marketing Materials**").

**Any document of the type referred to in section 11.1 of Form 44-101F1 Short Form Prospectus, if filed by the Company after the date of this Prospectus Supplement and prior to the termination of any Offering hereunder, shall be deemed to be incorporated by reference in this Prospectus Supplement.**

**Any statement contained in this Prospectus Supplement or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded, for purposes of this Prospectus Supplement, to the extent that a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated by reference herein modifies, replaces or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus Supplement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.**

**The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

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**MARKETING MATERIALS**

In connection with the Offering, the Underwriters used the Marketing Materials as "marketing materials" (as such term is defined under applicable Canadian securities laws). The Marketing Materials do not form part of this Prospectus Supplement and the Base Shelf Prospectus to the extent that the contents of the Marketing Materials have been modified or superseded by a statement contained in this Prospectus Supplement. The Initial Term Sheet has been modified by the Upsize Term Sheet to reflect the increase in the number of Common Shares offered and the size of the Offering as set out in the Initial Term Sheet and is superseded by the Upsize Term Sheet. Any "template version" (as such term is defined under applicable Canadian securities laws) of "marketing materials" filed on SEDAR+ (www.sedarplus.ca) after the date of this Prospectus Supplement and before the termination of the distribution under the Offering (including any amendments to, or an amended version of, the Marketing Materials) is deemed to be incorporated by reference into this Prospectus Supplement and the Base Shelf Prospectus solely for the purposes of the Offering.

**ELIGIBILITY FOR INVESTMENT**

In the opinion of Norton Rose Fulbright Canada LLP, counsel to the Company, and McCarthy Tétrault LLP, counsel to the Underwriters, subject to the provisions of any particular plan, based on the current provisions of the *Income Tax Act* (Canada) and the regulations thereunder (collectively, the "**Tax Act**") as of the date hereof, and all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof, the Offered Shares, if issued on the date hereof, would be "qualified investments" under the Tax Act for a trust governed by a "registered retirement savings plan", "registered retirement income fund", "registered education savings plan", "registered disability savings plan", "tax-free savings account", "first home savings account" (each a "**Registered Plan**"), or a "deferred profit sharing plan", as each of those terms is defined in the Tax Act, provided that the Offered Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the TSX) or the Company qualifies as a "public corporation" other than a "mortgage investment corporation" (each as defined in the Tax Act).

Notwithstanding that the Offered Shares may be qualified investments for a trust governed by a Registered Plan, the holder, subscriber or annuitant of, or under, a Registered Plan, as the case may be (the "**Controlling Individual**"), will be subject to a penalty tax as set out in the Tax Act in respect of Offered Shares held by a Registered Plan if such shares are a "prohibited investment" as set out in the Tax Act for the particular Registered Plan. An Offered Share generally will not be a "prohibited investment" for a Registered Plan provided the Controlling Individual (i) deals at arm's length with the Company for the purposes of the Tax Act; and (ii) does not have a "significant interest" (as defined in subsection 207.01(4) the Tax Act) in the Company. In addition, the Offered Shares will generally not be a prohibited investment if the Offered Shares are "excluded property" as defined in the Tax Act, for the Registered Plan.

**Persons who intend to hold the Offered Shares in a trust governed by a Registered Plan should consult their own tax advisors with respect to whether Offered Shares would be prohibited investments, including whether the Offered Shares would be excluded property, having regard to their particular circumstances.**

**TECHNICAL INFORMATION**

The disclosure contained or incorporated by reference in this Prospectus Supplement of a scientific or technical nature, including, among other things, disclosure of mineral reserves and mineral resources,

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regarding Aya's mineral assets in the Kingdom of Morocco is based on: (i) the technical report entitled "NI 43-101 Technical Report – Feasibility Study, Zgounder Expansion Project, Kingdom of Morocco" originally dated March 31, 2022, as amended on June 16, 2022 (the "**Zgounder Technical Report**"), prepared for Aya by 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 and Richard Barbeau, P. Eng. in accordance with *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects* ("**Regulation 43-101**"); (ii) the technical report entitled "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" dated March 31, 2025 (the "**Boumadine Technical Report**") prepared for Aya by David Lalonde, P.Geo. and Patrick Pérez, P.Eng. in accordance with Regulation 43-101; and (iii) the other information that has been prepared by or under the supervision of qualified persons (as such term is defined in Regulation 43-101) and included in this Prospectus with the consent of such persons.

The Zgounder Technical Report has been filed on SEDAR+ and may be accessed electronically under the Company's profile at <u>www.sedarplus.ca</u>. The Zgounder Technical Report is based on the updated Mineral Resource Estimate for the Company's Zgounder silver project (the "**Zgounder Project**") with an effective date of December 13, 2021, as disclosed in a technical report dated January 28, 2022 which was filed on SEDAR+. The Zgounder Technical Report constitutes Aya's current technical report in respect of the Zgounder Project.

The Boumadine Technical Report has been filed on SEDAR+ and may be accessed electronically under the Company's profile at <u>www.sedarplus.ca</u>. The Boumadine Technical Report is based on the updated Mineral Resource Estimate for the Company's Boumadine polymetallic project (the "**Boumadine Project**") with an effective date of February 24, 2025, as disclosed in a technical report dated March 31, 2025 which was filed on SEDAR+. The Boumadine Technical Report constitutes Aya's current technical report in respect of the Boumadine Project.

Actual recoveries of mineral products may differ from reported mineral reserves and mineral resources due to inherent uncertainties in acceptable estimating techniques. In particular, inferred mineral resources have a significant amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category of resource. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into proven and probable reserves.

For further information on any scientific or technical disclosure included in this Prospectus and any documents incorporated herein by reference relating to Aya's Zgounder Project or Boumadine Project, please refer to the Zgounder Technical Report or Boumadine Technical Report, respectively.

**THE COMPANY**

***The following description of the Company is, in some instances, derived from selected information about the Company contained in the documents incorporated by reference into this Prospectus Supplement. This description does not contain all of the information about the Company and its business that prospective investors should consider before investing in the Company. Prospective investors should carefully read the entire Prospectus Supplement and the Base Shelf Prospectus,***

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***including under the heading "Risk Factors", as well as the documents incorporated by reference herein and therein, before making an investment decision.***

Aya was incorporated under the *Canada Business Corporations Act* (the "**CBCA**"). The Company is a publicly traded Canadian precious metals mining company focused on the operation, exploration, acquisition and development of precious metals mining projects. On February 27, 2018, articles of amendment were issued to consolidate the common shares of the Company on a four (4) to one (1) basis. Effective July 31, 2020, the Company began trading on the TSX under the name of Aya Gold & Silver Inc./Aya Or & Argent Inc.

The head and registered office of Aya is located at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, Canada.

The following chart sets out the organizational structure of Aya and each of its material subsidiaries, as well as the percentage of ownership and jurisdiction of incorporation of each such material subsidiary:

![ayagolda.jpg](ayagolda.jpg)

**CONSOLIDATED CAPITALIZATION**

Since the Company's most recent financial statements, being the Interim Financial Statements, there have been no material changes in the share and loan capital of the Company, on a consolidated basis. After giving effect to the Offering, the share capital of the Company would increase by $125,000,055, or $143,750,063 if the Over-Allotment Option is fully exercised. Share issue costs (including the Underwriters' Fee and the estimated expenses of the Offering), in the amount of $6,825,002, or $7,668,753 if the Over-Allotment Option is fully exercised, would increase the deficit in equity, net of

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taxes, and an additional 9,363,300 Common Shares, or 10,767,795 Common Shares if the Over-Allotment Option is exercised in full, would be issued and outstanding.

**USE OF PROCEEDS**

The net proceeds to the Company from the Offering are estimated to be $118,175,053, after deducting the payment of the Underwriters' Fee of $5,625,002, and after deducting the estimated expenses of the Offering (estimated to be approximately $1,200,000). If the Over-Allotment Option is exercised in full, the net proceeds to the Company from the Offering are estimated to be $136,081,310, after deducting the Underwriters' Fee of $6,468,753, and after deducting the estimated expenses of the Offering (estimated to be approximately $1,200,000).

**Use of Net Proceeds and Available Funds**

The Company intends to use the net proceeds from the Offering approximately as follows:

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| | |
|:---|:---|
| **Use of Funds** | **Estimated Amount** |
| Boumadine Project – Completion of infill and step-out drilling, regional exploration activities, updated mineral resource estimate, initiation and completion of technical studies | $80000000 |
| Zgounder Project & Other Projects – Continuation of regional exploration campaigns within the general Zgounder area | $10000000 |
| General corporate and working capital | $28175053 |
| **Total** | $118175053 |

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The above noted allocation represents the Company's current intentions with respect to its use of proceeds from the Offering and use of available funds based on current knowledge, planning and expectations of management of the Company (and assuming no exercise of the Over-Allotment Option). The net proceeds from the exercise of the Over-Allotment Option, if any, are expected to be used for general working capital purposes. The Company's actual use of the net proceeds of the Offering and use of available funds may vary depending on the Company's operating and capital needs from time to time. There may be circumstances where, for sound business reasons, a reallocation of funds may be necessary. See "*Risk Factors –Use of Proceeds*".

Pending the use of the net proceeds described above, the Company may hold all or a portion of the net proceeds of the Offering as cash balances in the Company's bank account or may invest all or a portion of the net proceeds of the Offering in short-term, high quality, interest bearing corporate, government-issued or government-guaranteed securities.

**Negative Cash Flow from Operating Activities**

For the fiscal year ended December 31, 2024, the Company had negative cash flow from operating activities of US$8,615,000. As at March 31, 2025, the Company's cash amounted to US$18,319,000 and cash flow from operating activities of US$7,926,000. The Company may have negative cash flow from operating activities for the fiscal year ending December 31, 2025 and future fiscal years. In such a case, the Company may use a portion of the net proceeds from the Offering to fund such negative cash flow from operating activities in future periods. See "*Risk Factors – Negative Cash Flow from Operating Activities*".

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**PLAN OF DISTRIBUTION**

Pursuant to the Underwriting Agreement, the Company has agreed to issue and sell, and the Underwriters have severally (and not jointly, nor jointly and severally) agreed to purchase, as principals, on the Closing Date, an aggregate of 9,363,300 Offered Shares at the Offering Price, for aggregate gross proceeds of $125,000,055, payable in cash to the Company against delivery of the Offered Shares, subject to compliance with the terms and conditions contained in the Underwriting Agreement. The obligations of the Underwriters under the Underwriting Agreement are several (and not joint, nor joint and several), and may be terminated at their discretion on the basis of "disaster out", "regulatory out", "material change out", "cease trade out" and "breach out" provisions in the Underwriting Agreement, and may also be terminated upon the occurrence of certain stated events. The Underwriters are, however, obligated to take up and pay for all of the Offered Shares if any of the Offered Shares are purchased under the Underwriting Agreement.

The Company has granted the Underwriters the Over-Allotment Option, exercisable in whole or in part, in the sole discretion of the Co-Lead Underwriters, on behalf of the Underwriters, for a period of 30 days from and including the Closing Date, to purchase up to an additional 1,404,495 Offered Shares, at the Offering Price, to cover over-allotments, if any, made by the Underwriters in connection with the Offering and for market stabilization purposes. The grant of the Over-Allotment Option and the Additional Shares issuable upon exercise of the Over-Allotment Option are qualified for distribution under this Prospectus Supplement. A purchaser who acquires Additional Shares forming part of the Underwriters' over-allocation position acquires such Additional Shares under this Prospectus Supplement regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

In consideration for the services rendered by the Underwriters in connection with the Offering, the Company has agreed to pay the Underwriters the Underwriters' Fee equal to 4.5% of the gross proceeds of the Offering, including any Additional Shares sold pursuant to the exercise of the Over-Allotment Option. The Offering Price and other terms of the Offering were determined by arm's length negotiation between the Company and the Underwriters, with reference to the prevailing market price of the Common Shares.

The Offering is being made in each of the provinces of Canada. The Offered Shares will be offered in such provinces through those Underwriters or their affiliates who are registered to offer Offered Shares for sale in such provinces and such other registered dealers as may be designated by the Underwriters. Subject to applicable law, the Underwriters may offer the Offered Shares in such other jurisdictions outside of Canada as agreed between the Company and the Underwriters.

On June 12, 2025, the Company received conditional approval from the TSX with regard to the listing of the Offered Shares and the Additional Shares on the TSX. Listing is subject to the Company fulfilling all of the requirements of the TSX.

**The Underwriters propose to offer the Offered Shares initially at the Offering Price. After the Underwriters have made reasonable efforts to sell all of the Offered Shares at such price, the Offering Price may be decreased, and further changed from time to time, to an amount not greater than the Offering Price. However, in no event will the Company receive less than net proceeds of $12.74925 per Offered Share. If the selling price is reduced, the compensation realized by the Underwriters will be reduced by the amount that the aggregate price paid by the purchasers for the Offered Shares is less than the gross proceeds paid by the Underwriters to the Company. In** 

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**addition, the Underwriters may offer selling group participation to other registered dealers that are satisfactory to the Company, acting reasonably, with compensation to be negotiated between the Underwriters and such selling group participants, but at no additional cost to the Company.**

Pursuant to policy statements of certain securities regulators, the Underwriters may not, throughout the period of distribution under this Prospectus Supplement, bid for or purchase Common Shares. The foregoing restriction is subject to certain exceptions including: (a) a bid or purchase permitted under the Universal Market Integrity Rules for Canadian Marketplaces administered by the Canadian Investment Regulatory Organization relating to market stabilization and passive market making activities, (b) a bid or purchase made for and on behalf of a customer where the order was not solicited during the period of the distribution, provided that the bid or purchase was for the purpose of maintaining a fair and orderly market and not engaged in for the purpose of creating actual or apparent active trading in, or raising the price of, such securities, or (c) a bid or purchase to cover a short position entered into prior to the commencement of the prescribed restricted period. Consistent with these requirements, and in connection with this distribution, the Underwriters may over-allot or effect transactions that are intended to stabilize or maintain the market price of the Common Shares at levels other than those which otherwise might prevail on the open market. If these activities are commenced, they may be discontinued by the Underwriters at any time. The Underwriters may carry out these transactions on the TSX, in the over-the-counter market or otherwise.

Pursuant to the Underwriting Agreement, the Company has agreed that it will not, without the prior written consent of the Co-Lead Underwriters, on behalf of the Underwriters, such consent not to be unreasonably withheld or delayed, during the period commencing on the signing of the Underwriting Agreement and ending 90 days following the Closing Date, issue, agree to issue, or announce an intention to issue, any additional debt, common shares or any securities convertible into or exchangeable for shares of the Company (subject to certain customary exemptions, including for grants of equity compensation securities in the ordinary course and securities issued on exercise of any currently outstanding convertible securities).

The Offered Shares have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws and, subject to certain exemptions from registration under the U.S. Securities Act and applicable state securities laws, may not be offered or sold in the United States. The Underwriters have agreed that, except as permitted by the Underwriting Agreement pursuant to transactions exempt from the registration requirements of the U.S. Securities Act and any applicable U.S. state securities laws, they will not offer or sell the Offered Shares at any time in the United States. The Underwriting Agreement permits the Underwriters, pursuant to the terms and conditions set forth in the Underwriting Agreement, acting through one or more of their registered United States broker-dealer affiliates, to offer and resell the Offered Shares they have acquired pursuant to the Underwriting Agreement to Qualified Institutional Buyers in the United States in reliance upon Rule 144A under the U.S. Securities Act and pursuant to similar exemptions under applicable U.S. state securities laws. Moreover, the Underwriting Agreement provides that the Underwriters will otherwise offer and sell the Offered Shares outside the United States only in accordance with the exclusion from the registration requirements of the U.S. Securities Act provided by Rule 903 of Regulation S under the U.S. Securities Act. The Offered Shares that are sold in the United States will be "restricted securities" within the meaning of Rule 144(a)(3) under the U.S. Securities Act and will be subject to restrictions to the effect that such securities have not been registered under the U.S. Securities Act and may only be offered, sold, pledged or otherwise transferred pursuant to certain exclusions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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This Prospectus Supplement does not constitute an offer to sell or a solicitation of an offer to buy any of the Offered Shares in the United States. In addition, until 40 days after the commencement of the Offering, an offer or sale of the Offered Shares within the United States by a dealer (whether or not participating in the Offering) may violate the registration requirements of the U.S. Securities Act if such offer or sale is made otherwise than in accordance with Rule 144A under the U.S. Securities Act or another exemption from registration under the U.S. Securities Act and any applicable U.S. state securities laws.

It is anticipated that the Offered Shares will be delivered under the book-based system through CDS or its nominee and deposited in electronic form. A purchaser of Offered Shares, including a purchaser of Offered Shares in the United States that is a "Qualified Institutional Buyer", will receive only a customer confirmation from the registered dealer from or through which the Offered Shares are purchased and who is a CDS depository service participant. CDS will record the CDS participants who hold Offered Shares on behalf of owners who have purchased Offered Shares in accordance with the book-based system. No definitive certificates will be issued unless specifically requested or required.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**

The Offering consists of 9,363,300 Common Shares at the Offering Price and up to an additional 1,404,495 Additional Shares at the Offering Price. The Offered Shares will be issued on the Closing Date pursuant to the Underwriting Agreement. If the Over-Allotment Option is exercised, some or all of the Additional Shares will be issued on the closing of the exercise of the Over-Allotment Option pursuant to the Underwriting Agreement.

The summary below of the rights, privileges, restrictions and conditions attaching to the Common Shares is subject to, and qualified in its entirety by reference to, the Company's articles and by-laws, which may be accessed electronically under Aya's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

Holders of Common Shares are entitled to receive notice of, attend and vote at, all meetings of the shareholders of the Company (except with respect to matters requiring the vote of a specified class or series voting separately as a class or series) and are entitled to one vote for each Common Share on all matters to be voted on by shareholders at meetings of the Company's shareholders. Holders of Common Shares are entitled to receive such dividends, if, as and when declared by the Company's board of directors (the "**Board**"), in their sole discretion. All dividends which the Board may declare shall be declared and paid in equal amounts per share on all Common Shares at the time outstanding.

On liquidation, dissolution or winding up of the Company, the holders of Common Shares will be entitled to receive the property of the Company remaining after payment of all outstanding debts on a pro rata basis, but subject to the rights, privileges, restrictions and conditions of any other class of shares issued by the Company. There are no pre-emptive, redemption or conversion rights attaching to the Common Shares. All Common Shares, when issued, are and will be issued as fully paid and non-assessable shares without liability for further calls or to assessment.

Provisions as to the modification, amendment or variation of such shareholder rights or provisions are contained in the CBCA.

As of the date of this Prospectus Supplement, the Company has not declared dividends and has no current intention to declare dividends on its Common Shares in the foreseeable future. Any decision to pay dividends on its Common Shares in the future will be at the discretion of the Board and will depend on, among other things, the Company's results of operations, current and anticipated cash requirements and

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surplus, financial condition, any future contractual restrictions and financing agreement covenants, solvency tests imposed by corporate law and other factors that the Board may deem relevant.

It is expected that the Offered Shares will be issued and deposited in electronic form with CDS on the Closing Date. No certificate evidencing the Offered Shares will be issued to purchasers and registration will be made in the depository service of CDS. Such purchasers of the Offered Shares will receive only a customer confirmation from the Underwriters or other registered dealer who is a CDS participant and from or through whom a beneficial interest in the Offered Shares is purchased. See "*Plan of Distribution*".

**PRIOR SALES**

The following table summarizes the issuances by the Company of Common Shares, and securities convertible into or exchangeable for Common Shares, for the 12 months prior to the date of this Prospectus Supplement.

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Type of Security Issued** | **Issuance / Exercise Price Per Security** | **Number of Securities Issued** |
| June 18, 2024 | Common Shares <sup>(1)</sup> | 7.69 | 75000 |
| June 20, 2024 | Common Shares <sup>(1)</sup> | 1.43 | 50000 |
| June 20, 2024 | Common Shares <sup>(1)</sup> | 7.69 | 36700 |
| July 1 2024 | DSU Grant | 13.29 | 26249 |
| July 3, 2024 | Common Shares <sup>(1)</sup> | 1.43 | 19850 |
| August 23, 2024 | Stock Option Grant | 15.63 | 5000000 |
| August 23, 2024 | RSU Grant | 15.63 | 10052 |
| August 23, 2024 | DSU Grant | 15.63 | 8188 |
| September 13, 2024 | Common Shares <sup>(1)</sup> | 7.69 | 33000 |
| September 16, 2024 | Common Shares <sup>(1)</sup> | 7.69 | 30000 |
| September 20, 2024 | Common Shares <sup>(1)</sup> | 7.69 | 20000 |
| September 24, 2024 | Common Shares <sup>(1)</sup> | 7.69 | 50000 |
| October 1, 2024 | DSU Grant | 18.10 | 19045 |
| October 22, 2024 | Common Shares <sup>(3)</sup> | 10.66 | 27578 |
| October 22, 2024 | Common Shares <sup>(3)</sup> | 8.88 | 23568 |
| December 31, 2024 | Common Shares <sup>(3)</sup> | 8.88 | 132586 |
| January 16, 2025 | DSU Grant | 11.70 | 29870 |
| January 21, 2025 | Common Shares <sup>(1)</sup> | 1.43 | 20000 |
| January 31, 2025 | RSU Grant | 11.42 | 384141 |
| April 1, 2025 | Common Shares <sup>(2)</sup> | 11.69 | 12000 |
| April 2, 2025 | Common Shares <sup>(3)</sup> | 10.00 | 23177 |
| April 6, 2025 | RSU Grant | 10.17 | 15000 |

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Type of Security Issued** | **Issuance / Exercise Price Per Security** | **Number of Securities Issued** |
| April 7, 2025 | Common Shares <sup>(3)</sup> | 8.88 | 49604 |
| April 15, 2025 | DSU Grant | 10.56 | 32915 |
| May 12, 2025 | RSU Grant | 9.71 | 10000 |
| May 20, 2025 | Common Shares <sup>(3)</sup> | 8.88 | 249605 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Issued pursuant to the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Issued pursuant to the exercise of deferred share units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Issued pursuant to the exercise of restricted share units.

**TRADING VOLUME AND PRICE**

The Common Shares of the Company are listed and posted for trading on the TSX under the symbol "AYA" and trade on the OTCQX under the symbol "AYASF".

The following table sets forth the high and low sale prices in Canadian dollars and trading volumes for the Common Shares on the TSX for the previous 12 months (as reported by the TSX) prior to the date of this Prospectus Supplement.

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| | | | |
|:---|:---|:---|:---|
| **Month** | **Volume** | **High ($)** | **Low ($)** |
| June 2024 | 7757356 | 15.08 | 12.75 |
| July 2024 | 6372154 | 16.26 | 13.20 |
| August 2024 | 7789602 | 16.17 | 12.81 |
| September 2024 | 13149254 | 19.15 | 12.95 |
| October 2024 | 11538849 | 19.56 | 16.98 |
| November 2024 | 19227310 | 18.16 | 11.53 |
| December 2024 | 14463537 | 14.49 | 10.52 |
| January 2025 | 14164746 | 12.40 | 10.63 |
| February 2025 | 16231602 | 12.88 | 11.85 |
| March 2025 | 19939477 | 13.70 | 10.12 |
| April 2025 | 20643413 | 11.89 | 9.35 |
| May 2025 | 23742068 | 12.56 | 8.52 |
| June 1-11 | 13989274 | 15.46 | 12.33 |

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**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following summary describes, as of the date hereof, the principal Canadian federal income tax considerations pursuant to the Tax Act generally applicable to a holder who: (i) acquires the Offered Shares pursuant to this Offering as beneficial owner; (ii) for purposes of the Tax Act and at all relevant times, acquires and holds the Offered Shares as capital property; and (iii) for purposes of the Tax Act and at all relevant times, deals at arm's length and is not affiliated with the Company or the Underwriters (a "**Holder**"). Generally, the Offered Shares will be considered to be capital property to a Holder thereof provided that the Holder does not hold or use, is not deemed to hold or use, and will not hold or use the

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Offered Shares in the course of carrying on a business and such Holder has not acquired or been deemed to have acquired, the Offered Shares in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary is not applicable to a Holder: (i) that is a "financial institution" (as defined in the Tax Act for the purposes of the "mark-to-market" rules); (ii) an interest in which is or would constitute a "tax shelter investment" (as defined in the Tax Act); (iii) that is a "specified financial institution" (as defined in the Tax Act); (iv) that elects or has elected to report its "Canadian tax results" (as defined in the Tax Act) in a currency other than Canadian currency; (v) that is exempt from tax under Part I of the Tax Act; (vi) that will enter into or has entered into a "synthetic disposition arrangement" or a "synthetic equity arrangement" or a "derivative forward agreement" (each as defined in the Tax Act) with respect to the Offered Shares; (vii) that receives dividends on Offered Shares under or as part of a "dividend rental arrangement" (as defined in the Tax Act); or (viii) that is a corporation resident in Canada that is or becomes (or does not deal at arm's length with a corporation resident in Canada for purposes of the Tax Act that is or becomes), as part of a transaction or event or series of transactions or events that includes the acquisition of Offered Shares, controlled by a non-resident person, or a group of non-resident persons that do not deal with each other at arm's length for the purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such investors should consult their own tax advisors with respect to an investment in the Offered Shares.

This summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of the Offered Shares.

This summary is based upon: (i) the facts set out in this Prospectus Supplement, (ii) the current provisions of the Tax Act in force as of the date hereof; (iii) all specific proposals to amend the Tax Act that have been publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Proposed Amendments**"); and (iv) counsel's understanding of the current administrative policies and practices of the Canada Revenue Agency (the "**CRA**") published in writing and made publicly available by the CRA prior to the date hereof. This summary assumes the Proposed Amendments will be enacted in the form proposed, however, no assurance can be given that the Proposed Amendments will be enacted in the form proposed, if at all. This summary is not exhaustive of all possible Canadian federal income tax considerations and, except for the Proposed Amendments, does not take into account any changes in the law, whether by legislative, regulatory, administrative governmental or judicial decision or action, nor does it take into account provincial, territorial or foreign tax considerations, which may differ significantly from those discussed herein. This summary also does not take into account any change in the administrative policies of the CRA.

**This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder or prospective Holder of Offered Shares, and no representations with respect to the tax consequences to any holder or prospective Holder are made therein. Consequently, holders and prospective Holders of Offered Shares should consult their own tax advisors for advice with respect to the tax consequences to them of acquiring, holding and disposing of Offered Shares, having regard to their particular circumstances.**

**Currency**

Generally, for purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Offered Shares (including dividends, adjusted cost base and proceeds of disposition) must be expressed in Canadian dollars based on the rate quoted by the Bank of Canada for the applicable day such amounts

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arise or such other exchange rate that is acceptable to the CRA and determined in accordance with the detailed rules in the Tax Act.

**Holders Resident in Canada**

The following discussion applies to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention, is or is deemed to be resident in Canada (a "**Resident Holder**"). Certain Resident Holders who might not otherwise be considered to hold their Offered Shares as capital property may, in certain circumstances, be entitled to make an irrevocable election pursuant to subsection 39(4) of the Tax Act to have their Offered Shares, and every other "Canadian security" (as defined in the Tax Act) owned by such Resident Holders in the taxation year of the election and in all subsequent taxation years, deemed to be capital property. Such Resident Holders should consult their own tax advisors regarding this election.

*Receipt of Dividends on Offered Shares*

Dividends received or deemed to be received on Offered Shares held by a Resident Holder in a taxation year will be included in the Resident Holder's income for that taxation year for the purposes of the Tax Act.

Such dividends received by a Resident Holder who is an individual (other than certain trusts) will generally be subject to the gross-up and dividend tax credit rules in the Tax Act normally applicable to "taxable dividends" received or deemed to be received by individuals from "taxable Canadian corporations" (each as defined in the Tax Act), including the enhanced gross-up and dividend tax credit in respect of dividends designated by the Company as "eligible dividends" in accordance with the provisions of the Tax Act. There may be limitations on the ability of the Company to designate dividends as "eligible dividends" and the Company has made no commitments in this regard.

Dividends received or deemed to be received on Offered Shares by a Resident Holder that is a corporation will be included in computing such Resident Holder's income for the taxation year and will generally also be deductible in computing its taxable income for that taxation year, subject to all relevant restrictions under the Tax Act. In certain circumstances a taxable dividend received or deemed to be received by a Resident Holder that is a corporation may be deemed to be proceeds of disposition or a capital gain pursuant to subsection 55(2) of the Tax Act. Resident Holders that are corporations should consult their own tax advisors with respect to the application of subsection 55(2) of the Tax Act having regard to their own circumstances.

A Resident Holder that is a "private corporation" or a "subject corporation", each as defined in the Tax Act, may be liable to pay tax under Part IV of the Tax Act (which generally is refundable, subject to the detailed rules of the Tax Act) on dividends received (or deemed to be received) on the Offered Shares to the extent that such dividends are deductible in computing the Resident Holder's taxable income for the taxation year. A "subject corporation" is generally a corporation (other than a private corporation) resident in Canada and controlled directly or indirectly by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts).

*Disposition of Offered Shares*

A disposition or a deemed disposition of an Offered Share (other than to the Company unless purchased by the Company in the open market in the manner in which shares are normally purchased by any member of the public in the open market) by a Resident Holder will generally result in the Resident

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Holder realizing a capital gain (or a capital loss) in the taxation year of the disposition or deemed disposition equal to the amount by which the proceeds of disposition of the Offered Share exceed (or are less than) the aggregate of the adjusted cost base to the Resident Holder thereof immediately before the disposition or deemed disposition and any reasonable costs of disposition. Such capital gain (or capital loss) will be subject to the tax treatment described below under "*Taxation of Capital Gains and Capital Losses*". The adjusted cost base to a Resident Holder of Offered Shares acquired pursuant to this Offering will be determined by averaging the cost of such Offered Shares with the adjusted cost base (determined immediately before the acquisition of the Offered Shares) of all other Common Shares (if any) held by the Resident Holder as capital property immediately prior to the acquisition.

*Taxation of Capital Gains and Capital Losses*

Generally, one-half of any capital gain (a "**taxable capital gain**") realized by a Resident Holder in a taxation year must be included in the Resident Holder's income for the year, and one-half of any capital loss (an "**allowable capital loss**") realized by a Resident Holder in a taxation year must be deducted from taxable capital gains realized by the Resident Holder in that year. Allowable capital losses in excess of taxable capital gains realized in a taxation year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years (but not against other income), to the extent and under the circumstances described in the Tax Act.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition or deemed disposition of an Offered Share may, in certain circumstances, be reduced by the amount of dividends previously received or deemed to have been received by it on such Offered Share (or on a share for which the Offered Share has been substituted) to the extent and under the circumstances prescribed by the Tax Act. Similar rules may apply where a corporation is a member of a partnership or a beneficiary of a trust that owns Offered Shares, directly or indirectly, through a partnership or a trust. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

*Additional Refundable Tax*

A Resident Holder that: (i) throughout the relevant taxation year, is a "Canadian-controlled private corporation" (as defined in the Tax Act), or (ii) at any time in the relevant taxation year, is a "substantive CCPC" (as defined in the Tax Act), may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income" (as defined in the Tax Act) for the year, which generally include any taxable capital gains and dividends or deemed dividends that are not deductible in computing the Resident Holder's taxable income. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

*Alternative Minimum Tax*

Capital gains realized and dividends received (or deemed to be received) by a Resident Holder who is an individual (including certain trusts) may result in such Resident Holder being liable for alternative minimum tax under the Tax Act. Such Resident Holders should consult their own tax advisors in this regard.

**Holders Not Resident in Canada**

The following summary applies to a Holder who, at all relevant times, for purposes of the Tax Act and any relevant income tax treaty or convention: (i) is neither resident nor deemed to be resident in Canada;

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and (ii) does not, and is not deemed to, use or hold Offered Shares in connection with, or in the course of carrying on a business in Canada (a "**Non-Resident Holder**"). In addition, this discussion does not apply to a Non-Resident Holder that is an insurer carrying on business in Canada and elsewhere or an "authorized foreign bank" (as such term is defined in the Tax Act). Such a Non-Resident Holder should consult its own tax advisors.

*Disposition of Offered Shares*

A Non-Resident Holder will generally not be subject to tax under the Tax Act in respect of any capital gain realized by such Non-Resident Holder on a disposition or deemed disposition of an Offered Share, nor will capital losses arising therefrom be recognized under the Tax Act, unless the Offered Shares constitute "taxable Canadian property" (as defined in the Tax Act) of the Non-Resident Holder at the time of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Resident Holder is resident.

Provided the Offered Shares are listed on a "designated stock exchange", as defined in the Tax Act (which currently includes the TSX), at the time of disposition, Offered Shares generally will not constitute taxable Canadian property of a Non-Resident Holder, unless at any time during the 60 month period that ends at the time of the disposition of the Offered Shares, the following two conditions are met concurrently: (i)(a) the Non-Resident Holder; (b) persons with whom the Non-Resident Holder did not deal at arm's length; (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; or (d) any combination of the foregoing, owned 25% or more of the issued shares of any class or series of the shares of the capital stock of the Company; and (ii) more than 50% of the fair market value of the Offered Shares was derived directly or indirectly from one or any combination of: (a) real or immovable property situated in Canada; (b) "Canadian resource properties" (as defined in the Tax Act); (c) "timber resource properties" (as defined in the Tax Act); and (d) options in respect of, or interests in or for civil law rights in, property described in (a) to (c), whether or not such property exists. Notwithstanding the foregoing, Offered Shares may otherwise be deemed to be taxable Canadian property to a Non-Resident Holder for purposes of the Tax Act.

In the event that an Offered Share constitutes taxable Canadian property (or deemed to be taxable Canadian property) of a Non-Resident Holder and any capital gain that would be realized on the disposition thereof is not exempt from tax under the Tax Act or pursuant to an applicable income tax treaty or convention, the income tax consequences discussed above for Resident Holders under "*Disposition of Offered Shares*" will generally apply to the Non-Resident Holder.

A Non-Resident Holder contemplating a disposition of Offered Shares that may constitute taxable Canadian property should consult its own tax advisors prior to such disposition.

*Receipt of Dividends on Offered Shares*

Any dividends paid or credited, or deemed to be paid or credited, on the Offered Shares to a Non-Resident Holder will generally be subject to Canadian withholding tax at the rate of 25% of the gross amount of the dividend or deemed dividend unless the rate is reduced under the provisions of an applicable income tax treaty or convention between Canada and the Non-Resident Holder's country of residence and to which the Non-Resident Holder is entitled to the full benefits thereof. For instance, where the Non-Resident Holder is a resident of the United States that is entitled to full benefits under the Canada-United States Income Tax Convention (1980) as amended (the "Treaty"), and is the beneficial

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owner of the dividends, the rate of Canadian withholding tax applicable to dividends is generally reduced to 15% (or 5% in the case of a Non-Resident Holder that is a corporation entitled to full benefits under the Treaty beneficially owning at least 10% of the Company's voting shares). Non-Resident Holders should consult their own tax advisors in this regard.

**RISK FACTORS**

An investment in the Offered Shares being distributed under this Prospectus Supplement is speculative and involves a high degree of risk. In addition to the other information included or incorporated by reference in this Prospectus Supplement or the Base Shelf Prospectus, you should carefully consider the risks and uncertainties described in the documents incorporated by reference herein and therein, together with all of the other information contained in this Prospectus Supplement and the Base Shelf Prospectus, before purchasing the Offered Shares. The occurrence of any of such risks could have a material adverse effect on our business, financial condition, results of operations and future prospects. In these circumstances, the market price of our securities, including the Offered Shares, could decline, and you may lose all or part of your investment. The risks described herein are not the only risks we face; risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and results of operations. Investors should also refer to the other information set forth or incorporated by reference in this Prospectus Supplement or the Base Shelf Prospectus, including our consolidated financial statements and related notes. This Prospectus Supplement and the Base Shelf Prospectus also contain forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described herein. See "*Cautionary Note Regarding Forward-Looking Statements*."

In particular, you should carefully consider the risks described under the Base Shelf Prospectus, the Company's AIF, our Annual MD&A, our Interim MD&A, and other publicly filed documents which are incorporated herein by reference. These are not the only risks and uncertainties that we face. Additional risks not presently known to us or that we currently consider immaterial may also materially and adversely affect us. If any of the events identified in these risks and uncertainties were to actually occur, our business, financial condition or results of operations could be materially harmed.

**Risks Relating to the Offering**

***Potential Dilution***

The Company's constating documents allow the Company to issue an unlimited number of Common Shares for such consideration and on such terms and conditions as shall be established by the Board, in many cases, without the approval of our shareholders. The Company may issue Common Shares in public or private offerings (including through the sale of securities convertible into or exchangeable for Common Shares) and on the exercise of stock options or other securities exercisable for Common Shares. The Company may also issue Common Shares to finance or as consideration for future acquisitions and other projects or in connection with the establishment or development of strategic relationships. Any such future issuances of Common Shares could be significant and the Company cannot predict the effect that future issuances and sales of Common Shares will have on the market price of the Common Shares. The Company cannot predict the size of future issuances of equity securities or the size and terms of future issuances of debt instruments or other securities convertible into equity securities, or the effect, if any, that future issuances and sales of the Company's securities will have on the market price of the Common Shares. Issuances of a substantial number of additional Common Shares, or the perception that such

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issuances could occur, may adversely affect prevailing market prices for our Common Shares. With any additional issuance of Common Shares, investors will suffer dilution to their voting power and we may experience dilution in our earnings per share.

***Positive Return not Guaranteed***

A positive return on an investment in the Offered Shares is not guaranteed. There is no guarantee that an investment in the Offered Shares will earn any positive return in the short term or long term. An investment in the Offered Shares is speculative and involves a high degree of risk as the Common Shares are subject to a relatively high degree of price volatility and should thus be undertaken only by investors whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. An investment in the Offered Shares is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment.

***Leverage Risk***

The Company's degree of leverage could have material adverse consequences for the Company, including, but not limited to: limiting the Company's ability to obtain additional financing for working capital, capital expenditures, project development, debt service requirements, acquisitions and general corporate or other purposes; restricting the Company's flexibility and discretion to operate its business; limiting the Company's ability to declare dividends on its Common Shares; having to dedicate a portion of the Company's cash flows from operations to the payment of interest on its existing indebtedness and not having such cash flows available for other purposes, including operations, capital expenditures and future business opportunities; exposing the Company to increased interest expense on borrowings at variable rates; limiting the Company's ability to adjust to changing market conditions; placing the Company at a competitive disadvantage compared to its competitors that have less debt; making the Company vulnerable in a downturn in general economic conditions; and making the Company unable to make capital expenditures that are important to its growth and strategies.

***Payment of Dividends***

The Company has not, since the date of its incorporation, declared or paid any dividends on the Common Shares, and does not currently have a policy with respect to the payment of dividends. For the foreseeable future, Aya anticipates that it will retain future earnings and other cash resources for the operation and development of its business. Payment of dividends on the Common Shares is dependent on cash flows of the Company's business and subject to change. The declaration and payment of future dividends will be at the discretion of the Board, and may be affected by various factors, including the Company's revenues, financial condition, acquisitions and legal, regulatory or contractual restrictions. There can be no assurance that Aya will be in a position to pay dividends at the rate anticipated (or at all) in the future. A reduction or cessation of the payment of dividends could materially adversely affect the trading price of the Common Shares.

***Limited Cash and Liquidity Position***

In the management of the Company's current cash and liquidity position, the Company maintains a balance between continuity of funding and flexibility through the use of borrowings. The Company closely monitors its liquidity position and expects, but cannot guarantee that it will, have adequate sources of funding to finance the Company's projects and operations in the future.

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***Use of Proceeds***

The Company intends to allocate the net proceeds it will receive from the Offering as described under "*Use of Proceeds*" in this Prospectus Supplement. However, the Company will have broad discretion over the use of the net proceeds from the Offering. Because of the number and variability of factors that will determine the Company's use of such proceeds, the Company's ultimate use might vary substantially from its planned use. The failure by the Company to apply these funds effectively could have a material adverse effect on the business of the Company. Investors may not agree with how the Company allocates or spends the proceeds from the Offering. The Company may pursue acquisitions, collaborations or other opportunities that do not result in an increase in the market value of the Common Shares and that may increase its losses.

***Sufficient Market Liquidity***

Holders of Common Shares may be unable to sell significant quantities of Common Shares into the public trading markets without a significant reduction in the price of their Common Shares, or at all. There can be no assurance that there will be sufficient liquidity of the Common Shares on the trading market, and that the Company will continue to meet the listing requirements of the TSX or achieve listing on any other public listing exchange.

***Additional Fund Requirements***

The Company anticipates that it will require funds beyond the net proceeds of the Offering in order to achieve its long-term business objectives. There is no assurance that the Company will be able to secure additional equity or alternative financing when required. To the extent that the Company is unable to raise additional financing, the Company will curtail operational activities which will ultimately delay the advancement of its projects.

***Completion of the Offering***

Pursuant to the terms of the Underwriting Agreement, the completion of the Offering is subject to a number of customary closing conditions, including but not limited to, listing of the Offered Shares on the TSX, and will be subject to the Company fulfilling all of the requirements of the TSX. There can be no certainty that the Offering will be completed.

***Negative Cash Flow from Operating Activities***

For the fiscal year ended December 31, 2024, the Company had negative cash flow from operating activities of US$8,615,000. These losses were a result of continued investments in the Zgounder expansion during the commissioning and ramp-up phase before it reached commercial production on December 30, 2024. The Company may have negative cash flow from operating activities for the fiscal year ending December 31, 2025 and future fiscal years. As at March 31, 2025, the Company's cash amounted to US$18,319,000 and cash flow from operating activities of US$7,926,000. The Company believes that it will have sufficient funds to operate and advance its business objectives and key milestones for at least the next 12 months.

***Enforcement of Rights in Foreign Jurisdictions***

Aya's material subsidiaries, which directly own substantially all the Company's assets, are incorporated under the laws of foreign jurisdictions. In addition, all the Company's operations are located outside of

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Canada. Further, certain of the Company's directors, officers and management are residents of countries other than Canada, with all or a substantial portion of such person's assets located outside of Canada. As such, in case of disputes arising from its operations, the Company 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 Company 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. In addition, there is uncertainty as to whether the courts of Canada would recognize or enforce judgments of courts of another jurisdiction obtained against the Company or its directors and officers predicated upon the civil liability provisions of the securities laws of such other jurisdiction, or be competent to hear original actions brought in Canada against the Company or its directors and officers predicated upon the securities laws of such other jurisdiction.

**STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within 2 business days after the later of (a) the date that the Company (i) filed this Prospectus Supplement or any amendment on SEDAR+ and a receipt is issued and posted for the document, and (ii) issued and filed a news release on SEDAR+ announcing that the document is accessible through SEDAR+, and (b) the date that the purchaser or subscriber has entered into an agreement to purchase the securities or a contract to purchase or a subscription for the securities. In several of the provinces, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revision of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province.

A purchaser should refer to applicable securities legislation for the particulars of these rights and should consult a legal adviser. Rights and remedies also may be available to purchasers under U.S. law and purchasers may wish to consult with a U.S. lawyer for particulars of these rights.

**INTERESTS OF EXPERTS**

Legal matters relating to the Offering are being passed upon for the Company by Norton Rose Fulbright Canada LLP and on behalf of the Underwriters by McCarthy Tétrault LLP. As of the date hereof, the "designated professionals" (as such term is defined in Form 51-102F2 – Annual Information Form) of Norton Rose Fulbright Canada LLP and McCarthy Tétrault LLP, respectively, beneficially own, directly or indirectly, less than 1% of the issued and outstanding securities of the Company.

KPMG LLP is the Company's independent auditor and has prepared an independent auditor's report in respect of the Annual Financial Statements. KPMG LLP has confirmed that it is independent to the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant bodies in Canada.

The following experts have reviewed, prepared or supervised the preparation of information upon which certain scientific and technical information relating to the Company's mineral projects contained or incorporated by reference in this Prospectus Supplement is based:

-Daniel M. Gagnon, P. Eng.;

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-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

-Raphael Beaudoin, P.Eng.

To the best of the Company's knowledge, after reasonable inquiry, as of the date hereof, each of the aforementioned experts held less than 1% of any class of the Company's securities or of any of the Company's associates or affiliates when they prepared the technical reports and estimates referred to above or following the preparation of such technical reports and estimates, as the case may be. None of the aforementioned persons received any direct or indirect interest in any of the Company's securities or property or of any of the Company's associates or affiliates in connection with the preparation of such technical reports or estimates.

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**CERTIFICATE OF THE UNDERWRITERS**

Dated: June 12, 2025

To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces of Canada.

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| |
|:---|
| **DESJARDINS SECURITIES INC.** |
| (signed) "*Maciej Pach*" |
| Name: Maciej Pach |
| Title: Managing Director & Head of Global Mineral Resources & Mining, Investment Banking |

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---

| | |
|:---|:---|
| **NATIONAL BANK FINANCIAL INC.** | **BMO NESBITT BURNS INC.** |
| (signed) "*Thomas Bachand*" | (signed) "*Ilan Bahar*" |
| Name: Thomas Bachand | Name: Ilan Bahar |
| Title: Managing Director | Title: Managing Director & Co-Head Global Metals & Mining |

---

---

| | |
|:---|:---|
| **CIBC WORLD MARKETS INC.** | **RAYMOND JAMES LTD.** |
| (signed) "*Steven Reid*" | (signed) "*Gavin McOuat*" |
| Name: Steve Reid | Name: Gavin McOuat |
| Title: Managing Director, Global Mining | Title: Senior Managing Director |

---

---

| | |
|:---|:---|
| **STIFEL NICOLAUS CANADA INC.** | **SCOTIA CAPITAL INC.** |
| (signed) "*Stephen Delaney*" | (signed) "*Darren Grant*" |
| Name: Stephen Delaney | Name: Darren Grant |
| Title: Managing Director, Investment Banking | Title: Managing Director |

---

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---

| | |
|:---|:---|
| **SCP RESOURCE FINANCE LP by its general partner, SCP RESOURCE FINANCE GP INC.** | **BEACON SECURITIES LIMITED** |
| (signed) "*David Wargo*" | (signed) "*Daniel Belchers*" |
| Name: David Wargo | Name: Daniel Belchers |
| Title: Chief Executive Officer & Head of Investment Banking | Title: Managing Director, Investment Banking |

---

---

| |
|:---|
| **INFOR FINANCIAL INC.** |
| (signed) "*Neville Dastoor*" |
| Name: Neville Dastoor |
| Title: Principal |

---

## Exhibit 99.47

**Exhibit 99.47**

**UNDERWRITING AGREEMENT**

June 12, 2025

Aya Gold & Silver Inc.

1320 Boulevard Graham, Suite 132

Mont-Royal, Québec H3P 3C8

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Mr. Benoit La Salle, President and Chief Executive Officer

Desjardins Securities Inc. as sole bookrunner and together with National Bank Financial Inc. and BMO Nesbitt Burns Inc., as co-lead underwriters (collectively, the "**Co-Lead Underwriters**"), CIBC World Markets Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc., Scotia Capital Inc., SCP Resource Finance LP, Beacon Securities Limited and INFOR Financial Inc. (collectively with the Co-Lead Underwriters, the "**Underwriters**", and, individually, each an "**Underwriter**") hereby jointly (the equivalent of severally in common law), and not solidarily (the equivalent of jointly in common law), nor jointly and solidarily (the equivalent of jointly and severally in common law), offer and agree to purchase, on a "bought deal" basis, or alternatively to arrange, as agent for substituted purchasers in the Qualifying Jurisdictions (as defined below) and the other jurisdictions contemplated herein, including the United States (as defined below), to purchase from Aya Gold & Silver Inc. (the "**Corporation**"), and the Corporation hereby agrees to issue and sell to the Underwriters or substituted purchasers, an aggregate of 9,363,300 common shares in the capital of the Corporation (the "**Purchased Shares**"), at the purchase price of $13.35 per Purchased Share (the "**Issue Price**"), for aggregate gross proceeds of $125,000,055, upon and subject to the terms and conditions contained herein (the "**Offering**").

Upon and subject to the terms and conditions herein set forth and in reliance upon the representations and warranties herein contained, the Corporation hereby grants to the Underwriters, an option (the "**Over-Allotment Option**") to purchase, or arrange for substituted purchasers to purchase, up to 1,404,495 additional common shares in the capital of the Corporation (the "**Additional Shares**") at a price equal to the Issue Price, that is exercisable on or before 5:00 p.m. (Montréal time) on the date that is 30 days after the Closing Date (as defined below). The Over-Allotment Option may be exercised in whole or in part at any time and from time to time prior to its expiry in accordance with the provisions of this Agreement. The Underwriters shall be under no obligation whatsoever to exercise the Over-Allotment Option in whole or in part.

Delivery of and payment for any Additional Shares will be made at the time and on the date (each an "**Option Closing Date**") as set out in a written notice by the Co-Lead Underwriters, on behalf of the Underwriters, referred to below, which Option Closing Date may occur on the Closing Date but will in no event occur earlier than the Closing Date, nor earlier than two Business Days (as defined below) or later than seven Business Days after the date upon which the Corporation receives a written notice by the Co-Lead Underwriters, on behalf of the Underwriters, setting out the number of Additional Shares to be purchased by the Underwriters. Any such notice must be received by the Corporation not later than 5:00 p.m. (Montréal time) on the date that is 30 days after the Closing Date. Upon the furnishing of such a notice, the Underwriters will be committed to purchase and/or arrange for substituted purchasers to purchase (as the case may be), and the Corporation will be committed to sell and deliver to the Underwriters and/or any substituted purchasers (as the case may be), in accordance with and

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subject to the provisions of this Agreement, the number of Additional Shares indicated in such notice.

Unless the context otherwise requires or unless otherwise specifically stated, all references in this Agreement to (i) the "**Offering**" shall be deemed to include the Over-Allotment Option, and (ii) the "**Offered Shares**" shall mean, collectively, the Purchased Shares and any Additional Shares.

In consideration of the services to be rendered by the Underwriters in connection with the Offering, the Corporation shall, at the Closing Time (as hereinafter defined), pay and issue to the Underwriters the fees and other compensation set forth in this Agreement.

The Corporation agrees that the Underwriters will be permitted to appoint, at their sole expense, other registered dealers or other dealers duly qualified in their respective jurisdictions, as their agents to assist in the Offering in the Offering Jurisdictions (collectively, the "**Selling Group**") and that the Underwriters may determine the remuneration payable by the Underwriters to the members of the Selling Group, provided that such remuneration shall not in any way increase the aggregate Underwriting Fee payable to the Underwriters by the Corporation under this Agreement.

The Underwriters may offer the Offered Shares at a price less than the Issue Price as described in further detail in Section 18.5 below, in compliance with Applicable Securities Laws (as defined below) and, specifically, the requirements of NI 44-101 (as defined below) and the disclosure concerning the same contained in the Base Shelf Prospectus and the Prospectus Supplement (each, as defined below).

The Corporation and the Underwriters agree that any offers to sell or sales of the Offered Shares to purchasers that are in the United States (as defined below) may only be made in compliance with U.S. Securities Laws (as defined below). The Underwriters may, through their U.S. Affiliates (as defined below), if applicable, offer and resell the Offered Shares in the United States to Qualified Institutional Buyers (as defined below), pursuant to and in accordance with Rule 144A under the U.S. Securities Act (as defined below), in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Rule 144A thereunder. In addition, the Underwriters agree that all offers and sales of Offered Shares outside the United States have been made and will be made in accordance with Rule 903 of Regulation S under the U.S. Securities Act. The Offering is conditional upon and subject to the additional terms and conditions of the Agreement between the Corporation and the Underwriters set forth below:

**ARTICLE 1**

**INTERPRETATION**

1.1In this Agreement,

"**Agreement**" means this agreement, as it may be amended, modified or supplemented from time to time in accordance with its terms;

"**AMF**" means the Autorité des marchés financiers, as the Corporation's principal regulator;

"**Ancillary Documents**" means all agreements, indentures, certificates (including the certificates, if any, representing the Offered Shares), officers' certificates, notices and other

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documents executed and delivered, or to be executed and delivered, by the Corporation in connection with the Offering, whether pursuant to Applicable Securities Laws or otherwise;

"**Annual Financial Information**" means the audited consolidated financial statements of the Corporation for the years ended December 31, 2024 and 2023, including the notes thereto, together with the report of the auditors thereon and the accompanying management's discussion and analysis of financial condition and results of operations;

"**Applicable Laws**" means, in relation to any person or persons, the Applicable Securities Laws and all other statutes, regulations, rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions of any grant of approval, permission, authority or licence, or any judgment, order, decision, ruling, award, policy or guidance document that are applicable to such person or persons or its or their business, undertaking, property or securities and emanate from a Governmental Authority having jurisdiction over the person or persons or its or their business, undertaking, property or securities;

"**Applicable Securities Laws**" means, as applicable, the securities laws, regulations, rules, rulings and orders in each of the Offering Jurisdictions, the applicable policy statements, notices, blanket rulings (including, for certainty, the WKSI Blanket Orders), orders and all other regulatory instruments of the securities regulators in each of the Offering Jurisdictions, and the rules and policies of the Exchange;

"**Base Shelf Prospectus**" means the English and French language versions (unless the context indicates otherwise) of the (final) short form base shelf prospectus of the Corporation dated June 10, 2025, including all of the Documents Incorporated by Reference;

"**Boumadine Mineral Rights**" has the meaning ascribed to such term in Section 9.1(r);

"**Boumadine Project**" means the Corporation's polymetallic deposit located in the anti-atlas mountains of Eastern Morocco, as more particularly described in the Corporation's Information Record;

"**Boumadine Technical Report**" means the technical report entitled "Technical Report – Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" dated March 31, 2025, with an effective date of February 24, 2025, by P&E Mining Consultants Inc. (and other consultants);

"**Business Day**" means a day other than a Saturday, Sunday or statutory or banking holiday in the Province of Québec;

"**CBCA**" means the *Canada Business Corporations Act*;

"**CDS**" means CDS Clearing and Depository Services Inc.;

"**CFPOA Legislation**" means all applicable foreign corrupt practice laws, including the *Corruption of Foreign Public Officials Act* (Canada);

"**Claims**" has the meaning ascribed to such term in Section 15.1;

"**Closing**" means the closing of the Offering;

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"**Closing Date**" means the date on which the Closing shall occur, being June 18, 2025, or such other day as the Corporation and the Underwriters may determine;

"**Closing Time**" means 8:00 a.m. (Eastern Time) on the Closing Date or such other time of the Closing Date as the Corporation and the Underwriters may determine;

"**Co-Lead Underwriters**" has the meaning ascribed to such term on the face page of this Agreement;

"**Common Shares**" means the common shares in the capital of the Corporation, as currently constituted;

"**Continuing Underwriters**" has the meaning ascribed to such term in Section 18.2;

"**Contract**" means any written or oral agreement, indenture, contract, lease, sublease, deed of trust, licence, option, or other legally enforceable obligation of or in favour of the applicable Person;

"**Corporation**" has the meaning ascribed to such term on the face page of this Agreement;

"**Corporation's Auditors**" means KPMG LLP;

"**Corporation's Counsel**" means Norton Rose Fulbright Canada LLP;

"**Corporation's Information Record**" means any statement contained in any press release, material change report, financial statement, annual information form, annual or interim report, proxy circular or other document of the Corporation which has been filed on SEDAR+;

"**Defaulted Securities**" has the meaning ascribed to such term in Section 18.2;

"**distribution**" means distribution or distribution to the public, as the case may be, for the purposes of the Applicable Securities Laws;

"**Documents Incorporated by Reference**" means all financial statements, management's discussion and analysis, management information circulars, annual information forms, material change reports, marketing materials or other documents issued by the Corporation, whether before or after the date of this Agreement, that are incorporated by reference, or deemed to be incorporated by reference, into the Offering Documents;

"**Employee Plans**" has the meaning ascribed to such term in Section 9.1(zz);

"**Environmental Laws**" has the meaning ascribed to such term in Section 9.1(x)(i);

"**Environmental Permits**" has the meaning ascribed to such term in Section 9.1(x)(ii);

"**Exchange**" means the Toronto Stock Exchange;

"**Financial Information**" means collectively, the Annual Financial Information and the Interim Financial Information;

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"**Government Official**" means (i) any "foreign public official" (as such term is defined in the *Corruption of Foreign Public Officials Act* (Canada)), or (ii) or any foreign political party or official thereof or any candidate for foreign political office;

"**Governmental Authority**" means any (i) multinational, federal, provincial, state, municipal, local or other governmental or public department, court, commission, board, bureau, agency or instrumentality, domestic or foreign; (ii) any subdivision or authority of any of the foregoing; (iii) any quasi-governmental, self-regulatory organization or private body exercising any regulatory, expropriation or taxing authority under or for the account of its members or any of the above (including the Exchange); or (iv) any arbitrator exercising jurisdiction over the affairs of the applicable Person, asset, obligation or other matter;

"**Governmental Licenses**" has the meaning ascribed to such term in Section 9.1(z);

"**IFRS**" has the meaning ascribed to such term in Section 9.1(j)(ii);

"**including**" means including without limitation and shall not be construed to limit any general statement which it follows to the specific or similar items or matters immediately following it;

"**Indemnified Party**" and "**Indemnified Parties**" have the meaning ascribed to such terms in Section 15.1;

"**Intellectual Property**" all domestic and foreign: (i) inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto and all patents, patent applications, patent disclosures and industrial designs, together with all re-issuances, continuations, continuations-in-part, revisions, extensions and re-examinations thereof, (ii) trademarks, service marks, trade dress, trading styles, logos, trade names and business names, together with all translations, adaptations, derivations and combinations thereof and including all goodwill associated therewith and all applications, registrations and renewals in connection therewith, (iii) copyrightable works, copyrights and applications, registrations and renewals in connection therewith, (iv) trade secrets and confidential business information (including ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals), (v) computer systems, software, data and related documentation, (vi) other proprietary rights, (vii) right, title and interest as licensee or authorized user of any of the aforementioned intellectual property, and (viii) copies and tangible embodiments thereof in whatever form or medium whether now known or hereafter developed;

"**Interim Financial Information**" means the unaudited condensed interim consolidated financial statements of the Corporation for the three-month periods ended March 31, 2025 and 2024, including the notes thereto, and the accompanying management's discussion and analysis of financial condition and results of operations;

"**Issue Price**" has the meaning ascribed to such term on the face page of this Agreement;

"**Lien**" means any encumbrance or title defect of whatever kind or nature, regardless of form, whether or not registered or registrable and whether or not consensual or arising by law (statutory or otherwise), including any mortgage, lien, charge, pledge or security interest, whether fixed or floating, or any assignment, lease, option, right of pre-emption, privilege,

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encumbrance, easement, hypothec, pledge, title retention agreement, reservation of title, servitude, right of way, restrictive covenant, right of use or any matter capable of registration against title or any other right or claim of any kind or nature whatever which affects ownership or possession of, or title to, any interest in, or the right to use or occupy property or assets;

"**marketing materials**" and "**template version**" shall have their respective meanings ascribed thereto in NI 41-101;

"**Material Adverse Effect**" means any materially adverse change in or effect on, or event, fact or state of being, including any fact, event, state of being or change that would result in the Prospectus and any Supplementary Material containing a Misrepresentation, which could reasonably be expected to have a materially adverse change in or effect on, the business, assets, properties, affairs, liabilities (absolute, accrued, contingent or otherwise), results of operations, prospects, capital or condition (financial or otherwise) of the Corporation or any Material Subsidiary;

"**Material Change**" has the meaning ascribed to such term in Regulation 51-102;

"**Material Contracts**" has the meaning ascribed to such term in Section 9.1(gg);

"**Material Fact**" means a material fact for the purposes of the Applicable Securities Laws or any of them or where undefined by Applicable Securities Laws of a jurisdiction means a fact that significantly affects, or would reasonably be expected to have a significant effect on, the market price or value of the Common Shares;

"**Material Subsidiaries**" means Aya Gold & Silver Maroc S.A., Zgounder Millenium Silver Mining S.A. and Boumadine Global Mining S.A.;

"**Mineral Rights**" has the meaning ascribed to such term in Section 9.1(r);

"**Misrepresentation**" means a misrepresentation as defined under the Applicable Securities Laws or any of them or, where undefined under the Applicable Securities Laws of a jurisdiction, means (i) an untrue statement of a Material Fact, or (ii) an omission to state a Material Fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made;

"**Money Laundering Laws**" has the meaning ascribed to such term in Section 9.1(oo);

"**NEO**" has the meaning given to it in Form 51-102F6 *Statement of Executive Compensation;*

"**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements* of the Canadian Securities Administrators;

"**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions* of the Canadian Securities Administrators;

"**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators;

"**Offered Shares**" has the meaning ascribed to such term on the face page of this Agreement;

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"**Offering**" has the meaning ascribed to such term on the face page of this Agreement;

"**Offering Documents**" means, collectively, the Base Shelf Prospectus, the Prospectus Supplement, any amendments to such documents, any Supplementary Material or any marketing materials, and also includes, as applicable, the U.S. Placement Memorandum;

"**Offering Jurisdictions**" means the Qualifying Jurisdictions, the United States, and any other jurisdiction outside of Canada and the United States as may be agreed upon between the Corporation and the Co-Lead Underwriters;

"**Passport Receipt**" means a receipt issued by the AMF as principal regulator pursuant to the Passport System, and which also evidences the deemed receipt of the Securities Commissions of the Qualifying Jurisdictions (other than Québec), for the Base Shelf Prospectus;

"**Passport System**" means the passport system procedures provided for under National Policy 11-202 - *Process for Prospectus Reviews in Multiple Jurisdictions* of the Canadian Securities Administrators;

"**Person**" means any individual (whether acting as an executor, trustee administrator, legal representative or otherwise), corporation, firm, partnership, sole proprietorship, syndicate, joint venture, trustee, trust, unincorporated organization or association, and pronouns have a similar extended meaning;

"**Prospectus**" means the English and French language versions (unless the context indicates otherwise) of the Base Shelf Prospectus, as supplemented by the Prospectus Supplement and any Supplementary Material, in each case including all of the Documents Incorporated by Reference;

"**Prospectus Financial Information**" means the sections of the Prospectus or Prospectus Supplement under the headings "Financial Information", "Consolidated Capitalization" and "Earnings Coverage Ratios";

"**Prospectus Supplement**" means the English and French language versions (unless the context indicates otherwise) of the shelf prospectus supplement dated the date hereof relating to the qualification in all of the Qualifying Jurisdictions of the distribution of the Offered Shares under the Applicable Securities Laws of the Qualifying Jurisdictions, including all of the Documents Incorporated by Reference;

"**Qualified Institutional Buyer**" has the meaning given to it in Schedule D to this Agreement;

"**Qualifying Jurisdictions**" means all of the Provinces of Canada;

"**Refusing Underwriter**" has the meaning ascribed to such term in Section 18.2;

"**Regulation 43-101**" means *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects*;

"**Securities Commissions**" means, collectively, the securities commissions or similar regulatory authorities in the Offering Jurisdictions and "**Securities Commissions**" means all of them;

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"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval + of the Canadian Securities Administrators;

"**Selling Firm**" has the meaning ascribed to such term in Section 8.1;

"**Selling Group**" has the meaning ascribed to such term on the face page of this Agreement;

"**Subsequent Disclosure Documents**" means any annual and/or interim financial statements, management's discussion and analysis of financial condition and results of operations, information circulars, annual information forms, material change reports or other documents issued by the Corporation after the date of this Agreement that are required by Applicable Securities Laws of the Qualifying Jurisdictions to be incorporated by reference into the Prospectus;

"**Subsidiaries**" means, Aya Gold & Silver Maroc S.A., Zgounder Millenium Silver Mining S.A., Boumadine Global Mining S.A., Atlas Gold & Silver S.A.R.L., Kanosak (Barbados) Limited, Algold Resources Ltd., Algold Mauritania S.A.R.L., Société Tijirit Recherche et Exploration S.A.R.L. and Precious Metal Finance and Services Inc., but does not include any entities that were incorporated in the last 90 days;

"**Supplementary Material**" means the English and French language versions (unless the context indicates otherwise) of, collectively, any amendment to or amendment and restatement of the Base Shelf Prospectus and/or the Prospectus Supplement, and any further amendment, amendment and restatement or supplemental prospectus thereto or ancillary materials that may be filed by or on behalf of the Corporation under the Applicable Securities Laws of the Qualifying Jurisdictions relating to the distribution of the Offered Shares thereunder;

"**Standard Listing Conditions**" has the meaning ascribed to such term in Section 5.1(f);

"**Tax Act**" means the *Income Tax Act* (Canada), as amended, re-enacted or replaced from time to time;

"**Technical Reports**" means, collectively, the Zgounder Technical Report and the Boumadine Technical Report;

"**Title Opinion**" has the meaning ascribed to such term in Section 11.1(h);

"**TMX Group**" has the meaning ascribed to such term in Article 22;

"**Underwriters**" has the meaning ascribed to such term on the face page of this Agreement;

"**Underwriters' Counsel**" means McCarthy Tétrault LLP;

"**Underwriters' Information**" means the disclosure relating solely to the Underwriters provided to the Corporation by or on behalf of the Underwriters in writing for inclusion in any of the Offering Documents;

"**Underwriting Fee**" means the fee payable to the Underwriters as specified in Section 13.1 of this Agreement;

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"**United States**" means the United States of America, its territories and possessions, any state of the United States and the District of Columbia;

"**U.S. Affiliate**" means the U.S. registered broker-dealer affiliate of an Underwriter;

"**U.S. Placement Memorandum**" has the meaning given to it in Schedule D to this Agreement;

"**U.S. Securities Act**" means the United States *Securities Act of 1933*, as amended;

"**U.S. Securities Laws**" means all applicable securities legislation in the United States, including the U.S. Securities Act, the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, and any applicable state securities laws;

"**WKSI Blanket Orders**" means CSA Staff Notice 44-306 – Blanket Orders Exempting Well-Known Seasoned Issuers from Certain Prospectus Requirements and Québec Décision no. 2021-PDG-0066 – Décision générale relative à une dispense de certaines obligations du régime de prospectus préalable au bénéfice d'émetteurs établis bien connus and the equivalent blanket orders adopted by the Securities Commissions in the other Qualifying Jurisdictions;

"**WKSI Cover Letter**" means the well-known seasoned issuer cover letter dated June 10, 2025 filed in compliance with the WKSI Blanket Orders;

"**Zgounder Mineral Rights**" has the meaning ascribed to such term in Section 9.1(r);

"**Zgounder Project**" means the Corporation's silver mine project located in the central Anti-Atlas Mountains in the Taroudant Province, Morocco, as more particularly described in the Corporation's Information Record; and

"**Zgounder Technical Report**" means the technical report entitled "NI 43-101 Technical Report, Feasibility Study Zgounder Expansion Project, Kingdom of Morocco" dated March 31, 2022, and amended on June 16, 2022, with an effective date of December 13, 2021, by P&E Mining Consultants Inc. (and other consultants).

1.2The division of this Agreement into sections, subsections, paragraphs and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

1.3Unless otherwise expressly provided in this Agreement, words importing only the singular number include the plural and vice versa and words importing gender include all genders. References to "paragraph" and "Section" (unless otherwise indicated) are to the appropriate paragraphs and Sections of this Agreement. Unless the context otherwise requires, any reference to a statute shall be deemed to include regulations made pursuant thereto, all amendments in force from time to time and any statute or regulation that may be passed that has the effect of supplementing or superseding the statute or regulation referred to.

1.4Any action or payment required or permitted to be taken or made hereunder on a day which is not a Business Day shall or may be, as the case may be, taken or made on the next succeeding Business Day, except when otherwise prescribed by Applicable

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Securities Laws or rules and policies of the Exchange, with the same force and effect as if taken or made within the period for the taking or making of such action.

1.5All amounts expressed herein in terms of money refer to lawful currency of Canada and all payments to be made hereunder shall be made in such currency.

1.6In this Agreement, a reference to "knowledge" of the Corporation means to the best of the knowledge of the senior officers of the Corporation, in each case having made due inquiry.

1.7Any reference in this Agreement to "Tax Act" includes, for purposes of Québec income taxation, a reference to the equivalent term, if any, defined under the *Taxation Act* (Québec) as the same may be amended from time to time. Any reference in this Agreement to a filing or similar requirement imposed under the Tax Act includes, for purposes of Québec income taxation, a reference to the equivalent filing or similar requirement, where applicable, under the *Taxation Act* (Québec) as the same may be amended from time to time.

1.8The following are the schedules attached to this Agreement, which schedules are deemed to be a part hereof and are hereby incorporated by reference herein:

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| | | |
|:---|:---|:---|
| Schedule A | - | DETAILS OF THE MINERAL RIGHTS |
| Schedule B | - | INTERESTS IN MATERIAL SUBSIDIARIES |
| Schedule C | - | FORM OF LOCK-UP AGREEMENT |
| Schedule D | - | COMPLIANCE WITH UNITED STATES SECURITIES LAWS |

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**ARTICLE 2**

**PURCHASE, SALE AND DISTRIBUTION**

2.1Each purchaser who is resident in a Qualifying Jurisdiction shall purchase the Offered Shares pursuant to the Prospectus. Each other purchaser not resident in a Qualifying Jurisdiction, or located outside of a Qualifying Jurisdiction, shall purchase Offered Shares, which have been qualified by the Prospectus in Canada, only on a private placement basis under the applicable securities laws of the jurisdiction in which the purchaser is resident or located, in accordance with such procedures as the Corporation and the Underwriters may mutually agree, acting reasonably, in order to fully comply with Applicable Laws and the terms of this Agreement (including Schedule D to this Agreement).

2.2The Corporation hereby agrees to comply with all Applicable Securities Laws on a timely basis in connection with the distribution of the Offered Shares and the Corporation shall execute and file with the Securities Commissions all forms, notices and certificates relating to the Offering required to be filed pursuant to Applicable Securities Laws in the Qualifying Jurisdictions within the time required, and in the form prescribed, by Applicable Securities Laws in the Qualifying Jurisdictions.

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2.3The Corporation also agrees to file within the periods stipulated under Applicable Laws outside of Canada and at the Corporation's expense all private placement forms required to be filed by the Corporation in connection with the Offering and pay all filing fees required to be paid in connection therewith so that the distribution of the Offered Shares outside of Canada may lawfully occur without the necessity of filing a prospectus or any similar document under the Applicable Laws outside of Canada.

2.4The Underwriters agree to offer the Offered Shares for sale only in the Offering Jurisdictions and to offer and sell the Offered Shares to purchasers in the United States only in compliance with Schedule D attached hereto, and, subject to the consent of the Corporation (acting reasonably), in such jurisdictions outside of the Qualifying Jurisdictions and the United States where permitted by and in accordance with Applicable Securities Laws and the applicable securities laws of such other jurisdictions, and provided that in the case of jurisdictions other than the Qualifying Jurisdictions, the Corporation shall not be required to become registered or file a prospectus or registration statement or similar document in such jurisdictions and the Corporation will not be subject to any continuous disclosure requirements in such jurisdictions.

**ARTICLE 3**

**COVENANTS OF THE CORPORATION**

3.1The Corporation hereby covenants to the Underwriters, and acknowledges that each of them is relying on such covenants in connection with the issuance and sale of the Offered Shares pursuant to the Offering, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)will advise the Underwriters in writing, promptly after receiving notice thereof, of the time when the Prospectus Supplement and any Supplementary Material has been filed and will provide evidence satisfactory to the Underwriters of each such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)will advise the Underwriters in writing, promptly after receiving notice or obtaining knowledge of: (i) the issuance by any Securities Commission of any order suspending or preventing the use of the Prospectus or any Supplementary Material or suspending or seeking to suspend the trading or distribution of the Offered Shares; (ii) the suspension of the qualification of the Offered Shares for offering or sale in any of the Qualifying Jurisdictions; (iii) the institution, threatening or contemplation of any proceeding for any such purposes; or (iv) any requests made by any Securities Commission for amending or supplementing the Prospectus or any Supplementary Material or for additional information, and will use its commercially reasonable efforts to prevent the issuance of any order or any suspension respectively referred to in (i) or (ii) above and, if any such order is issued, to obtain the withdrawal thereof promptly or if any such suspension occurs, to promptly remedy such suspension in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)will use its commercially reasonable efforts to remain, and to cause each of the Material Subsidiaries to remain a corporation in good standing, and to be duly licensed, registered or qualified as an extra-provincial or foreign corporation or entity in all jurisdictions where the character of its properties owned or leased or the nature of the activities conducted by it make such licensing, registration or

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qualification necessary and to carry on its business in the ordinary course and in compliance in all material respects with all Applicable Laws of each such jurisdiction, provided that the Corporation shall not be required to comply with this Section 3.1(c), following the completion of a merger, amalgamation, arrangement, business combination or take-over bid pursuant to which the Corporation ceases to be a "distributing corporation" (within the meaning of the CBCA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)will use its commercially reasonable efforts to maintain its status as a "reporting issuer" (or the equivalent thereof) not in default of the requirements of the Applicable Securities Laws of each of the Qualifying Jurisdictions which have such a concept and will comply with all of its obligations under Applicable Securities Laws for a period of 24 months following the Closing Date, provided that the Corporation shall not be required to comply with this Section 3.1(d) following the completion of a merger, amalgamation, arrangement, business combination or take-over bid pursuant to which the Corporation ceases to be a "distributing corporation" (within the meaning of the CBCA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)will use its commercially reasonable efforts (including, without limitation, making application to the Securities Commissions of each Qualifying Jurisdiction for all consents, orders and approvals necessary) to maintain the listing of the Common Shares on the Exchange or such other recognized stock exchange or quotation system as Co-Lead Underwriters, on behalf of the Underwriters, may approve, acting reasonably, for a period of 24 months following the Closing Date, provided that the Corporation shall not be required to comply with this Section 3.1(e) following the completion of a merger, amalgamation, arrangement, business combination or take-over bid pursuant to which the Corporation ceases to be a "distributing corporation" (within the meaning of the CBCA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)will ensure that the Offered Shares are, when issued, listed and posted for trading on the Exchange upon their date of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)will apply the net proceeds from the issue and sale of the Offered Shares in accordance with the disclosure set out under the heading "Use of Proceeds" in the Prospectus Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)will deliver to the Underwriters, as soon as practicable after the Prospectus Supplement and any Supplementary Material are prepared, the U.S. Placement Memorandum, incorporating the Prospectus or Supplementary Material, as the case may be, prepared for use in connection with the offer and sale of the Offered Shares to purchasers in the United States in compliance with the provisions of Schedule D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)prior to the earlier of: (i) the Option Closing Date pursuant to which the Over-Allotment Option has been exercised in full; or (ii) the expiry of the Over-Allotment Option, will promptly do, make, execute, deliver or cause to be done, made, executed or delivered, all such acts, documents and things as the Underwriters may reasonably require from time to time for the purpose of giving effect to the Offering and take all such steps as may be reasonably required

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within its power to implement to the full extent the provisions, and to satisfy the conditions, of this Agreement as it relates to the sale and issuance of Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)will on or before the time of filing the Prospectus Supplement provide to the Underwriters a copy of the conditional listing approval of the Offered Shares on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)will forthwith notify the Underwriters of any breach of any covenant of this Agreement or any Ancillary Documents by the Corporation, or upon the Corporation becoming aware that any representation or warranty of the Corporation contained in this Agreement or any Ancillary Document was untrue or inaccurate in any material respect at the time such representation or warranty was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)will not, at any time prior to the Closing, halt the trading of the Common Shares on the Exchange without the prior written consent of the Co-Lead Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)will not, directly or indirectly, without the prior written consent of the Co-Lead Underwriters, on behalf of the Underwriters, not to be unreasonably withheld or delayed, for a period beginning at Closing and ending 90 days after the Closing Date, (i) offer, issue, sell, grant any option, right or warrant to purchase, or otherwise transfer, dispose or monetize of any Common Shares or other securities of the Corporation convertible into or exercisable or exchangeable for Common Shares, or announce any intention to do any of the foregoing, in a public offering, by way of private placement or otherwise, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Shares, whether any such transaction is to be settled by delivery of Common Shares, other securities, cash or otherwise, in any case other than: (A) the grant of options or other securities in the normal course pursuant to any share-based incentive plan, compensation arrangements or purchase plans of the Corporation currently existing on the Closing Date; (B) the issue of securities upon the conversion, exercise or exchange of convertible, exercisable or exchangeable securities of the Corporation existing on the Closing Date or upon the exercise or settlement, as applicable, of options or other securities subsequently granted by the Corporation; or (C) Offered Shares issuable pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)will use commercially reasonable efforts to cause the directors and officers of the Corporation to deliver at the Closing Time on the Closing Date, or, as applicable, the Option Closing Date, the agreements contemplated by Section 11.1(m); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)prior to the earlier of: (i) the Option Closing Date pursuant to which the Over-Allotment Option has been exercised in full; or (ii) the expiry of the Over-Allotment Option, will make available management of the Corporation for meetings with investors as scheduled upon agreement between the Corporation and the Co-Lead Underwriters, acting reasonably.

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**ARTICLE 4**

**FILING OF PROSPECTUS**

4.1The Corporation has prepared and filed the Base Shelf Prospectus with the Securities Commission and has obtained a Passport Receipt for the Base Shelf Prospectus.

4.2The Corporation shall, not later than 11:59 p.m. (Montréal time) on the date hereof, have prepared and filed the Prospectus Supplement (in both the English and French languages) and other required documents with the Securities Commissions under the Applicable Securities Laws, and by such date the Corporation will have taken all other steps and proceedings that may be necessary in order to qualify the Offered Shares for distribution in each of the Qualifying Jurisdictions.

4.3During the period of distribution of the Offered Shares, the Corporation will promptly take, or cause to be taken, any additional steps and proceedings that may from time to time be required under the Applicable Securities Laws, or be requested by the Co-Lead Underwriters, acting reasonably, on behalf of the Underwriters, to continue to qualify the distribution of the Offered Shares.

4.4Prior to the filing of the Prospectus Supplement and thereafter, during the period of distribution of the Offered Shares, including prior to the filing of any Supplementary Material, the Corporation shall have allowed the Underwriters to review and comment on such documents and shall have allowed the Underwriters to conduct all due diligence investigations (including through the conduct of oral due diligence sessions at which management of the Corporation, the Corporation's Auditors, the Corporation's Counsel and other applicable experts will attend) which they may reasonably require in order to fulfill their obligations as underwriters in order to enable them to execute the certificate required to be executed by them at the end of the Offering Documents. Without limiting the scope of the due diligence inquiry the Underwriters (or their counsel) may conduct, the Corporation shall use its best efforts to make available its directors, senior management, Corporation's Auditors and the Corporation's Counsel to answer any questions which the Underwriters may have and to participate in one or more due diligence sessions to be held prior to filing of each of the Prospectus Supplement and any Supplementary Material.

**ARTICLE 5**

**DELIVERIES ON FILING AND RELATED MATTERS**

5.1The Corporation shall deliver, or cause to be delivered, to each of the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)concurrently with the filing of thereof, a copy of the Prospectus Supplement (in both the English and French language) signed as required by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)concurrently with the filing thereof, a copy of any Supplementary Material (in both the English and French language) required to be filed by the Corporation in compliance with Applicable Securities Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)concurrently with the filing of each of the Prospectus Supplement and any Supplementary Material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)an opinion of counsel to the Corporation in Québec, dated the date of the Prospectus Supplement or Supplementary Material, as applicable, in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters, to the effect that the French language version of the Prospectus Supplement or the Supplementary Material (including, for greater certainty, the Documents Incorporated by Reference therein), as applicable, except for (i) the Interim Financial Information, (ii) the Corporation's annual information form dated March 31, 2025 for the fiscal year ended December 31, 2024 (the "**AIF**"), (iii) the Corporation's management information circular dated May 12, 2025 for the annual general meeting of shareholders to be held on June 20, 2025 (the "**Circular**"), (iv) the Prospectus Financial Information and (v) the Annual Financial Information, is in all material respects complete and adequate translations of the English language versions thereof and that the said versions are not susceptible of any materially different interpretation with respect to any material matter contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)an opinion from Alexa Translations, only with respect to (i) the Interim Financial Information, (ii) the AIF, and (iii) the Circular translated by it, dated the date of the Prospectus Supplement or Supplementary Material, as applicable, in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters, to the effect that the French language version of each of the Interim Financial Information, the AIF and the Circular, as the case may be, is in all material respects, a complete and proper translation of the English language version thereof (or wording having similar effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)an opinion from the Corporation's Auditors only with respect to the Prospectus Financial Information and the Annual Financial Information translated by it, dated the date of the Prospectus Supplement or Supplementary Material, as applicable, in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters, to the effect that the French language version of each of the Prospectus Financial Information and the Annual Financial Information, as the case may be, is in all material respects, a complete and proper translation of the English language version thereof (or wording having similar effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)concurrently with the filing of the Prospectus Supplement with the Securities Commissions, one or more "long form" comfort letter dated the date of the Prospectus Supplement, in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the directors of the Corporation from the Corporation's Auditors with respect to the Interim Financial Statements and the Annual Financial Information and other financial and accounting information relating to the Corporation, which letter shall be based on a review by the Corporation's Auditors within a cut-off date and based on a review of not more than two Business Days prior to the date of the letter, which

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letter shall be in addition to any auditors' comfort and consent letters addressed to the Securities Commissions in the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)as soon as possible after the Prospectus Supplement and any Supplementary Material are prepared, copies of the U.S. Placement Memorandum, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)prior to the filing of the Prospectus Supplement with the Securities Commissions, copies of correspondence demonstrating that the listing and posting for trading on the Exchange of the Offered Shares have been approved subject only to the satisfaction by the Corporation of such customary and standard conditions imposed by the Exchange in similar circumstances and set forth in a letter of the Exchange addressed to the Corporation (the "**Standard Listing Conditions**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)copies of all other documents resulting or related to the Corporation taking all other steps and proceedings that may be necessary in order to qualify the Offered Shares for distribution in each of the Qualifying Jurisdictions by the Underwriters and other persons who are registered in a category permitting them to distribute the Offered Shares under Applicable Securities Laws and who comply with such Applicable Securities Laws.

5.2Supplementary Material

If applicable, the Corporation shall also prepare and deliver promptly to the Underwriters signed copies of all Supplementary Material. Concurrently with the delivery of any Supplementary Material or the incorporation or deemed incorporation by reference in the Base Shelf Prospectus or the Prospectus Supplement, as the case may be, of any Subsequent Disclosure Document, the Corporation shall deliver to the Underwriters, with respect to such Supplementary Material or Subsequent Disclosure Document, opinions substantially similar to the opinions referred to in Section 5.1(c) and a comfort letter from the Corporation's Auditors, substantially similar to the letter referred to in Section 5.1(d).

5.3Representations as to Prospectus and Supplementary Material

Each delivery to any Underwriter of any Offering Document by the Corporation shall constitute the representation and warranty of the Corporation to the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all information and statements (except for the Underwriters' Information) contained and incorporated by reference in such Offering Documents, are, at their respective dates and, if applicable, the respective dates of filing, of such Offering Documents, true and correct in all material respects and contain no misrepresentation and, on the respective dates of such Offering Documents, constitute full, true and plain disclosure of all material facts relating to the Corporation and the Material Subsidiaries and the Offered Shares as required by Applicable Securities Laws of the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)no material fact or information (except for the Underwriters' Information) has been omitted from any Offering Document which is required to be stated therein or is necessary to make the statements therein not misleading in the light of the circumstances in which they were made; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)except with respect to the Underwriters' Information, each of such Offering Documents complies with the requirements of the Applicable Securities Laws of the Qualifying Jurisdictions in all material respects.

Such deliveries shall also constitute the Corporation's consent to the Underwriters' and any Selling Firm's use of the Offering Document in connection with the distribution of the Offered Shares in compliance with this Agreement.

5.4Delivery of Prospectus and Related Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Delivery of the Prospectus Supplement and any Supplementary Material will be satisfied in accordance with the "access equals delivery" provisions contained in Part 6A of NI 44-102 and the Underwriters and the Corporation shall satisfy any request for electronic or paper copies of the Prospectus in accordance with the requirements of NI 44-102, without charge. The Corporation will comply with the requirements of Part 6A of NI 44-102 to enable delivery of the Prospectus Supplement and any Supplementary Material to be made through access thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If requested by the Underwriters, the Corporation will cause to be delivered to the Underwriters, at those delivery points as the Underwriters request, acting reasonably, as soon as possible and in any event no later than 12:00 noon (Montréal time) on the second Business Day following the day on which such request is received by the Corporation, and thereafter from time to time during the distribution of the Offered Shares, as many commercial copies of the Base Shelf Prospectus, the Prospectus Supplement, any Supplementary Materials and/or the U.S. Placement Memorandum, as applicable, as the Underwriters may request, acting reasonably. The Corporation providing access to the Prospectus Supplement and any Supplementary Material pursuant to Section 5.4(a) and any subsequent delivery of any of the Offering Documents pursuant to this Section 5.4(b) will have constituted or will constitute, as the case may be, consent of the Corporation to the use by the Underwriters and any Selling Firms of those documents in connection with the distribution of the Offered Shares in all of the Qualifying Jurisdictions and of the U.S. Placement Memorandum for the offer and sale of the Offered Shares to purchasers in the United States in compliance with the provisions of Schedule D.

5.5Press Releases

Neither the Corporation, nor the Underwriters or their U.S. Affiliates, shall make any public announcement in connection with the Offering, except if the other party has consented to such announcement or the announcement is required by Applicable Securities Laws. For greater certainty, during the period commencing on the date hereof and until completion of the distribution of the Offered Shares, the Corporation will promptly provide to the Underwriters drafts of any press releases of the Corporation for review and comment by the Underwriters and the Underwriters' counsel prior to issuance, provided that any such review will be completed in a timely manner, and the Corporation will incorporate in such press releases all reasonable comments of the Underwriters. Any such press release shall contain substantially the following legend and comply with Rule 135e under the U.S. Securities Act: "NOT FOR DISTRIBUTION

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TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES."

**ARTICLE 6**

**MATERIAL CHANGE**

6.1The Corporation shall promptly inform the Underwriters (and promptly confirm such notification in writing) during the period prior to the Underwriters notifying the Corporation of the completion of the distribution of the Offered Shares in accordance with Section 8.1 hereof of the full particulars of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any material change whether actual, anticipated, contemplated, or to knowledge of the Corporation, threatened or proposed, in the business, assets (including intangible assets), affairs, operations, prospects, liabilities (contingent or otherwise), capital, properties, condition (financial or otherwise) or results of operations of the Corporation and its Subsidiaries, on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any material fact which has arisen or has been discovered that would have been required to have been stated in the Offering Documents had that fact arisen or been discovered on or prior to the date of any of the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any change in any material fact (which for the purposes of this Agreement shall be deemed to include the disclosure of any previously undisclosed material fact) contained or incorporated by reference in the Offering Documents which, in any case, is, or may be, of such a nature as to render any of the Offering Documents untrue or misleading in any material respect or to result in any misrepresentation in any of the Offering Documents, including as a result of any of the Offering Documents containing or incorporating by reference therein an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not false or not misleading in the light of the circumstances in which it was made, or which could result in any of the Offering Documents not complying with the Applicable Securities Laws of any Qualifying Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any notice by any governmental, judicial or regulatory authority requesting any material information, or meeting or hearing, relating to the Corporation or the Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any other event or state of affairs that would reasonably be expected to be relevant to the Underwriters' in connection with their due diligence investigations in respect of the Offering.

6.2Subject to Section 6.4, the Corporation will prepare and file promptly (and, in any event, within the time prescribed by Applicable Securities Laws) any Supplementary Material which may be necessary under the Applicable Securities Laws, and the Corporation will prepare and file promptly at the request of the Underwriters any Supplementary Material which, in the opinion of the Underwriters, acting reasonably, may be necessary or advisable, and will otherwise comply with all legal requirements necessary, to continue to qualify the Offered Shares for distribution in each of the Qualifying Jurisdictions.

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6.3During the period commencing on the date hereof until the Underwriters notify the Corporation of the completion of the distribution of the Offered Shares, the Corporation will promptly inform the Underwriters in writing of the full particulars of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any request of any Securities Commission for any amendment to any Offering Document or for any additional information in respect of the Offering or the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the receipt by the Corporation of any material communication, whether written or oral, from any Securities Commission, the Exchange or any other competent authority, relating to the Prospectus, the distribution of the Offered Shares or the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any notice or other correspondence received by the Corporation from any Governmental Authority and any requests from such bodies for information, a meeting or a hearing relating to the Corporation, any Subsidiary, the Offering, the issue and sale of the Offered Shares or any other event or state of affairs that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the issuance by any Securities Commission, the Exchange or any other competent authority, including any other Governmental Authority, of any order to cease or suspend trading or distribution of any securities of the Corporation (including Offered Shares) or of the institution, threat of institution of any proceedings for that purpose or any notice of investigation that could potentially result in an order to cease or suspend trading or distribution of any securities of the Corporation (including Offered Shares).

6.4In addition to the provisions of Sections 6.1, 6.2 and 6.3 hereof, the Corporation shall in good faith discuss with the Underwriters any circumstance, change, event or fact contemplated in Sections 6.1, 6.2 or 6.3 which is of such a nature that there is or could be reasonable doubt as to whether notice should be given to the Underwriters under Sections 6.1, 6.2 or 6.3 hereof and shall consult with the Underwriters with respect to the form and content of any Supplementary Material proposed to be filed by the Corporation, it being understood and agreed that any such Supplementary Material shall not be filed with any Securities Commission prior to the review and approval thereof by the Underwriters and their counsel, acting reasonably.

**ARTICLE 7**

**REGULATORY APPROVALS**

7.1Prior to the filing of the Prospectus Supplement with the Securities Commissions, the Corporation shall file or cause to be filed with the Exchange all necessary documents and shall take or cause to be taken all necessary steps to ensure that the Corporation has obtained all necessary approvals for the Offered Shares to be conditionally listed on the Exchange subject only to the Standard Listing Conditions.

7.2The Corporation will make all necessary filings and obtain all necessary regulatory consents and approvals (if any), and the Corporation will pay all filing, exemption and

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other fees required to be paid in connection with the transactions contemplated in this Agreement.

**ARTICLE 8**

**COVENANTS OF THE UNDERWRITERS**

8.1The Underwriters shall, and shall require any investment dealer (other than the Underwriters) with which the Underwriters have a contractual relationship in respect of the distribution of the Offered Shares (each, a "**Selling Firm**") to agree to, comply with the Applicable Securities Laws in connection with the distribution of the Offered Shares and shall offer the Offered Shares for sale to the public directly and through Selling Firms upon the terms and conditions set out in the Prospectus and this Agreement. The Underwriters shall, and shall require any Selling Firm to agree to, offer for sale to the public and sell the Offered Shares only in those jurisdictions where they may be lawfully offered for sale or sold and shall seek the prior consent of the Corporation, such consent not to be unreasonably withheld, regarding the jurisdictions other than the Qualifying Jurisdictions and the United States where the Offered Shares are to be offered and sold. The Underwriters shall: (a) use all commercially reasonable efforts to complete and cause each Selling Firm to complete the distribution of the Offered Shares as soon as reasonably practicable; and (b) as soon as practicable after the completion of the distribution of the Offered Shares, and in any event within 30 days after the later of the Closing Date or the last Option Closing Date, notify the Corporation thereof and provide the Corporation with a breakdown of the number of Offered Shares distributed in the Qualifying Jurisdictions.

8.2The Underwriters and any Selling Firm shall be entitled to offer and sell the Offered Shares to purchasers in the United States solely pursuant to an applicable exemption or exemptions from the registration requirements of the U.S. Securities Act and the registration or qualification requirements of applicable state securities laws, and in other jurisdictions in accordance with any applicable securities and other laws in the jurisdictions in which the Underwriters and/or Selling Firms offer the Offered Shares. Any offer or sale of the Offered Shares to purchasers in the United States will be made in accordance with Schedule D hereto. Notwithstanding the foregoing, an Underwriter will not be liable to the Corporation under this Agreement, including Schedule D hereto, with respect to a violation by another Underwriter, its U.S. Affiliate(s) or any Selling Firm not engaged by such Underwriter of the provisions of this Agreement, including Schedule D hereto, if the former Underwriter or its U.S. Affiliate, as applicable, is not itself also in violation.

8.3For the purposes of this Article 8, the Underwriters shall be entitled to assume that the Offered Shares are qualified for distribution in any Qualifying Jurisdiction where a Passport Receipt or similar document for the Base Shelf Prospectus shall have been obtained from or deemed issued by the applicable Securities Commission following the filing of the Base Shelf Prospectus, unless otherwise notified in writing by the Corporation.

8.4During the distribution of the Offered Shares, other than the Offering Documents, the press release announcing the Offering dated June 10, 2025, the press release announcing the upsize of the Offering dated June 11, 2025, the term sheet attached as

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Schedule A to the letter agreement dated June 10, 2025 and the amended term sheet attached as Schedule A to the amended letter agreement dated June 11, 2025 (such letters collectively, the "**Letter Agreement**") between the Corporation and Desjardins Securities Inc. (which term sheets the Corporation and the Underwriters agree are each a "standard term sheet" within the meaning of NI 41-101), the Underwriters shall not provide any potential investor with any materials or written communication in relation to the distribution of the Offered Shares. The Corporation, and the Underwriters, on a several basis, covenant and agree (a) not to provide any potential investor of Offered Shares with any marketing materials unless a template version of such marketing materials has been filed by the Corporation with the Securities Commissions on or before the day such marketing materials are first provided to any potential investor of Offered Shares, (b) not to provide any potential investor in the Qualifying Jurisdictions with any materials or information in relation to the distribution of the Offered Shares or the Corporation other than (i) such marketing materials that have been approved and filed in accordance with NI 44-101, (ii) the Base Shelf Prospectus, the Prospectus Supplement and any Supplementary Material, and (iii) any "standard term sheets" (within the meaning of Applicable Securities Laws) approved in writing by the Corporation and the Co-Lead Underwriters on behalf of the Underwriters, and (c) that any marketing materials approved and filed in accordance with NI 44-101 and any standard term sheets approved in writing by the Corporation and the Co-Lead Underwriters on behalf of the Underwriters, shall only be provided to potential investors in the Qualifying Jurisdictions.

8.5Notwithstanding the foregoing provisions of this Article 8, an Underwriter will not be liable to the Corporation under this Article 8 or Schedule D with respect to a default under this Article 8 or Schedule D by another Underwriter or another Underwriter's U.S. Affiliate or any Selling Firm appointed by another Underwriter. However, each Underwriter shall be liable to the Corporation under this Article 8 or Schedule D with respect to any breach by it, its U.S. Affiliate or any Selling Firm appointed by it of this Article 8 or of the selling restrictions set forth in Schedule D.

**ARTICLE 9**

**REPRESENTATIONS AND WARRANTIES OF THE CORPORATION**

9.1The Corporation represents and warrants to the Underwriters and acknowledges that the Underwriters are relying upon such representations and warranties, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Good Standing of the Corporation*. The Corporation has been duly incorporated and is validly existing under the *Canada Business Corporations Act* and is current and up to date with all filings required to be made by it, and has all requisite corporate power and authority to carry on its business as currently conducted, and to own, lease and operate its properties and assets and to carry out the transactions contemplated by this Agreement and the Ancillary Documents and carrying out the obligations hereunder and thereunder. The Corporation is duly qualified or authorized to transact business and is in good standing (in respect of the filing of annual returns where required or other information filings under applicable corporations information legislation) in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Good Standing of the Subsidiaries*. Each of the Subsidiaries has been duly incorporated and is validly existing under the laws of its jurisdiction of incorporation and has all requisite corporate power, capacity and authority to own, lease and operate, as applicable, its properties, permits and assets and conduct its business as currently conducted, and each of the Material Subsidiaries is current with all material filings required to be made under its jurisdiction of incorporation and all other jurisdictions in which it exists or carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Ownership of Subsidiaries*. Other than the Material Subsidiaries, the Corporation has no material subsidiaries. Other than the Subsidiaries, the Corporation does not own or control any equity securities in any other entity. The Corporation beneficially owns, directly or indirectly, the percentages indicated in Schedule B hereto of the issued and outstanding shares in the capital of the Material Subsidiaries free and clear of all Liens of any kind whatsoever, all of such shares have been duly authorized and validly issued and are outstanding as fully paid and non-assessable shares (or the equivalent legal concept in another jurisdiction), and no Person has any right, agreement or option for the purchase from the Corporation of any interest in any of such shares or for the issue or allotment of any unissued shares in the capital of the Material Subsidiaries or any other security convertible into or exchangeable for any such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Compliance with Laws.* The Corporation and each of the Material Subsidiaries is conducting its business in compliance with all Applicable Laws of each jurisdiction in which its respective business is carried on, and the Corporation has not received a notice of non-compliance, or knows of, or has reasonable grounds to know of, any facts that could give rise to a notice of non-compliance with any such laws, except where any failure to so comply or any non-compliance would not have a Material Adverse Effect, and the Corporation and each of the Material Subsidiaries is licensed, registered or qualified in all jurisdictions in which it owns, leases or operates its property or carries on business to enable it to carry on its business as now conducted and its property and assets to be owned, leased and operated and all such licences, registrations and qualifications are valid, subsisting and in good standing, except where the failure of such licences, registrations or qualifications to be valid, subsisting or in good standing would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*No Proceedings for Dissolution.* No proceedings have been taken, instituted or, to the knowledge of the Corporation, are pending for the dissolution or liquidation of the Corporation or any of the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Share Capital of the Corporation*. The authorized share capital of the Corporation consists of an unlimited number of Common Shares. As of the date hereof (prior to giving effect to the Offering), 131,124,439 Common Shares are issued and outstanding (and such Common Shares have been issued as fully paid and non-assessable shares). As of the date hereof (prior to giving effect to the Offering), there are 9,569,451 stock options, 445,124 Deferred Share Units (DSU), and 1,194,473 Restricted Share Units (RSU) of the Corporation outstanding. Except for such options, DSUs and RSUs and the securities issuable in connection with

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the Offering, there is no right, agreement or option, present or future, contingent or absolute, or any right capable of becoming a right, agreement or option, for the issue or allotment of any unissued securities of the Corporation or any other agreement or option, for the issue or allotment of any unissued securities of the Corporation or any other security convertible into or exchangeable for any securities of the Corporation or to require the Corporation to purchase, redeem or otherwise acquire any of the issued and outstanding securities of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Authorization*. The Corporation has full corporate power and authority to issue the Offered Shares. The Offered Shares, when issued, will have been duly and validly issued, as fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*Authorization of Documents, etc*. This Agreement has been, and at the Closing Time each of the Ancillary Documents, and the transactions contemplated herein and therein, will have been, duly authorized, executed and delivered by the Corporation and, in each case, will be a legal, valid and binding obligation of, and be enforceable against, the Corporation in accordance with its terms. All corporate action required to be taken by the Corporation for the authorization, issuance, sale and delivery of the Offered Shares has been validly taken at the date hereof or will have been taken by the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Non-Contravention*. Neither the Corporation nor any Material Subsidiary is in violation of its constating documents. None of the Offering, the execution, delivery and performance of this Agreement or the Ancillary Documents or the consummation of the transactions contemplated herein and therein, including the issue of the Offered Shares, does or will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)require the consent, approval, authorization, order or agreement of, or registration or qualification with, any Governmental Authority or other Person, except:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.such as have been obtained, or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.such as may be required under the Applicable Securities Laws and the policies of the Exchange and will be obtained prior to the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of or Lien upon any of the consolidated properties or assets of the Corporation under any provision of:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.the constating documents of the Corporation or the comparable organizational documents of any Material Subsidiary, or

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.subject to the filings and other matters referred to in the immediately following sentence:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any Contract to which the Corporation or any Material Subsidiary is a party or by which any of their respective properties or assets are bound;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)any law applicable to the Corporation or any Material Subsidiary or any of their respective properties or assets; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)any authorization held or obtained by the Corporation or any Material Subsidiary,

other than any such conflicts, violations, defaults, rights, losses or Liens that would not, in any case of (i) or (ii) above, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)*Financial Information*. Other than as disclosed by the Corporation's Information Record, including its MD&A and Financial Statements, regarding material weaknesses in its internal controls and other reporting weaknesses, the Financial Information incorporated by reference in the Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)present fairly, in all material respects, the financial position of the Corporation and its subsidiaries on a consolidated basis and the financial position, statements of income (loss) and comprehensive income (loss), changes in equity and statements of cash flows of the Corporation and its subsidiaries on a consolidated basis for the periods specified in such Financial Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)have been prepared in conformity with International Financial Reporting Standards applicable in Canada ("**IFRS**") applied on a consistent basis throughout the periods involved, or as noted therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)does not contain any untrue statement of a Material Fact or omit to state a Material Fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to any period covered by the Financial Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)*Off-Balance Sheet*. There are no off-balance sheet transactions, arrangements, obligations or liabilities of the Corporation or its Subsidiaries whether direct, indirect, absolute, contingent or otherwise which are required to be disclosed and are not disclosed or reflected in the Financial Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)*Accounting Policies*. There has been no change in accounting policies or practices of the Corporation or its Subsidiaries since December 31, 2024, other than as required by IFRS and as disclosed in the Financial Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)*Liabilities*. To the Corporation's knowledge, neither the Corporation nor any of the Subsidiaries has any liabilities, obligations, indebtedness or commitments,

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whether accrued, absolute, contingent or otherwise, which are not adequately disclosed or referred to in the Financial Information, other than liabilities, obligations or indebtedness or commitments incurred after the last period covered by the Financial Information in the normal course of business and which would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)*Independent Auditors*. The Corporation's Auditors are independent with respect to the Corporation within the meaning of Applicable Securities Laws. There has never been any reportable event (within the meaning of Regulation 51-102) with the current auditors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)*Accounting Controls*. Other than as disclosed by the Corporation Information Record, including its MD&A and Financial Statements, regarding material weaknesses in its internal controls and other reporting weaknesses, the Corporation and each of the Material Subsidiaries maintains, and will maintain, a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are completed in accordance with the general or a specific authorization of management or directors of the Corporation, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain asset accountability, (iii) access to assets is permitted only in accordance with the general or a specific authorization of management or directors of the Corporation, (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v) regarding the prevention or timely detection of unauthorized acquisition, use or disposition of the Corporation's assets that could have a material effect on its financial statements or interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)*Material Projects*. The Zgounder Project and the Boumadine Project are the only mineral properties or mineral assets which the Corporation considers material to the business of the Corporation and the Subsidiaries, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)*Material Assets*. The Corporation or the Material Subsidiaries, as applicable, are, the absolute legal and beneficial owner of, and has good and marketable right, title and interest in and to the assets of the Corporation and the Material Subsidiaries reflected in the Prospectus (including the Zgounder Mineral Rights and the Boumadine Mineral Rights), free and clear of all Liens (except as otherwise adequately disclosed in the Prospectus). The Corporation's ownership interest in the Zgounder Mineral Rights and the Boumadine Mineral Rights is as set forth in the Title Opinion. Any and all Contracts pursuant to which the Corporation or any Subsidiary holds material assets or is entitled to the use of or acquire ownership of material assets (whether directly or indirectly) (including in respect of the Zgounder Project and the Boumadine Project, subject to the qualifications to be provided in the Title Opinion) are valid and subsisting agreements in full force and effect, enforceable in accordance with their respective terms, and there is currently no material default of any of the provisions of any such agreements nor has any such default been alleged, and the Corporation, after making due enquiries, is not aware of any disputes with respect thereto and such assets are in good standing under the Applicable Laws

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of the jurisdictions in which they are situated, and all leases, licences, concessions, mineral rights and claims pursuant to which the Corporation and the Material Subsidiaries derive their interests (whether legal or beneficial) in such material assets are in good standing (subject to the qualifications to be provided in the Title Opinion) and there has been no material default under any such leases, licences, concessions, mineral rights or claims and all taxes required to be paid with respect to such assets to the date hereof have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)*Mineral Rights*. The mining claims, concessions, licenses, leases or other instruments or agreements granting all legal rights to act as owners in respect of the Zgounder Project (the "**Zgounder Mineral Rights**") and the Boumadine Mineral Rights (the "**Boumadine Mineral Rights**" and collectively with the Zgounder Mineral Rights, the "**Mineral Rights**") are set forth on Schedule A, which schedule is a complete and accurate list of all such rights held (directly or indirectly) by the Corporation. All such Mineral Rights are validly held (directly or indirectly) by the Corporation, subject to the qualifications to be set out in the Title Opinion. Such Mineral Rights are free and clear of any material Liens and no material royalty is payable in respect of any of them, except as described in Schedule A. Except as adequately disclosed in the Prospectus, no other mineral or property rights are necessary for the conduct of the Corporation's or any Material Subsidiary's business as presently conducted and as contemplated in the Prospectus; and there are no material restrictions on the ability of the Corporation or any Material Subsidiary to use, access, transfer or otherwise explore, develop or exploit any such mineral or property rights except as required by Applicable Law and as adequately disclosed in the Prospectus. Except as adequately disclosed in the Prospectus, and except in respect of permits to be obtained in the ordinary course that are reasonably expected to be received by the Corporation or a Material Subsidiary in a timely fashion, the Corporation and the Material Subsidiaries beneficially and legally own the Mineral Rights necessary to carry on the current and proposed exploration, development and exploitation activities. In respect of all such Mineral Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)neither the Corporation nor any Material Subsidiary has received or has knowledge of there having been issued any notice of default of any of the terms or provisions of the Mineral Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the execution, delivery and performance of this Agreement and the Ancillary Documents by the Corporation, and the consummation of the transactions contemplated herein, will not cause a default or termination, or give rise to the right of termination, or rights of first refusal or other pre-emptive rights under any of the Mineral Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all permits, leases, concessions, licenses and mining rights or claims payments, rentals, taxes, rates, assessments, renewal fees and other governmental charges owing in respect of the Mineral Rights have, in all material respects, been paid in full up to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Mineral Rights are in good standing in all material respects with respect to the performance of all material obligations required under

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Applicable Law (including the performance of all required exploration and exploitation work, the performance of all minimum assessment work and the timely filing of any reports, applications and further documents) and the condition of any related surface rights is in compliance with all Applicable Laws and all orders of all Governmental Authorities having jurisdiction, including in respect of any Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)there is no actual or, to the knowledge of the Corporation, threatened adverse claim against, or challenge to, the ownership of, or title to, the Mineral Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)*Technical Information*. The Corporation is in material compliance with the provisions of Regulation 43-101, has filed all technical reports as required thereby for each mineral project on a property material to the Corporation, and the current Technical Reports have been prepared in material compliance with the requirements thereof. The technical information set forth in the Prospectus, including relating to the estimates by the Corporation of mineral resources and mineral reserves, has been reviewed and approved by "qualified persons" (as defined in Regulation 43-101) and, in all cases, the resource information has been prepared in accordance with Canadian industry standards set forth in Regulation 43-101, and the information upon which the estimates of resources and reserves were based was, at the time of delivery thereof, complete and accurate in all material respects and there have been no material adverse changes to such information since the date of delivery or preparation thereof. The Technical Reports are the only "current" technical report of the Corporation in respect of the Zgounder Project and the Boumadine Project for the purposes of Regulation 43-101 and no material information was withheld from the authors thereof for the purposes of preparing the Technical Reports and, to the knowledge of the Corporation, all information provided to such authors for such purposes is true and accurate and not misleading and was given in good faith. All statements of fact relating to the Corporation and the Subsidiaries and their respective activities contained in the Technical Reports are true and accurate in all material respects as of the respective dates thereof and no such fact has been omitted therefrom (or information withheld) the omission of which would make any statement of fact therein misleading. To the knowledge of the Corporation, there have been no material changes to such information since the date of delivery or preparation thereof, except as adequately disclosed in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)*Scientific and Technical Projections.* To the knowledge of the Corporation, the projected capital and operating costs and projected production and operating results relating to the Zgounder Project and the Boumadine Project, as summarized in the Prospectus, are reasonable in all material respects subject to the risks and uncertainties stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)*No Asset Impairment.* The Corporation has undertaken an asset analysis in respect of the Zgounder Project and the Boumadine Project, including all estimates of the mineral resources and mineral reserves reported thereon and has not found any material asset impairment and does not anticipate making any

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write downs in respect of the Zgounder Project or the Boumadine Project, or any parts thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*Exploration and Development Activities*. All assessments or other work required to be performed within the areas covered by the Zgounder Project and the Boumadine Project or any other properties in which the Corporation has a direct or indirect economic interest in order to maintain the Corporation's and the Material Subsidiaries' interests therein have been performed to date and the Corporation and the Material Subsidiaries have complied in all material respects with all Applicable Laws in this regard, as well as with regard to legal, contractual obligations to third parties in this regard except for any non-compliance that could not, either individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)*No Restrictions on Mining Activities.* There are no restrictions imposed by any Applicable Law or by agreement which materially conflict with the proposed exploration, development and production of the Zgounder Project and the Boumadine Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)*Environmental Laws*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Neither the Corporation nor any Material Subsidiary is or has been in material breach of any applicable federal, provincial, state, municipal and local laws, statutes, ordinances, by-laws and regulations and orders, directives and decisions rendered by any ministry, department or administrative or regulatory agency, domestic or foreign, including laws, ordinances, regulations or orders, relating to the protection of the environment, occupational health and safety or the processing, use, treatment, storage, disposal, discharge, transport or handling of any pollutants, contaminants, chemicals or industrial, toxic or hazardous wastes or substances (the "**Environmental Laws**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)All material licences, permits, approvals, consents, certificates, registrations and other authorizations under all applicable Environmental Laws (the "**Environmental Permits**") necessary as at the date hereof for the operation of the business currently carried on by the Corporation and the Material Subsidiaries have been obtained or have been applied for and the Corporation expects any additional Environmental Permits that are required to carry out the planned business activities to be obtained in the ordinary course and in accordance with the timing as disclosed in the Corporation's Information Record and subject to the risks and uncertainties stated therein, and each Environmental Permit is valid, subsisting and in good standing and there are no material defaults or breaches of any Environmental Permits and no proceeding has been threatened, or to the knowledge of the Corporation, is pending to revoke or limit any Environmental Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)There has not been any breach of Environmental Laws and Environmental Permits, on any property or facility owned or leased or previously owned or leased, to generate, manufacture, process,

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distribute, use, treat, store, dispose of, transport or handle any hazardous substance, and no conditions exist at, on or under any property now or previously owned, operated or leased which, with the passage of time, or the giving of notice or both, would give rise to liability under any Environmental Laws, individually or in the aggregate, that has or may reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)There have been no material claims, complaints, notices of, or prosecutions for an offence alleging, non-compliance with any Environmental Laws, and there have been no settlements of any allegation of non-compliance short of prosecution and there are no orders or directions relating to environmental matters including reclamation requiring any material work, repairs, construction or capital expenditures to be made or any notice of same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Except as ordinarily or customarily required by applicable permits, no notice has been received by the Corporation or its Material Subsidiaries, and to the knowledge of the Corporation, no notice has been issued alleging or stating that any party is potentially responsible for a federal, provincial, state, municipal or local clean-up site or corrective action under any law including any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)There are no ongoing environmental liabilities, claims, or disputes related to any mining activities on premises in which the Corporation has a direct or indirect economic interest, including within the areas covered by the Mineral Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)There are no reclamation bonds related to the premises in which the Corporation has a direct or indirect economic interest, including within the areas covered by the Mineral Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)There are no material ongoing environmental audits, evaluations, assessments, studies or tests being conducted except for ongoing audits, evaluations, assessments, studies or tests being conducted in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)*Good Mining Practices*. All mining related activities, exploration, discovery, development, reclamation and other actions and operations on premises in which the Corporation has a direct or indirect economic interest, including within the areas covered by the Mineral Rights, have been and are conducted by the Corporation and the Material Subsidiaries in all material respects in accordance with good mining, exploration and engineering practices and all Applicable Laws including material workers' compensation and health and safety and workplace laws, mining laws, regulations and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)*Possession of Licenses and Permits*. The Corporation and each Subsidiary possesses such permits, certificates, licenses, approvals, consents and other authorizations (collectively, "**Governmental Licenses**") issued by the appropriate federal, provincial, state, local or foreign, as applicable, Governmental Authorities

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necessary to own, lease, stake or maintain the mining rights and property claims and other property interests and to conduct the business now operated, including to conduct exploration, discovery, development and production at their various projects, except where the failure to possess such Governmental Licenses would not reasonably be expected to have a Material Adverse Effect. The Corporation and each Subsidiary is in compliance with the terms and conditions of all such Governmental Licenses. To the knowledge of the Corporation, all of the Governmental Licenses are valid and in full force and effect. Neither the Corporation nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)*No Native or Local Claims*. There are no material claims or actions with respect to native or local rights currently threatened or, to the knowledge of the Corporation, after due enquiry, pending with respect to the Zgounder Project or the Boumadine Project. The Corporation is not aware of any material land entitlement claims or native or local land claims having been asserted or any legal actions relating to native or community issues having been instituted with respect to the Zgounder Project or the Boumadine Project, and no material dispute in respect of the Zgounder Project or the Boumadine Project or any activities thereon with any local or native or local group exists or, to the knowledge of the Corporation, is threatened or imminent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)*Community Relationships*. There are no material complaints, issues, proceedings, or discussions, which are ongoing or anticipated which could have the effect of interfering, delaying or impairing the ability to explore, develop and operate the Zgounder Project or the Boumadine Project, and the Corporation and the Material Subsidiaries do not anticipate any material issues or liabilities to arise that would adversely affect the ability to explore, develop and operate the Zgounder Project or the Boumadine Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)*Government Relationships.* All government relationships are mutually cooperative and, to the knowledge of the Corporation, there exists no condition or state of fact or circumstances in respect thereof, that would prevent the Corporation or the Material Subsidiaries from conducting its business and all activities in connection with the Zgounder Project or the Boumadine Project as currently conducted or proposed to be conducted and there exists no actual or, to the knowledge of the Corporation, threatened termination, limitation, modification or Material Change in the working relationship with any Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)*No Expropriation.* No property in which the Corporation has a direct or indirect economic interest or any related mining claim, including the Mineral Rights, has been taken, revoked, condemned or expropriated by any Governmental Authority nor has any written notice or proceedings in respect thereof been given, or to the knowledge of the Corporation, been commenced, threatened or is pending, nor does the Corporation have any knowledge of the intent or proposal to give such notice or commence any such proceedings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)*No Work Stoppage or Interruptions.* To the knowledge of the Corporation, there has not been in the last three years and there are not currently any actions, proceedings, inquiries, disruptions, protests, blockades or initiatives by non-governmental organizations, activist groups or similar entities or Persons, that are ongoing or anticipated which could materially adversely affect the ability to explore, develop and operate the Zgounder Project or the Boumadine Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)*Material Contracts*. All of the material Contracts of the Corporation and the Subsidiaries (collectively, the "**Material Contracts**") have been adequately disclosed in the Corporation's Information Record and if required under the Applicable Securities Laws have been filed at the Corporation's profile on SEDAR+. Neither the Corporation nor any Subsidiary has received notification from any party claiming that the Corporation or any Subsidiary is in breach or default under any Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)*Restrictions on Dividends or Business*. There is not, in the constating documents, by-laws or in any Contract or other instrument or document to which the Corporation is a party, any restriction upon or impediment to, the declaration or payment of dividends by the directors of the Corporation or the payment of dividends by the Corporation to the holders of its Common Shares. No Material Subsidiary is currently prohibited, directly or indirectly, under any Contract or other instrument to which it is a party or is subject, from paying any dividends to the Corporation, from making any other distribution on such Material Subsidiary's outstanding equity securities, from repaying to the Corporation any loans or advances to such Material Subsidiary from the Corporation or from transferring any of such Material Subsidiary's properties or assets to the Corporation or any other Material Subsidiary. Neither the Corporation nor the Material Subsidiary is a party to or bound or affected by any Contract containing any covenant which expressly limits the freedom of the Corporation or any Material Subsidiary to compete in any line of business, transfer or move any of its assets or operations or which materially or adversely affects the consolidated business practices, operations or condition of the Corporation, except as adequately disclosed in the Corporation's Information Record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)*No Material Adverse Effect*. Since December 31, 2024, (i) there has been no change in the consolidated condition (financial or otherwise), or in the consolidated properties, capital, affairs, prospects, operations, assets or liabilities of the Corporation, whether or not arising in the ordinary course of business, which would reasonably be expected to give rise to a Material Adverse Effect and except as adequately disclosed in the Corporation's Information Record, and (ii) there have been no transactions entered into by the Corporation, other than those in the ordinary course of business, which are material with respect to the Corporation, except as adequately disclosed in the Corporation's Information Record.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Absence of Changes*. Since December 31, 2024, the Corporation and each Material Subsidiary has carried on business in the ordinary course and, except as adequately disclosed in the Prospectus, there has not been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Material Change in the consolidated assets, liabilities or obligations (absolute, accrued, contingent or otherwise), business, business prospects, condition (financial or otherwise) or results of operations of the Corporation, other than those changes occurring in the ordinary course of business, none of which (either singly or taken together) has had or would have a Material Adverse Effect to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)except as contemplated in this Agreement, any Material Change in the share capital or long-term debt of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any declaration, setting aside or payment of any dividend or other distribution with respect to any shares in the capital of the Corporation or any direct or indirect redemption, purchase or other acquisition of any shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any change in accounting or tax practices followed by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)*Absence of Proceedings*. To the Corporation's knowledge, there is no action, suit, proceeding, inquiry or investigation before or brought by any court or other Governmental Authority, domestic or foreign, now pending or, to the knowledge of the Corporation, threatened against or affecting the Corporation or any Subsidiary, which has not been adequately disclosed in the Prospectus, or which if determined adversely would reasonably be expected to have a Material Adverse Effect, or which, if determined adversely, would reasonably be expected to materially adversely affect the consummation of the transactions contemplated in this Agreement or the performance by the Corporation of its obligations hereunder or under any of the Ancillary Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)*Outstanding Judgements*. There is no outstanding judgement, order, decree, arbitral award or decision of any court, tribunal or other Governmental Authority against the Corporation or any Material Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)*No Insolvency*. Neither the Corporation nor any Subsidiary has committed an act of bankruptcy or sought protection from its creditors from any court or pursuant to any law, proposed a compromise or arrangement to its creditors generally, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to have itself declared bankrupt or wound up, as the case may be, taken any proceeding to have a receiver appointed of any part of its assets, had any encumbrancer or receiver take possession of any of its property, had an execution or distress become enforceable or levied upon any portion of its property or had any petition for a receiving order in bankruptcy or application for a bankruptcy order filed against it, and at the Closing Time neither the Corporation nor any Subsidiary will be an insolvent Person (as that term is defined in the *Bankruptcy and Insolvency Act* (Canada)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)*CFPOA Legislation*. Neither the Corporation nor the Subsidiaries nor to the knowledge of the Corporation, any director, officer, employee, consultant, representative or agent of the foregoing, has (i) violated any CFPOA Legislation applicable to the Corporation, or (ii) offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized the giving of anything of value, that goes beyond what is reasonable and customary and/or of modest value: (A) to any Government Official, whether directly or through any other Person, for the purpose of influencing any act or decision of a Government Official in his or her official capacity; inducing a Government Official to do or omit to do any act in violation of his or her lawful duties; securing any improper advantage; inducing a Government Official to influence or affect any act or decision of any Governmental Authority; or assisting any representative of the Corporation in obtaining or retaining business for or with, or directing business to, any Person; or (B) to any Person in a manner which would constitute or have the purpose or effect of public or commercial bribery, or the acceptance of or acquiescence in extortion, kickbacks, or other unlawful or improper means of obtaining business or any improper advantage. Neither the Corporation nor the Subsidiaries nor to the knowledge of the Corporation, any director, officer, employee, consultant, representative or agent of foregoing, has (i) conducted or initiated any review, audit, or internal investigation that concluded the Corporation or the Subsidiaries, or a subsidiary or any director, officer, employee, consultant, representative or agent of the foregoing violated such laws or committed any material wrongdoing, or (ii) made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible for enforcing anti-bribery or anti-corruption laws, in each case with respect to any alleged act or omission arising under or relating to non-compliance with any such laws, or received any notice, request, or citation from any Person alleging non-compliance with any such laws. The Corporation has instituted and maintains policies and procedures designed to ensure compliance with the CFPOA Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)*Money Laundering Laws*. The operations of the Corporation and the Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the money laundering Laws of all relevant jurisdictions, the rules and regulations thereunder and any related laws issued, administered or enforced by any Governmental Authority (collectively, the "**Money Laundering Laws**"), and no action, suit or proceeding by or before any court or other Governmental Authority or any arbitrator non-Governmental Authority involving the Corporation or any Subsidiary with respect to the Money Laundering Laws is, to the best knowledge of the Corporation, pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)*Brokerage Fees*. Other than the Underwriters, there is no Person acting or, to the knowledge of the Corporation, purporting to act at the request of the Corporation, who is entitled to any brokerage or finder's fees in connection with the Offering, other than in coordination with the Underwriters and to their knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)*No Default under Securities Laws*. The Corporation is not in default of any requirement of Applicable Securities Laws which would reasonably be expected to have a Material Adverse Effect on the Offering or the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)*Disclosure*. All information which has been prepared or compiled by the Corporation relating to the Corporation and its business, properties and liabilities, and either filed on SEDAR+ or provided to the Underwriters, including all financial, marketing, sales, technical mining and operational information, is as of the date of such information, true and correct in all material respects, and no Material Fact or facts have been omitted therefrom which would make such information misleading. The Corporation is in compliance in all material respects with its timely and continuous disclosure obligations under Applicable Securities Laws and, without limiting the generality of the foregoing, there has been no Material Adverse Effect that has occurred since December 31, 2024, which has not been publicly disclosed and the information and statements in the Corporation's Information Record were true and correct in all material respects as of the respective dates of such information and statements and at the time such documents were filed on SEDAR+, and except as may have been corrected by subsequent disclosure, do not contain any Misrepresentations and no Material Facts have been omitted therefrom which would make such information materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)*Forward-Looking Information*. With respect to forward-looking information contained in the Corporation's Information Record since January 1, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Corporation had a reasonable basis for the forward-looking information at the time the disclosure was made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all forward-looking information is identified as such, and all such documents caution users of forward-looking information that actual results may vary from the forward-looking information and identifies material risk factors that could cause actual results to differ materially from the forward-looking information; and states the material factors or assumptions used to develop forward-looking information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)*No Default*. Neither the Corporation nor any Material Subsidiary is in default of any material term, covenant or condition under or in respect of any judgment, order, agreement or instrument to which it is a party or to which it or any of the material property or assets (including any royalty or interest therein) thereof are or may be subject, and no event has occurred and is continuing, and no circumstance exists which has not been waived, which constitutes a default in respect of any Contract to which the Corporation or any Material Subsidiary is a party entitling any other party thereto to accelerate the maturity of any amount owing thereunder or which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)*Voting Agreements*. The Corporation is not party to any agreement, nor is the Corporation aware of any agreement, which in any manner affects the voting control of any of the securities of the Corporation or a Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)*Shareholder Agreements*. Neither the Corporation nor, to the knowledge of the Corporation, any shareholder of the Corporation is a party to any shareholders

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agreement, pooling agreement, voting trust or other similar type of arrangements in respect of outstanding securities of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)*Interest of Insiders; Conflicts*. Other than as adequately disclosed in the Corporation's Information Record, to the knowledge of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)none of the directors, officers or employees of the Corporation or the Subsidiaries, any known holder of more than 10% of Common Shares, or any known associate or affiliate of any of the foregoing Persons (as such terms are defined in the *Securities Act* (Québec)), has had any material interest, direct or indirect, in any material transaction within the previous two years or has any material interest in any proposed material transaction involving the Corporation or a Subsidiary which, as the case may be, materially affected, is material to or will materially affect the Corporation or any of the Material Subsidiaries. To the knowledge of the Corporation, no insider of the Corporation (within the meaning of Applicable Securities Laws) has a present intention to sell any securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no officer, director or employee of the Corporation or any Subsidiary, and no Person which is an affiliate or associate of one or more of the foregoing, owns, directly or indirectly, any interest in (except for shares representing less than 10% of the outstanding shares of any class or series of any publicly traded company), or is an officer, director, employee or consultant of any Person which is, or is engaged in, a business competitive with the Corporation or any Subsidiary, as applicable, which, in either case, materially adversely impacts, or can reasonably be expected to materially and adversely impact, on their ability to duly and properly perform their services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to the knowledge of the Corporation, no officer, director, employee or security holder of the Corporation or any of the Subsidiaries has any cause of action or other claim whatsoever against, or owes any amount to, the Corporation or any Subsidiary, as applicable, in connection with its business except for claims in the ordinary and normal course of the business such as for accrued vacation pay or other amounts or matters which would not be material to the Corporation on a consolidated basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)neither the Corporation nor any Subsidiary owes any monies to, has any present loans to, or borrowed any monies from or is otherwise indebted to, any officer, director, employee, shareholder or any Person not dealing at "arm's length" (as such term is defined in the Tax Act) with any of them except for usual employee reimbursements and compensation paid in the ordinary and normal course of its business. To the Corporation's knowledge, except as adequately disclosed in the Corporation's Information Record and usual employee or consulting arrangements made in the ordinary and normal course of business, neither the Corporation nor any Subsidiary is a party to any Contract or

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understanding with any officer, director, employee, shareholder or any other Person not dealing at arm's length with it.

The directors and executive officers of the Corporation and the Subsidiaries who are NEOs and their compensation arrangements (as applicable) with the Corporation and the Subsidiaries, as applicable, whether as directors, officers or employees are, in all material respects, as disclosed in the Corporation's Information Record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)*Interest in Revenues*. Except as adequately disclosed in the Corporation's Information Record, no officer, director, employee or any other Person not dealing at arm's length with the Corporation (within the meaning of the Tax Act), or to the knowledge of the Corporation, any associate or affiliate of such Person, owns, has or is entitled to any royalty, net profits interest, carried interest, licensing fee, or any other Liens or claims of any nature whatsoever which are based on the revenues, profits, results of mineral project exploitation or other economic measure of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)*Employees*. All material employment agreements, severance agreements and change of control agreements in respect of any NEOs, and all Employee Plans have been, in all material respects, adequately disclosed in the Corporation's Information Record. The Corporation and the Subsidiaries are in material compliance with all laws respecting employment and employment practices, terms and conditions of employment, occupational health and safety, pay equity and wages, and there is not currently any labour disruption or conflict involving the Corporation or any Subsidiary. Neither the Corporation nor any Subsidiary is a party to a collective bargaining agreement. To the best of the Corporation's knowledge, there are no union organizing efforts being made at the Corporation or the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)*Employee Plans*. Each material plan, if any, for retirement, bonus, stock purchase, profit sharing, stock option, deferred compensation, severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed to or required to be contributed to, by the Corporation or any Subsidiary for the benefit of any current or former director, officer, employee or consultant (collectively, the "**Employee Plans**") has been maintained in material compliance with its terms and with the requirements prescribed by any and all laws that are applicable to such Employee Plan. The Corporation does not have nor has had any pension plan (as such term is defined in the relevant legislation of the applicable jurisdiction). All material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, federal or provincial pension plan premiums, accrued wages, salaries and commissions and Employee Plan payments have been reflected in the books and records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)*Indebtedness*. Neither the Corporation nor any Subsidiary has guaranteed or otherwise given security for or agreed to guarantee or give security for any liability, debt or obligation of any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)*Royalties*. Other than as disclosed in the Corporation's Information Record, the Corporation and its Subsidiaries do not have any obligations to pay any amounts now or in the future in the form of royalties or other payments based on revenues, sales, production, reserves, resources or profits relating to the Zgounder Project, the Boumadine Project or any other properties in which the Corporation has a direct or indirect economic interest, other than taxes of general application payable to Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)*Insurance*. The properties and assets of the Corporation and the Subsidiaries are insured against loss or damage with responsible insurers on a basis consistent with insurance obtained by reasonably prudent participants in comparable businesses, and such coverage is in full force and effect, and the terms of any policies in respect thereof have not been breached and the insured has not failed to promptly give any notice or present any material claim thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)*Tax Returns*. The Corporation and its Subsidiaries have filed all tax returns and other reports required to be filed in any applicable jurisdiction, and have paid all taxes and related charges of any kind whatsoever due and payable and otherwise established reserves on its books and records that are adequate for the payment of all such taxes and related charges of any kind whatsoever not yet due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)*Tax Audits*. There are no current, pending, or to the Corporation's knowledge any contemplated or threatened, audits of the tax returns of or other reports required to be filed by the Corporation or its Subsidiaries (whether federal, provincial, local or foreign), and there are no claims or grounds therefor which have been or may be asserted relating to any such tax returns and other reports, and there are no liens for taxes or related charges on the properties and assets of the Corporation or the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)*Tax Assessment*. Neither the Canada Revenue Agency nor any other taxation authority has asserted, or to the Corporation's knowledge contemplated or threatened to assert, any claim, assessment or liability for taxes or related charges due or to become due in connection with any review or examination of the tax returns of or other reports required to be filed by the Corporation or its Subsidiaries for any taxation or reporting year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)*Reporting Issuer*. The Corporation is, and will at the Closing Time be, a "reporting issuer" (or its equivalent) in all provinces of Canada, not in default of any requirement of Applicable Securities Laws. The Corporation has made timely disclosure of all Material Changes relating to it and no such disclosure has been made on a confidential basis and there is no Material Change relating to the Corporation which has occurred with respect to which the requisite Material Change statement has not been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)*No Cease Trade Orders*. There are no orders ceasing or suspending the trading of any securities of the Corporation or prohibiting the sale of any securities by the Corporation, nor any current, pending, or to the Corporation's knowledge any contemplated or threatened, proceedings for this purpose, nor to the

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Corporation's knowledge any grounds therefor. The Corporation is not in default of any requirement of Canadian Applicable Securities Laws, except such as would not have or would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)*Stock Exchange Listing*. The Common Shares are listed and posted for trading on the Exchange and the Corporation is in compliance in all material respects with the current listing requirements and all other applicable rules and regulations of the Exchange and has not taken any action which would be reasonably expected to result in the delisting or suspension of the Common Shares on or from the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Transfer Agent and Registrar*. TSX Trust Company, at its principal offices in Montréal, Québec, has been duly appointed as the transfer agent and registrar for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)*No Pending Changes to Law, etc*. The Corporation is not aware of any pending change or contemplated change to any applicable Law that could reasonably be expected to materially affect the business of the Corporation or the business or legal environment under which the Corporation or any Subsidiary operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)*Corporate Records*. The minute books and corporate records of the Corporation and the Material Subsidiaries made or to be made available to the Underwriters' Counsel in connection with the Underwriters' due diligence investigations of the Corporation and the Material Subsidiaries for the period from January 1, 2017 to the date of examination thereof, are the original minute books and records of such companies or true copies thereof and contain, in all material respects, copies of all proceedings (or certified copies thereof) of the shareholders, the boards of directors and all committees of the boards of directors of such companies and there have been no other proceedings of the shareholders, boards of directors or any committee of the boards of directors of such companies that are required to be included in such minute books and records to the date of review of such corporate records and minute books not reflected in such minute books and corporate and other records other than those which have been disclosed to the Underwriters in writing and those which are or are not material in the context of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)*Intellectual Property*. The Corporation does not own or possess any material Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)*Real Property*. The Corporation does not own any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)*Significant Acquisition.* The Corporation and the Subsidiaries have not made any significant acquisition, as such term is defined in Part 8 of NI 51-102, in its current financial year or prior financial years in respect of which historical and/or pro forma financial statements or other information would be required to be included or incorporated by reference into the Prospectus and for which a business acquisition report has not been filed under NI 51-102, the Corporation has not entered into any agreement or arrangement in respect of a transaction

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that would be a significant acquisition for purposes of Part 8 of NI 51-102 and there are no proposed acquisitions by the Corporation that have progressed to the state where a reasonable person would believe that the likelihood of the Corporation completing the acquisition is high and would be a significant acquisition for the purposes of Part 8 of NI 51-102 if completed as of the date of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)*Prospectus Information*. All of the information which has been prepared by the Corporation relating to the Corporation and the Material Subsidiaries and their business, property and liabilities and provided to the Underwriters in connection with the preparation of the Prospectus, including all financial, marketing, sales and operational information provided to the Underwriters is, as of the date of such information, true and correct, taken as a whole (except to the extent amended or superseded by information subsequently provided to the Underwriters or publicly disclosed) and no fact or facts have been omitted therefrom which would make such information misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)*Corporation Short Form Eligible.* The Corporation is eligible to file a short form prospectus in each of the Qualifying Jurisdictions pursuant to Applicable Securities Laws and on the date of and upon filing of the Prospectus Supplement, there will be no documents required to be filed under Applicable Securities Laws in connection with the distribution of the Offered Shares that will not have been filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)*Well-Known Seasoned Issuer.* As at the date of filing of the WKSI Cover Letter and the Base Shelf Prospectus, the Corporation satisfied the definition of "well-known seasoned issuer" or "WKSI" in compliance with the WKSI Blanket Orders by virtue of the fact that: (i) as of June 6, 2025, the Corporation's public float (as defined in each of the WKSI Blanket Orders) of outstanding listed equity securities was approximately $1.83 billion; and (ii) the Corporation disclosed in its audited financial statements (A) gross revenue, derived from mining operations, of at least $55,000,000 for the Corporation's most recently completed financial year; and (B) gross revenue, derived from mining operations, of at least $165,000,000 in aggregate over the Corporation's three most recently completed financial years.

**ARTICLE 10**

**REPRESENTATIONS AND WARRANTIES OF THE UNDERWRITERS**

10.1Each Underwriter hereby jointly (the equivalent to severally in common law) and not solidarily, represents and warrants to the Corporation, and acknowledges that the Corporation is relying upon each of such representations and warranties in entering into the transactions contemplated hereby, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)it and the members of its Selling Group is duly registered pursuant to the provisions of Applicable Securities Laws, and is duly registered or licensed as investment dealer in those jurisdictions in which it is required to be so registered in order to perform the services contemplated by this Agreement, or if or where

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not so registered or licensed, it will act only through members of its Selling Group who are so registered or licensed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)it has all requisite corporate power and authority to enter into this Agreement and to carry out the transactions contemplated under this Agreement on the terms and conditions set forth herein and this Agreement has been duly authorized, executed and delivered by such Underwriter and constitutes a legal, valid and binding obligation of such Underwriter enforceable against it in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally, except as limited by the application of equitable principles when equitable remedies are sought and except as rights to indemnity, contribution and waiver of contribution may be limited by Applicable Laws.

**ARTICLE 11**

**CLOSING CONDITIONS**

11.1The obligation of the Underwriters to purchase, or act as agents for substituted purchasers to purchase, the Purchased Shares at the Closing Time on the Closing Date and to purchase any Additional Shares at the Closing Time on an Option Closing Date shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Underwriters shall have received a certificate, dated the Closing Date, signed by appropriate officers of the Corporation addressed to the Underwriters and their counsel, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the constating documents of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all resolutions of the Corporation's board of directors (including committees of the board of directors) relating to this Agreement and the transactions contemplated hereby, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the incumbency and specimen signatures of signing officers in the form of a certificate of incumbency and such other matters as the Co-Lead Underwriters may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Underwriters shall have received a certificate, dated the Closing Date, signed by appropriate officers of the Corporation addressed to the Underwriters and their counsel, certifying for and on behalf of the Corporation (without personal liability), to the best of their knowledge, information and belief, after due inquiry, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)no order, ruling or determination having the effect of suspending the sale or ceasing the trading in any securities of the Corporation (including the Offered Shares) or prohibiting the issue and sale of the Offered Shares or any of the Corporation's issued securities has been issued by any regulatory authority and is continuing in effect and no proceedings for that purpose have been instituted or are pending or are contemplated or threatened by any regulatory authority,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)there has been no change in any material fact (which includes the disclosure of any previously undisclosed material fact) contained in the Prospectus which fact or change is, or may be, of such a nature as to render any statement in the Prospectus misleading or untrue in any material respect or which would result in a misrepresentation in the Prospectus or which would result in the Prospectus not complying with Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Corporation has complied in all material respects (except where already qualified by a materiality or material adverse effect qualification, in which case the Corporation has complied in all respects) with all the terms, covenants and satisfied in all material respects (except where already qualified by a materiality or material adverse effect qualification, in which case the Corporation has satisfied in all respects) all the terms and conditions of this Agreement on its part to be complied with and satisfied at or prior to the Closing Time,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)no default or event exists and is then continuing under this Agreement and no event exists that, but for the giving of notice, lapse of time, or both, or but for the satisfaction of any other condition after that event, would constitute a default or event of default under this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the representations and warranties of the Corporation contained in this Agreement and any certificate of the Corporation delivered hereunder are true and correct in all material respects (or, in the case of any representation or warranty containing a materiality or Material Adverse Effect qualification, in all respects) as at the Closing Time, with the same force and effect as if made on and as at the Closing Time after giving effect to the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)a Passport Receipt has been issued by the AMF for the Base Shelf Prospectus pursuant to the Passport System and, to the knowledge of such persons, no order, ruling or determination having the effect of ceasing the trading or suspending the sale of the Common Shares or other securities of the Corporation, or the Offered Shares to be issued and sold by the Corporation has been issued and no proceedings for such purpose have been instituted or are pending or, to the knowledge of such officers, contemplated or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)since the respective dates as of which information is given in the Base Shelf Prospectus, the Prospectus Supplement or any Supplementary Material (A) there has been no material change (financial or otherwise) in the business, assets (including intangible assets), affairs, operations, prospects, liabilities (contingent or otherwise), capital, properties, condition (financial or otherwise) or results of operations or control of the Corporation and the Material Subsidiaries (taken as a whole), and (B) no transaction has been entered into by the Corporation or any Material Subsidiary which is material to the Corporation and the Material

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Subsidiaries (taken as a whole), other than as disclosed in the Prospectus or in any Supplementary Material; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Underwriters shall have received evidence that all requisite approvals, consents and acceptances of the appropriate regulatory authorities, the Exchange and any other applicable third parties required to be made or obtained by the Corporation in order to complete the Offering and to list the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the issuance of the Offered Shares shall have been conditionally accepted by the Exchange, subject only to customary post-closing conditions required to be satisfied within the applicable time frame pursuant to the rules and policies of the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the absence of any misrepresentations in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Underwriters shall have received favourable legal opinions addressed to the Underwriters, in form and substance satisfactory to the Underwriters' Counsel, dated the Closing Date, from the Corporation's Counsel, and where appropriate, local counsel to the Corporation in the other Qualifying Jurisdictions, which counsel in turn may rely, as to matters of fact, on certificates of public officials and officers of the Corporation, with respect to the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)as to the incorporation and subsistence of the Corporation under the Applicable Laws and as to the Corporation having the requisite corporate power and capacity under the Applicable Laws to carry on its business as presently carried on and to own, lease and operate its properties and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)as to the authorized and issued capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)as to the Corporation being a "reporting issuer" (or the equivalent), and not included on the list of issuers in default in the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)as to the corporate power, authority and capacity of the Corporation to execute, deliver and perform its obligations under this Agreement and to issue and deliver the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Corporation has duly authorized, executed and delivered, this Agreement and authorized the performance of its obligations hereunder and thereunder, including the offering, creation (as applicable), issue, sale and delivery of the Purchased Shares, the grant of the Over-Allotment Option, the offering, creation (as applicable) issue, sale and delivery of Additional Shares upon exercise of the Over-Allotment Option, and this Agreement constitutes a legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms, subject to appropriate qualifications that are customary of an offering of this nature;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the execution and delivery of this Agreement and the fulfillment of the terms hereof, including the Offering, creation (as applicable), issue, sale and delivery of the Purchased Shares, the grant of the Over-Allotment Option, the offering, creation (as applicable) issue, sale and delivery of Additional Shares upon exercise of the Over-Allotment Option, and the consummation of the transactions contemplated by this Agreement, do not result in a breach of (whether after notice or lapse of time or both) or constitute a default under (A) any of the terms, conditions or provisions of the articles of incorporation or amalgamation, as applicable, of the Corporation, (B) of which counsel is aware, resolutions of the shareholders or the board of directors (or any committee thereof) of the Corporation, (C) the laws of the Province of Québec and the federal laws of Canada applicable therein or (D) any agreement referred to under the "Material Contracts" heading in the Corporation's annual information form dated March 31, 2025 incorporated by reference into the Base Shelf Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all necessary documents have been filed, all requisite proceedings have been taken, all approvals, permits and consents of the appropriate regulatory authority in each Qualifying Jurisdiction have been obtained, and all necessary legal requirements have been fulfilled, in order to qualify the distribution of the Purchased Shares and the Additional Shares upon exercise of the Over-Allotment Option in each of the Qualifying Jurisdictions through dealers who are registered under Applicable Securities Laws and who have complied with the relevant provisions of such Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)no consent, approval, authorization or order of or filing, registration or qualification with any court, governmental agency or body or securities regulatory authority having jurisdiction is required at this time for the execution and delivery by the Corporation of this Agreement and the performance of its obligations hereunder and thereunder, except for such as have been made or obtained and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the Over-Allotment Option has been duly and validly authorized and granted by the Corporation and the Additional Shares issuable upon the exercise of the Over-Allotment Option have been duly and validly created, allotted and reserved for issuance by the Corporation and, upon the exercise of the Over-Allotment Option including receipt by the Corporation of payment in full therefor, the Additional Shares will be duly and validly created, authorized, issued and outstanding as fully paid shares or securities (as the case may be) and are non- assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the Corporation has all necessary corporate power and capacity: (A) to execute and deliver this Agreement and to perform its obligations hereunder and thereunder; (B) to offer, issue, sell and deliver the Purchased Shares; and (C) to grant the Over- Allotment Option and offer, issue, sell and deliver the Additional Shares issuable upon exercise of the Over-Allotment Option;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)all necessary corporate action has been taken by the Corporation to authorize the execution and delivery of each of the Base Shelf Prospectus, the Prospectus Supplement and any Supplementary Material (in both the English and French languages) and the filing thereof with the Securities Commissions and to authorize the use and delivery of the U.S. Placement Memorandum, if any, including any amendments or supplements thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)the Offered Shares have been validly issued, as fully paid and non-assessable Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the documents (including the Prospectus and any Supplementary Material) to be delivered to purchasers in Québec comply with the laws of the Province of Québec relating to the use of the French language provided that a French version of such document has been provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)that the summary under the heading "Certain Canadian Federal Income Tax Considerations" in the Prospectus Supplement is a fair and adequate summary of the principal Canadian federal income tax considerations generally applicable to the acquisition, holding and disposition of the Offered Shares, subject to the qualifications, assumptions, limitations and understandings set out in such summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)confirming the statements under the heading "Eligibility for Investment" in the Prospectus Supplement, subject to the qualifications, assumptions and limitations set out under such heading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)that the Purchased Shares have been conditionally approved for listing by the Exchange subject to the fulfillment of Standard Listing Conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)such other matters as the Co-Lead Underwriters or the Underwriters' Counsel may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the Underwriters shall have received favourable legal opinions, dated the Closing Date and addressed to the Underwriters, from local counsel to the Corporation, in form and substance acceptable to the Co-Lead Underwriters or the Underwriters' Counsel, acting reasonably, as to (i) the incorporation and existence of each Material Subsidiary, (ii) the Material Subsidiaries having the requisite corporate power and capacity to own and lease their properties and assets and to conduct their businesses as presently carried on, and (iii) the registered ownership of the issued and outstanding shares and other equity securities of the Material Subsidiaries, and as to such other legal matters which the Underwriters' Counsel may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the Underwriters shall have received legal opinions, dated the Closing Date and addressed to the Underwriters, from local counsel to the Corporation, in form and substance acceptable to the Co-Lead Underwriters or the Underwriters' Counsel, acting reasonably, as to the title and ownership interests of the Corporation in the Zgounder Project and the Boumadine Project and the registered Liens thereon (the "**Title Opinion**");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if any Purchased Shares or Additional Shares are sold to purchasers in the United States, the Underwriters will receive, at the Closing Time, a favourable legal opinion dated the Closing Date from United States counsel to the Corporation to the effect that no registration of the Purchased Shares and Additional Shares offered and sold to purchasers in the United States will be required under the U.S. Securities Act, such opinion to be in form and substance, acceptable to the Underwriters and their legal counsel, acting reasonably, it being understood that such counsel need not express its opinion with respect to any subsequent re-sale of such Purchased Shares and Additional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)the Corporation shall cause the Corporation's Auditors to deliver to the Underwriters a "bring down" comfort letter, addressed to the Underwriters and the board of directors of the Corporation, dated the Closing Date, in form and substance satisfactory to the Underwriters, acting reasonably, bringing forward to a date not more than two Business Days prior to the Closing Date the information contained in the comfort letter referred to in Section 5.1(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the Underwriters shall have received a certificate of status or similar certificate from the jurisdiction in which the Corporation and the Subsidiaries are incorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the Underwriters shall have received a certificate from the Corporation's transfer agent as to the issued and outstanding Common Shares as at the close of business on the Business Day prior to the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the Underwriters shall have received executed lock-up agreements from the directors and officers in the form of Schedule C hereto consistent with the Letter Agreement.

**ARTICLE 12**

**CLOSING**

12.1The Closing will be completed by an electronic exchange of documents or at such other place, date or time as may be mutually agreed to.

12.2At the Closing Time, the Corporation will deliver to the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Corporation will deliver to the account of any Underwriters, as the Co-Lead Underwriters may direct, (i) via electronic deposit or represented by one or more certificates in definitive form, the Offered Shares registered in the name of "CDS & Co." or in such other name or names as the Co-Lead Underwriters may notify the Corporation in writing not less than two Business Days prior to the Closing Time or made and settled in CDS under the non-certificated inventory system, and (ii) all further documentation as may be contemplated in this Agreement or as counsel to the Underwriters may reasonably require; against payment by Desjardins Securities Inc., on behalf of the Underwriters, to the Corporation of the applicable purchase price for the Purchased Shares and any Additional Shares being issued and sold under this Agreement, net of the Underwriting Fees and the Underwriters' expenses contemplated in Article 16 of this Agreement, by

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certified cheque, bank draft or wire transfer payable to or as directed by the Corporation not less than two Business Days prior to the Closing Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the obligation of the Underwriters to complete the purchase of any Additional Shares under this Agreement, upon the exercise of the Over-Allotment Option, is subject to the receipt by the Underwriters of those documents contemplated, and the satisfaction of those conditions set forth, in Article 11 as the Underwriters may request, acting reasonably. In the event that the Corporation shall subdivide, consolidate, reclassify or otherwise change its Common Shares during the period in which the Over-Allotment Option is exercisable, appropriate adjustments will be made to the exercise price and to the number of Additional Shares issuable on exercise thereof such that the Underwriters are entitled to arrange for the sale of the same number and type of securities that the Underwriters would have otherwise arranged for had they exercised such Over-Allotment Option immediately prior to such subdivision, consolidation, reclassification or change.

12.3It is understood that the Co-Lead Underwriters may waive, in whole or in part, or extend the time for compliance with, any of the terms and conditions of this Agreement on behalf of the Underwriters without prejudice to their rights in respect of any such terms and conditions or any other subsequent breach or non-compliance; provided that to be binding on the Underwriters, any such waiver or extension must be in writing.

**ARTICLE 13**

**COMPENSATION OF THE UNDERWRITERS**

13.1The Corporation shall pay to Desjardins Securities Inc., on behalf of the Underwriters, at the Closing Time, a cash commission equal to the sum of 4.5% of the aggregate gross proceeds received from the sale of Offered Shares under the Offering to purchasers (being a cash fee of $0.60075 per Common Share) (the "**Underwriting Fee**").

13.2The Corporation also agrees to pay the Underwriters' expenses as set forth in Article 16 hereof.

**ARTICLE 14**

**TERMINATION OF PURCHASE OBLIGATION**

14.1The Underwriters (or any of them) shall be entitled, at the Underwriters' sole option, to terminate and cancel, without any liability on the part of the Underwriters, all of their obligations under this Agreement, by written notice to that effect given to the Corporation at or prior to the Closing Time, if at any time prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(i) any inquiry, action, suit, investigation or other proceeding (whether formal or informal) is commenced, announced or threatened or any order is made or issued under or pursuant to any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality (including without limitation the Exchange or any securities regulatory authority) in relation to the Corporation or any one of the officers or directors of the Corporation or any of its principal shareholders where wrong-doing is alleged or any order is made by any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality

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(including without limitation the Exchange or any securities regulatory authority) which involves a finding of wrong-doing, (ii) there is a change in any law, rule or regulation, or the interpretation or administration thereof, or (iii) an order shall have been made or threatened to cease or suspend trading in the Common Shares or any other securities of the Corporation by any securities regulatory authority or similar regulatory or judicial authority or the Exchange, which, in the reasonable opinion of the Underwriters, operates to prevent, restrict or otherwise materially adversely affect the distribution or trading of the Common Shares or any other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)there shall occur any material change, actual, anticipated or threatened, or any change in a Material Fact or new Material Fact shall arise, or there shall exist or be discovered any change in any Material Fact or previously undisclosed Material Fact which in the reasonable opinion of the Underwriters has or could reasonably be expected to have a significant effect on the market price or value of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)there should develop, occur or come into effect or existence any event, action, state, or condition or any action, law or regulation, inquiry, including, without limitation, terrorism, accident, plague, or any outbreak or escalation of national or international hostilities or any crisis or calamity or major financial, political or economic occurrence of national or international consequence, or any action, government, law, regulation, inquiry or other occurrence of any nature, which, in the reasonable opinion of the Underwriters, materially adversely affects or involves, or may materially adversely affect or involve, the financial markets in Canada or the U.S. or the business, operations or affairs of the Corporation, or the market price or value of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Corporation is in breach of any material term, condition or covenant of this Agreement or any representation or warranty given by it herein is false in any material respect or it is in breach of, default under, non-compliance or alleged non-compliance of any material requirements of Applicable Securities Laws, including any rules or regulations of the Exchange.

14.2The rights of termination contained in this Article 14 are in addition to any other rights or remedies the Underwriters may have in respect of any default, act or failure to act or non-compliance by the Corporation in respect of any of the matters contemplated by this Agreement or otherwise. In the event of any such termination by the Underwriters, there shall be no further liability on the part of the Underwriters to the Corporation, or on the part of the Corporation to the Underwriters, under this Agreement, except in respect of any liability which may have arisen prior to such termination or may arise after such termination in respect of acts or omissions of the Corporation prior to such termination or under Article 15 and Article 16.

**ARTICLE 15**

**INDEMNITY AND CONTRIBUTION**

15.1The Corporation hereby agrees to indemnify and hold each of the Underwriters, their respective subsidiaries, affiliates and their respective directors, officers, employees,

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partners, agents, each other Person, if any, controlling an Underwriter or any of their respective subsidiaries and affiliates and each shareholder of an Underwriter (collectively, the **"Indemnified Parties**" and individually, an "**Indemnified Party**") harmless from and against all losses (other than loss of profits), expenses, claims (including shareholder actions, derivative or otherwise), actions, damages and liabilities, including without limitation the aggregate amount paid in reasonable settlement of any actions, suits, proceedings, investigations or claims and the reasonable fees and expenses of their counsel (but in no case shall the Corporation be responsible for the fees of more than one firm of legal counsel for the Indemnified Parties in any applicable jurisdiction) that may be incurred in advising with respect to and/or defending any action, proceedings, investigation or claim that may be made or threatened against any Indemnified Party or in enforcing this indemnity (collectively, the "**Claims**") to which any Indemnified Party may become subject or otherwise involved in any capacity insofar as the Claims arise out of or are based, directly or indirectly, upon the performance of professional services rendered to the Corporation by the Indemnified Parties or otherwise in connection with the matters referred to in this Agreement, provided, however, that this indemnity shall not apply in respect of an Indemnified Party to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall determine that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an Indemnified Party has been grossly negligent or has committed any wilful misconduct in the course of such performance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the expenses, losses, claims, damages or liabilities, as to which indemnification is claimed, were solely caused by the gross negligence or wilful misconduct referred to in Section 15.1(a) above.

15.2If for any reason (other than the occurrence of any of the events itemized in Sections 15.1(a) or 15.1(b) above), the foregoing indemnification is unavailable to an Indemnified Party or insufficient to hold it harmless as applicable, then the Corporation shall contribute to the amount paid or payable by the Indemnified Party as a result of such expense, loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Corporation on the one hand and each of the Indemnified Parties on the other hand but also the relative fault of the Corporation and each of the Indemnified Parties, as well as any relevant equitable considerations; provided that the Corporation shall, in any event, contribute to the amount paid or payable by each Indemnified Party as a result of such expense, loss, claim, damage or liability, any excess of such amount over the amount of the fees received by such Indemnified Party hereunder pursuant to the Agreement to which this indemnity is attached.

15.3An Indemnified Party may retain counsel to separately represent it in the defence of a Claim, the reasonable fees and expenses of such counsel as well as the reasonable costs and out-of-pocket expenses incurred by the Indemnified Parties in connection therewith shall be paid by the Corporation as they occur, if: (a) the Corporation does not promptly assume the defence of the Claim; (b) the Corporation agrees to separate representation; or (c) the Indemnified Party is advised by counsel that there is an actual or potential conflict in the Corporation's and the Indemnified Party's respective interests

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or additional defences are available to the Indemnified Party, which makes representation by the same counsel inappropriate.

15.4Promptly after receipt of notice of the commencement of any legal proceeding against any of the Indemnified Parties or after receipt of notice of the commencement of any investigation, which is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Corporation under this Agreement, an Indemnified Party will notify the Corporation in writing of the commencement thereof and, throughout the course thereof, will provide copies of all relevant documentation to the Corporation, will keep the Corporation advised of the progress thereof and will discuss with the Corporation all significant actions proposed. The omission to so notify the Corporation will not relieve the Corporation of any liability which the Corporation may have to the Indemnified Parties except and only to the extent that any such delay in or failure to give notice as herein required prejudices the defence of such actions, suit, proceeding, claim or investigation or results in any increase in the liability which any of the Corporation has under this indemnity.

15.5The Corporation will be entitled, at its own expense, to participate in and, to the extent it may wish to do so, assume the defence thereof, provided such defence is conducted by experienced and competent counsel. Upon the Corporation notifying the Indemnified Party in writing of its election to assume the defence and retaining counsel, the Corporation will not be liable to the Indemnified Party for any legal expenses subsequently incurred by it in connection with such defence. If such defence is assumed by the Corporation, the Corporation throughout the course thereof will provide copies of all relevant documentation to the Indemnified Parties, will keep the Indemnified Parties advised of the progress thereof and will discuss with the Indemnified Parties all significant actions proposed.

15.6The Corporation agrees to reimburse the Indemnified Parties for the time spent by their personnel in connection with any Claim at their normal per diem rates. Notwithstanding the foregoing paragraph, the Indemnified Parties will have the right, at the Corporation's expense, to employ one counsel of the Indemnified Parties choice, in respect of the defence of any action, suit, proceeding, claim or investigation if: (a) the employment of such counsel has been authorized by the Corporation; or (b) the Corporation has not assumed the defence and employed counsel therefor within 60 days after receiving notice of such action, suit, proceeding, claim or investigation; or (c) counsel retained by the Corporation or the Indemnified Party has advised that representation of both parties by the same counsel would be inappropriate for any reason, including because there may be legal defences available to the Corporation which are different from or in addition to those available to the Indemnified Parties (in which event and to that extent, the Corporation will not have the right to assume or direct the defence on the Indemnified Parties' behalf) or that there is a conflict of interest between the Corporation and the Indemnified Party or the subject matter of the action, suit, proceeding, claim or investigation may not fall within the indemnity set forth herein (in either of which events the Indemnified Party will not have the right to assume or direct the defence on the Corporation's behalf).

15.7No admission of liability and no settlement of any action, suit, proceeding, claim or investigation shall be made without the consent of the Indemnified Parties. No admission

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of liability shall be made and the Corporation shall not be liable for any settlement of any action, suit, proceeding, claim or investigation made without its consent.

15.8The indemnity and contribution obligations of the Corporation will be in addition to any liability which the Corporation may otherwise have, will extend upon the same terms and conditions to all Indemnified Parties and will be binding upon and enure to the benefit of any of the respective successors, assigns, heirs and personal representatives of the Corporation and the Indemnified Parties. The foregoing provisions will survive the completion of professional services rendered under this agreement and the termination of this Agreement.

15.9The indemnity and contribution obligations of the Corporation shall be in addition to any liability which the Corporation may otherwise have, shall extend upon the same terms and conditions to the Indemnified Parties of the Indemnified Parties and shall be binding upon and enure to the benefit of any successors, assigns, heirs and personal representatives of the Corporation, and the Indemnified Parties. The foregoing provisions shall survive the completion of professional services rendered under this Agreement or any termination under this Agreement.

15.10To the extent that any Indemnified Party is not a party to this Agreement, the Underwriters shall obtain and hold the right and benefit of this section in trust for and on behalf of such Indemnified Party.

**ARTICLE 16**

**EXPENSES**

Whether or not the sale of the Offered Shares pursuant to the Offering shall be completed, the Corporation will pay all expenses and fees and all applicable taxes thereon in connection with the Offering, including, without limitation: (a) all expenses of or incidental to the creation, issue, sale, distribution or marketing of the Offered Shares and the filing of the Prospectus and any Supplementary Material; (b) the fees and disbursements of the Corporation's legal counsels, the Corporation's Auditors and transfer agents (including applicable taxes thereon); (c) all costs incurred in connection with the preparation, printing and translation of the Prospectus and any Supplementary Material contemplated hereunder and otherwise relating to the Offering; (d) all expenses related to the issuance of press releases on behalf of the Corporation by the Co-Lead Underwriters, printing costs, filing fees, stock exchange fees; and (e) all reasonable expenses and fees of the Underwriters in connection with the Offering and distribution of the Offered Shares pursuant to the Offering, and the fees and disbursements of the Underwriters' Counsel up to a maximum amount set forth in the Letter Agreement. All expenses payable by the Corporation to the Underwriters may at the option of the Underwriters be netted out of the gross proceeds of the Offering otherwise payable by the Underwriters to the Corporation on the Closing Date and otherwise will be paid by the Corporation upon receiving one or more invoices therefor from the Underwriters.

**ARTICLE 17**

**SURVIVAL OF WARRANTIES AND REPRESENTATIONS**

Except as expressly provided for in this Agreement, all warranties, representations, covenants and agreements of the Corporation and the Underwriters herein contained, or

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contained in documents submitted or required to be submitted pursuant to this Agreement, shall survive the purchase by the Underwriters of the Offered Shares and shall continue in full force and effect, regardless of the closing of the sale of the Offered Shares and regardless of any investigation which may be carried on by the Underwriters, or on their behalf, for a period of 36 months following the Closing Date. Without limitation of the foregoing, the provisions contained in this Agreement in any way related to the indemnification or the contribution obligations shall survive and continue in full force and effect, indefinitely, subject only to the limitation requirements of Applicable Law.

**ARTICLE 18**

**OBLIGATIONS OF THE UNDERWRITERS TO BE JOINT**

18.1Subject to the terms and conditions of this Agreement, the obligation of the Underwriters to purchase the Offered Shares shall be joint (the equivalent to several in common law) and not solidarily and shall be as to the following percentages:

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| | |
|:---|:---|
| Desjardins Securities Inc. | 23.00% |
| National Bank Financial Inc. | 16.50% |
| BMO Nesbitt Burns Inc. | 16.50% |
| CIBC World Markets Inc. | 10.00% |
| Raymond James Ltd. | 10.00% |
| Stifel Nicolaus Canada Inc. | 10.00% |
| Scotia Capital Inc. | 5.50% |
| SCP Resource Finance LP | 5.50% |
| Beacon Securities Limited | 2.00% |
| INFOR Financial Inc. | 1.00% |
|  | 100.0% |

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18.2If an Underwriter (a "**Refusing Underwriter**") fails to purchase its applicable percentage of the Offered Shares (each, "**Defaulted Securities**") which that Underwriter has agreed to purchase under this Agreement (other than in accordance with Article 14 hereof), the remaining Underwriters (the "**Continuing Underwriters**") shall have the right, but shall not be obligated, to purchase all but not less than all, of the Defaulted Securities pro rata according to the number of Offered Shares to have been acquired by the Continuing Underwriters under this Agreement or in any proportion agreed upon, in writing, by the Continuing Underwriters provided that if the number of Defaulted Securities does not exceed 5% of the number of Purchased Shares or Additional Shares, as applicable, to be purchased hereunder, the Continuing Underwriters shall be obligated, each jointly and not solidarily nor jointly and solidarily, to purchase the full amount of the Defaulted Securities pro rata according to the number of Offered Shares to have been acquired by the Continuing Underwriters under this Agreement. If the Continuing Underwriters do not elect to purchase the Defaulted Securities: (a) the Continuing Underwriters will not be obliged to purchase any of the Offered Shares; (b) the Corporation will not be obliged to issue and sell less than all of the Offered Shares; and (c) the Corporation will be entitled to terminate its obligations under this Agreement arising from its acceptance of this

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Agreement, in which event there will be no further liability on the part of the Corporation or the Continuing Underwriters, except pursuant to Articles 15 and 16.

18.3In the event of any default by a Refusing Underwriter as described in Section 18.2, the Continuing Underwriters shall have the right to postpone the Closing Date or the Option Closing Date, as the case may be, for not more than three (3) Business Days in order that any changes in the arrangements or documents for the purchase and delivery of the applicable Offered Shares may be made.

18.4No action taken pursuant to this section shall relieve any Refusing Underwriter from responsibility in respect of its default to the Corporation or to any Continuing Underwriter.

18.5Subject to compliance with Applicable Securities Laws, without affecting the firm obligation of the Underwriters to purchase from the Corporation, 9,363,000 Purchased Shares at the Issue Price in accordance with this Agreement, after the Underwriters have made reasonable effort to sell all of the Offered Shares at the Issue Price, the Issue Price may be decreased by the Underwriters and further changed from time to time to an amount not greater than the Issue Price specified herein. Such decrease in the Issue Price will not affect the Underwriting Fee to be paid by the Corporation to the Underwriters, and it will not decrease the amount of the net proceeds of the Offering to be paid by the Underwriters to the Corporation, before deducting expenses of the Offering. The Underwriters will inform the Corporation if the Issue Price is decreased.

**ARTICLE 19** 

**ADVERTISEMENTS AND PRESS RELEASES**

19.1The Corporation and the Underwriters agree that the Corporation will provide to the Underwriters, in advance any press release concerning the Offering and the Corporation will give effect to any changes reasonably and timely requested by the Underwriters. The Corporation will also ensure that any press release concerning the Offering complies with Applicable Securities Law. At the request of the Underwriters, and to the extent permitted by law, the Corporation will ensure the Underwriters are disclosed as the underwriters for the Offering in any press release relating to the Offering.

19.2At the completion of the Offering, and to the extent permitted by law, each Underwriter may, at its sole expense and upon consultation with the Corporation, place advertisements or announcements in any newspapers, periodicals or other publications, or otherwise disclose to third parties, that it acted as an underwriter in connection with the Offering.

19.3The Corporation acknowledges and agrees to include the following (or similar) legend at the top of the first page of any press release made in respect of the Offering:

**"Not for distribution to United States newswire services or dissemination in the United States."**

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19.4The Corporation acknowledges and agrees to include the following (or similar) legend in any press release made in respect of the Offering

"This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**1933 Act**"), and may not be offered or sold in the United States absent registration under the 1933 Act and all applicable U.S. state securities laws, or in compliance with applicable exemptions from such registration requirements."

**ARTICLE 20**

**NO FIDUCIARY RELATIONSHIP**

The Corporation acknowledges and agrees that: (a) the Underwriters have acted at arm's length to the Corporation, the Underwriters have not assumed and will not assume a fiduciary responsibility in favour of the Corporation with respect to the Offering or the process leading thereto and the Underwriters does not have any duty or obligation to the Corporation with respect to the Offering except the obligations expressly set forth in this Agreement; (b) the Underwriters and their affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Corporation; and (c) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering and the Corporation has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. The Corporation waives to the full extent permitted by Applicable Law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the Offering.

**ARTICLE 21**

**ACTION BY UNDERWRITERS**

All steps which must or may be taken by the Underwriters in connection with this Agreement resulting from the Corporation's acceptance of this offer, with the exception of the matters contemplated by Article 14, Article 15 and Article 16, may be taken by each of the Co-Lead Underwriters on behalf of itself and the other Underwriters and the acceptance of this offer by the Corporation shall constitute the Corporation's authority for accepting notification of any such steps from, and for delivering the definitive documents in respect of the Offering to, or to the order of, the Co-Lead Underwriters.

**ARTICLE 22**

**INTEREST IN TMX GROUP LIMITED**

National Bank Financial Inc. or an affiliate thereof, owns or controls an equity interest in TMX Group Limited ("**TMX Group**") and may have a nominee director serving on the TMX Group's board of directors. As such, National Bank Financial Inc. may be considered to have an economic interest in the listing of securities on any exchange owned or operated by TMX Group, including the Exchange, the TSX Venture Exchange and the Alpha Exchange. No person or

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company is required to obtain products or services from TMX Group or its affiliates as a condition of the Underwriters supplying or continuing to supply a product or service. The Corporation confirms and acknowledges that the decision to list the Offered Shares on the Exchange was made solely by the Corporation and was not conditional on the Underwriters supplying or continuing to supply future underwriting and/or any other services.

**ARTICLE 23**

**NOTIFICATION**

23.1Any notice or other communication to be given hereunder will be in writing and will be given by delivery or by electronic transmission, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to the Corporation at:

Aya Gold & Silver Inc.

1320 Boulevard Graham, Suite 132

Mont-Royal, Québec H3P 3C8

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Benoit La Salle, President and Chief Executive Officer

Email:&nbsp;&nbsp;&nbsp;&nbsp;benoit.lasalle@ayagoldsilver.com

with a copy (which will not constitute notice) to:

Norton Rose Fulbright Canada LLP

1 Place Ville Marie, Suite 2500

Montréal, Québec H3B 1R1

Attention: &nbsp;&nbsp;&nbsp;&nbsp;Steve Malas, Senior Partner

Email:&nbsp;&nbsp;&nbsp;&nbsp;steve.malas@nortonrosefulbright.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to the Co-Lead Underwriters:

Desjardins Securities Inc.

1170 Peel Street, Suite 300

Montréal, Québec H3B 0A9

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Maciej Pach, Managing Director & Head of Global Mineral Resources & Mining, Investment Banking

Email:&nbsp;&nbsp;&nbsp;&nbsp;maciej.pach@desjardins.com

- and -

National Bank Financial Inc.

1155 Metcalfe Street, Suite 2300

Montréal, Québec H3B 4S9

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Thomas Bachand, Managing Director

Email:&nbsp;&nbsp;&nbsp;&nbsp;thomas.bachand@bnc.ca

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- and -

BMO Nesbitt Burns Inc.

129 Rue Saint Jacques, 11th Floor

Montréal, Québec H2Y 1L6

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Ilan Bahar, Managing Director & Co-Head of Global Metals & Mining

Investment Banking

Email:&nbsp;&nbsp;&nbsp;&nbsp;ilan.Bahar@bmo.com

with a copy (which will not constitute notice) to:

McCarthy Tétrault LLP

500 Grande Allée Est, 9<sup>th</sup> Floor

Québec, Québec G1R 2J7

Attention: &nbsp;&nbsp;&nbsp;&nbsp;Charles-Antoine Souliere, Partner; Farhiyah Shariff, Partner

Email: &nbsp;&nbsp;&nbsp;&nbsp;casouliere@mccarthy.ca; fshariff@mccarthy.ca

and if so given, any such notice, direction or other instrument, if delivered personally, will be deemed to have been given and received on the day on which it was delivered, provided that if such day is not a Business Day then the notice, direction or other instrument will be deemed to have been given and received on the first Business Day next following such day, and if transmitted by email, will be deemed to have been given and received on the day of its transmission, provided that if such day is not a Business Day or if it is transmitted after the end of normal business hours then the notice, direction or other instrument will be deemed to have been given and received on the first Business Day next following the day of such transmission. Any party may, at any time, give notice in writing to the others in the manner provided for above of any change of address.

**ARTICLE 24**

**MISCELLANEOUS**

24.1This Agreement and the other documents herein referred to constitute the entire agreement between the Underwriters and the Corporation relating to the subject matter hereof, except for the maximum expenses set forth in the Letter Agreement, and supersedes all prior agreements between the Underwriters and the Corporation with respect to their respective rights and obligations in respect of the Offering, including Letter Agreement.

24.2Time will be of the essence of this Agreement and of every part hereof and no extension or variation of this Agreement shall operate as a waiver of this provision.

24.3The parties hereto covenant and agree to sign such other documents, do and perform and cause to be done and performed such further and other acts and things as may be necessary or desirable in order to give full effect to this Agreement and every provision of it.

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24.4No party to this Agreement may assign this Agreement, any part hereof or its rights hereunder without the prior written consent of the other parties. Subject to the foregoing, this Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

24.5In the event that any provision or part of this Agreement will be deemed void or invalid by a court of competent jurisdiction, the remaining provisions or parts shall be and remain in full force and effect. If, in any judicial proceeding, any provision of this Agreement is found to be so broad as to be unenforceable, it is hereby agreed that such provision shall be interpreted to be only so broad as to be enforceable.

24.6This Agreement shall be governed by and be construed in accordance with the laws of the Province of Québec and the federal laws of Canada applicable therein.

24.7The parties confirm their express wish that this Agreement and all related documents be drafted in the English language. Les parties confirment leur volonté expresse que la présente convention et tous les documents s'y rattachant soient rédigés en langue anglaise.

24.8This Agreement may be executed by any one or more of the parties in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The transmission by facsimile or pdf of a copy of the execution page hereof reflecting the execution of this Agreement by any party hereto shall be effective to evidence that party's intention to be bound by this agreement and that party's agreement to the terms, provisions and conditions hereof, all without the necessity of having to produce an original copy of such execution page.

*(Signature page follows)* 

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If the Corporation is in agreement with the foregoing terms and conditions, please so indicate by executing a copy of this Agreement where indicated below and delivering the same to the Underwriters.

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| | |
|:---|:---|
| **DESJARDINS SECURITIES INC.** | **DESJARDINS SECURITIES INC.** |
| Per: | (signed) "*Maciej Pach*" |
| | Name: Maciej Pach |
| | Title: Managing Director & Head of Global <br>Mineral Resources & Mining, Investment <br>Banking |
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| Per: | (signed) "*Thomas Bachand*" |
| | Name: Thomas Bachand |
| | Title: Managing Director |
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| Per: | (signed) "*Ilan Bahar*" |
| | Name: Ilan Bahar |
| | Title: Managing Director & Co-Head Global <br>Metals & Mining |
| **CIBC WORLD MARKETS INC.** | **CIBC WORLD MARKETS INC.** |
| Per: | (signed) "*Steven Reid*" |
| | Name: Steve Reid |
| | Title: Managing Director, Global Mining |
| **RAYMOND JAMES LTD.** | **RAYMOND JAMES LTD.** |
| Per: | (signed) "*Gavin McOuat*" |
| | Name: Gavin McOuat |
| | Title: Senior Managing Director |

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| | |
|:---|:---|
| **STIFEL NICOLAUS CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** |
| Per: | (signed) "*Stephen Delaney*" |
| | Name: &nbsp;&nbsp;&nbsp;&nbsp;Stephen Delaney |
| | Title: Managing Director, Investment Banking |
| **SCOTIA CAPITAL INC.** | **SCOTIA CAPITAL INC.** |
| Per: | (signed) "*Darren Grant*" |
| | Name: Darren Grant |
| | Title: Managing Director |
| **SCP RESOURCE FINANCE LP by its <br>general partner, SCP RESOURCE FINANCE GP INC.** | **SCP RESOURCE FINANCE LP by its <br>general partner, SCP RESOURCE FINANCE GP INC.** |
| Per: | (signed) "*David Wargo*" |
| | Name: David Wargo |
| | Title: Chief Executive Officer & Head of Investment Banking |
| **BEACON SECURITIES LIMITED** | **BEACON SECURITIES LIMITED** |
| Per: | (signed) "*Daniel Belchers*" |
| | Name: Daniel Belchers |
| | Title: Managing Director, Investment Banking |
| **INFOR FINANCIAL INC.** | **INFOR FINANCIAL INC.** |
| Per: | (signed) "*Neville Dastoor*" |
| | Name: Neville Dastoor |
| | Title: Principal |

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The foregoing is hereby accepted on the terms and conditions therein set forth.

DATED as of June 12, 2025.

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| | |
|:---|:---|
| **AYA GOLD & SILVER INC.** | **AYA GOLD & SILVER INC.** |
| Per: | (signed) "*Benoit La Salle*" |
| | Name: Benoit La Salle |
| | Title: President and Chief Executive Officer |

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**SCHEDULE A**

**DETAILS OF THE MINERAL RIGHTS**

**<u>Zgounder Mineral Rights</u>**

–**Mining exploitation licences**

<u>Held by Zgounder Millenium Silver Mining S.A. ("ZMSM"):</u>

Exploitation licence No. LE-393459, issued by the Wali of Souss-Massa Region on October 17, 2017, for a ten-year period (expiring on October 16, 2027) on a 16 sq. Km surface in Taliwine;

Exploitation licence No. LE-383782, issued by the Wali of Souss-Massa Region on July 28, 2023, for a ten-year period (expiring on July 27, 2033) on a 16 sq. Km surface in Taliwine;

Exploitation licence No. LE-383784, issued by the Wali of Souss-Massa Region on July 28, 2023, for a ten-year period (expiring on July 27, 2033) on a 15.1 sq. Km surface in Taliwine;

Exploitation licence No. LE-393507, issued by the Wali of Souss-Massa Region on July 30, 2018, for a ten-year period (expiring on July 29, 2028) on a 4.4 sq. Km surface in Taliwine;

Exploitation licence No. LE-393478 issued on November 16, 2018, for a ten-year period (expiring on November 15, 2028) on an 11.9 sq. Km surface in the Zgounder Property Area; and

Exploitation licence No. LE-393612 issued on July 29, 2022, for a ten-year period (expiring on July 28, 2032) on a 12.4 sq. Km surface in the Zgounder Property Area.

–**Mining research permits**

<u>Held by ZMSM:</u>

Research permit No. PR-3941556, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-3941557, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-3843287, issued by the Mines Ministry's regional director (Agadir) on June 17, 2023 (expiring on June 16, 2026) in Taliwine;

Research permit No. PR-3843289, issued by the Mines Ministry's regional director (Agadir) on June 17, 2023 (expiring on June 16, 2026) in Taliwine;

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Research permit No. PR-3941551, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-3941552, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-3941553, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-3941549, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-3941550, issued by the Mines Ministry's regional director (Agadir) on March 23, 2021 (expiring on March 22, 2025) in Taliwine;

Research permit No. PR-38423287 issued on June 17, 2023 (expiring June 16, 2026) in the Zgounder Property Area;

Research permit No. PR-3842368 issued on April 29, 2024 (expiring April 28, 2028) in the Zgounder Property Area;

Research permit No. PR-3842385 issued on April 29, 2024 (expiring on April 28, 2028) in the Zgounder Property Area;

Research permit No. PR-3842394 issued on April 29, 2024 (expiring on April 28, 2028) in the Zgounder Property Area;

Research permit No. PR-3842424 issued on April 29, 2024 (expiring on April 28, 2028) in the Zgounder Property Area; and

Research permit No. PR-3941559 issued on March 23, 2021 (expiring on March 22, 2025) in the Zgounder Property Area.

–**Mining research permits subject to ongoing transformation into Mining exploitation licences**

<u>Held by ZMSM:</u>

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-2341044, renewed by the Mines Ministry's regional director (Agadir) on February 8, 2019 (expiring on July 29, 2022) in Taliwine;

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-2341045, renewed by the Mines Ministry's regional director (Agadir) on February 8, 2019 (expiring on July 29, 2022) in Taliwine;

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-2341046, renewed by the Mines Ministry's regional director (Agadir) on February 8, 2019 (expiring on July 29, 2022) in Taliwine;

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-2341047, renewed by the Mines Ministry's regional director (Agadir) on February 8, 2019 (expiring on July 29, 2022) in Taliwine;

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&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-3942111, granted by the Mines Ministry's regional director (Agadir) on July 8, 2022 (expiring on July 7, 2025) in Taliwine;

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-3942112, granted by the Mines Ministry's regional director (Agadir) on July 8, 2022 (expiring on July 7, 2025) in Taliwine;

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-3942113, granted by the Mines Ministry's regional director (Agadir) on July 8, 2022 (expiring on July 7, 2025) in Taliwine; and

&nbsp;&nbsp;&nbsp;&nbsp;Research permit No. PR-3942114, granted by the Mines Ministry's regional director (Agadir) on July 8, 2022 (expiring on July 7, 2025) in Taliwine.

**<u>Boumadine Mineral Rights</u>**

–**Mining exploitation licences**

<u>Held by Boumadine Global Mining S.A. ("BGM"):</u>

Exploitation permit No. LE-383661, issued on May 17, 2016, for a ten-year period (expiring on May 16, 2026) on a 31.7 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383692, issued on May 14, 2016, for a ten-year period (expiring on May 13, 2026) on a 4 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383722, issued on September 27, 2014, for a ten-year period (expiring on September 26, 2024) on a 9.5 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383724, issued on November 25, 2017, for a ten-year period (expiring on November 24, 2027) on a 6.2 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383657, issued on October 18, 2015, for a ten-year period (expiring on October 17, 2025) on a 8 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383852, issued on October 16, 2018, for a ten-year period (expiring on October 15, 2028) on a 9.5 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383853, issued on December 21, 2018, for a ten-year period (expiring on December 20, 2028) on a 17.6 sq. Km surface on the Boumadine Property Area;

Exploitation permit No. LE-383856, issued on July 20, 2016, for a ten-year period (expiring on July 19, 2026) on a 25.9 sq. Km surface on the Boumadine Property Area; and

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Exploitation permit No. LE-383874, issued on December 2, 2015, for a ten-year period (expiring on December 1, 2025) on a 8.1 sq. Km surface on the Boumadine Property Area.

–**Mining research permits**

<u>Held by BGM:</u>

Research permit No. PR-3843057, issued on June 10, 2023, for a three-year period (expiring on June 9, 2026);

Research permit No. PR-3843332, issued on October 12, 2023 (expiring on October 11, 2026);

Research permit No. PR-3843056, issued on June 10, 2023 (expiring on June 9, 2026);

Research permit No. PR-3843342, issued on June 14, 2023 (expiring on June 13, 2026);

Research permit No. PR-3843372, issued on March 8, 2024 (expiring on March 7, 2027);

Research permit No. PR-3843371, issued on March 8, 2024 (expiring on March 7, 2027);

Research permit No. PR-3843370, issued on March 8, 2024 (expiring on March 7, 2027);

Research permit No. PR-3843051, issued on June 10, 2023 (expiring on June 9, 2026);

Research permit No. PR-3843156, issued on June 14, 2023 (expiring on June 13, 2026);

Research permit No. PR-3842950, issued on June 27, 2023 (expiring on June 27, 2026);

Research permit No. PR-3843146, issued on June 14, 2023 (expiring on June 13, 2026);

Research permit No. PR-3843387, issued on June 29, 2024 (expiring on June 28, 2027);

Research permit No. PR-3843388, issued on June 29, 2024 (expiring on June 28, 2027);

Research permit No. PR-3843389, issued on June 29, 2024 (expiring on June 28, 2027);

------

Research permit No. PR-3843390, issued on June 29, 2024 (expiring on June 28, 2027); and

Research permit No. PR-3843391, issued on June 29, 2024 (expiring on June 28, 2027).

–**Mining research permits subject to ongoing transformation into Mining exploitation licences**

<u>Held by BGM:</u>

None noted.

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**SCHEDULE B**

**INTERESTS IN MATERIAL SUBSIDIARIES**

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| | | |
|:---|:---|:---|
| **Subsidiary** | **Registered** | **Ownership and Voting Right** |
| Aya Gold & Silver Maroc S.A. | Morocco | 100% |
| Zgounder Millennium Silver Mining S.A. | Morocco | 100% |
| Boumadine Global Mining S.A. | Morocco | 85% |

---

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C - 1

**SCHEDULE C**

**FORM OF** 

**LOCK-UP AGREEMENT**

June [●], 2025

Desjardins Securities Inc.

National Bank Financial Inc.

BMO Nesbitt Burns Inc.

CIBC World Markets Inc.

Raymond James Ltd.

Stifel Nicolaus Canada Inc.

Scotia Capital Inc.

SCP Resource Finance LP

Beacon Securities Limited

INFOR Financial Inc.

(collectively, the "**Underwriters**")

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| | |
|:---|:---|
| Re: | Public Offering of Common Shares of Aya Gold & Silver Inc. (the "**Corporation**") |

---

Ladies and Gentlemen:

The undersigned is the registered or beneficial owner of certain common shares of the Corporation ("**Common Shares**") or securities convertible into or exchangeable or exercisable for Common Shares.

The undersigned understands that the execution and delivery by it of this agreement ("**Lock-Up Agreement**") is a condition to the closing of the Offering.

In the context of the Offering, the undersigned hereby agrees not (and shall cause its affiliates not) to, directly or indirectly, offer, sell, contract to sell, transfer, assign, pledge, grant any option to purchase, make any short sale, or otherwise dispose of, or transfer, or announce any intention to do so, any Common Shares or securities exchangeable or exercisable for or convertible into Common Shares, whether currently owned or hereafter acquired, directly or indirectly, or under its control or direction, or with respect to which it has beneficial ownership, or enter into any swap, forward, transaction or arrangement that has the effect of transferring, in whole or in part, any of the economic consequences associated with the ownership of the Common Shares, whether such transaction is settled by the delivery of Common Shares, other securities, cash or otherwise, without, in each case, the prior written consent of Desjardins Securities Inc., on behalf of the Underwriters, such consent not to be unreasonably withheld, for a period commencing on the date hereof and continuing for a period of 90 days after the date hereof (the "**Lock-Up Period**").

Notwithstanding the restrictions on transfers of Common Shares described above, the undersigned may undertake any of the following: (i) any transfer of Common Shares by way of pledge or security interest, provided that the pledgee or beneficiary of the security interest

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C - 2

agrees in writing with Desjardins Securities Inc., National Bank Financial Inc. and BMO Nesbitt Burns Inc. (collectively, the "**Co-Lead Underwriters**"), on behalf of the Underwriters, to be bound by this Lock-Up Agreement for the remainder of the Lock-Up Period; (ii) any transfer of Common Shares pursuant to a bona fide third party take-over bid, merger, plan of arrangement or other transaction made to all holders of Common Shares of the Corporation, provided that in the event that the take-over bid, merger, plan of arrangement or other such transaction is not completed, the Common Shares owned by the undersigned shall remain subject to the restrictions contained in this Lock-Up Agreement; or (iii) any exercise of a stock option outstanding as of the date hereof, provided that any Common Shares acquired pursuant to any such exercise shall be subject to the transfer restrictions contained in this Lock-Up Agreement.

The undersigned hereby represents and warrants that it has full power and authority to enter into this Lock-Up Agreement, and that, upon the reasonable request of the Corporation or the Co-Lead Underwriters, on behalf of the Underwriters, the undersigned will execute any additional documents necessary or desirable in connection with the enforcement hereof. All authority herein conferred or agreed to be conferred shall survive the death, dissolution or incapacity of the undersigned.

This Lock-Up Agreement is irrevocable and will be binding on the undersigned and its successors, heirs, personal representatives, and assigns of the undersigned, and shall be governed in accordance with the laws of the Province of Québec and the federal laws of Canada applicable therein.

This Lock-Up Agreement has been entered into on the date first written above.

Name:

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D - 1

**SCHEDULE D**

**COMPLIANCE WITH UNITED STATES** 

**SECURITIES LAWS**

As used in this schedule, the following terms shall have the meanings indicated:

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| | |
|:---|:---|
| Affiliate | means an "affiliate" as that term is defined in Rule 405 under the U.S. Securities Act; |
| Directed Selling Efforts | means "directed selling efforts" as that term is defined in Rule 902 (c) of Regulation S. Without limiting the foregoing, but for greater clarity in this Schedule, it means, subject to the exclusions from the definition of directed selling efforts contained in Regulation S, any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Offered Shares being offered in reliance on Regulation S, and includes the placement of any advertisement in a publication with a general circulation in the United States that refers to the offering of the Offered Shares; |
| Foreign Issuer&nbsp;&nbsp;&nbsp;&nbsp; | means a "foreign issuer" as that term is defined in Rule 902 (e) of Regulation S. Without limiting the foregoing, but for greater clarity in this Schedule, it means any issuer which is: (a) the government of any foreign country or of any political subdivision of a foreign country; or (b) a corporation or other organization incorporated or organized under the laws of any foreign country, except an issuer meeting the following conditions as of the last business day of its most recently completed second fiscal quarter: (1) more than 50 percent of the outstanding voting securities of such issuer are directly or indirectly owned of record by residents of the United States; and (2) any of the following; (i) the majority of the executive officers or directors of the issuer are United States citizens or residents, (ii) more than 50 percent of the assets of the issuer are located in the United States, or (iii) the business of the issuer is administered principally in the United States; |
| General Solicitation <br>or General <br>Advertising | means "general solicitation or general advertising", as used in Rule 502(c) of Regulation D, including, without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or on the internet, or broadcast over radio or television or on the internet, or any seminar or meeting whose attendees had been invited by general solicitation or general advertising; |
| Investment <br>Company Act | means the United States Investment Company Act of 1940, as amended; |
| Offshore <br>Transaction | means an "offshore transaction" as that term is defined in Rule 902(h) of Regulation S; |

---

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D - 2

---

| | |
|:---|:---|
| Qualified <br>Institutional Buyer | means a "qualified institutional buyer" as that term is defined in Rule 144A(a)(1) under the U.S. Securities Act; |
| Regulation D | means Regulation D adopted by the SEC under the U.S. Securities Act; |
| Regulation S | means Regulation S adopted by the SEC under the U.S. Securities Act; |
| Rule 144A | means Rule 144A adopted by the SEC under the U.S. Securities Act; |
| SEC | means the United States Securities and Exchange Commission; |
| Substantial U.S. Market Interest | means "substantial U.S. market interest" as that term is defined in Rule 902(j) of Regulation S; |
| U.S. Affiliate | means a United States registered broker-dealer affiliate of an Underwriter; |
| U.S. Exchange Act | means the United States Securities Exchange Act of 1934, as amended; |
| U.S. Placement Memorandum | means the U.S. private placement memorandum, including a copy of the English language version of the Prospectus, prepared by the Corporation in connection with the offer and sale of the Offered Shares in the United States; and |
| U.S. Securities Act | means the United States Securities Act of 1933, as amended. |
| All capitalized terms used herein without definition have the meanings ascribed thereto in the Underwriting Agreement to which this Schedule D is attached.  | All capitalized terms used herein without definition have the meanings ascribed thereto in the Underwriting Agreement to which this Schedule D is attached.  |

---

**<u>Representations, Warranties and Covenants of the Underwriters</u>**

Each Underwriter, on its own behalf and on behalf of its U.S. Affiliate, acknowledges that the Offered Shares have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, each of the Underwriters, on its own behalf and on behalf of its U.S. Affiliate, severally and not jointly, represents, warrants, covenants and agrees to and with the Corporation, as at the date hereof and as at the Closing Date and any Option Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)It has offered and sold, and will offer and sell, the Offered Shares forming part of its allotment only (a) in Offshore Transactions in accordance with Rule 903 of Regulation S or (b) as provided in paragraphs 2 through 11 below. Accordingly, none of the Underwriter, its Affiliates (including its U.S. Affiliate) or any person acting on any of their behalf, has made or will make (except as permitted in paragraphs 2 through 11 below): (i) any offer to sell, or any solicitation of an offer to buy, any Offered Shares in the United States; (ii) any sale of Offered Shares to any purchaser unless, at the time the

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D - 3

buy order was or will have been originated, the purchaser was outside the United States, or the Underwriter, its Affiliates (including its U.S. Affiliate) or any person acting on any of their behalf reasonably believed that such purchaser was outside the United States; or (iii) any Directed Selling Efforts.

&nbsp;&nbsp;&nbsp;&nbsp;(2)It will not offer or sell the Offered Shares in the United States, except that it may offer and re-sell the Purchased Shares and Additional Shares to Qualified Institutional Buyers in compliance with Rule 144A. It shall inform, or cause its U.S. Affiliate to inform, each Qualified Institutional Buyer solicited by it that the Purchased Shares and Additional Shares are being offered and sold to it in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided by Rule 144A and similar exemptions under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(3)It has not entered and will not enter into any contractual arrangement with respect to the offer and sale of the Purchased Shares and Additional Shares, except with its U.S. Affiliate, any Selling Firm or with the prior written consent of the Corporation. It shall require its U.S. Affiliate and each Selling Firm appointed by it to agree in writing, for the benefit of the Corporation, to comply with, and shall use its commercially reasonable efforts to ensure that its U.S. Affiliate and each Selling Firm appointed by it complies with, the same provisions of this Schedule D as apply to such Underwriter as if such provisions applied to such U.S. Affiliate and such Selling Firm.

&nbsp;&nbsp;&nbsp;&nbsp;(4)All offers and sales of Purchased Shares and Additional Shares in the United States by it to Qualified Institutional Buyers have been and will be made by the Underwriter's U.S. Affiliate in compliance with Rule 144A and in transactions exempt from registration or qualification under any applicable U.S. state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(5)It and its Affiliates have not, either directly or through a person acting on any of their behalf, solicited and will not solicit offers to buy, and have not offered to sell and will not offer to sell, Purchased Shares and Additional Shares in the United States by any form of General Solicitation or General Advertising or in any manner involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(6)It and its U.S. Affiliate (if applicable) are Qualified Institutional Buyers, and all offers and sales of Purchased Shares and Additional Shares have been or will be made in the United States in accordance with any applicable U.S. federal and state laws or regulations governing the registration or conduct of securities brokers or dealers and applicable rules of the Financial Industry Regulatory Authority, Inc. Its U.S. Affiliate (if applicable) that makes offers and sales in the United States is on the date hereof, and will be on the date of each offer and sale of Purchased Shares and Additional Shares in the United States, duly registered as a broker-dealer pursuant to Section 15(b) of the U.S. Exchange Act and the securities laws of each state in which such offer or sale is made (unless exempted from the respective state's broker-dealer registration requirements) and a member in good standing with the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(7)Immediately prior to making an offer of Purchased Shares or Additional Shares in the United States, the Underwriter, its Affiliates (including its U.S. Affiliate) and any person acting on any of their behalf, had reasonable grounds to believe and did believe that

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D - 4

each such offeree solicited by it was a Qualified Institutional Buyer. At the time of each sale of Purchased Shares or Additional Shares to a person in the United States solicited by it, the Underwriter, its Affiliates (including its U.S. Affiliate), and any person acting on any of their behalf will have reasonable grounds to believe and will believe, that each such purchaser is a Qualified Institutional Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;(8)Each offeree of Purchased Shares and Additional Shares in the United States solicited by it shall be provided with a copy of the U.S. Placement Memorandum. Each purchaser of Purchased Shares and Additional Shares in the United States solicited by it shall be provided, prior to time of purchase of any Purchased Shares and Additional Shares, with a copy of the U.S. Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;(9)Prior to any sale of Purchased Shares and Additional Shares in the United States, each Qualified Institutional Buyer solicited by it will be required to execute the Purchaser Letter in the form attached as Exhibit 1 to the U.S. Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;(10)At least one Business Day prior to the Closing Date or Option Closing Date, as applicable, the Corporation and its transfer agent will be provided with a list of all purchasers of the Purchased Shares and Additional Shares solicited by it in the United States, including the state in which such purchaser is located.

&nbsp;&nbsp;&nbsp;&nbsp;(11)At the Closing, and any closing in connection with the Over-Allotment Option, each Underwriter, together with its U.S. Affiliate that participated in the offer of Purchased Shares and Additional Shares, as applicable, in the United States, will either: (i) provide a certificate, substantially in the form of Exhibit A to this Schedule D, relating to the manner of the offer and sale of the Purchased Shares and Additional Shares, as applicable, in the United States, or (ii) be deemed to have represented and warranted that none of it, its Affiliates (including its U.S. Affiliate) or any person acting on any of their behalf, has offered or sold any Purchased Shares and Additional Shares in the United States.

**<u>Representations, Warranties and Covenants of the Corporation</u>**

The Corporation represents, warrants, covenants and agrees, as at the date hereof and as at the Closing Date and any Option Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)The Corporation is, and at the Closing (and any closing in connection with the Over-Allotment Option) will be, a Foreign Issuer and reasonably believes that there is no Substantial U.S. Market Interest in the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The Corporation is not, and as a result of the sale of the Offered Shares contemplated hereby and the application of the proceeds of the Offering as set forth under the caption "Use of Proceeds" in the Prospectus, will not be, an "investment company" (as such term is defined in the Investment Company Act) registered or required to be registered under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Except with respect to offers and sales through the Underwriters and their U.S. Affiliates in accordance with this Schedule D to Qualified Institutional Buyers in reliance upon the exemption from the registration requirements of the U.S. Securities

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D - 5

Act provided by Rule 144A, neither the Corporation nor any of its Affiliates, nor any person acting on any of their behalf (other than the Underwriters, their respective Affiliates (including the U.S. Affiliates) or any person acting on any of their behalf, in respect of which no representation, warranty, covenant or agreement is made), has made or will make: (A) any offer to sell, or any solicitation of an offer to buy, any Offered Shares to a person in the United States; or (B) any sale of Offered Shares unless, at the time the buy order was or will have been originated, (i) the purchaser is outside the United States or (ii) the Corporation, its Affiliates, and any person acting on any of their behalf reasonably believe that the purchaser is outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(4)During the period in which the Offered Shares are offered for sale, none of the Corporation, any of its Affiliates, or any person acting on any of their behalf (other than the Underwriters, their respective Affiliates (including the U.S. Affiliates) or any person acting on any of their behalf, in respect of which no representation, warranty, covenant or agreement is made) has engaged in or will engage in any Directed Selling Efforts, or has taken or will take any action that would cause the exemption afforded by Rule 144A to be unavailable for offers and sales of Purchased Shares and Additional Shares in the United States in accordance with this Schedule D, or the exclusion from registration afforded by Rule 903 of Regulation S to be unavailable for offers and sales of the Offered Shares outside the United States in Offshore Transactions in accordance with the Underwriting Agreement, including this Schedule D.

&nbsp;&nbsp;&nbsp;&nbsp;(5)None of the Corporation, any of its Affiliates or any person acting on any of their behalf (other than the Underwriters, their respective Affiliates (including the U.S. Affiliates) or any person acting on any of their behalf, in respect of which no representation, warranty, covenant or agreement is made) has offered or will offer to sell, or has solicited or will solicit offers to buy, the Purchased Shares and Additional Shares in the United States by means of any form of General Solicitation or General Advertising or in any manner involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(6)Since the period beginning 30 days prior to start of the Offering of the Offered Shares and ending 30 days following completion of the Offering of the Offered Shares, the Corporation has not sold, offered for sale or solicited any offer to buy, and it will not sell, offer for sale or solicit any offer to buy, any of its securities in a manner that would be integrated with the offer and sale of the Offered Shares and would cause the exemption from the registration requirements of the U.S. Securities Act provided by Rule 144A to become unavailable with respect to the offer and sale of the Offered Shares in the United States or the exclusion from the registration requirements of the U.S. Securities Act provided by Rule 903 of Regulation S to become unavailable with respect to the offer and sale of the Offered Shares in Offshore Transactions outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(7)The Offered Shares are not, and as of the Closing Time (and any time of closing of the Over-Allotment Option) will not be, and no securities of the same class as the Offered Shares are or will be (a) listed on a national securities exchange registered under Section 6 of the U.S. Exchange Act, (b) quoted in a "U.S. automated inter-dealer quotation system," as such term is used in Rule 144A, or (c) convertible or exchangeable into or exercisable for securities so listed or quoted at an effective

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D - 6

conversion premium (calculated as specified in paragraph (a)(6) of Rule 144A) of less than 10%.

&nbsp;&nbsp;&nbsp;&nbsp;(8)So long as the Offered Shares are "restricted securities" as defined in Rule 144 under the U.S. Securities Act and cannot be sold pursuant to Rule 144(b)(1) under the U.S. Securities Act, and the Corporation is neither subject to the reporting requirements of the U.S. Exchange Act, nor exempt from those requirements by virtue of Rule 12g3-2(b) thereunder, the Corporation will furnish holders of such securities, or prospective purchasers of such securities designated by such holders, with the information required to be delivered pursuant to Rule 144A(d)(4) under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(9)None of the Corporation or any of its predecessors or subsidiaries has had the registration of a class of securities under the U.S. Exchange Act revoked by the SEC pursuant to Section 12(j) of the U.S. Exchange Act and any rules or regulations promulgated under the U.S. Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;(10)For each taxable year in which the Corporation is a "passive foreign investment company" as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended, if requested in writing by a U.S. purchaser in the Offering, the Corporation will provide such purchaser with the required information to enable it to make a qualified electing fund election under Section 1295 of the United States Internal Revenue Code of 1986, as amended, and the applicable treasury regulations promulgated thereunder, and will satisfy all requirements described therein (which, for the avoidance of doubt, shall include providing a PFIC Annual Information Statement).

&nbsp;&nbsp;&nbsp;&nbsp;(11)The Corporation will, within prescribed time periods, prepare and file any forms or notices required under the U.S. Securities Act or applicable blue sky laws in connection with the offer and sale of the Offered Shares in the United States.

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D - 7

**EXHIBIT A TO Schedule D**

**UNDERWRITER'S CERTIFICATE**

In connection with the private placement in the United States of the Purchased Shares and Additional Shares (the "**Offered Shares**") of Aya Gold & Silver Inc. (the "**Corporation**") pursuant to the underwriting agreement dated as of June **[12]**, 2025 between the Corporation and the Underwriters named therein (the "**Underwriting Agreement**"), the undersigned does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1)the undersigned U.S. Affiliate is, on the date hereof, and was, at the time of each offer and sale of the Offered Shares made by it in the United States, a duly registered broker or dealer with the United States Securities and Exchange Commission, and a member of and in good standing with the Financial Industry Regulatory Authority, Inc. ("**FINRA**");

&nbsp;&nbsp;&nbsp;&nbsp;(2)all offers and sales of Offered Shares in the United States by the undersigned Underwriter have been effected by the undersigned U.S. Affiliate in accordance with all applicable U.S. federal and state broker-dealer requirements and FINRA rules;

&nbsp;&nbsp;&nbsp;&nbsp;(3)each offeree of Offered Shares that is in the United States solicited by the undersigned was provided with a copy of the U.S. Placement Memorandum, and each purchaser of the Offered Shares in the United States solicited by the undersigned will be provided with, prior to the time of purchase, a copy of the U.S. Placement Memorandum, and no other written material was used by the undersigned in connection with the offer and sale of the Offered Shares in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;(4)immediately prior to transmitting such U.S. Placement Memorandum to such offerees solicited by the undersigned, we had reasonable grounds to believe and did believe that each such offeree was a Qualified Institutional Buyer and, on the date hereof, we continue to believe that each person purchasing Offered Shares from the undersigned in the United States is a Qualified Institutional Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;(5)no form of General Solicitation or General Advertising were used by the undersigned Underwriter or the undersigned U.S. Affiliate, as applicable, in connection with the offer or sale of the Offered Shares in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;(6)the undersigned Underwriter or the undersigned U.S. Affiliate, as applicable, have not engaged in any Directed Selling Efforts in connection with the offer or sale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;(7)all offers and sales of the Offered Shares have been conducted by us in accordance with the terms of the Underwriting Agreement, including Schedule D thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;(8)prior to any sale of the Offered Shares in the United States by us, we caused each Qualified Institutional Buyer to execute a Purchaser Letter in the form attached as Exhibit 1 to the U.S. Placement Memorandum and each such letter has been delivered to the Corporation.

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D - 8

Terms used in this certificate have the meanings given to them in the Underwriting Agreement, including Schedule D thereto, unless otherwise defined herein.

DATED this &nbsp;&nbsp;&nbsp;&nbsp;______ day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ________________, 2025.

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| | | | |
|:---|:---|:---|:---|
| Per: | | Per: | |
| | Authorized Signing Officer | | Authorized Signing Officer |

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## Exhibit 99.48

**Exhibit 99.48**

![ayalogo1.jpg](ayalogo1.jpg)

June 10, 2025

**BY SEDAR+**

Autorité des marchés financiers

Alberta Securities Commission

British Columbia Securities Commission

Ontario Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

The Manitoba Securities Commission

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities, Service Newfoundland & Labrador

Office of the Superintendent of Securities, Government of Prince Edward Island

Dear Sirs/Mesdames:

**Re: Confirmation of reliance by Aya Gold & Silver Inc. ("Aya") on DÉCISION N**<sup>o</sup> **2021-PDG-**

**0066 *Décision générale relative à une dispense de certaines obligations du régime de prospectus préalable au bénéfice d'émetteurs établis bien connus* (the "AMF Order") of the Autorité des marchés financiers and each of the equivalent orders or instruments in each of the other provinces of Canada as described or contemplated by CSA Staff Notice 44-306 – *Blanket Orders Exempting Well known Seasoned Issuers from Certain Prospectus Requirements* (the** "**Other Orders**"**, and together with the AMF Order, the** "**Blanket Orders**"**)**

Please be advised that we hereby confirm that we are relying on the Blanket Orders in connection with our filing of a final short form base shelf prospectus dated as of the date hereof (the "**Base Shelf Prospectus**").

Pursuant to paragraph 3 l) iv) of the AMF Order and each comparable paragraph of the Other Orders, Aya satisfies the definition of "well-known seasoned issuer" or "WKSI" (as defined in each of the Blanket Orders) as Aya has outstanding listed equity securities that have a "public float" (as defined in each of the Blanket Orders) of approximately $1.83 billion, determined as of June 6, 2025.

The undersigned, for and on behalf of Aya and without personal liability, hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aya meets the definition of a WKSI as of a date within 60 days preceding the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aya is and has been a reporting issuer in at least one jurisdiction of Canada for the last 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Aya is eligible to file a short form prospectus and has satisfied the criteria of section 2.2 of *Regulation 44-101 respecting Short Form Prospectus Distributions* ("**Regulation 44-101**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Aya has satisfied the requirements to be qualified to file a short form prospectus under section 2.8 of Regulation 44-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Aya disclosed gross revenue, derived from mining operations, above the $55 million threshold for its most recently completed financial year, and above the $165 million threshold in the aggregate for its three (3) most recently completed financial years;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Aya is not an ineligible issuer (as defined in any of the Blanket Orders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Aya is not an investment fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Aya has no outstanding asset-backed securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Base Shelf Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)complies with the requirements of *Regulation 41-101 respecting General Prospectus Requirements*, Regulation 44-101, and *Regulation 44-102 respecting Shelf Distributions* (except as provided in paragraphs 1 and 2 of the AMF Order and each comparable paragraph of the Other Orders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)does not qualify the distribution of any asset-backed security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)includes as part of the basic disclosure about the distribution the following statement on the cover page: "filed in reliance on an exemption from the preliminary base shelf prospectus requirement for a well-known seasoned issuer"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)includes cover page disclosure confirming that Aya qualifies as a WKSI and the date of that determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)concurrently with the filing of the Base Shelf Prospectus and this letter, Aya has paid the fee otherwise required for the filing of a preliminary short form prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Aya has delivered to the regulator any personal information forms that would be required under section 4.1 of Regulation 44-101 if Aya were filing a preliminary short form prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Aya is filing this letter in place of a preliminary base shelf prospectus in compliance with the requirements of paragraph 3 l) of the AMF Order and each comparable paragraph of the Other Orders.

If you have any questions or require further information in respect of the foregoing, please do not hesitate to contact the external legal counsel of the undersigned at <u>alexandra.persaud@nortonrosefulbright.com</u>.

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*

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| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **AYA GOLD & SILVER INC.** | **AYA GOLD & SILVER INC.** |
| By: | (signed) "Benoit La Salle" |
| Name: | Benoit La Salle |
| Title: | President & CEO |

---

[WKSI Filing Letter]

## Exhibit 99.49

**Exhibit 99.49**

**TERM SHEET** 

*A final short form base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the Provinces of Canada. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. Copies of the final short form base shelf prospectus, and any applicable shelf prospectus supplement, may be obtained from Desjardins Capital Markets at ecm@desjardins.com.*

*This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final short form base shelf prospectus, any amendment and any applicable prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.* 

*The securities described in this document have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any U.S. state securities laws and may not be offered or sold in the United States, except in transactions exempt from the registration requirements of the 1933 Act and any applicable state securities laws. This document does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within the United States.* 

---

| | |
|:---|:---|
| **The Issuer:**  | Aya Gold & Silver Inc. (the "**Company**")  |
| **Offering:**  | Treasury offering of 7,491,000 common shares (the "**Shares**").  |
| **Amount:**  | $100,004,850 prior to the Over-Allotment Option  |
| **Issue Price:**  | $13.35 per Share ("**Issue Price**")  |
| **Over-Allotment Option:**  | Up to an additional 15% of the Shares (the "**Over-Allotment Option**"), exercisable in whole or in part at any time for a period of 30 days after and including the Closing Date, at the sole discretion of the underwriters, for the purpose of covering over-allotments.  |
| **Use of Proceeds:**  | The net proceeds of the Offering will be used to advance Aya's 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.  |
| **Offering Basis:**  | Public offering in all provinces of Canada, by way of a prospectus supplement to the Company's short form base shelf prospectus dated June 10, 2025, and in the United States in compliance with the exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, provided by 144A thereunder and similar exemptions under applicable U.S. state securities laws. The Offering may also be made available to offshore investors pursuant to relevant prospectus or registration exemptions in accordance with applicable laws.  |
| **Underwriting Basis:**  | Bought deal, subject to termination clauses including "material adverse change" out, "disaster" out, "restriction on distribution" out, and "breach" out.  |
| **Listing:**  | The Company's Shares trade on the Toronto Stock Exchange (the "**Exchange**") under the symbol "AYA". The Company will use its best efforts to obtain the necessary approvals to list the Shares on the Exchange, which listing shall be a closing condition to the Offering.  |
| **Eligibility:**  | The Shares will be qualified investments under the Income Tax Act (Canada) for registered accounts.  |
| **Underwriting Fee:**  | 4.5% cash commission.  |
| **Bookrunner:**  | Desjardins Capital Markets.  |
| **Closing Date:**  | On or about June, 19 2025 or such other date as the Company and the Bookrunner may agree (the "**Closing Date**").  |

---

## Exhibit 99.50

**Exhibit 99.50**

**UPSIZE TERM SHEET** 

*A final short form base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the Provinces of Canada. The final short form base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. Copies of the final short form base shelf prospectus, and any applicable shelf prospectus supplement, may be obtained from Desjardins Capital Markets at ecm@desjardins.com.*

*This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final short form base shelf prospectus, any amendment and any applicable prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.* 

*The securities described in this document have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any U.S. state securities laws and may not be offered or sold in the United States, except in transactions exempt from the registration requirements of the 1933 Act and any applicable state securities laws. This document does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within the United States.* 

---

| | |
|:---|:---|
| **The Issuer:**  | Aya Gold & Silver Inc. (the "**Company**")  |
| **Offering:**  | Treasury offering of 9,363,300 common shares (the "**Shares**").  |
| **Amount:**  | $125,000,055 prior to the Over-Allotment Option  |
| **Issue Price:**  | $13.35 per Share ("**Issue Price**")  |
| **Over-Allotment Option:**  | Up to an additional 15% of the Shares (the "**Over-Allotment Option**"), exercisable in whole or in part at any time for a period of 30 days after and including the Closing Date, at the sole discretion of the underwriters, for the purpose of covering over-allotments.  |
| **Use of Proceeds:**  | The net proceeds of the Offering will be used to advance Aya's 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.  |
| **Offering Basis:**  | Public offering in all provinces of Canada, by way of a prospectus supplement to the Company's short form base shelf prospectus dated June 10, 2025, and in the United States in compliance with the exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, provided by 144A thereunder and similar exemptions under applicable U.S. state securities laws. The Offering may also be made available to offshore investors pursuant to relevant prospectus or registration exemptions in accordance with applicable laws.  |
| **Underwriting Basis:**  | Bought deal, subject to termination clauses including "material adverse change" out, "disaster" out, "restriction on distribution" out, and "breach" out.  |
| **Listing:**  | The Company's Shares trade on the Toronto Stock Exchange (the "**Exchange**") under the symbol "AYA". The Company will use its best efforts to obtain the necessary approvals to list the Shares on the Exchange, which listing shall be a closing condition to the Offering.  |
| **Eligibility:**  | The Shares will be qualified investments under the Income Tax Act (Canada) for registered accounts.  |
| **Underwriting Fee:**  | 4.5% cash commission.  |
| **Bookrunner:**  | Desjardins Capital Markets.  |
| **Closing Date:**  | On or about June, 19 2025 or such other date as the Company and the Bookrunner may agree (the "**Closing Date**").  |

---

## Exhibit 99.51

**Exhibit 99.51**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogo2.jpg](ayalogo2.jpg) |

---

Aya Gold & Silver Closes Bought Deal Offering with Full Exercise of Over-Allotment Option for Gross Proceeds of $143.8 Million

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

**Montreal, Quebec, June 18, 2025 - Aya Gold & Silver Inc.** (**TSX: AYA; OTCQX: AYASF**) ("**Aya**" or the "**Company**") is pleased to announce that it has closed its previously announced and upsized underwritten public offering of common shares in the capital of the Company (the "**Shares**") at a price of $13.35 per Share, including the full exercise of the over-allotment option, for aggregate gross proceeds of approximately $143,750,000 (the "**Offering**").

Desjardins Capital Markets acted as sole bookrunner, along with National Bank Financial Inc. and BMO Capital Markets as co-lead underwriters, with a syndicate of underwriters comprised of CIBC World Markets Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc., Scotia Capital Inc., SCP Resource Finance LP, Beacon Securities Limited, and INFOR Financial Inc. (collectively, the "**Underwriters**").

The Company intends to use the net proceeds of the 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.

"With the closing of this financing and the full exercise of the over-allotment option, Aya is now in its strongest liquidity position to date," said Benoit La Salle, President & CEO. "This capital gives us the flexibility to fully unlock the value of our Boumadine project, while continuing to deliver strong operational performance at Zgounder, maximize cash flow, and deliver long-term value for all shareholders. We thank our investors for their continued confidence and support."

The Offering was completed by way of a prospectus supplement (the "**Supplement**") to the short form base shelf prospectus of the Company dated June 10, 2025 (the "**Base Prospectus**"), which supplement was filed on June 12, 2025. The Base Prospectus and the Supplement can be found on SEDAR+ at www.sedarplus.ca and contain important detailed information about the Offering.

------

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**1933 Act**"), and may not be offered or sold in the United States absent registration under the 1933 Act and all applicable U.S. state securities laws, or in compliance with applicable exemptions from such registration requirements.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact**:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

Certain information in this news release related to the Company is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. The information generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the intended use and anticipated benefits of the net proceeds of the Offering. There are numerous risks and uncertainties that could cause actual results and Aya's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral production and exploration sectors in general; (iii) that the net proceeds of the Offering may need to be used other than as set out in this news release, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with

------

securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.52

---

| | |
|:---|:---|
| | **Exhibit 99.52** |
| PRESS RELEASE | ![ayalogo5.jpg](ayalogo5.jpg) |

---

**Aya Gold & Silver Announces Results of Annual General Meeting of Shareholders** 

**Montreal, Quebec, June 20, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Company**") is pleased to announce that all nominees listed in the management proxy circular were elected as directors of Aya at its annual general meeting of shareholders ("**AGM**") held today.

A total of 69,658,145 common shares or 53.23% of Aya's issued and outstanding common shares at the record date were represented in person or by proxy at the AGM.

Detailed results are as below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Director Nominee** | **Votes For** | **% For** | **Votes Against** | **% Against** |
| John Burzynski | 65875131 | 99.92% | 53650 | 0.08% |
| Yves Grou | 62190673 | 94.33% | 3738107 | 5.67% |
| Ghislane Guedira Bennouna | 65865849 | 99.90% | 62932 | 0.10% |
| Dr. Jürgen Hambrecht | 59900794 | 90.86% | 6027986 | 9.14% |
| Annie Torkia Lagacé | 65866216 | 99.91% | 62565 | 0.09% |
| Benoit La Salle | 56509166 | 85.71% | 9419615 | 14.29% |
| Eloise Martin | 63997808 | 97.07% | 1930972 | 2.93% |
| Robert Taub | 64039619 | 97.13% | 1889162 | 2.87% |

---

Details of votes on all matters of business considered at the AGM are available in the Company's Report of Voting Results on SEDAR+ (**https://www.sedarplus.ca/**).

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

------

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact:

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

Certain information in this news release related to the Company is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. The information generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Risks and uncertainties are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.53

**Exhibit 99.53**

---

| | | |
|:---|:---|:---|
| ![ayalogo4.jpg](ayalogo4.jpg) | **Appointment of Proxyholder**  | ![image_1c.jpg](image_1c.jpg) |
| | **Appointment of Proxyholder**  | |

---

I/We, being holder(s) of common shares of Aya Gold & Silver Inc. (the "Corporation"), hereby appoint Robert Taub, Director of the Corporation or, failing this person, Benoit La Salle, President and Chief Executive Officer of the Corporation (the "Management Nominees")

OR

_________________________________________________________________________________________

Print the name of the person you are appointing if this person is someone other than the individuals listed above

as my/our proxyholder with full power of substitution and to attend, act and vote on behalf of the holder in accordance with the following directions (or if no directions have been given, as the proxyholder sees fit) on the matters set out below and on all other matters that may properly come before the Annual General Meeting of shareholders of the Corporation to be held on Friday, June 20, 2025 at 10:00 a.m. (Eastern Daylight Time), in-person only at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8 (the

"Meeting"), and at any and all adjournments or postponements thereof.

**VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.&nbsp;&nbsp;&nbsp;&nbsp; Please use a dark black pencil or pen.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **1. Election of Directors**  | | | | | |
| | **FOR**  | **AGAINST**  | | **FOR**  | **AGAINST**  |
| 1.Annie Torkia Lagacé  |  |  | 5.Ghislane Guedira Bennouna  |  |  |
| 2.Benoit La Salle  |  |  | 6.John Burzynski  |  |  |
| 3.Dr. Jürgen Hambrecht  |  |  | 7.Robert Taub |  |  |
| 4.Eloïse Martin  |  |  | 8.Yves Grou  |  |  |
|  |  |  |  | **FOR**  | **WITHHOLD** |
| **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. | **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. | **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. | **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. |  |  |
| **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. | **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. | **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. | **2. Appointment of Auditors** <br>To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration. |  |  |
|  |  |  |  | **FOR**  | **AGAINST**  |
| **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  | **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  | **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  | **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  |  |  |
| **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  | **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  | **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  | **3. Advisory Resolution on Approach to Executive Compensation**<br>The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.  |  |  |

---

**Under Canadian Securities Law, you are entitled to receive certain investor documents. If you wish to receive such material, please mark the applicable boxes below. Please note if you do not mark the appropriate box, you will not receive any documents from the Corporation. You may also go to the TSX website at <u>https://services.tsxtrust.com/financialstatements</u> and input code 0498a.**

Mark this box if you would like to receive interim financial statements and accompanying management discussion and analysis by mail.

Mark this box if you would like to receive annual financial statements and accompanying management discussion and analysis by mail.

I/We hereby authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this proxy will be voted as recommended by management.** 

 <br> Signature(s) Date (DD/MM/YYYY)

Please sign exactly as your name(s) appear on this proxy. Please see reverse for instructions. All proxies must be received by 10:00 a.m. (Eastern Daylight Time) on June 18, 2025.

------

**Proxy Form – Annual General Meeting of Shareholders of Aya Gold & Silver Inc. to be held on June 20, 2025 (the "Meeting")** 

**Notes to Proxy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This proxy must be signed by a holder or his or her attorney duly authorized in writing. If you are an individual, please sign exactly as your name appears on this proxy. If the holder is a corporation, a duly authorized officer or attorney of the corporation must sign this proxy, and if the corporation has a corporate seal, its corporate seal should be affixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the securities are registered in the name of an executor, administrator or trustee, please sign exactly as your name appears on this proxy. If the securities are registered in the name of a deceased or other holder, the proxy must be signed by the legal representative with his or her name printed below his or her signature, and evidence of authority to sign on behalf of the deceased or other holder must be attached to this proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Some holders may own securities as both a registered and a beneficial holder; in which case you may receive more than one Management Proxy Circular and will need to vote separately as a registered and beneficial holder. Beneficial holders may be forwarded either a form of proxy already signed by the intermediary or a voting instruction form to allow them to direct the voting of securities they beneficially own. Beneficial holders should follow instructions for voting conveyed to them by their intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If a security is held by two or more individuals, any one of them present or represented by proxy at the Meeting may, in the absence of the other or others, vote at the Meeting. However, if one or more of them are present or represented by proxy, they must vote together in respect of such security.

All holders should refer to the Management Proxy Circular for further information regarding completion and use of this proxy and other information pertaining to the Meeting.

This proxy is solicited by and on behalf of the Corporation's management.

**All proxies must be received by 10:00 a.m. (Eastern Daylight Time) on June 18, 2025.** 

**How to Vote** 

---

| | |
|:---|:---|
| **INTERNET** | **TELEPHONE** |
| • Go to <u>www.meeting-vote.com</u> | Use any touch-tone phone, call toll free in Canada and United States **1-888-489**• **7352**, an agent will help you vote online.  |
| • Cast your vote online | Use any touch-tone phone, call toll free in Canada and United States **1-888-489**• **7352**, an agent will help you vote online.  |
| • View Meeting documents | Use any touch-tone phone, call toll free in Canada and United States **1-888-489**• **7352**, an agent will help you vote online.  |
| To vote by Internet or telephone you will need your control number. If you vote by Internet or telephone, do not return this proxy. <br>To vote using your smartphone, please scan this QR Code:  | To vote by Internet or telephone you will need your control number. If you vote by Internet or telephone, do not return this proxy. <br>To vote using your smartphone, please scan this QR Code:  |
|  | ![qr.jpg](qr.jpg) |
| **MAIL, FAX OR EMAIL** | **MAIL, FAX OR EMAIL** |
| • Complete and return your signed and dated proxy in the envelope provided or send to:  | • Complete and return your signed and dated proxy in the envelope provided or send to:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSX Trust Company <br>P.O. Box 721 <br>Agincourt, Ontario M1S 0A1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSX Trust Company <br>P.O. Box 721 <br>Agincourt, Ontario M1S 0A1  |
| • You may alternatively fax your signed and dated proxy to 416-595-9593 or scan and email to <u>proxyvote@tmx.com</u>.  | • You may alternatively fax your signed and dated proxy to 416-595-9593 or scan and email to <u>proxyvote@tmx.com</u>.  |
| An undated proxy is deemed to bear the date on which it is mailed by Management to you. <br>If you wish to receive investor documents electronically in the future, please visit <u>www.tsxtrust.com/edelivery</u> to enrol.  | An undated proxy is deemed to bear the date on which it is mailed by Management to you. <br>If you wish to receive investor documents electronically in the future, please visit <u>www.tsxtrust.com/edelivery</u> to enrol.  |

---

## Exhibit 99.54

**Exhibit 99.54**

![ayagoldb.jpg](ayagoldb.jpg)

AYA GOLD & SILVER INC.

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

---

| | |
|:---|:---|
| **WHEN** | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
| | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
| ![a01.jpg](a01.jpg) | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
|  | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
| Friday, June 20, 2025<br>10 A.M. EDT | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
|  | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
| **WHERE** | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
| ![a02.jpg](a02.jpg) | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
|  | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |
| 1320 Graham, suite 132, <br>Ville Mont-Royal, QC H3P 3C8 | &nbsp;&nbsp;&nbsp;**MANAGEMENT PROXY CIRCULAR**<br>You are invited to our annual general meeting of shareholders to be held on Friday, June 20, 2025 at 10:00 A.M. EDT. It will be an in-person meeting held at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8.<br>You may exercise your rights by attending the meeting or by completing a form of proxy.<br>**YOUR VOTE IS IMPORTANT** |

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AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 i

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **NOTICE OF MEETING** | **2** |
| **MANAGEMENT PROXY CIRCULAR** | **5** |
| **NOTICE-AND-ACCESS** | **5** |
| **SOLICITATION OF PROXIES** | **6** |
| **VOTING OF COMMON SHARES** | **6** |
| **CURRENCY** | **10** |
| **FORWARD-LOOKING INFORMATION** | **11** |
| **MESSAGE FROM OUR PRESIDENT & CEO** | **12** |
| **AGENDA FOR THE MEETING** | **13** |
| Financial statements | 13 |
| Election of directors | 13 |
| Appointment of Auditors | 14 |
| Say On Pay | 15 |
| [Other business](#i6c184d083ac24509a14a2edd63b0bead_13) | 15 |
| **DIRECTOR NOMINEES' PROFILES AND COMPENSATION** | **17** |
| Director nominees' profiles | 17 |
| Board skill matrix | 25 |
| Cease Trade Orders, Bankruptcies, Penalties or Sanctions | 26 |
| Share ownership requirement | 27 |
| Director compensation | 27 |
| **COMPENSATION DISCUSSION AND ANALYSIS** | **32** |
| Aya's 2024 NEOs | 32 |
| Compensation philosophy and objectives | 32 |
| Market comparators | 32 |
| Compensation program oversight and governance | 33 |
| 2024 NEO compensation  | 37 |
| Performance graph | 50 |
| **OUR INCENTIVE PLANS**  | **52** |
| **GOVERNANCE** | **62** |
| Board mandate and position descriptions | 62 |
| Board composition | 63 |
| Board and committee meetings | 64 |
| Board responsibilities | 65 |
| Board committees | 67 |
| Board and committee assessments and renewal | 69 |
| Orientation and continuing education  | 70 |
| Shareholder engagement  | 70 |
| Additional information | 71 |
| **SCHEDULE A:**<br>**BOARD OF DIRECTORS CHARTER** | **73** |

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AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 1

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![ayalogo3.jpg](ayalogo3.jpg)

**NOTICE OF MEETING**

**NOTICE is hereby given that the annual general meeting of the shareholders of Aya Gold & Silver Inc.** ("**Aya**" or the "**Corporation"**) will be held in person on Friday, June 20, 2025 at 10:00 a.m. (Eastern Daylight Time) at 1320 Graham, suite 132 Ville Mont-Royal, QC H3P 3C8 (together with all adjournments and postponements thereof ,the "**Meeting**"), for the following purposes:

**1.**to receive the Audited Consolidated Financial Statements for the year ended December 31, 2024, together with the Report of the Auditors thereon;

**2.**to elect the directors of Aya for the ensuing year;

**3.**to appoint KPMG LLP as auditors of Aya and authorize the board of directors to fix their remuneration;

**4.**to approve an advisory and non-binding resolution on our approach to executive compensation; and

**5.**to transact such further and other business as may properly be brought before the Meeting or any adjournment or postponement thereof.

Additional information relating to the matters to be put before the Meeting is set forth in the attached Management Proxy Circular (the "Circular"). A form of proxy ("Proxy") or a voting instruction form ("**VIF"**) is also enclosed.

*Registered shareholders*

Each registered holder of common shares of the Corporation at the close of business on May 5, 2025, (the "**Record Date**") is entitled to receive notice of, and to vote such common shares at the Meeting, either in person or by proxy, in accordance with the procedures described in the Circular. Registered shareholders who are unable to attend the Meeting in person and who wish to ensure that their common shares will be voted at the Meeting are requested to complete, sign and deliver the enclosed form of proxy to TSX Trust Company by mail at Proxy Department, P.O. Box 721, Agincourt, ON M1S 0A1, or by fax at 416-595-9593 within North America and outside North America), or by email at **proxyvote@tmx.com**. Registered shareholders may also exercise their voting rights (i) by calling the toll-free number 1-888-489-7352 or any other number indicated on the Proxy or (ii) by going to the following website: **www.meeting-vote.com**. For any additional information concerning this matter, please contact TSX Trust Company by calling at no charge at 1-800-387-0825 (within North America) and at 416-682-3860 (outside North America) or by e-mail at **shareholderinquiries@tmx.com**. In order to be valid and acted upon at the Meeting, Proxies must be delivered to TSX Trust Company by 10:00 A.M. (Eastern Daylight Time) on June 18, 2025. Further instructions with respect to voting by proxy are provided in the Proxy and in the Circular.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 2

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*Non-Registered shareholders*

Shareholders may also beneficially own common shares that are registered in the name of a broker, another intermediary or an agent of that broker or intermediary. If a shareholder holds its common shares in a brokerage account, such shareholder is not a registered shareholder. Without specific instructions, intermediaries are prohibited from voting common shares for their clients. If a shareholder is a non-registered shareholder, it is vital that the VIF provided to such shareholder be returned according to the instructions, sufficiently in advance of the deadline specified by the broker, intermediary or its agent, to ensure that they are able to provide voting instructions on such shareholder's behalf.

**Every shareholder's participation is important to us, and we encourage shareholders to exercise their vote by completing their Proxy or VIF prior to the Meeting, even if shareholders expect to attend.**

*Notice-and-Access*

Aya has chosen to deliver the Circular, the management's discussion and analysis, the consolidated financial statements of the Corporation and the auditor's report for the year and quarter ended December 31, 2024, and other related materials of the Meeting (together, the "**Proxy Materials**") using Notice-and-Access provisions, which govern the delivery of proxy-related materials to shareholders utilizing the internet. Notice-and-Access provisions are found in section 9.1.1 of *Regulation 51-102 respecting Continuous Disclosure Obligations* ("**Regulation 51-102**"), for delivery to registered shareholders, and in section 2.7.1 of *Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**Regulation 54-101**"), for delivery to beneficial shareholders (together, the "**Notice-and-Access Provisions**").

Notice-and-Access Provisions allow Aya to choose to deliver Proxy Materials to shareholders by posting them on SEDAR+ and on a non-SEDAR+ website, provided that the conditions of Regulation 51-102 and Regulation 54-101 are met, rather than by printing and mailing the documents. Notice-and-Access Provisions can be used to deliver materials for both general and special meetings of shareholders. Aya may still choose to continue to deliver the Circular by mail, and shareholders are entitled to request a paper copy of the Circular document be mailed to them at the Company's expense.

Pursuant to the Notice-and-Access Provisions, Aya must send a notice to each registered and beneficial shareholder confirming internet availability (the "**N&A Notification**"), indicating that the Proxy Materials have been posted on Aya's website and on SEDAR+, together with a Proxy or VIF (together with the N&A Notification, the "**notice package**") and explaining how a shareholder can access the Proxy Materials or obtain paper copies thereof. We remind you to access and review all of the important information contained in the Proxy Materials before voting.

The Proxy Materials will be available online at: **https://ayagoldsilver.com/agm-2025/**, in French and English. You may also find a copy on SEDAR+ under the Corporation's profile at **www.sedarplus.ca**. Please review the Meeting materials prior to voting.

You may obtain a paper copy of the Proxy Materials at no cost by calling the toll-free number 1-888-433-6443 (toll free in Canada and the United States) or 1-416-682-3801 (other countries). Alternatively, you can send your request by email at tsxt-fulfilment@tmx.com. Additional information on how the Notice-and-Access Provisions work can also be obtained at these same coordinates.

In order to allow you sufficient time to receive and review the Meeting materials and return the form of proxy or voting instructions form in the prescribed time, paper copies of the Meeting materials must be requested no later than June 4, 2025. If you request a paper copy of the Proxy Materials, please note that

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 3

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another form of proxy or voting instruction form will not be sent; please retain the one received with the notice package for voting purposes.

After the meeting, requests may be made by calling the same numbers. Please allow a period of 3 business days for processing your request as well as usual mailing times.

DATED in Ville Mont-Royal, Quebec, this 12<sup>th</sup> day of May, 2025.

***BY ORDER OF THE BOARD OF DIRECTORS***

*"Elias J. Elias"*

Elias J. Elias

Chief Legal and Sustainability Officer

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 4

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![ayalogo3.jpg](ayalogo3.jpg)

**MANAGEMENT PROXY CIRCULAR**

**as at and dated May 12, 2025**

(unless otherwise noted)

This Management Proxy Circular (the "**Circular**") accompanies the Notice of the 2025 Annual General Meeting (the "**Notice of Meeting**") of holders (the "**shareholders**", "**you**", "**your**") of common shares (the "**common shares**") of Aya Gold & Silver Inc. (the "**Corporation**" or "**Aya**", "**we**", "**us**") scheduled to be held **<u>in-person only</u>** at Suite 132, 1320 Graham Blvd., Town of Mont-Royal, Quebec, Canada H3P 3C8 on **<u>June 20, 2025, at</u> <u>10:00 A.M</u>**. (Eastern Daylight Time) (together with all adjournments and postponements thereof, the "**Meeting**").

Unless otherwise noted, information in this Circular is given as at May 12, 2025. This Circular is provided in connection with the solicitation by management of the Corporation of proxies to be used at that Meeting and all adjournments or postponements thereof.

The delivery of this Circular shall not create, under any circumstances, any implication that there has been no change in the information set forth herein since the date of this Circular. This Circular does not constitute the solicitation of a proxy by anyone in any jurisdiction in which such solicitation is not authorized, or in which the person making such solicitation is not qualified to do so, or to anyone to whom it is unlawful to make such an offer of solicitation.

***NOTICE-AND-ACCESS***

**• What is Notice and Access?**

Aya has chosen to deliver the Circular, the management's discussion and analysis, the consolidated financial statements of the Corporation and the auditor's report for financial year ended December 31, 2024, and other related materials of the Meeting (together, the "**Proxy Materials**") using Notice-and-Access provisions, which govern the delivery of proxy-related materials to shareholders utilizing the internet. Notice-and-Access provisions are found in section 9.1.1 of *Regulation 51-102 respecting Continuous Disclosure Obligations* ("**Regulation 51-102**"), for delivery to registered Shareholders, and in section 2.7.1 of *Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**Regulation 54-101**"), for delivery to beneficial shareholders (together, the "**Notice-and-Access Provisions**").

Notice-and-Access Provisions allow Aya to choose to deliver Proxy Materials to shareholders by posting them on SEDAR+ and on a non-SEDAR+ website, provided that the conditions of Regulation 51-102 and Regulation 54-101 are met, rather than by printing and mailing the documents. Notice-and-Access Provisions can be used to deliver materials for both general and special meetings of shareholders. Aya may still choose to continue to deliver the Circular by mail, and shareholders are entitled to request a paper

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 5

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copy of the Circular document be mailed to them at the Company's expense.

Pursuant to the Notice-and-Access Provisions, Aya must send a notice to each registered and beneficial shareholder confirming internet availability (the "**N&A Notification**"), indicating that the Proxy Materials have been posted on Aya's website and on SEDAR+, together with a form of Proxy ("**Proxy**") or voting instructions form ("**VIF**") (together with the N&A Notification, the "**notice package**") and explaining how a shareholder can access the Proxy Materials or obtain paper copies thereof.

**• Why is Aya relying upon the Notice-and-Access Provisions?**

Use of the Notice-and-Access Provisions is a great way to protect the environment as many of you will elect to read the Circular online rather than print a paper copy or receive one by mail. Furthermore, not only does the use of the Notice-and-Access Provisions allow us to reduce the volume of paper relating to your Meeting, but it also reduces our costs of mailing.

**• Where can I find the Proxy Materials?**

The Proxy Materials will be available online at: https://ayagoldsilver.com/agm-2025/, in French and English. You may also find a copy on SEDAR+ under the Corporation's profile at www.sedarplus.ca. Please review the Proxy Materials prior to voting.

**• What if I want a paper copy of the Proxy Materials**

You may obtain a paper copy of the Proxy Materials at no cost by calling the toll-free number 1-888-433-6443 (toll free in Canada and the United States) or 1-416-682-3801 (other countries). Alternatively, you can send your request by email at **tsxt-fulfilment@tmx.com**.

Additional information on how the Notice-and-Access Provisions work can also be obtained at these same coordinates.

In order to allow you sufficient time to receive and review the Meeting materials and return the form of proxy or voting instructions form in the prescribed time, paper copies of the Meeting materials must be requested no later than June 4, 2025. If you request a paper copy of the Proxy Materials, please note that another form of proxy or voting instruction form will not be sent; please retain the one received with the notice package for voting purposes.

***SOLICITATION OF PROXIES***

**• Who is soliciting my proxy?**

The Corporation has retained the services of TMX Investor Solutions Inc. to solicit proxies from the shareholders in favor of the matters set forth in the notice of the Meeting and perform related services in connection with the Meeting (the "AGM Services"). The cost of the AGM Services is C$42,500, in addition to related expenses which total amount is to be determined further to the proxy-solicitation campaign, and is borne by the Corporation.

***VOTING OF COMMON SHARES***

**• Am I a registered or a non-registered shareholder?**

The voting process is different depending on whether you are a registered shareholder or a non-registered shareholder. **Only registered shareholders or duly appointed proxy holders are permitted to vote directly at the Meeting.**

You are a ***registered shareholder*** if your name appears in the shareholders' register maintained by the Corporation's transfer agent, TSX Trust

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 6

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Company. The control number on your Proxy should have 13 digits.

You are a ***non-registered shareholder*** if your common shares are not registered in your own name, but are instead registered in the name of:

&nbsp;&nbsp;&nbsp;&nbsp;• a bank, trust company, securities dealer or broker, a trustee or administrator of self-administered RRSP, RRIF, RESP or similar plan; or

&nbsp;&nbsp;&nbsp;&nbsp;• a clearing agency (such as CDS Clearing and Depository Services Inc.) of which the Intermediary is a participant;

&nbsp;&nbsp;&nbsp;&nbsp;**•** (each, an "**Intermediary**")

Most shareholders are ***non-registered shareholders*** because the common shares they own are not registered in their names. If you are a non-registered shareholder, the control number on your VIF can have either 13 or 16 digits.

Without specific instructions, Intermediaries are prohibited from voting the common shares for their client. Pursuant to Regulation 54-101, each Intermediary is required to request voting instructions from non-registered shareholders prior to shareholders meetings. Intermediaries have their own procedures for sending materials and their own guidelines for the return of documents. Non-registered shareholders should strictly follow those instructions to ensure that the voting rights attached to their common shares are cast at the Meeting.

*Registered shareholders*

If you are a registered shareholder, you can vote at the Meeting or by proxy, whether or not you are able to attend the Meeting in person.

Registered shareholders electing to vote by submitting a Proxy may do so in the following ways:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;![a05.jpg](a05.jpg) | **By Mail**<br>Complete your Proxy, sign and date it, and send it to TSX Trust Company in the envelope provided. |
| ![a06.jpg](a06.jpg) | **By Email**<br>Complete your Proxy, sign and date it, and send it to TSX Trust Company at the following email: **proxyvote@tmx.com**. |
| ![telephone.jpg](telephone.jpg) | **By Telephone**<br>Call the toll-free number 1-888-489-7352 or any other number indicated on your Proxy from a touch tone phone. Follow the instructions. You will need your control number, which appears on your Proxy.  |
| ![ontheinternet.jpg](ontheinternet.jpg) | **On the Internet**<br>Go to www.meeting-vote.com and follow the instructions on screen. You will need your control number, which appears on your Proxy.  |
| ![a09.jpg](a09.jpg) | **By Fax**<br>Complete your Proxy, sign and date it, and fax it to TSX Trust Company via 1-416-595-9593. |
| ![attendance.jpg](attendance.jpg) | **At the meeting, in person attendance**<br>Do not complete the Proxy.<br>Your votes will be taken and counted at the Meeting. |
| ![a11.jpg](a11.jpg) | **Appointing someone else to attend the Meeting and vote your shares for you**<br>As a shareholder, you have the right to appoint a proxy holder to attend the Meeting and exercise your voting rights. **You have the right to appoint a proxy holder other than the persons whose names already appear as proxy holders in the Proxy, by inserting the name of the proxy holder of your choice in the blank space provided for that purpose in the Proxy. The proxy holder need not be a shareholder of Aya.** If the shareholder is a corporation, the Proxy must be executed by a duly authorized officer or a representative thereof. You may enter your voting instructions by following the instructions indicated on the front and back of the Proxy. |

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AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 7

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*Non-registered shareholders*

It is important to note that non-registered shareholders fall into 2 categories – those who object to their identity being known to the Corporation ("**OBOs**") and those who do not object to their identity being known to the Corporation ("**NOBOs**").

The Proxy Materials are being sent to both registered owners and NOBOs by our transfer agent TSX Trust Company. If you are a NOBO, and the materials are sent directly to you, your name and address and information about your holdings of securities, have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding on your behalf.

By choosing to send the material to NOBOs directly, we (and not the Intermediary holding shares on your behalf) assume responsibility for (i) delivering Meeting materials to each NOBO, and (ii) executing the NOBO's proper voting instructions. Please return your voting instructions as specified in the request for voting instructions.

For any shareholder who is an OBO, Aya will not send the Proxy Materials directly to you. Aya will, however, pay for Intermediaries to deliver the Proxy Materials.

*Voting using the VIF*

Applicable regulatory policy requires your Intermediary to seek voting instructions from you in advance of the Meeting. Every Intermediary has its own mailing procedures and provides its own return instructions, which you should carefully follow in order to ensure that your common shares are voted at the Meeting. You are asked to complete and return the VIF to the Intermediary by telephone, facsimile or mail as provided thereon. Alternatively, you may be able to vote online at www.proxyvote.com using your 16-digit control number or at www.meeting-vote.com using your 13-digit control number.

If you are a non-registered shareholder and would like additional information or assistance in completing your VIF or in obtaining the required information to submit your vote on the matters to be dealt with at the Meeting, you should contact your Intermediary.

*Attending the Meeting and voting in person*

Non-registered shareholders (NOBOs and OBOs) cannot use the VIF to vote directly at the Meeting. If you are a non-registered shareholder and wish to attend and vote at the Meeting in person, you should follow the instructions on the VIF and insert your name (or the name of such other individual that you want to appoint to vote on your behalf) in the blank space provided for that purpose on the VIF and return the completed VIF in accordance with the instructions thereon in advance of the Meeting.

**• What am I voting on?**

You will be asked to vote on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.**the election of directors of Aya for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.**the appointment of KPMG LLP as auditors of Aya for the ensuing year and the authorization for the directors to fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.**our approach to executive compensation, through an advisory and non-binding resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.**such other business as may properly be brought before the Meeting or at any adjournment or postponement thereof.

For the specifics on each of the items of business noted above, the see the information provided under the heading "Agenda for the Meeting".

**• Who will vote my common shares?**

Your proxyholder is the person you appoint to cast your votes at the Meeting on your behalf. **You may choose Robert Taub, the Chairman of the Board of Directors of Aya (the "Board"), or** 

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 8

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**Benoit La Salle, Aya's President and Chief Executive Officer or any other person that you want to be your proxyholder.** If you want to authorize Robert Taub or Benoit La Salle as your proxyholder, please leave the box near the top of the form blank as the names of Robert Taub and Benoit La Salle are already pre-printed on the form. **If you return the form and have left the box for the proxyholder's name blank, then Robert Taub or Benoit La Salle will automatically become your proxyholder.**

**• How I appoint someone other than the individuals stated in my Proxy or VIF to vote my common shares?**

**Write the name of this person, who need not be a shareholder, in the blank space provided in the Proxy or VIF.** It is important to ensure that any other person you appoint as proxyholder is attending the Meeting and is aware that he or she has been appointed to vote your shares.

• **When does my Proxy or VIF has to be delivered?**

Proxies or VIFs must be delivered to TSX Trust Company no later than **10:00 A.M. (Eastern Daylight Time) on June 18, 2025.** Proxies delivered after that time will not be accepted, provided that the chair of the Meeting may waive or extend the proxy cut-off without notice.

If you are a non-registered shareholder, you should submit your vote by following the instructions on the VIF, whether or not you intend to attend the Meeting in person. Make sure your VIF is properly completed and submitted on or before the time and date indicated on your VIF in order for it to be delivered to TSX Trust Company by the cut-off date and time indicated above.

• **How will my shares be voted if I give my proxy?**

Your shares will be voted or withheld from voting in accordance with your instructions on the Proxy. **The Proxy or VIF, as applicable, also** 

**confers discretionary authority upon the persons named therein.** If any amendments are proposed to any matter, or if other matters are properly brought before the Meeting, then, in each case, your proxyholder can vote your shares as he or she sees fit. Management knows of no such amendments or other matters to come before the Meeting other than the matters referred to in the notice of annual meeting.

**If you properly complete and return your Proxy or VIF appointing a representative of management as your proxyholder but do not specify how you wish the votes to be cast, your shares will be voted:**

&nbsp;&nbsp;&nbsp;&nbsp;**• FOR the election of the nominee directors mentioned in this Circular;**

&nbsp;&nbsp;&nbsp;&nbsp;**• FOR the appointment of KPMG LLP as auditors the ensuing year and the authorization for the directors to fix their remuneration; and**

&nbsp;&nbsp;&nbsp;&nbsp;**• FOR our approach to executive compensation.**

Your proxyholder will have discretionary authority with respect to any amendments or variations of the matters of business to be acted on at the Meeting or any other matters properly brought before the Meeting or any adjournment or postponement thereof, in each instance, to the extent permitted by law, whether or not the amendment, variation or other matter that comes before the Meeting is routine and whether or not the amendment, variation or other matter that comes before the Meeting is contested.

**• How can I change my votes and/or revoke a proxy I have given?**

A shareholder who executes and returns the Proxy or VIF may revoke same in any manner permitted by law.

*Registered shareholders*

Proxies given by registered shareholders for use at the Meeting may be revoked at any time before their use.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 9

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A proxy may be revoked:

&nbsp;&nbsp;&nbsp;&nbsp;• by depositing an instrument in writing, including another completed Proxy, executed by the registered shareholder, by the registered shareholder's attorney duly authorized in writing, or where the registered shareholder is a company, by a duly authorized officer or attorney of such corporation, and delivered to the registered office of the Corporation, Suite 132, 1320 Graham Blvd., Ville Mont-Royal, Montreal, Quebec, H3P 2C8, Canada, at any time up to and including the last business day preceding the day of the Meeting, or any adjournment or postponement thereof, or with the chair of the Meeting on the day of the Meeting, or any adjournment or postponement thereof,

&nbsp;&nbsp;&nbsp;&nbsp;• if the registered shareholder attends the Meeting, by voting itself, or

&nbsp;&nbsp;&nbsp;&nbsp;• in any other manner permitted by law.

A revocation of a proxy does not affect any matter on which a vote has been taken prior to the revocation.

*Non-registered shareholders*

Only registered shareholders have the right to revoke a proxy. Non-registered shareholders who wish to change their vote must, <u>in sufficient time in advance of the Meeting</u>, arrange for their Intermediary to change their vote and, if necessary, revoke their proxy in accordance with their revocation procedures.

**• How many shares are entitled to vote?**

As of May 5, 2025 (the "**Record Date**"), there were 130,874,834 Aya shares issued and outstanding, each of which is entitled to one vote at the Meeting.

Only shareholders of record holding common shares at the close of business on the Record Date, who either personally attend the Meeting or who have duly completed and delivered a form of

proxy in the manner and subject to the provisions described above, shall be entitled to vote or to have their common shares voted at the Meeting.

To the best of our knowledge, no shareholder holds 10% or more of our outstanding shares.

**• Who counts the votes?**

TSX Trust Company, our transfer agent, counts and tabulates the votes. This is done independently of Aya. Proxies are referred to Aya only in cases where a shareholder clearly intends to communicate with management or when it is necessary to meet the requirements of applicable law.

• **How can I reach the transfer agent?**

For general shareholder inquiries, you can contact the transfer agent:

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| | | |
|:---|:---|:---|
| **Mail** | ![a05.jpg](a05.jpg) | TSX TRUST COMPANY<br>301-100 Adelaide St West<br>Toronto, ON M5H 4H1 |
| **Email** | ![a06.jpg](a06.jpg) | shareholderinquiries@tmx.com |
| **Telephone** | ![telephone.jpg](telephone.jpg) | within Canada and the United States at no charge at <br>1-800-387-0825 or <br>416-682-3860 |
| **Fax** | ![a09.jpg](a09.jpg) | within Canada and the United States at no charge at 1-888-249-6189 or 1-514-985-8843 |

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***CURRENCY***

The Corporation reports its financial results in United States dollars. All references to "$" or "dollars" in this Circular refer to United States dollars unless otherwise indicated.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 10

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**FORWARD-LOOKING INFORMATION**

Certain statements in this Circular, referred herein as "forward-looking statements", constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may occur, are forward-looking statements. These statements relate to, among other things, Aya's plans, objectives, expectations, estimates, beliefs, strategies and intentions. 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 Circular include, but are not limited to, statements pertaining to: the Corporation's plans with respect to compensation plans and practices; the Corporation's governance practices; the future stock price of our common shares; the Corporation's anticipated financial and operational growth and its projects.

Forward-looking statements contained in this Circular 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. Material factors and key assumptions used in the preparation of the forward-looking statements contained herein include, but are not limited to, the assumptions set forth herein and in the Corporation's management's discussion and analysis for the year ended December 31, 2024 (the "MD&A") and the Corporation' annual information form for the year ended December 31, 2024 dated as of March 31, 2025 (the "AIF"). A number of factors could cause actual results, performance, decisions or achievements to differ materially from those expressed or implied in the forward-looking statements contained herein, including but not limited to the risks identified in of our AIF and our MD&A. 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.

All of the forward-looking statements made in this Circular and the documents incorporated by reference herein are qualified by these cautionary statements. 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.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 11

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**MESSAGE FROM OUR PRESIDENT & CEO**

Dear Fellow Shareholders,

Executing Aya's growth strategy was the focus of 2024, which was marked by the completion of the new Zgounder processing plant, for which commercial production was declared last December. Combined with our existing plant, Zgounder's name plate capacity now totals 2,700 tonnes per day, which will serve as our growth engine as we ramp up to steady state in 2025.

We produced 1.6 million silver ounces in 2024, meeting revised guidance. In a transition year focused on preparing mining and plant ramp-up, production was impacted by lower grades and recoveries, and ore processed during the year was 358,919 tonnes – 27% higher than 2023. Reported revenue was $39.1M for the period, which was supported by higher year-over-year average net realized silver prices.

Alongside our operations, we completed a 150,000+ metre drill program at Zgounder and Boumadine in 2024. These efforts allowed us to confirm mineralization near-mine at Zgounder, test new targets surrounding Zgounder and expand the main mineralized zone at Boumadine to 5.4km, which currently remains open in all directions.

Boumadine continues to excite the Aya team and the market. During the year, we published a new mineral resource estimate, demonstrating the growth potential of this Tier 1 polymetallic asset, identified multiple possible parallel, on-trend conductive anomalies and added 15 exploration permits, significantly expanding Boumadine's exploration footprint.

In 2024, we also remained focused on the health and safety (H&S) of our employees, contractors, and community stakeholders through various H&S committees, policies and activities. Our safety performance for the year resulted in zero fatalities along with an increase in training hours for Aya employees. The safety and well-being of our employees, contractors and community stakeholders are our highest priority and we are committed to the pursuit of zero harm in the workplace, and an inclusive H&S culture.

I am also proud of the many achievements we have achieved at the corporate level during the year. In June 2024, we announced our inclusion to the S&P / TSX Composite Index. This milestone is a testament to Aya's consistent and disciplined execution and underscores efforts by the entire team to deliver our ambitious growth strategy and drive sustainable value long-term.

In addition, we announced, and recently completed, the spin-out of the Amizmiz gold project into a new North Africa-focused gold growth company (Mx2 Mining) that optimizes our portfolio and use of resources, while allowing us to unlock value from non-core gold projects. This in turn lets us focus on advancing Boumadine and Zgounder, and other strategic growth initiatives.

During the year and post 2024, we made notable changes to the Board. Last year, we appointed Ghislane Guedira Bennouna to the Board. In addition to being a seasoned finance executive with more than 30 years of mining, real estate and consultancy experience, Ms. Bennouna held senior roles at OCP, where she was chief financial officer for seven years.

More recently, we announced the departure of long-time Board member Nikolaos Sofronis. He was an integral part of the Board since joining in 2016, guiding management through Environment, Social and Governance ("ESG") growth and integration initiatives, a management transition and the Zgounder expansion project. Concurrently with his departure, we welcomed John Burzynski to the Board who is a seasoned mine builder with deep technical expertise, who brings with him decades of mining industry and capital markets knowledge and experience.

As we embark on another year, I would like to thank our shareholders and valued stakeholders for their trust and support as we pursue our vision of becoming the largest silver pure-play globally. We have a clear path

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 12

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ahead of us, focused on operational excellence and growth, which positions and guides us in delivering returns to our shareholders in the years ahead.

*"Benoit La Salle"*

Benoit La Salle, President & CEO

May 12, 2025

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 13

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**AGENDA FOR THE MEETING**

**Financial statements**

Our audited consolidated financial statements for the fiscal year ended December 31, 2024, together with the auditor's report thereon will be placed before the Meeting. These financial statements have been filed on SEDAR+ at www.sedarplus.ca and are available on our website at www.ayagoldsilver.com.

**Election of directors**

Our articles provide that the minimum number of directors is three and the maximum number is eleven. This year, the Board passed a resolution to the effect that 8 of the directors currently serving on the Board be nominated for election. Mr. Burzynski was appointed to the Board on April 14, 2025 to fill the vacancy caused by Mr. Sofronis' departure made effective the same day. Mr. Burzynski's continued directorship is subject to his election at the Meeting. We have not received any director nominations from shareholders in accordance with the advance notice provision outlined in our by-laws. As such, the individuals listed in the summary table below are the sole nominees for election at the upcoming Meeting. Each nominee director must obtain a majority of "for" votes to be elected. Otherwise, the Board is prohibited from appointing them as a director until the subsequent annual meeting of shareholders, subject to certain exceptions provided for in the *Canada Business Corporations Act*.

**Your nominees are:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name**  | **Independent?** | **Committees** | **Committees** | **Committees** | **Principal**<br>**Occupation** | **Director**<br>**of Aya**<br>**Since** | **2024 Voting<br>Results** | **2024 Voting<br>Results** |
| &nbsp;&nbsp;**Name**  | **Independent?** | **AC** | **NCC** | **ESGC** | **Principal**<br>**Occupation** | **Director**<br>**of Aya**<br>**Since** | **For** | **Against** |
| **Yves Grou**  | Yes | C | ![a12a.jpg](a12a.jpg) |  | Corporate director | June 2020 | 96.78% | 3.22% |
| **Ghislane Guedira Bennouna** | Yes | ![bennouna.jpg](bennouna.jpg) |  | C | Finance consultant, Amplitude Conseil | June 2024 | 99.97% | 0.03% |
| **Dr. Jürgen Hambrecht**  | Yes |  | C | ![a12a.jpg](a12a.jpg) | Corporate director  | June 2019 | 96.56% | 3.44% |
| **Annie Torkia Lagacé** | Yes |  |  | ![bennouna.jpg](bennouna.jpg) | Chief Legal and Strategy Officer at IAMGOLD | June 2023 | 99.54% | 0.46% |
| **Benoit La Salle**  | No |  |  |  | President and CEO<br>of Aya | April 2020 | 92.05% | 7.95% |
| **Eloise Martin** | Yes | ![bennouna.jpg](bennouna.jpg) | ![bennouna.jpg](bennouna.jpg) |  | Corporate director  | June 2022 | 96.78% | 3.22% |
| **Robert Taub** | Yes |  |  |  | Corporate director | Nov. 2016 | 99.54% | 0.46% |
| **John Burzynski** | Yes |  |  |  | Executive Chairman of Osisko Metals Inc. | April 2025 | N/A<sup>(2)</sup> | N/A<sup>(2)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Mr. La Salle is non-independent from the Board as he is the President and CEO of Aya.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Mr. Burzynski was appointed to the Board after the 2024 Annual General Meeting of shareholders.

The full profiles of the director nominees are set out under the heading "Director nominees profiles", starting on page 14 of this Circular.

We have assembled a Board that is the right size and has the relevant skills and experience to function efficiently and manage the business and affairs of Aya.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 14

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&nbsp;&nbsp;&nbsp;&nbsp;• We recommend that you vote FOR the election of the eight director nominees.<br>

*Unless otherwise instructed, the person(s) named in the Proxy or VIF will vote FOR the election of all nominee directors.*

Management of Aya is confident that all nominees are able to serve as directors. In the unlikely event of the contrary, the person(s) named in the Proxy or VIF will have the authority to exercise their discretion and vote for an alternative nominee at the Meeting.

**Appointment of Auditors**

Effective March 31, 2021, KPMG LLP ("**KPMG**") became auditors of Aya. You are now asked to pass an ordinary resolution approving the appointment of KPMG as auditors for the ensuing year and authorizing the Board to fix their remuneration. This resolution must be approved by a majority of the votes cast by shareholders present at the Meeting in person or by proxy.

We refer you to the section entitled "Audit Committee Information" of our Annual Information Form ("**AIF**") with respect to our 2024 financial year for more information on the Board's Audit Committee and the fees paid to the auditors in the last two completed financial years. The AIF is available on SEDAR+ at **www.sedarplus.ca** and on our website at **www.ayagoldsilver.com**. We will provide you free of charge copy of the AIF upon request to the corporate secretary at the address set forth on page 62.

At the 2024 annual meeting of shareholders, 99.95% of votes cast were for the appointment of KPMG as auditors of Aya and authorizing the Board to fix their remuneration. 0.05% of the votes were withheld.

&nbsp;&nbsp;&nbsp;&nbsp;• We recommend that you vote FOR the appointment of KPMG as auditors of Aya for the current financial year and authorize the Board to fix their remuneration.<br>

*Unless otherwise instructed, the person(s) named in the Proxy or VIF will vote FOR the appointment of KPMG as auditors of Aya for the current financial year and authorize the Board to fix their remuneration.*

**Say On Pay**

The Board is of the view that executive compensation is a pillar of sound governance practices. Consequently, the Board believes that it is important to give shareholders an effective way to provide input on our approach to executive compensation. You have the opportunity to vote for or against our approach to executive compensation through the following resolution:

"*BE IT RESOLVED THAT on an advisory basis, and not to diminish the role and responsibilities of the Board of Directors of Aya, the shareholders accept the approach to executive compensation disclosed in Aya's management proxy circular delivered in advance of the 2025 annual general meeting of shareholders.*"

Your vote is advisory and non-binding. Nevertheless, the Board and the Nomination and Compensation Committee will take into account the outcome of the vote when determining future executive compensation. You can also write directly to the Chair of the Nomination and Compensation Committee, Dr. Jürgen Hambrecht (who is also the Lead director of the Board) with your views on our approach to executive compensation, at: governance@ayagoldsilver.com.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 15

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At the 2024 annual meeting of shareholders, 96.31% of votes cast were for the adoption of the advisory and non-binding resolution regarding our approach to executive compensation. 3.69% of the votes were withheld. In light of the comments received from shareholders regarding our approach to executive compensation, this year, we have provided you with more extensive disclosure regarding our executive compensation philosophy and structure, which details are set out from page 28.

&nbsp;&nbsp;&nbsp;&nbsp;**• We recommend that you vote FOR the adoption of the advisory resolution to support our approach to executive compensation.**<br>

*Unless otherwise instructed, the person(s) named in the Proxy or VIF will vote FOR the advisory resolution on Aya's approach to executive compensation.*

**Other business**

**No other business known**

Management does not intend to introduce any other business at the Meeting. If other items of business are brought up properly before the Meeting, you or the person(s) you have named in the Proxy or VIF will vote as they see fit.

**2025 shareholder proposals**

Shareholders can submit shareholder proposals to the Corporation, which may be included in a management proxy circular relating to the 2026 annual meeting of shareholders, between January 21, 2026 and March 22, 2026.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 16

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**DIRECTOR NOMINEES' PROFILES AND COMPENSATION**

**Director nominees' profiles**

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| | |
|:---|:---|
| ![image_8.jpg](image_8.jpg) | &nbsp;&nbsp;&nbsp;**YVES GROU \| DIRECTOR SINCE JUNE 2020**<br>69, Montreal, Canada |
| ![image_8.jpg](image_8.jpg) | &nbsp;&nbsp;&nbsp;Independent |
| ![image_8.jpg](image_8.jpg) | &nbsp;&nbsp;&nbsp;Top 3 skills and competences<br>&nbsp;&nbsp;&nbsp;&nbsp;• Audit and financial expertise<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mining<br>&nbsp;&nbsp;&nbsp;&nbsp;• Risk management |
| ![image_8.jpg](image_8.jpg) | &nbsp;&nbsp;&nbsp;Other public company directorships:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Falcon Energy Material plc.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Maclos Capital Inc.  |
| Mr. Grou is a CPA CA, having received his Bachelor in Commerce degree from McGill University. He is a member of the Quebec Institute of Chartered Accountants. He was co-founder in 1980 and a partner until 2004 of Grou, La Salle & Associates ("GLA"). 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. | Mr. Grou is a CPA CA, having received his Bachelor in Commerce degree from McGill University. He is a member of the Quebec Institute of Chartered Accountants. He was co-founder in 1980 and a partner until 2004 of Grou, La Salle & Associates ("GLA"). 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. |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Board | 100% | 7/7 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Audit Committee (Chair) | 100% | 5/5 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Nomination and Compensation Committee | 100% | 2/2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Securities Held at Record Date** | &nbsp;&nbsp;**Securities Held at Record Date** | &nbsp;&nbsp;**Securities Held at Record Date** | &nbsp;&nbsp;**Securities Held at Record Date** | &nbsp;&nbsp;**Securities Held at Record Date** | &nbsp;&nbsp;**Securities Held at Record Date** |
| Common shares | Stock options<sup>1</sup> | RSUs | DSUs | Total<sup>2</sup> | Meets Share Ownership Requirement?  |
| 28815 | 70000 |  | 74780 |  | YES |
| 0.02% |  |  |  |  | YES |
| $188802 | $302053 | $— | $489974 | $678776 | YES |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value of unexercised and vested stock options held by the director was determined by calculating the difference between the closing price of the Corporation's common shares on the TSX as of the Record Date, being CA$9.05, and the

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 17

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exercise price of the stock options, times the number of stock options, converted into USD using the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

---

| | |
|:---|:---|
| ![ghislanea.jpg](ghislanea.jpg) | &nbsp;&nbsp;&nbsp;**GHISLANE GUEDIRA BENNOUNA \| DIRECTOR SINCE 2024**<br>53, Casablanca, Morocco  |
| ![ghislanea.jpg](ghislanea.jpg) | &nbsp;&nbsp;&nbsp;**Independent** |
| ![ghislanea.jpg](ghislanea.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Senior leadership<br>&nbsp;&nbsp;&nbsp;&nbsp;• Audit and financial expertise<br>&nbsp;&nbsp;&nbsp;&nbsp;• Capital markets and M&A |
| ![ghislanea.jpg](ghislanea.jpg) | &nbsp;&nbsp;&nbsp;**Other public company directorship:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• RISMA - since 2020 |
| Ms. Guedira is 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 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. | Ms. Guedira is 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 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. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| • Board  | 100% | 3/7<sup>1</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ms. Guedira attended all Board since her appointment as a director on June 21, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options | RSUs | DSUs | Total<sup>1</sup> | Meets Share Ownership Requirement?  |
|  |  |  | 6334 |  | YES<sup>1</sup> |
| —% |  |  |  |  | YES<sup>1</sup> |
| $— | $— | $— | $41502 | $41502 | YES<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72. While the value of Ms. Guedira Bennouna's holdings is less than three times her annual retainer, she nonetheless complies with the Share Ownership Policy of the Corporation, which sets out that directors are to meet the ownership requirement within a period of 5 years from their appointment.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 18

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| | |
|:---|:---|
| ![a16.jpg](a16.jpg) | &nbsp;&nbsp;&nbsp;**JÜRGEN HAMBRECHT \| DIRECTOR SINCE JUNE 2020**<br>77, Neustadt, Germany |
| ![a16.jpg](a16.jpg) | &nbsp;&nbsp;&nbsp;**Independent - Lead Director** |
| ![a16.jpg](a16.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Growth leadership<br>&nbsp;&nbsp;&nbsp;&nbsp;• Senior leadership<br>&nbsp;&nbsp;&nbsp;&nbsp;• Governance, human resources and compensation |
| ![a16.jpg](a16.jpg) | &nbsp;&nbsp;&nbsp;**Other public company directorships:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Nyxoah S.A. |
| Dr. Jürgen Hambrecht obtained his doctorate in chemistry in 1975 from the University of Tübingen, Germany. Dr. Hambrecht is currently a director on the board of Nyxoah SA, a medical technology company. Previously, he served BASF SE in various responsibilities around the world for more than 35 years, including as director since 1997, CEO and Chairman of the Board of Executive Directors from 2003 to 2011 and Chairman of the supervisory board from 2014 to 2020. Dr. Hambrecht also held the role of Chairman of the Board of Trumpf SE for ten years, from 2013 to 2023 and served as member of the supervisory board of Daimler AG from 2008 to 2020. | Dr. Jürgen Hambrecht obtained his doctorate in chemistry in 1975 from the University of Tübingen, Germany. Dr. Hambrecht is currently a director on the board of Nyxoah SA, a medical technology company. Previously, he served BASF SE in various responsibilities around the world for more than 35 years, including as director since 1997, CEO and Chairman of the Board of Executive Directors from 2003 to 2011 and Chairman of the supervisory board from 2014 to 2020. Dr. Hambrecht also held the role of Chairman of the Board of Trumpf SE for ten years, from 2013 to 2023 and served as member of the supervisory board of Daimler AG from 2008 to 2020. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Board | 100% | 7/7 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Nomination and Compensation Committee (Chair) | 100% | 2/2 |
| &nbsp;&nbsp;&nbsp;&nbsp;• ESG Committee | 100% | 3/3 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options<sup>1</sup> | RSUs | DSUs | Total<sup>2</sup> | Meets Share Ownership Requirement?  |
| 1207250 | 70000 |  | 72707 |  | YES |
| 0.92% |  |  |  |  | YES |
| $7910143 | $302053 | $— | $476391 | $8386534 | YES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value of unexercised and vested stock options held by the director was determined by calculating the difference between the closing price of the Corporation's common shares on the TSX as of the Record Date, being CA$9.05, and the exercise price of the stock options, times the number of stock options, converted into USD using the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 19

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| | |
|:---|:---|
| ![a17.jpg](a17.jpg) | &nbsp;&nbsp;&nbsp;**BENOIT LA SALLE \| PRESIDENT, CHIEF EXECUTIVE OFFICER & DIRECTOR SINCE APRIL 2020**<br>70, Montreal, Canada |
| ![a17.jpg](a17.jpg) | &nbsp;&nbsp;&nbsp;**Non-independent** |
| ![a17.jpg](a17.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Growth leadership<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mining<br>&nbsp;&nbsp;&nbsp;&nbsp;• Capital markets |
| ![a17.jpg](a17.jpg) | &nbsp;&nbsp;&nbsp;**Other public company directorships:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Sama Resources Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Falcon Energy Materials plc.<br>&nbsp;&nbsp;&nbsp;&nbsp;• GoviEx Uranium Inc. |
| Mr. La Salle, FCPA, MBA, has over 25 years of experience in the development and operation of mining projects in West Africa. In 1995, he founded Canadian-based SEMAFO Inc., which grew from a junior explorer to a +250,000 ounce-per-year gold producer in West Africa. Mr. La Salle has been, and remains, a key stakeholder, an investor, a chairman, a board member or an executive of many public and private sector companies, primarily in the mining, energy and clean tech sectors where he has been a strong proponent of transformational change and shareholder value creation. | Mr. La Salle, FCPA, MBA, has over 25 years of experience in the development and operation of mining projects in West Africa. In 1995, he founded Canadian-based SEMAFO Inc., which grew from a junior explorer to a +250,000 ounce-per-year gold producer in West Africa. Mr. La Salle has been, and remains, a key stakeholder, an investor, a chairman, a board member or an executive of many public and private sector companies, primarily in the mining, energy and clean tech sectors where he has been a strong proponent of transformational change and shareholder value creation. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Board | 100% | 7/7 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options<sup>1</sup> | RSUs | DSUs | Total<sup>2</sup> | Meets Share Ownership Requirement?  |
| 61221 | 2000000 | 357658 |  |  | YES |
| 0.05% |  |  |  |  | YES |
| $401132 | $5516880 | $2343447 | $— | $2744579 | YES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value of unexercised and vested stock options held by the director was determined by calculating the difference between the closing price of the Corporation's common shares on the TSX as of the Record Date, being CA$9.05, and the exercise price of the stock options, times the number of stock options, converted into USD using the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 20

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---

| | |
|:---|:---|
| ![image_12.jpg](image_12.jpg) | &nbsp;&nbsp;&nbsp;**ELOISE MARTIN \| DIRECTOR SINCE JUNE 2022**<br>43, Frankfurt, Germany |
| ![image_12.jpg](image_12.jpg) | &nbsp;&nbsp;&nbsp;**Independent** |
| ![image_12.jpg](image_12.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Capital markets and project finance<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mining industry<br>&nbsp;&nbsp;&nbsp;&nbsp;• ESG |
| Ms. Martin has over fifteen years of experience in project finance, structured finance, and capital structuring advisory with a focus on the energy and natural resources sector. Ms. Martin was an Executive Director with HCF International Advisers from 2011 to 2019 in London. Prior to joining HCF, Ms. Martin was employed by ING in the project finance advisory team focusing on large scale projects in the energy and natural resources sector. With her move out of London in 2019 to this date, Ms. Martin has maintained her previous role at HCF under a self-employed status. She thus continues to advise metals and mining companies on financial matters including but not limited to mergers and acquisitions, project finance raisings and valuation. Through her role with HCF, Eloise is also involved on the EU-funded AfricaMaVal project, which looks to build EU-Africa partnerships to secure the supply of critical raw materials to Europe. She holds an MBA from ESSEC Graduate School of Management, Paris, as well as a Master of International Business (Honours) from L'Institut d'Etudes Politiques (Paris), and a Master of Humanities from Sorbonne University. | Ms. Martin has over fifteen years of experience in project finance, structured finance, and capital structuring advisory with a focus on the energy and natural resources sector. Ms. Martin was an Executive Director with HCF International Advisers from 2011 to 2019 in London. Prior to joining HCF, Ms. Martin was employed by ING in the project finance advisory team focusing on large scale projects in the energy and natural resources sector. With her move out of London in 2019 to this date, Ms. Martin has maintained her previous role at HCF under a self-employed status. She thus continues to advise metals and mining companies on financial matters including but not limited to mergers and acquisitions, project finance raisings and valuation. Through her role with HCF, Eloise is also involved on the EU-funded AfricaMaVal project, which looks to build EU-Africa partnerships to secure the supply of critical raw materials to Europe. She holds an MBA from ESSEC Graduate School of Management, Paris, as well as a Master of International Business (Honours) from L'Institut d'Etudes Politiques (Paris), and a Master of Humanities from Sorbonne University. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Board | 100% | 7/7 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Audit Committee  | 100% | 5/5 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Nomination and Compensation Committee | 100% | 2/2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options | RSUs | DSUs | Total<sup>1</sup> | Meets Share Ownership Requirement?  |
|  |  |  | 45182 |  | YES<sup>1</sup> |
| —% |  |  |  |  | YES<sup>1</sup> |
| $— | $— | $— | $296042 | $296042 | YES<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72. While the value of Ms. Martin's holdings is less than three times her annual retainer, she nonetheless complies with the Share Ownership Policy of the Corporation, which sets out that directors are to meet the ownership requirement within a period of 5 years from their appointment.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 21

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---

| | |
|:---|:---|
| ![image_13a.jpg](image_13a.jpg) | &nbsp;&nbsp;&nbsp;**ANNIE TORKIA LAGACÉ \| DIRECTOR SINCE JUNE 2023**<br>48, Montreal, Canada |
| ![image_13a.jpg](image_13a.jpg) | &nbsp;&nbsp;&nbsp;**Independent**  |
| ![image_13a.jpg](image_13a.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Corporate governance and legal<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mining sector<br>&nbsp;&nbsp;&nbsp;&nbsp;• Financial literacy  |
| Annie Torkia Lagacé brings over 20 years of legal and financial experience, mainly within the mining and aerospace sectors. Up to recently, Ms. Torkia Lagacé held the position of Senior-Vice President, Legal Affairs, General Counsel and Corporate Secretary of Bombardier Inc. Prior to that, she held several positions at Stornoway Diamonds, including Executive Vice- President, Finance and Corporate Services, and practiced law for more than 12 years in two leading Canadian law firms. She holds a civil law degree and a common law degree from University of Ottawa as well as an EMBA from the Schulich School of Business in Toronto and the Kellogg School of Management in Chicago. | Annie Torkia Lagacé brings over 20 years of legal and financial experience, mainly within the mining and aerospace sectors. Up to recently, Ms. Torkia Lagacé held the position of Senior-Vice President, Legal Affairs, General Counsel and Corporate Secretary of Bombardier Inc. Prior to that, she held several positions at Stornoway Diamonds, including Executive Vice- President, Finance and Corporate Services, and practiced law for more than 12 years in two leading Canadian law firms. She holds a civil law degree and a common law degree from University of Ottawa as well as an EMBA from the Schulich School of Business in Toronto and the Kellogg School of Management in Chicago. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Board | 100% | 7/7 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Audit Committee  | 100%<sup>1</sup> | 2/5 |
| &nbsp;&nbsp;&nbsp;&nbsp;• ESG Committee | 100% | 3/3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ms. Torkia Lagacé attended all Audit Committee meetings in 2024 since she was appointed as a member thereof.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options | RSUs | DSUs | Total<sup>1</sup> | Meets Share Ownership Requirement?  |
| 15450 |  |  | 24040 |  | YES<sup>1</sup> |
| 0.01% |  |  |  |  | YES<sup>1</sup> |
| $101231 | $— | $— | $157515 | $258746 | YES<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72. While the value of Ms. Torkia Lagacé's holdings is less than three times her annual retainer, she nonetheless complies with the Share Ownership Policy of the Corporation, which sets out that directors are to meet the ownership requirement within a period of 5 years from their appointment.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 22

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---

| | |
|:---|:---|
| ![image_14a.jpg](image_14a.jpg) | &nbsp;&nbsp;&nbsp;**ROBERT TAUB \| DIRECTOR SINCE JUNE 2016**<br>78, Brussels, Belgium |
| ![image_14a.jpg](image_14a.jpg) | &nbsp;&nbsp;&nbsp;**Independent – Chair of the Board** |
| ![image_14a.jpg](image_14a.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Senior leadership<br>&nbsp;&nbsp;&nbsp;&nbsp;• International business<br>&nbsp;&nbsp;&nbsp;&nbsp;• Capital markets |
| ![image_14a.jpg](image_14a.jpg) | &nbsp;&nbsp;&nbsp;**Other public company directorship:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Nyxoah S.A. |
| Mr. Taub holds a BA in Languages from the University of Antwerp (Belgium) and an MBA from INSEAD (Fontainebleau, France). An entrepreneur in the life sciences field, he is also an investor in several pharmaceutical and medical device companies. Mr. Taub was previously the CEO and founder of a NASDAQ-listed company. He is currently the Chairman of the board of Nyxoah SA, since 2009. | Mr. Taub holds a BA in Languages from the University of Antwerp (Belgium) and an MBA from INSEAD (Fontainebleau, France). An entrepreneur in the life sciences field, he is also an investor in several pharmaceutical and medical device companies. Mr. Taub was previously the CEO and founder of a NASDAQ-listed company. He is currently the Chairman of the board of Nyxoah SA, since 2009. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** | &nbsp;&nbsp;**Board and committee meetings attendance in 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Board | 100% | 7/7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options<sup>1</sup> | RSUs | DSUs | Total<sup>2</sup> | Meets Share Ownership Requirement?  |
| 9846262 | 435000 |  | 96338 |  | YES |
| 7.52% |  |  |  |  | YES |
| $64514678 | $2315714 | $— | $631226 | $65145904 | YES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value of unexercised and vested stock options held by the director was determined by calculating the difference between the closing price of the Corporation's common shares on the TSX as of the Record Date, being CA$9.05, and the exercise price of the stock options, times the number of stock options, converted into USD using the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of assessing compliance with the share ownership requirement, the total value of the common shares and DSUs held by the director was calculated based on the closing price of CA$9.05 of the Corporation's common shares on the TSX on the Record Date. The exchange rate used to convert CAD to USD was the closing exchange rate for May 5, 2025 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.72.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 23

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---

| | |
|:---|:---|
| ![a18.jpg](a18.jpg) | &nbsp;&nbsp;&nbsp;**JOHN BURZYNSKI \| DIRECTOR SINCE APRIL 2025**<br>61, Toronto, Canada |
| ![a18.jpg](a18.jpg) | &nbsp;&nbsp;&nbsp;**Independent**  |
| ![a18.jpg](a18.jpg) | &nbsp;&nbsp;&nbsp;**Top 3 skills and competences:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Mining<br>&nbsp;&nbsp;&nbsp;&nbsp;• Capital Markets<br>&nbsp;&nbsp;&nbsp;&nbsp;• Growth Leadership |
| ![a18.jpg](a18.jpg) | &nbsp;&nbsp;&nbsp;**Other public company directorship:**<br>&nbsp;&nbsp;&nbsp;&nbsp;• Osisko Metals Inc. |
| &nbsp;&nbsp;&nbsp;Mr. Burzynski most recently served as the Chairman, Chief Executive Officer and a director of Osisko Mining Inc., where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for CA$2.2 billion. Mr. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. Mr. Burzynski was one of the three original founders of Osisko Mining Corp., which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for CA$3.9 billion, and created Osisko Gold Royalties (today a C$5 billion company). Mr. Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada ("PDAC")'s "Prospector of the Year Award" for 2007, and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Mr. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University, and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in the province of Quebec, is a Fellow of the Royal Canadian Geographical Society and is an Honorary Colonel with the Royal Canadian Air Force. He was Chairman and a director of O3 Mining Inc. until January 23, 2025 when Agnico Eagle Mines Ltd. acquired effective control of O3 Mining. | &nbsp;&nbsp;&nbsp;Mr. Burzynski most recently served as the Chairman, Chief Executive Officer and a director of Osisko Mining Inc., where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for CA$2.2 billion. Mr. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. Mr. Burzynski was one of the three original founders of Osisko Mining Corp., which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for CA$3.9 billion, and created Osisko Gold Royalties (today a C$5 billion company). Mr. Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada ("PDAC")'s "Prospector of the Year Award" for 2007, and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Mr. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University, and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in the province of Quebec, is a Fellow of the Royal Canadian Geographical Society and is an Honorary Colonel with the Royal Canadian Air Force. He was Chairman and a director of O3 Mining Inc. until January 23, 2025 when Agnico Eagle Mines Ltd. acquired effective control of O3 Mining. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** | **Securities Held at Record Date** |
| Common shares | Stock options<sup>1</sup> | RSUs | DSUs | Total | Meets Share Ownership Requirement?  |
|  |  |  |  |  | YES<sup>1</sup> |
| —% |  |  |  |  | YES<sup>1</sup> |
| $— | $— | $— | $— | $— | YES<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)While the value of Mr. Burzynski's holdings is less than three times his annual retainer, he nonetheless complies with the Share Ownership Policy of the Corporation, which sets out that directors are to meet the ownership requirement within a period of 5 years from their appointment.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 24

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**Board skill matrix**

The matrix below indicates the key qualifications, skills and domains of experience that the Nomination and Compensation Committee of the Board considers as essential for effective and strategic governance of Aya.

Each director nominee identified which of the skills they personally possess. The Nomination and Compensation Committee reviewed the self-assessments and was satisfied with the conclusions, which are shown below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Experience/Skill** | **Yves Grou** | **Ghislane Guedira Bennouna** | **Jürgen Hambrecht** | **Benoit <br>La Salle** | **Eloise Martin** | **Annie Torkia Lagacé** | **Robert Taub** | **John Burzynski** |
| **Growth Leadership** | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) |
| **Senior Leadership** | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **Mining, Exploration or Metallurgy Experience** | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) |
| **Finance Literacy, Financial Reporting** | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **Audit Financial Expertise** | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) | |
| **Risk Management** | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **Capital Markets and M&A** | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) |
| **Project Finance and Project Management** | ![nonshadedtick.jpg](nonshadedtick.jpg) | | ![nonshadedtick.jpg](nonshadedtick.jpg) | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **Climate Change and Sustainability** | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) |
| **Human**<br>**Resources and Compensation** | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **Health & Safety** | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) |
| **Social Engagement** | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **International Business** | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) |
| **Corporate Governance**<br>**and Legal** | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | | | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) | ![nonshadedtick.jpg](nonshadedtick.jpg) |
| **Government Relations and Regulatory affairs** | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) | | ![shadedtick.jpg](shadedtick.jpg) |

---

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 25

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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, that while that person was acting in that capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.was subject of 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.was subject to an event that resulted, after the proposed director ceased to be a director, chief executive officer or chief financial officer, in the company being the subject of 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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* (Canada) 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 affect 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* (Canada) 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 marches 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.Grou was also a non-executive director of

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 26

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Jourdan Resources Inc. ("Jourdan"), when on May 25, 2015, the Ontario Securities Commission issued a permanent management cease trade order, which superseded a temporary management cease trade order dated May 12, 2015, against the CEO and the CFO of Jourdan. The permanent management cease trade order was issued in connection with Jourdan's failure to file its (a) audited annual financial statements for the period ended December 31, 2014, (b) management's discussion and analysis relating to the audited annual financial statements for the period ended December 31, 2014, and (c) corresponding certifications of the foregoing filings as required by *Regulation 52-109 respecting Certification of Disclosure in Issuer's Annual and Interim Filings*. On July 3, 2015, the permanent management cease trade order was replaced with a temporary issuer cease trade order dated July 3, 2015. On July 15, 2015, the temporary issuer cease trade order was replaced with a permanent issuer cease trade order dated July 15, 2015 and similar orders were issued by the British Columbia Securities Commission and Autorité des marchés financiers. The cease trade orders were lifted on February 21, 2017 following the filing of the required continuous disclosure documents.

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 $2B. In July 2016, the European Commission fined Daimler in excess of Euro1B in connection with its participation in the referred to 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 Dr. 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* (Canada) ("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* (Canada) which was subsequently completed.

**Share ownership requirement**

Since January 1, 2022, all non-executive directors are subject to a share ownership policy pursuant to which they are each expected to own common shares or DSUs with an aggregate value at least equivalent to three times their annual cash retainer. They are expected to meet this ownership target within a period of five (5) years from their initial appointment or election to the Board. The share ownership is meant to align the long-term interests of the outside directors with those of shareholders.

**Director compensation**

**Director compensation philosophy**

Compensation for our non-executive directors is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;**•** Attract qualified individuals with the necessary skills, expertise and attributes to provide effective oversight

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 27

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&nbsp;&nbsp;&nbsp;&nbsp;**•** Reflect the time commitment and accountabilities for Board and Committee work

&nbsp;&nbsp;&nbsp;&nbsp;**•** Align with shareholders having a significant portion of pay provided through equity-based compensation

The Nomination and Compensation Committee reviews director compensation periodically to ensure that it remains market competitive at the median of comparable organizations. In this review, the Committee retains an independent consultant to benchmark compensation for the non-executive directors, including the Board Chair, based on the Peer Group used for executive compensation benchmarking purposes as discussed from page 28. Based on the review, if any changes are identified to maintain competitiveness, the Nomination and Compensation Committee make recommendations to the Board for approval.

**Elements Of Director Compensation**

*Annual Retainer*

The first element of non-executive director compensation is an annual cash retainer. The value of the annual retainer paid to each non-executive director varies according to the role(s) held by the individual within the Board. A director who serves as the Chair of the Board, as the Chair of a committee or, as the member of a committee, is entitled to a an additional annual retainer(s) to compensate the time and expertise required for the fulfillment of said role(s). The Lead director is entitled to an additional annual retainer of C$20,000 to compensate additional responsibilities and workload associated with the role.

The table below sets forth the annual retainer for Aya's non-executive directors in 2024:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Role** | **2024 Annual Retainer (CAD)** |
| **Board Chair** | 75000 |
| **Lead Director** | 70000 |
| &nbsp;&nbsp;&nbsp;Non-Executive Board Member | 50000 |
| **Audit Committee Chair** | 15000 |
| &nbsp;&nbsp;&nbsp;Audit Committee Member | 7500 |
| **Nomination and Compensation Committee Chair** | 10000 |
| &nbsp;&nbsp;&nbsp;Nomination and Compensation Committee Member | 5000 |
| **ESG Committee Chair** | 10000 |
| &nbsp;&nbsp;&nbsp;ESG Committee Member | 5000 |

---

Pursuant to the terms of the Corporation's DSU Plan, directors can elect to receive a portion or all of their annual cash retainer in the form of DSUs. In 2024, DSUs with an aggregate value of $339,308 (CA$465,000) were granted in lieu of annual cash compensation to the directors.

*Deferred Share Units*

The second element of director compensation is an annual DSU award, which serves the purpose of further aligning the interests of the directors with those of Aya shareholders. The values of the 2024 DSU awards were of $149,587 (CA$205,000) for the Chair of the Board and $87,563 (CA$120,000) for each of the other non-executive directors.

**2024 Director Compensation**

*Total Compensation Paid to Directors in 2024*

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The table below indicates the total cash and equity-based compensation earned by non-executive directors of Aya in 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees earned**<sup>1</sup> **($)** | **Share-based awards**<sup>2</sup>**($)** | **Stock option-based awards**<sup>1</sup>**($)** | **Non-equity**<br>**incentive plan**<br>**compensation**<sup>1</sup><br>**($)** | **Pension value**<br>**($)** | **All other**<br>**Compensation**<br>**($)** | **Total Value**<sup>2</sup>**($)** |
| **Yves Grou** |  | 138642 |  |  |  |  | 138642 |
| **Dr Jürgen Hambrecht** |  | 149587 |  |  |  |  | 149587 |
| **Eloise Martin** |  | 133169 |  |  |  |  | 133169 |
| **Ghislane Guedira Benounna** |  | 65413 |  |  |  |  | 65413 |
| **Robert Taub** |  | 204315 |  |  |  |  | 204315 |
| **Annie Torkia Lagacé** |  | 130582 |  |  |  |  | 130582 |
| **Natacha Garoute**<sup>3</sup> |  | 62425 |  |  |  |  | 62425 |
| **Nikolaos Sofronis**<sup>4</sup> |  | 131345 |  |  |  |  | 131345 |
| **John Burzynski**<sup>5</sup> |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)In 2024, the directors elected to receive all of their annual cash retainer in the form of DSUs. There were no cash payments made to non-executive directors. There were no stock option-based awards granted to directors and there was no non-equity incentive plan compensation paid to non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)All share-based awards granted to non-executive directors in 2024 and reported in this table were DSUs. DSUs were issued to the non-executive directors on a quarterly basis, based on the 5-day volume weighted average price of the common shares of the Corporation on TSX from the last 5 business days of each quarter. The total value of the share-based awards granted in CAD were converted from CAD to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Ms. Garoute was a director of he Corporation until June 21, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Mr. Sofronis was a director of the Corporation until April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Mr. Burzynski was appointed as a director of the Corporation on April 14, 2025.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 29

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*Directors' Outstanding Stock Options and Share-Based Awards*

The table below indicates for each non-executive director their stock options and share-based awards outstanding as at December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Stock Option-based Awards** | **Stock Option-based Awards** | **Share-based Awards** | **Share-based Awards** |
| **Name** | **Number of securities underlying unexercised stock options** | **Stock options expiration date**  | **Number of shares or units that have not vested** | **Market or payout value of share-based awards that have not vested**<sup>2</sup> |
| **Name** | **(#)** | $ | $**(#)** | **$** |
| **Yves Grou** | 35000 | 7/1/2030 | 74780 | 488098 |
|  | 35000 | 3/3/2031 |  |  |
| **Dr. Jürgen Hambrecht** | 35000 | 7/1/2030 | 72707 | 481897 |
| **Dr. Jürgen Hambrecht** | 35000 | 3/3/2031 |  |  |
| **Eloise Martin** |  |  | 45182 | 320389 |
| **Ghislane Guedira Bennouna** |  |  | 6334 | 62336 |
| **Robert Taub** | 400000 | 7/1/2030 | 96338 | 640184 |
|  | 35000 | 3/3/2031 |  |  |
| **Annie Torkia Lagacé** |  | 0 | 24040 | 190298 |
| **Natacha Garoute**<sup>3</sup> |  | 0 | 37503 | 247672 |
| **Nikolaos Sofronis**<sup>4</sup> | 400000 | 7/1/2030 | 70052 | 458720 |
| **Nikolaos Sofronis**<sup>4</sup> | 35000 | 3/3/2031 |  |  |
| **John Burzynski**<sup>5</sup> |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value of unexercised in-the-money stock options was determined by calculating the difference between the closing price of the common shares of the Corporation on the TSX as of December 31, 2024, being CA$10.74, and the exercise price of the stock options, times the number of stock options, converted into USD using the closing rate for December 31, 2024 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.70.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The value of share based-awards that have not vested was determined by multiplying the closing price of the common shares of the Corporation on the TSX as of December 31, 2024, being CA$10.74, and the number of units that have not vested, converted into USD using the closing rate for December 31, 2024 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.70.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Ms. Garoute was a director of the Corporation until June 21, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Mr. Sofronis was a director of the Corporation until April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Mr. Burzynski was appointed as a director of the Corporation on April 14, 2025.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 30

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*Directors' Stock Options and Share-based Awards - Value Vested or Earned During the Year*

The table below indicates, for each non-executive director, the value of the stock options and share-based awards vested or earned during the financial year ended December 31, 2024.

---

| | | |
|:---|:---|:---|
| **Name** | **Stock option-based awards – <br>Value vested during the year**<sup>1</sup> | **Share-based awards – <br>Value vested during the year**<sup>2</sup> |
| **Name** | **$** | **$** |
| **Yves Grou** |  |  |
| **Dr. Jürgen Hambrecht** |  |  |
| **Eloise Martin** |  |  |
| **Ghislane Guedira Bennouna** |  |  |
| **Robert Taub** |  |  |
| **Annie Torkia Lagacé** |  |  |
| **Natacha Garoute**<sup>1, 2</sup> |  | 363573 |
| **Nikolaos Sofronis**<sup>3</sup> |  |  |
| **John Burzynski**<sup>4</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value vested during the year was determined by multiplying the price of the common shares of the Corporation on the TSX on June 21, 2024, being CA$13.28, times the number of deferred share units vested on termination, converted into USD using the closing rate for June 21, 2024 reported by the Bank Al Maghrib, being CAD$1.00 equals to US$0.73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Ms. Garoute was a director of the Corporation until June 21, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Mr. Sofronis was a director of the Corporation until April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Mr. Burzynski was appointed as a director of the Corporation on April 14, 2025

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 31

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**COMPENSATION DISCUSSION AND ANALYSIS**

**Aya's 2024 NEOs**

This section describes Aya's philosophy regarding executive compensation, summarizes its compensation governance structure and policies and discusses the 2024 performance and compensation decisions for its President and Chief Executive Officer, its Chief Financial Officer, and its three other highest-compensated executives, for the fiscal year ending on December 31, 2024 (the NEOs).

---

| | |
|:---|:---|
| **Benoit La Salle** | President and Chief Executive Officer (the "**President and CEO**") |
| **Ugo Landry-Tolszczuk** | Chief Financial Officer (the "**CFO**") |
| **Mustapha El Ouafi** | President-General Manager, Morocco |
| **Raphaël Beaudoin** | Vice-President, Operations |
| **Elias J. Elias** | Chief Legal and Sustainability Officer and Corporate Secretary |

---

**Compensation philosophy and objectives**

At Aya, our executive compensation philosophy focuses on promoting long-term shareholder value creation through the motivation and retention of highly skilled executives who drive the achievement of our ambitious business goals.

The main objectives of Aya's executive compensation program are:

&nbsp;&nbsp;&nbsp;&nbsp;• Aligning the executives' interests with the Corporation's operational and strategic objectives, through yearly individualized performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;• Ensuring competitive and fair compensation by targeting the median of compensation offered at companies within the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;• Aligning executives' long-term interests with those of Aya's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• Attracting and retaining highly skilled and talented individuals to fulfill management roles.

**Market comparators**

In 2023, the peer group used to assess market competitiveness of the NEOs compensation was reviewed. Several of our prior peers have either been privatized, amalgamated or purchased and Aya has grown significantly. Moreover, Aya is in the process of completing a significant expansion of its Zgounder Silver Mine, which aims to quadruple its production and will dramatically change its production profile and company characteristics (the "Expansion Projec**t**"). As such, the Nomination and Compensation Committee worked with Willis Towers Watson ("**WTW**") in 2023 to identify a more appropriate peer group to better benchmark the executives' compensation. The new peer group was based, amongst others, on the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate structure: Publicly traded Canadian mining companies, listed on the TSX

&nbsp;&nbsp;&nbsp;&nbsp;• Industry: Focused primarily on gold and/or silver

&nbsp;&nbsp;&nbsp;&nbsp;• Size: multiple of the market capitalization of the Corporation and of the projected total assets of the Corporation further to the completion of the Zgounder silver mine expansion project

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This is a non-exhaustive list of selection criteria used for the determination of the peer group. Other factors included the location of mine sites and other operational comparable factors.

The final peer group included the following companies (the "**Peer Group**"):

&nbsp;&nbsp;&nbsp;&nbsp;• Artemis Gold Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• Calibre Mining Corp.

&nbsp;&nbsp;&nbsp;&nbsp;• Centamin plc

&nbsp;&nbsp;&nbsp;&nbsp;• Endeavour Silver Corp.

&nbsp;&nbsp;&nbsp;&nbsp;• GoGold Resources Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• K92 Mining Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• MAG Silver Corp.

&nbsp;&nbsp;&nbsp;&nbsp;• Orla Mining Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;• Orezone Gold Corporation

&nbsp;&nbsp;&nbsp;&nbsp;• SilverCrest Metals Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• Skeena Resources Limited

&nbsp;&nbsp;&nbsp;&nbsp;• Victoria Gold Corp.

&nbsp;&nbsp;&nbsp;&nbsp;• Wesdome Gold Mines Ltd.

As at December 31, 2023, Aya's market capitalization was positioned at the 60<sup>th</sup> percentile of the Peer Group. The Peer Group and Aya's market capitalization in reference to the Peer Group was not reviewed in 2024.

As a supplemental reference, market data were obtained from WTW's North American Mining Survey. The target positioning was adjusted to reflect Aya's size relative to this broader mining sample.

**Compensation program oversight and governance**

**Executive compensation decision-making process**

The decision-making process related to the determination of base salaries, key performance indicators, short-term incentives and long-term incentives for executives can be summarized as follows:

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 33

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![image_110a.jpg](image_110a.jpg)

Note: For the purpose of this graphic: "Top 3 NEOs" means the President and CEO, the CFO and the President-General Manager, Morocco; "Other NEOs" means the Vice-President, Operations and the Chief Legal and Sustainability Officer and Corporate Secretary.

**Compensation oversight**

*Nomination and Compensation Committee role and responsibilities*

With respect to its compensation oversight mandate, the Nomination and Compensation Committee holds the following responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing the Corporation's general compensation philosophy and the development and implementation of compensation programs for the Board of Directors and executives;

&nbsp;&nbsp;&nbsp;&nbsp;• Assessing the performance of executives;

&nbsp;&nbsp;&nbsp;&nbsp;• Recommending to the Board the corporate goals and objectives relevant to the compensation of executives as well as their respective yearly compensation;

&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing and recommending to the Board the compensation of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing any equity-based compensation plans, including stock option plans, restricted share unit plans, deferred share unit plans and any other incentive or compensation plans involving the issuance of securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing and recommending to the Board any employment agreements, change of control provisions and severance agreements involving executives;

&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing and recommending to the Board the annual management proxy circular; and

&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing and assessing the risks associated to the Corporation's compensation practices.

In fulfilling its duties, the Nomination and Compensation Committee consults with independent advisors, as it deems appropriate. The Nomination and Compensation Committee also consults with management, notably with the President and CEO, who makes recommendations related to the direct and indirect compensation of the Vice-President, Operations and the Chief Legal and Sustainability Officer and Corporate Secretary. Nevertheless, the Nomination and Compensation Committee maintains its independence from management.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 34

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The written mandate of the Nomination and Compensation Committee is available on our website www.ayagoldsilver.com.

*Nomination and Compensation Committee composition*

In 2024, the Nomination and Compensation Committee was composed of the following three independent directors: Dr. Jürgen Hambrecht (Chair of the Committee), Ms. Eloise Martin and Mr. Yves Grou, all three of whom are standing for re-election. Members of the Committee have extensive experience in compensation and succession planning as they have all served on public company boards and have experience in reviewing management team composition in international mining projects, including in the context of mergers and acquisitions. Moreover, Dr. Hambrecht notably headed BASF SE, a company that employed over 100,000 employees, as well as acted Chairman of BASF, Fuchs SE and Trumpf SE and acted on the Supervisory Board of Daimler Chrysler and has the appropriate experience and expertise to lead the Nomination and Compensation Committee in its recommendations to the Board in regard to director and executive compensation.

Please refer to the Director nominees' profiles section of this Circular, starting on page 14, to read more about the background and experience of each Committee member.

**Compensation risk management**

In 2024, the Nomination and Compensation Committee considered the implications of the risks associated with Aya's compensation policies and practices. It did not identify any risks arising from Aya's compensation policies and practices that are reasonably likely to have a material adverse effect on the Corporation.

Below is a summary of the good governance practices and key risk mitigating features within our compensation program:

---

| | | | |
|:---|:---|:---|:---|
| **What we do** | **What we do** | **What we do** | **What we do** |
| **√** | Link individual performance goals to strategic annual objectives | **√** | Require minimum share ownership for executives |
| **√** | Tie pay to performance with the "at risk" portion of our CEOs total compensation being around 71% and around 63% for other NEOs | **√** | Target total direct compensation for NEOs at the median of compensation offered at companies within the Peer Group or at the appropriate market comparators |
| **√** | Balance short-term and long-term incentives in executive compensation | **√** | Consider shareholder feedback when reviewing compensation programs |
| **√** | Benchmark NEO compensation against size and industry appropriate comparator groups | **√** | Retain the services of an independent compensation advisor, as needed, to review the Peer group and other market comparators |
| **√** | Hold an annual advisory vote on executive compensation | **√** | Maintain an Insider Trading Policy |
| **√** | Maintain a Clawback Policy |  |  |
| **What we do not do** | **What we do not do** | **What we do not do** | **What we do not do** |
| **X** | Guarantee minimum payouts for short-term incentives | **X** | Provide loans to executives |
| **X** | Reprice stock options | **X** | Excessive perquisites for executives |
| **X** | Include provisions in executive employment agreements which allow for severance payments exceeding two times the sum of the base salary, bonus and benefits or, gross up payments to cover personal income taxes that pertain to the executive severance benefits | **X** | Permit hedging of the Corporation's shares |

---

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 35

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*Clawback policy*

Aya's Clawback Policy is designed to allow for recoupment of all or a portion of Variable compensation paid to its current and former executive officers or members of senior management (the "**Targeted persons**"), in situations where: a) the Variable compensation was paid or vested based on the achievement of results which were subsequently revised, which gave rise to the restatement of the Corporation's financial statements or similar revision of performance indicators upon which the Variable compensation was based; or b) there is evidence of problematic decisions or actions, such as material misconduct, a material reputational failure, material risk management failure, or a material operational failure, the consequences of which have not already been reflected in the Variable compensation paid to the Targeted person(s).

The Clawback Policy has been updated this year to allow for recoupment of Variable compensation in the case of the restatement of financial statements, regardless of fraud or misconduct by the Targeted person(s). The recoupment period was extended to 36 months.

"Variable compensation" includes any annual bonus, stock options, restricted shares, deferred shares or any other variable compensation component, that has been paid or has vested in the twelve months prior to the restatement of financial statements or discovery of evidence of problematic decisions or actions on the part of Targeted person(s).

The decision to request reimbursement for Variable compensation under the Clawback Policy and the extent of such request is left to the discretion of the Board. Moreover, the Board may request reimbursement whether or not the employment of the Targeted person(s) was terminated in light of any of the aforementioned situations, and, if it was terminated, regardless of whether it was terminated with or without cause.

The Clawback Policy is available on the Corporation's website **https://ayagoldsilver.com/corporate-governance/**.

*Trading restrictions and anti-hedging provisions*

Aya's Insider Trading Policy prohibits directors, officers, employees, persons retained by or engaged in the business of the Corporation and any family member of the foregoing (collectively, "Corporation personnel") from trading in Corporation securities while in possession of undisclosed material information and during blackout periods. Corporation personnel are also prohibited from a) speculating in securities of the Corporation; b) buying the Corporation's securities on margin; c) short selling a security of the Corporation or any other arrangement that results in a gain only if the value of the Corporation's securities declines in the future; d) selling a "call option" giving the holder an operation to purchase securities of the Corporation; and e) buying a "put option" giving the holder an option to sell securities of the Corporation.

*Executive share ownership policy*

In 2023, the Board approved a Share Ownership Policy, which requires all of Aya's executives to meet a minimal share ownership requirement within 5 years of their appointment and maintain their holdings while employed with Aya.

The Share Ownership Policy sets out that executives are required to maintain a substantial ownership stake in Aya by holding common shares (including any restricted share units) valued at the following levels:

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 36

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---

| | |
|:---|:---|
| **President and CEO** | **All other NEOs** |
| **3x**<br>**Base salary** | **2x**<br>**Base salary** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2024 Requirement** | **2024 Requirement** | | | | |
| **NEO**<br>**Title** | **Base salary**<sup>1</sup> | **Ownership requirement – multiple of base salary** | **Shares**<br>**($ value)** | **RSUs**<br>**($ value)** | **Total**<sup>2</sup><br>**($ value)** | **Meets ownership requirement? (multiple of base salary)** |
| **Benoit La Salle**<br>*President and CEO* | 437817 | 3x | 558472 | 1992248 | 2550720 | 6x |
| **Ugo Landry-Tolszczuk**<br>*CFO* | 291878 | 2x |  | 1085190 | 1085190 | 4x |
| **Mustapha El Ouafi**<br>*President-General Manager, Morocco*  | 291878 | 2x |  | 907424 | 907424 | 3x |
| **Raphaël Beaudoin**<br>*Vice President, Operations* | 244448 | 2x |  | 665059 | 665059 | 3x |
| **Elias J. Elias**<br>*Chief Legal & Sustainability Officer and Corporate Secretary* | 215260 | 2x | 45982 | 586881 | 632863 | 3x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The base salaries, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73 and MAD1.00 equals US$0.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Indicates the total value of the common shares and RSUs held by the NEOs based on the closing price of CA$10.74 of the Corporation's common shares on the TSX on December 31, 2024. The rate of exchange used to convert CAD to USD was the daily rate reported by the Bank Al Maghrib on December 31, 2024, being CAD$1.00 equals US$0.70.

*Independent advice*

In 2024, the Nomination and Compensation Committee did not retain the services of an independent compensation consultant to review executive and director compensation.

**2024 NEO compensation**

**Components of 2024 NEO compensation**

Aya's executive compensation program is composed of 3 components, which fulfill different objectives: base salary, short-term incentive compensation and long-term incentive compensation.

Our target is to offer total direct compensation to executives that targets the median of our compensation Peer Group.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 37

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---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Element** | **Period** | **Objective and decision process** |
| **Total direct compensation** | **Total direct compensation** | **Total direct compensation** | **Total direct compensation** |
| **Base salary** | Cash | 1 year | *Attracts highly skilled executives and compensates them fairly for performing role-specific responsibilities.*<br>Base salary is determined according to market comparators, complexity of executive role, scope of responsibilities and, individual experience, skills and performance.<br>It is reviewed and determined in the previous year's last financial quarter or the first financial quarter. |
| **Short-term incentive** | Cash | 1 year | *Incentivizes executives to achieve strategic plan milestones and annual corporate objectives.*<br>Levels of bonus payments are based on the level of achievement of annual corporate and individual objectives. The range of bonus payments is between 0% and 150% of the target STI.<br>Performance is assessed and bonuses are paid shortly after the end of each financial year. |
| **Long-term incentive** | RSUs | Cliff Vesting<br>3 years<br>from grant | ***Focuses the executives' interests on sustainable growth and the creation of long-term shareholder value by aligning variable compensation to the company's share price.***<br>RSUs vest three years from the date of the grant and are granted to executives as an incentive to remain engaged with the Corporation in the long term. The payout value of the awards is aligned with share price and is therefore aligned with shareholder value creation. |

---

*Executive compensation mix*

Our NEOs receive a base salary as the only guaranteed form of compensation. The other two forms of compensation – an annual cash bonus (as short-term incentive) and RSU grants (as long-term incentive) are "at risk" and based on variable levels of corporate and individual performance. For 2024, the "at risk" portion of our CEOs target compensation was 71%. It was 63% on average for other NEOs.

![ratio.jpg](ratio.jpg)

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 38

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*<u>Base salary</u>*

The base salary is a fixed portion of our executives' total compensation and is primarily determined according to the scope of their role and of their responsibilities. While we aim to pay executive salaries around our Peer group median, actual salaries also reflect individual levels of experience and expertise as well as performance. Base salaries properly established enable us to attract and retain highly skilled and talented individuals and remain externally competitive. The base salaries also serve as the foundation for determining the NEO's short-term incentive, which is paid to them according to a percentage of their base salary and performance.

Every two to three years, the Nomination and Compensation Committee retains the services of an independent external advisor to perform a benchmarking exercise, which informs the decisions of the Board related to base salary adjustments.

The following are the base salaries for the NEOs for 2024:

---

| | |
|:---|:---|
| **NEO**<br>**Title** | **2024 Base Salary** <sup>1</sup><br>**($)** |
| **Benoit La Salle**<br>*President and CEO* | 437817 |
| **Ugo Landry-Tolszczuk**<br>*CFO* | 291878 |
| **Mustapha El Ouafi**<br>*President-General Manager, Morocco*  | 291878 |
| **Raphaël Beaudoin**<br>*Vice President, Operations* | 244448 |
| **Elias J. Elias**<br>*Chief Legal & Sustainability Officer and Corporate Secretary* | 215260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The base salaries, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73 and MAD1.00 equals USD$0.10.

*Short-term incentive*

Our short-term incentive program is designed to recognize corporate performance as well as individual performance of the NEOs, on a yearly basis. The short-term incentive consists of an annual cash bonus, which is centered around achievement of Key Performance Indicators ("KPIs") attributed to each NEO at the beginning of the year. The Nomination and Compensation Committee is responsible for setting the KPIs for the President and CEO, CFO and President-General Manager, Morocco. The President and CEO is responsible for setting the KPIs for the Vice-President, Operations and Chief Legal and Sustainability Officer and Corporate Secretary. The KPIs are tailored to reflect the contribution expected from each NEO to the corporate objectives. Some KPIs are shared by all NEOs whereas others are specific to the role of each NEO. The CEO's KPIs reflect the corporate objectives.

For each KPI, target performance is established and a weighting is assigned at the beginning of the year. At the end of the year, for each KPI, performance is assessed relative to target, and a specific multiplier is applied. For scalable KPIs, the level of achievement can range from 0% to 150% of target, whereas for other KPIs, the level of achievement will be either 100% of target or 0%. The product of each KPI weighting and level of achievement is calculated and the sum of all the products will equal the final bonus multiplier for

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 39

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the NEO. The final bonus multiplier is applied to the NEOs short-term incentive target, which is a percentage of their base salary, for the purpose of determining their cash bonus for the year, as outlined on page 37.

![image_112a.jpg](image_112a.jpg)

The Nomination and Compensation Committee is responsible for evaluating KPI performance and by extension the performance of the President and CEO, CFO and President-General Manager, Morocco against their respective KPIs. The President and CEO is responsible for evaluating the performance of the Vice-President, Operations and Chief Legal and Sustainability Officer and Corporate Secretary against their own KPIs and reporting his recommendations to the Nomination and Compensation Committee. The Board, on recommendation of the Nomination and Compensation Committee, approves the annual cash bonuses of all NEOs. The Board may exercise its discretion when deciding on the level of bonus to be paid and may decide, for example, to pay a bonus even though a KPI was not met, to increase the bonus payable in the event of an outstanding result or to reduce it for reasons it deems appropriate. In 2024, the Board did not exercise such discretion.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 40

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The table below sets out Aya's 2024 corporate objectives, their weight, the targets, the Board's assessment of performance for each objective and the multiplier.

---

| | | | |
|:---|:---|:---|:---|
| **Objective** | **Weight** | **Performance** | **Multiplier** |
| **Market Performance** | **Market Performance** | **Market Performance** | **Market Performance** |
| Aya's stock price to exceed the ETFMG Prime Junior Silver Miners ETF (SILJ) on a year to date basis over a prescribed period. | &nbsp;&nbsp;&nbsp;&nbsp;10&nbsp;&nbsp;&nbsp;&nbsp;% | Aya's stock price outperformed SILJ by 8% over the prescribed period.  | 108% |
| **Zgounder Operations, Expansion and Exploration** | **Zgounder Operations, Expansion and Exploration** | **Zgounder Operations, Expansion and Exploration** | **Zgounder Operations, Expansion and Exploration** |
| 3.0Moz production<br>Cash cost 12.5$/oz<sup>1</sup><br>Commercial production as per scheduled timeline<br>Construction on budget  | &nbsp;&nbsp;&nbsp;&nbsp;40&nbsp;&nbsp;&nbsp;&nbsp;% | 1.65Moz production (objective not achieved)<br>Cash cost +21$/oz (objective not achieved)<br>Commercial production on December 30, 2024 (objective not achieved)<br>Construction on budget (objective achieved) | &nbsp;&nbsp;&nbsp;&nbsp;25&nbsp;&nbsp;&nbsp;&nbsp;% |
| **Exploration and Development** | **Exploration and Development** | **Exploration and Development** | **Exploration and Development** |
| Additional 80Moz AgEq of resources at Boumadine<br>Growth of Boumadine land package<br>Boumadine development and test work advancement<br>Growth focused objective (outside Boumadine or Zgounder)<br>Zgounder related exploration and geology objectives  | &nbsp;&nbsp;&nbsp;&nbsp;30&nbsp;&nbsp;&nbsp;&nbsp;% | More than 100Moz AgEq at Boumadine (objective exceeded)<br>Additional 15 permits at Boumadine (objective exceeded)<br>Boumadine - Internal studies and test work completed (objective achieved)<br>Growth focused objective (outside Boumadine or Zgounder) achieved<br>Zgounder related exploration and geology objectives - partially achieved  | &nbsp;&nbsp;&nbsp;&nbsp;113&nbsp;&nbsp;&nbsp;&nbsp;% |
| **Growth focused objective (outside Boumadine or Zgounder)**  | **Growth focused objective (outside Boumadine or Zgounder)**  | **Growth focused objective (outside Boumadine or Zgounder)**  | **Growth focused objective (outside Boumadine or Zgounder)**  |
| Not exceed specific Lost Time Injury Frequency Rate<br>Improve several ESG ratings<br>Execute EBRD Environmental and Social Action Plan  | &nbsp;&nbsp;&nbsp;&nbsp;20&nbsp;&nbsp;&nbsp;&nbsp;% | Lost Time Injury Frequency Rate specified not exceeded (objective achieved)<br>Improve ESG risk ratings (objective achieved)<br>Executed EBRD Environmental and Social Action Plan (objective achieved) | &nbsp;&nbsp;&nbsp;&nbsp;100&nbsp;&nbsp;&nbsp;&nbsp;% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Corporation reports non-GAAP measures, including adjusted cash costs per silver ounce and available liquidity, which are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Corporation to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" on page 30 of the Corporation's Q4-2024 MD&A for a reconciliation of non-GAAP to GAAP measures.

The KPIs of the President and CEO which determined his bonus for 2024 were in all points identical to the corporate objectives summarized above. The individual KPIs of the other NEOs which determined their bonus for 2024 were informed by the corporate objectives summarized above, but tailored to their involvement in the achievement of the objectives based on their specific roles within Aya. For example, while the stock price objective applied to all NEOs equally, the CFO had KPIs specifically related to accounting, finance and procedures, the President General-Manager, Morocco had KPIs related specifically to Zgounder operations and corporate culture in Morocco, the Vice President, Operations had more KPIs pertaining to operational results and the Chief Legal and Sustainability Officer had KPIs related to the management of legal and sustainability aspects of Aya's projects.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 41

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The following table shows the cash bonuses paid to the NEOs for the year ended December 31, 2024, based on achievement of corporate and individual KPIs established at the beginning of the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br>**Title** | **Base Salary** <sup>1</sup> | **STI Target**<br> **(% of Base Salary)** | **Bonus Multiplier (%)** | **Bonus Paid**<sup>2</sup>**($)** |
| **Benoit La Salle**<br>*President and CEO* | 437817 | 100% | 75% | 328363 |
| **Ugo Landry-Tolszczuk**<br>*CFO* | 291878 | 75% | 79% | 173890 |
| **Mustapha El Ouafi**<br>*President-General Manager, Morocco*  | 291878 | 75% | 81% | 177316 |
| **Raphaël Beaudoin**<br>*Vice President, Operations* | 244448 | 65% | 66% | 105173 |
| **Elias J. Elias**<br>*Chief Legal & Sustainability Officer and Corporate Secretary* | 215260 | 65% | 98% | 136680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The base salaries, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73 and MAD1.00 equals US$0.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The bonuses, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73 and MAD1.00 equals US$0.10. While the above table informs on the actual STI targets and bonus multipliers, since the base salaries were converted in USD, the multiplication of the base salaries as shown herein with the bonus multipliers will not equal the bonus paid.

*Long-term incentive*

In 2024, upon recommendation of the Nomination and Compensation Committee, the Board granted a pre-determined value of RSUs based on a percentage of the NEO's base salary at the beginning of the year (January 2024). The RSUs cliff vest three years from the date of grant. This decision was made to:

&nbsp;&nbsp;&nbsp;&nbsp;• improve the balance between short-term and long-term incentives;

&nbsp;&nbsp;&nbsp;&nbsp;• reinforce the executives' focus on sustained performance over the course of many years;

&nbsp;&nbsp;&nbsp;&nbsp;• ensure the retention of our executives; and

&nbsp;&nbsp;&nbsp;&nbsp;• ensure that variable compensation is aligned with performance, notably as it is reflected in the Corporation's stock price.

The Board believes that the ultimate criteria for successful performance of a growing mining company with similar operations and growth trajectory of Aya is shareholder value creation which is translated in share price appreciation. The LTI grants, all cliff vesting on year 3 instead of vesting over a certain schedule have a twofold objective: 1) ensure retention of key executive over at least a three-year rolling basis and 2) tie the pay outcome to the performance of the stock price, which ultimately, in the Board's view, is the barometer of proper performance and execution.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 42

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The following table shows the number and the value of RSUs granted to each NEO in 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br>**Title** | **Base Salary**<sup>1</sup> | **Awards Granted** | **Awards Granted** | **Awards Granted** |
| **Name and**<br>**Title** | **Base Salary**<sup>1</sup> | **LTI Target <br>(% of Base Salary)** | **Number of RSUs** | **Value**<sup>2</sup> |
| **Benoit La Salle**<br>*President and CEO* | 437817 | 167% | 100000 | 729695 |
| **Ugo Landry-Tolszczuk**<br>*CFO* | 291878 | 125% | 50000 | 364847 |
| **Mustapha El Ouafi**<br>*President-General Manager, Morocco*  | 291878 | 125% | 50000 | 364847 |
| **Raphaël Beaudoin**<br>*Vice President, Operations* | 244448 | 85% | 28475 | 207781 |
| **Elias J. Elias**<br>*Chief Legal & Sustainability Officer and Corporate Secretary* | 215260 | 85% | 25075 | 182971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The base salaries, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CAD$1.00 equals US$0.73 and MAD1.00 equals US$0.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The value of the RSUs was determined according to the 5-day volume weighted average price of the common shares of the Corporation on the TSX prior to the date of grant, being CA$10.00. The awards, granted in CAD, were converted from CAD to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73. While the above table informs on the actual LTI targets and number of RSUs, since the base salaries were converted in USD, the multiplication of the base salaries as shown herein with the LTI targets will not equal the value of the RSUs granted.

On August 23, 2024, upon recommendation of the Nomination and Compensation Committee, the Board granted to members of senior management, including the NEOs, a retention focused option package. The exercise price of the options is $10.87, which the Board believes to be a reasonable baseline for incentivizing shareholder value creation and maximizing retention of qualified management members over the course of the next years (the "2024 Options Grant"). The CEO was granted 1,000,000 options. The CFO and President-General Manager, Morocco were each granted 750,000 options. The Vice President, Operations and Chief Legal and Sustainability Officer were each granted 500,000 options. The options vest in thirds on the three anniversaries of the award date and have an expiration date which is 10 years after the award date.

*Benefits and perquisites*

The Company does not offer executive-only benefits or insurance plans. The NEOs are covered by the group policies of the Corporation which includes medical, disability and travel insurance. However, a form of pension compensation is offered to our employees in Morocco, including Mr. El Ouafi, since 2021.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 43

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**Compensation tables**

*Compensation received in the 2024 Financial Year* 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and**<br>**title** | **Year** | **Salary<br>$** | **Share-<br>based <br>Awards Vested during the Year**<sup></sup>**$** | **Non-Equity Short - Term Incentive Plan <br>$** | **Pension <br>Value<br>$** | **All Other <br>Compensation<br>$** | **Total**<br>**Compensation**<br>**$** |
| **Benoit La Salle**<br>*President & Chief* <br>*Executive Officer* | 2024 | 437817 | 729695 | 328363 |  |  | 1495875 |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 2024 | 291878 | 364847 | 173890 |  | 11675 | 842290 |
| **Mustapha El Ouafi**<br>*President - General* <br>*Manager, Morocco* | 2024 | 291878 | 364847 | 177316 |  | 61078 | 895119 |
| **Raphaël Beaudoin**<br>*Vice-President,* <br>*Operations* | 2024 | 244448 | 207781 | 105173 |  | 9778 | 567180 |
| **Elias J. Elias**<br>*Chief Legal & Sustainability Officer and Corporate Secretary* | 2024 | 215260 | 182971 | 136680 |  | 8610 | 543521 |

---

The figures set out in the above table are the same as those set out in the corresponding columns of the mandatory summary compensation table below.

*Options granted in 2024*

As mentioned above, following the vesting of the 2021 grants described herein, and upon recommendation of the Compensation and Nomination Committee, the Board issued the 2024 Options Grant (discussed in preceding section), which was awarded to key members of management including the NEOs in an effort to renew and emphasize retention at an exercise price of $10.87 which the Board has determined is a reasonable baseline for shareholder value creation of the next years.

The form required table below includes the valuation of all compensation paid to NEOs, including the RSUs that only vest in a 3 year period based on the then applicable share price as well as a valuation of the 2024 Options Grant which, at December 31, 2024 and as at the date hereof, are out of the money.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 44

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*Form required summary compensation table*

The table below sets forth certain information on the compensation paid to each NEO during the three most recently completed financial years.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and**<br>**title** | **Year** | **Salary**<sup>1</sup>**<br>$** | **Share-<br>based <br>Awards**<sup>2</sup>**$** | **Stock option-<br>based <br>Awards**<sup>3</sup>**<br>$** | **Non-Equity Incentive Plan Compensation - Annual <br>Incentive <br>Plan**<sup>4</sup>**<br>$** | **Pension <br>Value<br>$** | **All Other <br>Compensation**<sup>5</sup>**<br>$** | **Total**<br>**Compensation**<br>**$** |
| **Benoit La Salle**<sup>6</sup> <br>*President & Chief*<br>*Executive Officer* | 2024 | 437817 | 729695 | 5147944 | 328363 |  |  | 6643819 |
| **Benoit La Salle**<sup>6</sup> <br>*President & Chief*<br>*Executive Officer* | 2023 | 350026 | 546040 |  | 411830 |  | 14001 | 1321897 |
| **Benoit La Salle**<sup>6</sup> <br>*President & Chief*<br>*Executive Officer* | 2022 | 345739 | 539352 |  | 421801 |  | 10372 | 1317264 |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 2024 | 291878 | 364847 | 3612272 | 173890 |  | 11675 | 4454562 |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 2023 | 264464 | 312068 |  | 191918 |  | 10579 | 779029 |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 2022 | 261225 | 308245 |  | 195534 |  | 7837 | 772841 |
| **Mustapha El Ouafi**<br>*President - General*<br>*Manager, Morocco* | 2024 | 291878 | 364847 | 3612272 | 177316 |  | 61078 | 4507391 |
| **Mustapha El Ouafi**<br>*President - General*<br>*Manager, Morocco* | 2023 | 251138 | 234128 |  | 164837 |  | 43823 | 693926 |
| **Mustapha El Ouafi**<br>*President - General*<br>*Manager, Morocco* | 2022 | 248116 | 231262 |  | 159764 |  | 45920 | 685062 |
| **Raphaël Beaudoin**<br>*Vice-President,*<br>*Operations* | 2024 | 244448 | 207781 | 2408182 | 105173 |  | 9778 | 2975362 |
| **Raphaël Beaudoin**<br>*Vice-President,*<br>*Operations* | 2023 | 233351 | 198348 |  | 98941 |  | 9334 | 539974 |
| **Raphaël Beaudoin**<br>*Vice-President,*<br>*Operations* | 2022 | 230492 | 195919 |  | 92197 |  | 3073 | 521681 |
| **Elias J. Elias**<sup>6</sup><br>Chief Legal & *Sustainability Officer and Corporate Secretary* | 2024 | 215260 | 182971 | 2408182 | 136680 |  | 8610 | 2951703 |
| **Elias J. Elias**<sup>6</sup><br>Chief Legal & *Sustainability Officer and Corporate Secretary* | 2023 | 206126 | 175207 |  | 159827 |  | 8245 | 549405 |
| **Elias J. Elias**<sup>6</sup><br>Chief Legal & *Sustainability Officer and Corporate Secretary* | 2022 | 203602 | 173061 |  | 85513 |  | 6108 | 468284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The base salaries, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates reported by the Bank Al Maghrib, being CAD$1.00 equals US$0.73 and MAD1.00 equals US$0.10 (for 2024), CAD$1.00 equals USD$0.74 and MAD1.00 equals USD$0.10 (for 2023) and, CAD$1.00 equals USD$0.77 and MAD1.00 equals US$0.13 (for 2022). Mr. La Salle does not recieve compensation for his role of director of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The value of the share-based awards was determined according to the 5-day volume weighted average price of the common shares of the Corporation on the TSX prior to the dates of grant of the awards. The value of the share-based awards granted in CAD were converted to USD using the average annual exchange rates reported by the Bank Al Maghrib, being CAD$1.00 equals US$0.73 (for 2024), CA$1.00 equals US$0.74(for 2023) and, CA$1.00 equals US$0.77 (for 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The fair value per stock option as granted on August 23, 2024 was estimated using the Black-Scholes model with no expected dividend yield, an expected volatility of 44.6% for Benoit La Salle and 43.7% for all the other NEOs, a risk-free interest rate of 2.92% and an expected life of stock options of 5.1 years for Benoit La Salle and 4.4 years for all other NEOs. It has been converted at the average annual exchange rates in 2024 reported by the Bank Al Maghrib, being CAD$1.00 equals US$0.73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Corporation does not have a non-equity long-term incentive plan. As such, only non-equity annual incentive plan payments have been included in this column. In 2023 the Corporation's Compensation and Nomination Committee approved special bonuses to each of Mr. Landry-Tolszczuk, Mr. El Ouafi and Mr. Elias in the amounts of $50,000, $50,000 and $74,000 respectively in connection with exceptional milestones reached in the current year including the purchase by the Corporation of 15% ownership in the Zgounder project and five adjacent permits to the Zgounder silver mine previously owned by Morocco's National Office of Hydrocarbons and Mines ("ONHYM"), the closing of the $100M debt financing with the European Bank for Reconstruction and Development and the settlement of certain litigious corporate matters. The annual incentive paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 45

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exchange rates reported by the Bank Al Maghrib, being CAD$1.00 equals US$0.73 and MAD1.00 equals USD$0.10 (for 2024), CAD$1.00 equals USD$0.74 and MAD1.00 equals US$0.10 (for 2023) and, CA$1.00 equals US$0.77 and MAD1.00 equals US$0.13 (for 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The amounts reported pertain to: (i) the contributions made by the Corporation to Mr. El Ouafi's retirement plan, which were paid in MAD and converted to USD using the average annual exchange rate reported by the Bank Al Maghrib, being MAD1.00 equals US$0.10 (for 2024), MAD1.00 equals US$0.10 (for 2023) and, MAD1.00 equals US$0.13 (for 2022) as well as payments made under Mr. Ouafi's insurance plan and his vehicle allocation and; (ii) RRSP contributions made by the Corporation on the behalf of Messrs. Landry-Tolszczuk, Beaudoin and Elias.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Compensation to Mr. La Salle and Mr. Elias were paid to their respective management services companies which they directly and solely control.

*Outstanding Share-based and Stock Option-Based Awards at the End of the 2024 Financial Year*

The table below indicates, for each NEO, all share-based and option-based awards outstanding at the end of the most recently completed financial year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Stock Option-based Awards** | **Stock Option-based Awards** | **Stock Option-based Awards** | **Stock Option-based Awards** | **Share-based awards** | **Share-based awards** | **Share-based awards** |
| **Name and** <br>**title** | **Number of securities underlying unexercised stock options** | **Stock option exercise price** | **Stock option expiration date** | **Value of unexercised in-the-money stock options** <sup>1</sup> | **Number of shares or units of shares that have not vested** | **Market or payout value of share-based awards that have not vested**<sup>2</sup> | **Market or payout value of vested share-based awards not paid out or distributed** |
| **Name and** <br>**title** | **(#)** | **($)** |  | **($)** | **(#)** | **($)** | **($)** |
| **Benoit La Salle** <br>*President & Chief Executive Officer* | 1000000 | 0.99 | 07/01/2030 | 6473835 | 266764 | 1992248 |  |
| **Benoit La Salle** <br>*President & Chief Executive Officer* | 1000000 | 10.87 | 08/23/2034 |  |  |  |  |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 480150 | 0.99 | 07/01/2030 | 3108412 | 145308 | 1085190 |  |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 750000 | 10.87 | 08/23/2034 |  |  |  |  |
| **Mustapha El Ouafi** <br>*President - General Manager, Morocco* | 750000 | 0.99 | 07/01/2030 | 4855377 | 121505 | 907424 |  |
| **Mustapha El Ouafi** <br>*President - General Manager, Morocco* | 750000 | 10.87 | 08/23/2034 |  |  |  |  |
| **Raphaël Beaudoin** <br>*Vice-President, Operations* | 300000 | 0.99 | 07/01/2030 | 1942151 | 89052 | 665059 |  |
| **Raphaël Beaudoin** <br>*Vice-President, Operations* | 58000 | 3.30 | 03/03/2031 | 241583 |  |  |  |
| **Raphaël Beaudoin** <br>*Vice-President, Operations* | 500000 | 10.87 | 08/23/2034 |  |  |  |  |
| **Elias J. Elias** <br>*Chief Legal* <br>*& Sustainability Officer and Corporate Secretary* | 283334 | 0.99 | 07/01/2030 | 1834258 | 78584 | 586881 |  |
| **Elias J. Elias** <br>*Chief Legal* <br>*& Sustainability Officer and Corporate Secretary* | 46000 | 3.30 | 03/03/2031 | 191600 |  |  |  |
| **Elias J. Elias** <br>*Chief Legal* <br>*& Sustainability Officer and Corporate Secretary* | 500000 | 10.87 | 08/23/2034 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The value of unexercised in-the-money stock options was determined by calculating the difference between the closing price of the common shares of the Corporation on the TSX as of December 31, 2024, being CA$10.74, and the exercise price of the stock options, times the number of stock options, converted into USD using the closing rate for December 31, 2024 reported by the Bank Al Maghrib being CAD$1.00 equals to US$0.70.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The value of share based-awards that have not vested was determined by multiplying the closing price of the common shares of the Corporation on the TSX as of December 31, 2024, being CA$10.74, and the number of units that have not vested, converted into USD using the closing rate for December 31, 2024 reported by the Bank Al Maghrib being CA$1.00 equals to US$0.70.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 46

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*Stock Options Exercised, Exercisable and Unexercisable at the End of the 2024 Financial Year*

The table below shows the number of exercisable and unexercisable stock options held by each NEO at the end of the most recently completed financial year:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and title** | **Year** | **Stock options**<br>**exercised** | **Underlying**<br>**shares**<br>**sold** | **Aggregate value realized**<sup>1</sup><br>**($)** | **Stock options as at December 31, 2024** | **Stock options as at December 31, 2024** |
| **Name and title** | **Year** | **(#)** | **(#)** | | **Exercisable** | **Unexercisable** |
| **Benoit La Salle** <br>*President & Chief Executive Officer* | 2024 |  |  |  | 1000000 | 1000000 |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* | 2024 | 19850 | 19850 | 180994 | 480150 | 750000 |
| **Mustapha El Ouafi** <br>*President - General Manager, Morocco* | 2024 |  |  |  | 750000 | 750000 |
| **Raphaël Beaudoin** <br>*Vice-President, Operations* | 2024 |  |  |  | 358000 | 500000 |
| **Elias J. Elias**<br>*Chief Legal & Sustainability Officer and Corporate Secretary* | 2024 |  |  |  | 329334 | 500000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate value realized during the year was determined by calculating the difference between the price of the common shares of the Corporation on the TSX on date, being CA$13.99, minus the exercise price of the stock options converted into USD using the closing rate for date reported by the Bank Al Maghrib being CAD$1.00 equals to US$0.73.

*Incentive Plan Awards – Value Vested During the Year*

The following table indicates for each NEO the value vested of all stock options and the bonus paid for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Name and title** | **Option-based awards – Value vested during the year** **($)** | **Share-based awards – Value vested during the year** <sup>1</sup>**($)** | **Non-equity incentive plan compensation – Value earned during the year**<sup>2</sup> **($)** |
| **Benoit La Salle** <br>*President & Chief Executive Officer* |  | 479787 | 328363 |
| **Ugo Landry-Tolszczuk**<br>*Chief Financial Officer* |  | 288206 | 173890 |
| **Mustapha El Ouafi** <br>*President - General Manager, Morocco* |  | 222187 | 177316 |
| **Raphaël Beaudoin** <br>*Vice-President, Operations* |  | 145875 | 105173 |
| **Elias J. Elias**<br>*Vice-President, Legal & Corporate Secretary* |  | 122712 | 136680 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)During the year, the total value realized was determined by assessing the price of the Corporation's common shares on the TSX at the respective vesting dates. For Mr. Elias and Mr. Beaudoin, the shares were valued at CA$15.01 and converted into USD using the closing exchange rate reported by Bank Al Maghrib for that date (CA$1.00 = US$0.73). For Mr. La Salle, Mr.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 47

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Landry-Tolszczuk, and Mr. El Ouafi, the shares were valued at CA$10.74 and converted into USD using the closing exchange rate applicable to their vesting date (CA$1.00 = US$0.70).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The bonuses, paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates for 2024 reported by the Bank Al Maghrib, being C$1.00 equals US$0.73 and MAD1.00 equals US$0.10.

Employment agreements and termination payments

*Employment agreements*

The NEOs all have employment agreements with the Corporation which provide for annual remuneration, including a base salary subject to annual review and an annual bonus, as may be determined by the Board. The NEOs employment agreements contain provisions pertaining to any notice that must be given and all the indemnity payments that must be made by the Corporation, in cases of:

&nbsp;&nbsp;&nbsp;&nbsp;• resignation by the NEO without Good Reason

&nbsp;&nbsp;&nbsp;&nbsp;• termination by the Corporation with or without cause

&nbsp;&nbsp;&nbsp;&nbsp;• further to a change of control, the termination of the NEO by the Corporation without cause or the resignation by the NEO for Good Reason

"Good Reason" is defined in the agreements to include unilateral modifications in the essential conditions of the employment of the NEO, for example, the non-consensual reduction the NEO's annual base salary or the change of the location where the NEO is to perform their duties.

In case of resignation by the NEO without Good Reason, the NEO must give 2 months of notice to the Corporation.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 48

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*Treatment of compensation elements upon termination*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element of compensation** | **Resignation without Good Reason** | **Termination without cause**<sup>1</sup> | **Termination following a change of control:**<br>**by Aya, without cause**<br>**or**<br>**by the NEO, with Good Reason** <sup>2</sup> | **Termination with cause**<sup>3</sup> |
| **Base salary** | Payments cease | CEO: 24 months<br>Other NEOs: 12 months | All NEOs: 24 months | All NEOs: at the discretion of the Board |
| **Short-term cash incentive ("STI")** |  | CEO: 2 years of target STI<br>Other NEOs: 1 year of target STI | All NEOs: 2 years of target STI |  |
| **Stock Options** | Vested stock options cease to be exercisable on the earlier of the expiry date of the stock options and 90 days after the termination date. Unvested stock options are automatically forfeited at the termination date. | All unvested stock options vest and are considered exercised and payable. | All unvested stock options vest and are considered exercised and payable.<sup>4</sup> | Vested stock options cease to be exercisable on the earlier of the expiry date of the stock options and 90 days after the termination date. Unvested stock options are automatically forfeited at the termination date. |
| **RSUs** | Unvested RSUs are automatically forfeited at the termination date. | Unvested RSUs are automatically forfeited at the termination date. | Unvested RSUs vest immediately prior to the change of control and are paid upon the change of control become effective.<sup>4</sup> | Unvested RSUs are automatically forfeited at the termination date. |
| **Benefits and perquisites** | Contributions cease | Contributions to the health and dental plans continue for the full indemnity period. | Contributions to the health and dental plans continue for the full indemnity period. | Contributions cease |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)"cause" is defined by the specific law referenced in the executives' employment agreements, meaning, for Messrs. La Salle, Landry-Tolszczuk, Elias and Beaudoin, the Civil Code of Québec and, for Mr. El Ouafi, Morocco's Labour Code, promulgated by Dahir No. 1-03-194 of 6 June 2004.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The treatment stated herein assumes that the termination is made without cause by the Corporation or with Good Reason by the NEO, within 12 months following the change of control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Compensation is not payable in case of intentional harm, fraud or criminal conduct on behalf of the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Upon a change of control, the RSUs and stock options held by executives vest, in accordance with the terms of the RSU Plan and the Stock Option Plan.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 49

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*Estimated payments upon termination*

The following table indicates the estimated amounts that would be paid in the event that the employment of a NEO was terminated without cause or for Good Reason, following a Change of Control, with cause or following their retirement, death or disability, as at December 31, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and principal position** | **Context of termination of employment** | **Context of termination of employment** | **Context of termination of employment** | **Context of termination of employment** | | |
| **Name and principal position** | **Following a**<br>**Change of Control** | **With Cause** | **Without Cause** | **Retirement** | **Death** | **Disability** |
| **Benoit La Salle** *President & Chief Executive Officer* | 1751268 |  | 1751268 |  |  |  |
| **Ugo Landry-Tolszczuk** *Chief Financial Office* | 1021573 |  | 510787 |  |  |  |
| **Mustapha El Ouafi** *President - General Manager, Morocco* | 1021573 |  | 510787 |  |  |  |
| **Raphaël Beaudoin** *Vice-President, Operation* | 806678 |  | 403339 |  |  |  |
| **Elias J. Elias** *Chief Legal & Sustainability Officer and Corporate Secretary* | 710358 |  | 355179 |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The estimated amounts to be paid in MAD to Mr. El Ouafi and in CAD to the other NEOs were converted to USD using the average annual exchange rates reported by the Bank Al Maghrib, being CA$1.00 equals US$0.73 and MAD1.00 equals US$0.10.

**Performance graph**

The following graph compares the performance of our shares over the last five years to the performance of the S&P/TSX Composite Index. It shows what $100 invested in our shares and S&P/TSX Composite Index on the first day of 2020 would be worth at the end of each of the last five completed financial years.

![grapha.jpg](grapha.jpg)

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 50

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Jan. 1, 2020** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** | **Dec. 31,** |
| | **Jan. 1, 2020** | **2020** | **2021** | **2022** | **2023** | **2024** |
| **Aya Gold & Silver Inc.** | 100.00 | 197.01 | 490.79 | 436.01 | 479.06 | 488.39 |
| **S&P/TSX Composite Index** | 100.00 | 101.95 | 124.64 | 107.08 | 118.17 | 128.51 |
| **Global X Silver Miners ETF** | 100.00 | 140.30 | 114.55 | 88.40 | 89.55 | 100.29 |

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Given that, up to April 2020, Aya had only one executive officer who also served as country manager in Morocco, there is currently no correlation between the variation of total compensation paid to our NEOs and our stock performance over the last five years, including with respect to the two indexes mentioned. Since April 2020 however, we have been engaged in staffing our executive ranks in a way that is commensurate with our operations and plans for growth and value creation. The share price performance shown in the chart above is a reflection of our efforts in this regard.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 51

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**OUR INCENTIVE PLANS**

On February 18, 2021, the Board originally approved (1) the 2021 Plan, (2) a Restricted Share Unit Plan and (3) a Deferred Share Unit Plan. The Board approved amendments to said plans on May 14, 2024, which you also approved at your annual general meeting held on June 21, 2024. No further stock options are to be granted under the Original Stock Option Plan.

As you will read in the next few pages, the 2021 Plan, the Restricted Share Unit Plan and the Deferred Share Unit Plan, in their amended versions, are not unduly dilutive and cannot be amended with respect to any material matter without your prior approval. The three plans are so-called "evergreen" plans and should Aya issue additional shares in the future, the number of shares issuable under the 2021 Plan, the Restricted Share Unit Plan and the Deferred Share Unit Plan will increase accordingly. The maximum number of shares that can be issued under all of our plans (i.e., the 2021 Plan, the Original Stock Option Plan, the Restricted Share Unit Plan and the Deferred Share Unit Plan) shall not exceed 10% of our outstanding shares as at the date of any grant.

You will find in the next few pages information on our incentive plans. This is a summary only and you should read the full texts of the plans which are available on SEDAR+ at **www.sedarplus.ca**.

**Our stock option plans**

2021 Option Plan

Unless defined otherwise herein, all capitalized terms in this section have the meaning as defined in the 2021 Plan.

The 2021 Plan applies to Aya's directors, officers, employee and consultants (as defined in the 2021 Plan) and those of our subsidiaries. The 2021 Plan provides for the grant of non-transferable stock options to purchase shares.

The Board will decide to whom stock options are granted, as well as the conditions attached to the grants, and will generally make all decisions regarding the 2021 Plan, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;**a.**the number of shares issuable under the 2021 Plan, combined with the number of shares issuable under all Share Compensation Arrangements, shall not exceed 10% of the outstanding shares as at the date of any grant of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;**b.**(i) the maximum aggregate number of shares reserved for issuance to all Non-Executive Directors under the 2021 Plan and all other Share Compensation Arrangements shall not exceed 10% of the total number of shares then issued outstanding; (ii) the maximum value of stock options granted under the Plan to any Non-Executive Director in a one-year period shall not exceed $100,000; and (iii) the maximum aggregate value of all awards granted under the 2021 Plan to any Non-Executive Director in a one-year period combined with the value of all grants under all other Share Compensation Arrangements in such one-year period shall not exceed $150,000. The foregoing limitations do not apply to grants made in lieu of directors' fees payable in cash or to a one-time initial grant under any Share Compensation Arrangement made to a director joining the Board;

&nbsp;&nbsp;&nbsp;&nbsp;**c.**the total number of shares covered by stock options granted to a given Participant shall not exceed 5% of the total number of shares outstanding as at the date of any grant of stock options; and

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 52

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&nbsp;&nbsp;&nbsp;&nbsp;**d.**the total number of common shares (i) issued to Insiders of the Corporation during any one-year period and (ii) issuable at any time under the 2021 Plan and any other Share Compensation Arrangements shall not exceed ten percent (10%) of the total number of shares issued and outstanding, respectively.

The four items mentioned above are hereinafter referred to as the "Limits". The Limits also apply to our Restricted Share Unit Plan and our Deferred Share Units Plan.

A share underlying a stock option that has been exercised or that, for any reason, is cancelled or terminated without having been exercised shall again be available for a grant of stock options under the 2021 Plan or for the purposes of our other Share Compensation Arrangements.

Under the 2021 Plan, stock options have a term and vest as determined by the Board, provided that the term cannot exceed ten years. However, the 2021 Plan allows stock options which would terminate or cease to be exercisable during or immediately following a Blackout Period to remain exercisable until the tenth business day following the cessation of that Blackout Period.

The Board establishes the stock option exercise price at the time each stock option is granted. The exercise price shall be not less than the volume-weighted average price of our shares on the Exchange for the five trading days immediately preceding such date of grant. If the grant is made during a Blackout Period, the stock option exercise price shall be not less than the volume-weighted average price of the shares on the Exchange for the five trading days immediately following the end of the Blackout Period. The 2021 Plan does not provide for any financial assistance from Aya in relation with the exercise of stock options.

The Board may generally provide for such additional terms and conditions in connection with the grant of stock options as the Board may consider necessary or appropriate. And with the consent of the affected Participants, the Board may amend or modify any outstanding stock option in any manner, to the extent that the Board would have had the authority to initially grant such stock option as so modified or amended, subject to the prior approval of the Exchange, if required. However, the price of a stock option is always payable in full when exercised, although the 2021 Plan provides for a cashless exercise feature.

Stock options granted under the 2021 Plan cannot be assigned, transferred or otherwise disposed of other than by will or by applicable laws of succession.

Generally, the 2021 Plan provides that, if a Participant ceases being an Eligible Participant for any reason other than death, each stock option held by the Participant will cease to be exercisable on or before the earlier of the expiry date of the stock option and 90 days after the Termination Date. If a stock option is not vested by the Termination Date, that stock option may not under any circumstances be exercised by the Participant or the Participant Representative. This applies regardless of whether the Participant was dismissed with or without cause and regardless of whether the Participant received compensation in respect of dismissal or is entitled to a period of notice of termination which would otherwise have permitted additional stock options to vest.

If a Participant dies while an Eligible Participant, the Personal Representative of the Participant may exercise the Participant's stock options on or before the earlier of the expiry date of the stock option and the date that is twelve months after the date of the Participant's death, but only to the extent the stock options had already vested on the date of death.

In the event of a Change of Control, all stock options, whether vested or not on the date that the Change of Control occurs shall, subject to the approval of the Exchange and other applicable regulatory authority and further subject to the provisions of any written agreement between the Participant and Aya, if any, vest immediately prior to the Change of Control, and all stock options shall be deemed exercised at the time the

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 53

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Change of Control becomes effective. Alternatively, Aya may also or instead determine in its sole discretion that all stock options may be purchased for an amount per stock option equal to the consideration payable for each share in relation with the Change of Control, less the applicable exercise price and Withholding Tax Amount, as of the date the Change of Control occurs or as of such other date prior to the closing date of the Change of Control as the Board may determine in its sole discretion.

The 2021 Plan also provides for appropriate adjustments in the event of the subdivision or consolidation of our shares or in the event of a reorganization or other corporate transaction of a similar nature.

The Board may amend, suspend or terminate the 2021 Plan at any time if that does not require your approval and does not adversely affect the rights of Participants.

The Board may make the following amendments to the 2021 Plan without your approval:

&nbsp;&nbsp;&nbsp;&nbsp;• amendments that may be necessary to ensure that the 2021 Plan complies with applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• amendments respecting the administration of the 2021 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;• an amendment to correct or rectify an ambiguity, an inapplicable provision, an error, an omission or other similar amendment of a housekeeping nature;

&nbsp;&nbsp;&nbsp;&nbsp;• amendments to the termination provisions of stock options or the 2021 Plan which do not entail an extension beyond their respective original expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;• amendments ensuring that stock options comply with any provision respecting the income tax and other laws in force in any country or jurisdiction of which a Participant may from time to time be a resident or a citizen; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other amendments not requiring shareholder approval under applicable laws or regulations or as set forth below.

Together, the six items mentioned above are hereinafter referred to as the "**Inconsequential Amendments**".

Your approval is required for the following amendments to the 2021 Plan:

&nbsp;&nbsp;&nbsp;&nbsp;• any change to remove or to exceed the Limits;

&nbsp;&nbsp;&nbsp;&nbsp;• a reduction in the exercise price of a stock option;

&nbsp;&nbsp;&nbsp;&nbsp;• an extension of the term of a stock option; and

&nbsp;&nbsp;&nbsp;&nbsp;• any amendment to the amendment provisions of the 2021 Plan.

As at December 31, 2024, 5,447,967 stock options were outstanding under the 2021 Plan, representing 4.2% of our then issued and outstanding shares. These stock options had a weighted average exercise price of $10.28 and a weighted average remaining contractual term of 9.36 years.

*Burn Rate of the Awards Granted Under the 2021 Plan*

The following table sets out the burn rate of awards granted under the 2021 Plan as of the end of the financial year ended December 31, 2024. The burn rate is calculated by dividing the number of awards granted under the 2021 Plan during the relevant fiscal year by the weighted average number of securities outstanding for the applicable fiscal year. No stock options were granted in 2023 and 2022 under the 2021 Plan.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 54

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year ended**<br>**December 31, 2024** | **Fiscal Year ended**<br>**December 31, 2023** | **Fiscal Year ended December 31, 2022** |
| **Annual Burn Rate**<br>**of the 2021 Plan** | &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;% |

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Original Stock Option Plan

On May 2, 2018, the Board adopted a fixed number stock option plan (the **"Original Stock Option Plan**") to attract, retain and motivate the directors, officers, management, consultants and employees of Aya to continue in their collaboration and strive for our success.

Pursuant to the Original Stock Option Plan, stock options may be granted to directors, officers, employees and consultants providing ongoing services to Aya.

Stock options granted under the Original Stock Option Plan may be exercised within a maximum of ten years from the date of grant. The Nomination and Compensation Committee (or in the case of any proposed participant who is a member of the Compensation Committee, the Board) designates those individuals to whom stock options are to be granted, the number of stock options to be granted, their exercise price and their expiry date, and decides any other matter in connection therewith, in each case in accordance with the relevant legislation and requirements of the securities regulatory authorities. The exercise price of stock options granted under the Original Stock Option Plan may not be less than the closing price on the day preceding the grant. If there are no transactions on such day, the closing price is replaced by the average between the bid price and the ask price. The vesting period of the stock options is determined at the discretion of the Board at the time the stock options are granted. As at December 31, 2024, 4,141,484 stock options were outstanding under the Original Stock Option Plan, representing 3.2% of our then issued and outstanding shares. These stock options had a weighted average exercise price of $0.99 and a weighted average remaining contractual term of 5.50 years.

The number of shares that may be purchased under any stock option is determined by the Nomination and Compensation Committee, provided that, among other considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of shares that may be purchased under a stock option granted pursuant to the Original Stock Option Plan to any one participant within any one-year period shall not exceed 5% of the total number of outstanding shares, calculated on the date the stock option is granted;

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of shares that may be purchased under a stock option granted pursuant to the Original Stock Option Plan to any one participant that is a consultant within any one-year period shall not exceed 2% of the total number of outstanding shares, calculated on the date the stock option is granted;

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of shares that may be purchased under stock options granted pursuant to the Original Stock Option Plan to all participants retained to provide investor relations activities within any one year period shall not exceed 2% of the total number of outstanding shares, calculated on the date the stock option is granted, and stock options granted to participants retained to provide investor relations activities must vest in stages over a period of not less than one year with no more than ¼ of the stock options vesting in any three-month period;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares reserved for issuance to participants under the Original Stock Option Plan that are independent directors and all of our other security based compensation arrangements that provide for the issuance from treasury or potential issuance from treasury of shares shall not, in aggregate,

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exceed 1% of the total number of outstanding shares, excluding shares reserved for issuance to a participant at a time when such participant was not an independent director; and

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregated number of shares that may be purchased under stock options granted pursuant to the Original Stock Option Plan:

&nbsp;&nbsp;&nbsp;&nbsp;• to participants that are insiders (as a group), at any point in time, shall not exceed 10% of the total number of issued and outstanding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;• to participants that are insiders (as a group), within any one-year period, shall not exceed 10% of the total number of outstanding shares, calculated on the date a stock option is granted to any insider.

If a participant to the Original Stock Options Plan shall cease to be a director, officer, manager, consultant or employee of Aya or a subsidiary of Aya for any reason (other than the death or the termination of the participant for cause), the stock options granted to such participant may be exercised in whole or in part by the participant during a period commencing on the date of such cessation and ending 90 days thereafter or on the expiry date, whichever comes first. If a participant to the Original Stock Option Plan shall cease to be a director, officer, manager, consultant or employee of Aya or a subsidiary by reason of termination for cause, the stock options granted to such participant may be exercised in whole or in part by the participant, until the date of notice of such termination.

In the event of the death of a participant, the stock options granted to such participant may be exercised in whole or in part by his heirs or administrators at any time up to the earlier of the expiry date of the stock options or the one-year anniversary of the death of such participant.

All benefits, rights and stock options accruing to any participant in accordance with the terms and conditions of the Original Stock Option Plan shall not be transferable.

The Nomination and Compensation Committee, with the approval of the Board, will have the right at any time to suspend or terminate the Original Stock Option Plan and will have the right to, with your approval and subject to receipt of requisite approval from the TSX, make any amendment to the Original Stock Option Plan, including any amendment that would:

&nbsp;&nbsp;&nbsp;&nbsp;• increase the number of shares reserved for issuance under the Original Stock Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the exercise price per share under any stock option or cancel any stock option and replace such stock option with a lower exercise price per share under such replacement stock option, it being understood that any reduction in the exercise price of stock options held by insiders shall require disinterested shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;• extend the term of a stock option beyond its original expiry time, unless the extension arises from a blackout period;

&nbsp;&nbsp;&nbsp;&nbsp;• increase the limit on participation by independent directors; or

&nbsp;&nbsp;&nbsp;&nbsp;• permit a stock option to be transferable or assignable.

The Nomination and Compensation Committee, without your prior approval, but with the approval of the Board, may make the following amendments to the Original Stock Option Plan:

&nbsp;&nbsp;&nbsp;&nbsp;• amendments of a clerical nature, including but not limited to the correction of grammatical or typographical errors or clarification of terms;

&nbsp;&nbsp;&nbsp;&nbsp;• amendments to reflect any requirements of any regulatory authorities to which we are subject, including the TSX;

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 56

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&nbsp;&nbsp;&nbsp;&nbsp;• acceleration of or other amendments to any vesting provisions of an stock option; and

&nbsp;&nbsp;&nbsp;&nbsp;• amendments to the expiration date of a stock option that does not extend the term of a stock option past the original date of expiration for such stock option.

Appropriate adjustments to the Original Stock Option Plan and to stock options shall be made to give effect to adjustments in the number of shares resulting from subdivisions, consolidations, substitutions, or reclassifications of the shares, the payment of stock dividends (other than dividends in the ordinary course) or other changes in Aya's capital or from a merger, an acquisition an amalgamation, an arrangement or other transaction resulting in a change of control.

Under the Original Stock Option Plan, in the event that the term of a stock option expires during such period of time which Aya has determined that one or more participants may not trade any securities because they may be in possession of undisclosed material information, as it may be implemented and amended from time to time (a "**Blackout Period**"), the expiry date for such stock option shall be extended to the date which is ten business days following the end of such Blackout Period, unless the participant or Aya is subject to a cease trade order (or similar order) under applicable laws.

During the financial year ended on December 31, 2024, no stock options were granted under the Original Stock Option Plan to directors, consultants and employees of Aya. No further stock options are to be granted under the Original Stock Option Plan.

Burn rate of the awards granted under the Original Stock Option Plan

The following table sets out the burn rate of awards granted under the Original Stock Option Plan as of the end of the financial year ended December 31, 2024 and for the two preceding financial years. The burn rate is calculated by dividing the number of awards granted under the Original Stock Option Plan during the relevant fiscal year by the weighted average number of securities outstanding for the applicable fiscal year.

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year ended December 31, 2024** | **Fiscal Year ended December 31, 2023** | **Fiscal Year ended December 31, 2022** |
| **Annual Burn Rate of the Original Stock Option Plan** | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp;% |

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The following table shows, as of December 31, 2024, aggregated information on the Original Stock Option Plan and the 2021 Plan.

Equity Compensation Plan Information

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| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of Common Shares to be Issued Upon Exercise of Outstanding Stock Options** | **Weighted Average Exercise Price of Outstanding Stock Options, Warrants and Rights** | **Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans** |
| **Equity Compensation Plans (approved by shareholders)** | 9589451 | 6.27 | 1909680 |
| Note: |  |  |  |

---

In addition to the 4,141,484 stock options that are issued under the Original Plan and the 5,447,967 stock options that are issued under the 2021 Plan, 1,120,750 RSUs are issued under the Restricted Share Unit Plan and 457,124 DSUs are issued under the Deferred Share Unit Plan. Accordingly, as at December 31,

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2024, 1,909,680 additional stock options, RSUs and DSUs in aggregate remained available for grant under all of our plans, representing 1.5% of our then outstanding shares.

**Our Unit Plans**

Restricted Share Unit Plan

You will find in this section a description of the Restricted Share Unit Plan. This is a summary only and you should read the full text of the Restricted Share Unit Plan available on SEDAR+ at www.sedarplus.ca. Unless defined otherwise herein, all capitalized terms in this section have the meaning as defined in the Restricted Share Unit Plan.

The Limits described under the heading "2021 Option Plan" apply to the Restricted Share Unit Plan (and the Deferred Share Unit Plan).

The Board is allowed to make Inconsequential Amendments to the Restricted Share Unit Plan (and the Deferred Share Unit Plan) as it is allowed to make to the 2021 Plan. However, your approval is required for the following amendments to the Restricted Share Unit Plan:

&nbsp;&nbsp;&nbsp;&nbsp;• any change to remove or to exceed the Limits;

&nbsp;&nbsp;&nbsp;&nbsp;• a change to the term of an RSU; and

&nbsp;&nbsp;&nbsp;&nbsp;• any amendment to the amendment provisions of the Restricted Share Unit Plan.

As for the 2021 Plan (and the Deferred Share Unit Plan), a share underlying an RSU that has vested or that, for any reason, is cancelled or terminated without having vested shall again be available for an Award under the Restricted Share Unit Plan or for the purposes of other Share Compensation Arrangements.

The Restricted Share Unit Plan applies to Aya's directors, officers, employee and consultants and those of our subsidiaries. The Restricted Share Unit Plan provides for the grant of non-transferable RSUs. Once they vest, RSUs are payable in cash or in shares. The value of an RSU upon payment is equal to the number of RSUs credited to a Participant's Account multiplied by the volume-weighted average price of a share on the Exchange for the five trading days immediately preceding the Vesting Date. If Aya decides to pay the RSUs in shares instead of cash, the Participant will receive that number of shares issued from Aya's share capital equal to the whole number of RSUs credited to the Participant's Account with respect to the applicable Vesting Date, plus a cash settlement of any fraction of an RSU. Unless otherwise provided in an RSU Award Agreement, RSUs vest on December 31 of the year which is three years after the year in which the Award is granted. If the Vesting Date of any RSUs falls during a Blackout Period, such date may be extended for a period ending at the latest on the tenth business day after the expiry date of the Blackout Period. Whether the RSUs are paid in cash or in shares, the Restricted Share Unit Plan provides for payment of RSUs net of applicable withholding taxes.

Subject to the provisions of the Restricted Share Unit Plan, the Board decides to whom Awards are granted, the effective date thereof, the number of RSUs to be allocated, the terms and conditions of vesting, if any, the Vesting Date and such other terms and conditions which the Board considers appropriate to the Award in question, and which terms and conditions need not be identical as between any two Awards, whether or not contemporaneous. And with the consent of the affected Participants, the Board may amend or modify any outstanding RSU in any manner, to the extent that the Board would have had the authority to initially grant such RSU as so modified or amended, subject to the prior approval of the Exchange, if required.

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RSUs cannot be assigned, transferred or otherwise disposed of other than by will or by applicable laws of succession.

Generally, the Restricted Share Unit Plan provides that, subject to the provisions of any applicable RSU Award Agreement, upon the Participant incurring a Termination Date prior to the Vesting Date, RSUs which did not vest on or prior to the Participant's Termination Date shall be terminated and forfeited as of the Termination Date.

In the event of a Change of Control, all RSUs, whether vested or not on the date that the Change of Control occurs shall, subject to the approval of the Exchange and other applicable regulatory authority and further subject to the provisions of any written agreement between the Participant and Aya, if any, vest immediately prior to the Change of Control, and all RSUs shall be paid at the time the Change of Control becomes effective at a price equal to the consideration payable for each share in relation with the Change of Control, less the applicable Withholding Tax Amount.

The Restricted Share Unit Plan also provides for appropriate adjustments, including the issuance of additional RSUs, in the event of share capital adjustments as well as in the event of the payment of dividends in cash or in shares. Furthermore, when dividends are paid on common shares, either in cash or in shares, participants holding RSUs at the moment such dividends are paid are entitled to receive additional RSUs. Such additional RSUs are subject to the same vesting conditions applicable to the underlying RSUs to which they relate.

The Board may amend, suspend or terminate the Restricted Share Unit Plan at any time if that does not require your approval and does not adversely affect the rights of Participants.

As at December 31, 2023, 1,120,750 RSUs were outstanding under the Restricted Share Unit Plan, representing 0.9% of our then issued and outstanding shares.

Burn Rate of the Awards Granted Under the Restricted Share Unit Plan

The following table sets out the burn rate of awards granted under the Restricted Share Unit Plan as of the end of the financial year ended December 31, 2024. The burn rate is calculated by dividing the number of awards granted under the Restricted Share Unit Plan during the relevant fiscal year by the weighted average number of securities outstanding for the applicable fiscal year.

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| | | | |
|:---|:---|:---|:---|
| | | **Fiscal Year ended**<br>**December 31, 2023** | **Fiscal Year ended December 31, 2022** |
| **Annual Burn Rate of the Restricted Share Unit Plan** | &nbsp;&nbsp;&nbsp;&nbsp;0.35&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;0.34&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;0.13&nbsp;&nbsp;&nbsp;&nbsp;% |

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Deferred Share Unit Plan

You will find in this section a description of the Deferred Share Unit Plan. This is a summary only and you should read the full text of the Deferred Share Unit Plan available on SEDAR+ at **www.sedarplus.ca**. Unless defined otherwise herein, all capitalized terms in this section have the meaning as defined in the Deferred Share Unit Plan.

The Limits described under the heading "2021 Option Plan" apply to the Deferred Share Unit Plan (and the Restricted Share Unit Plan).

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The Board is allowed to make Inconsequential Amendments to the Deferred Share Unit Plan (and the Restricted Share Unit Plan) as it is allowed to make to the 2021 Plan. However, your approval is required for the following amendments to the Deferred Share Unit Plan:

&nbsp;&nbsp;&nbsp;&nbsp;• any change to remove or to exceed the Limits;

&nbsp;&nbsp;&nbsp;&nbsp;• an extension to the term of a DSU; and

&nbsp;&nbsp;&nbsp;&nbsp;• any amendment to the amendment provisions of the Deferred Share Unit Plan.

As for the 2021 Plan (and the Restricted Share Unit Plan), a share underlying a DSU that has vested or that, for any reason, is cancelled or terminated without having vested shall again be available for an Award for the purposes of other Share Compensation Arrangements.

The Deferred Share Unit Plan applies to Aya's directors, officers and employees and those of our subsidiaries. The Deferred Share Unit Plan provides for the grant of non-transferable DSUs. DSUs vest upon the Termination Date of a Participant and must be settled no later than December 15 following the calendar year during which the Termination Date occurred. Once they vest, DSUs are payable in cash or in shares. The value of a DSU upon payment is equal to the number of DSUs credited to a Participant's Account multiplied by the volume-weighted average price of a share on the Exchange for the five trading days immediately preceding the Settlement Date. If Aya decides to pay the DSUs in shares instead of cash, the Participant will receive that number of shares issued from Aya's share capital equal to the whole number of DSUs credited to the Participant's Account with respect to the applicable Settlement Date, plus a cash settlement of any fraction of a DSU. If the Settlement Date of any DSUs falls during a Blackout Period, such date shall be extended for a period ending on the tenth business day after the expiry date of the Blackout Period. Whether the DSUs are paid in cash or in shares, the Deferred Share Unit Plan provides for payment of DSUs net of applicable withholding taxes.

Subject to the provisions of the Deferred Share Unit Plan, the Board decides to whom Awards are granted, the effective date thereof, the number of DSUs to be allocated and such other terms and conditions which the Board considers appropriate to the Award in question, and which terms and conditions need not be identical as between any two Awards, whether or not contemporaneous. And with the consent of the affected Participants, the Board may amend or modify any outstanding DSU in any manner, to the extent that the Board would have had the authority to initially grant such DSU as so modified or amended, subject to the prior approval of the Exchange, if required.

DSUs cannot be assigned, transferred or otherwise disposed of other than by will or by applicable laws of succession.

Generally, the Deferred Share Unit Plan provides that, subject to the provisions of any applicable DSU Award Agreement, if the relationship of the Participant with Aya is terminated for cause, the Participant shall have no claim to, or in respect of, any DSU outstanding as at the date of his or her termination for cause, nor shall the Participant have any entitlement to damages or other compensation or any claim for wrongful termination or dismissal in respect of any DSU or loss of profit or opportunity which may have or would have vested or accrued to the Participant if such termination or dismissal had not occurred or if due notice of termination had been given.

In the event of a Change of Control, all DSUs shall, subject to the approval of the Exchange and other applicable regulatory authority and further subject to the provisions of any written agreement between the Participant and Aya, if any, vest immediately prior to the Change of Control, and all DSUs shall be paid at the time the Change of Control becomes effective at a price equal to the consideration payable for each share in relation with the Change of Control, less the applicable Withholding Tax Amount.

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The Deferred Share Unit Plan also provides for appropriate adjustments, including the issuance of additional DSUs, in the event of share capital adjustments as well as in the event of the payment of dividends in cash or in shares. Furthermore, when dividends are paid on common shares, either in cash or in shares, participants holding DSUs at the moment such dividends are paid are entitled to receive additional DSUs. Such additional DSUs are subject to the same vesting conditions applicable to the underlying DSUs to which they relate.

The Board may amend, suspend or terminate the Deferred Share Unit Plan at any time if that does not require your approval and does not adversely affect the rights of Participants.

As at December 31, 2024, 457,124 DSUs were outstanding under the Deferred Share Unit Plan, representing 0.3% of our then issued and outstanding shares.

Burn Rate of the Awards Granted Under the Deferred Share Unit Plan

The following table sets out the burn rate of awards granted under the Deferred Share Unit Plan as of the end of the financial year ended December 31, 2024. The burn rate is calculated by dividing the number of awards granted under the Deferred Share Unit Plan during the relevant fiscal year by the weighted average number of securities outstanding for the applicable fiscal year.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year ended**<br>**December 31, 2024** | **Fiscal Year ended**<br>**December 31, 2023** | **Fiscal Year ended December 31, 2022** |
| **Annual Burn Rate**<br>**of the Deferred Share Unit Plan** | &nbsp;&nbsp;&nbsp;&nbsp;0.10&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;0.13&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;0.15&nbsp;&nbsp;&nbsp;&nbsp;% |

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**GOVERNANCE**

**Board mandate and position descriptions**

**Board mandate**

The Board is responsible for the supervision of the management of the Corporation's business and affairs It operates in accordance with a written mandate, which delineates its duties and responsibilities, including with respect to strategic planning, supervision of management and performance assessment of senior executives, financial matters, internal controls, corporate governance matters and communication with stakeholders and reporting. The Board mandate explicitly acknowledges the Board's responsibility to oversee the processes for identifying and managing business, technical and operating risks and opportunities. The Board's oversight responsibilities pertaining to ethical business conduct, risk oversight and ESG matters as well as the delegation of responsibilities to its committees and executives are discussed in more detail below.

A copy of the Board mandate is hereto attached as Schedule "A" and is available on our website at www.ayagoldsilver.com.

**Chair, Lead Director and CEO position descriptions**

The Board adopted written position descriptions for each of the Chair of the Board, the Lead Director and the CEO, which can be found on our website **www.ayagoldsilver.com**. The Board has not adopted written position descriptions for the chair of each Board committee. The chair of each Board committee is responsible for conducting the committee meetings, ensuring that the responsibilities of the committee it chairs are fulfilled and reporting to the Board on decisions or recommendations the committee makes.

The Chair provides leadership and direction to the Board with respect to all aspects of its work. The Chair of the Board is notably responsible for: chairing the Board and shareholder meetings, ensuring that functions delegated to the Board committees are carried out effectively and acting as a resource to the President and CEO.

The Mandate of the Lead director of the Board provides that he or she chairs the meetings of independent directors, including in-camera sessions, and that the Lead director must ensure that independent directors have sufficient opportunities to meet amongst themselves.

The CEO of the Corporation collaborates with the Board to develop an annual business plan and is responsible for supervising its execution through effective leadership of the management team. The CEO manages interactions with the stakeholders of the Corporation and ensures effective communication between the Board and management. The CEO assumes any other responsibility assigned to him or her by the Board.

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**Board composition**

**Board composition overview**

![independent.jpg](independent.jpg)

**Independence**

&nbsp;&nbsp;&nbsp;&nbsp;• The Board is composed of 8 directors, 7 of whom are independent.

&nbsp;&nbsp;&nbsp;&nbsp;• The only non-independent Board member is Mr. Benoit La Salle, President and CEO of Aya.

&nbsp;&nbsp;&nbsp;&nbsp;• As the date hereof, all Board committees are composed solely of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board held 3 in camera sessions at its meetings held in 2024 to meet independently from management.

&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee met independently of management at 100% of its meetings held in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• The Nomination and Compensation Committee met independently of management at 100% of its meetings held in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• The ESG Committee met independently of management at 100% of its meetings held in 2024.

**Director commitments**

The Board has chosen not to implement a policy restricting the number of board positions its directors can hold, instead believing that each director is responsible for determining if they have sufficient time and energy to fulfill their duties to the shareholders of multiple companies. All Board members and nominees adhere to the over boarding guidelines of Institutional Shareholder Services and Glass Lewis as the date hereof. Although Mr. La Salle serves as Executive Chairman for two other public companies and serves on the board of a third, all these companies are smaller sized TSX-V listed companies with no ongoing operations at either the exploration or the development stage and therefore do not require significant time and energy in terms of involvement.

There are currently no interlocking directorships among the Board nominees.

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**Diversity**

We believe that the presence of Board members with diverse backgrounds and experience strengthens Board performance and promote the creation of long-term shareholder value. Our positions on diversity within the Board and senior management of the Corporation are included in our People Policy.

In our People Policy, "Diversity" is defined as encompassing factors such as race, nationality, ethnicity, cultural background, marital status, women, gender, gender expression, gender identity, sexual orientation, religion, people with disability, age, political views, language, members of visible minorities, indigenous people, or any other legally protected characteristics.

Our People Policy sets out that:

&nbsp;&nbsp;&nbsp;&nbsp;• at least 33% of Board members must be women; and

&nbsp;&nbsp;&nbsp;&nbsp;• at least 1 Board member must be from a racially or ethnically diverse background.

The People Policy also clearly requires Aya, the Board, the Nomination and Compensation Committee and any recruitment partners to ensure that diverse candidates are considered.

Based on voluntary disclosure from directors and individuals among Senior management (as defined in the *Employment Equity Act*) on their belonging to Designated groups, which includes women, Indigenous peoples, members of visible minorities and persons with disabilities, as of the date of this Circular:

&nbsp;&nbsp;&nbsp;&nbsp;• Aya's Board comprises 3 women (38%); and

&nbsp;&nbsp;&nbsp;&nbsp;• Aya's Senior management comprises 1 woman (13%) and 3 persons (38%) who identify as members of visible minorities.

No current director or member of Senior management has declared belonging to one of the following Designated Groups: Indigenous peoples or persons with disabilities. One current director has declared being a member of visible minorities.

The Board has not adopted a written policy specifically relating to the identification and nomination of members of Senior Management who are women or members of Designated Groups, as it is not in a position to predict with assurance its future turnover rate and needs in relation thereto.

There is currently no target for the representation of women or members of Designated Groups among Senior management. Given the small size of its executive team, Aya believes that implementing targets would not be beneficial to its interests at this time. Aya considers the level of representation of women in executive officer positions in the context of new appointments by taking into consideration candidates' skills, functional experience, background, personal qualities and knowledge desired at that particular time. In the current labour market context however, skills and availability as well as celerity to fill vacant positions are the primary factors considered.

**Board and committee meetings**

In 2024, the Board held 7 meetings, the Audit Committee held 5 meetings, the Nomination and Compensation Committee held 2 meetings and the ESG Committee held 3 meetings. Each director who is a nominee attended all Board and committee meetings, as more particularly disclosed in their individual profiles, starting at page 14 of this Circular.

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**Board responsibilities**

**Ethical business conduct**

The Board has adopted a written Code of Business Conduct and Ethics ("**Code of Conduct**") to help its directors, officers and employees to take a consistent approach on key integrity issues. The Board has also adopted several other policies to ensure that our employees, consultants, business partners and suppliers adhere to our ethical standards when operating in Canada and overseas. These policies include an Insider Trading Policy, a Suppliers Code of Conduct and a Human Rights Policy, which are all available on our website at www.ayagoldsilver.com.

Under its mandate, the CEO is responsible for fostering an ethical corporate culture. The CEO and the Chair of the Board are jointly responsible for ensuring that the Code of Conduct and all of the Corporation's policies regarding ethics are implemented and executed throughout the Corporation. In light of the foregoing, Aya's employees are periodically requested to acknowledge their commitment to the spirit and letter of our Code of Conduct.

In accordance with the Corporation's Whistleblowing Policy, any non-compliance with the Code of Conduct should be reported directly to the Chair of the Audit Committee or through a confidential whistleblowing hotline operated by a reputable third-party service provider. The Audit Committee is generally responsible for investigating complaints under the Whistleblowing Policy and, the ESG Committee is responsible for reviewing reports of illegal or unethical behavior that are a violation of the Code of Conduct. The Board is ultimately responsible for the resolution of complaints related to the Code of Conduct.

In the event any transactions or agreements occur in respect of which a director or executive officer has a material interest, the matter must be submitted to the Board. The Board may implement any measures that it finds necessary in order to ensure the exercise of independent judgment, like, for example, the establishment of an ad hoc committee composed of independent directors only, which may be assisted in evaluating the matter by an external advisor. In the event a director has a material interest in any transaction or agreement, such director shall abstain from voting on the subject matter.

**Risk oversight**

Aya's Board is responsible for taking all reasonable measures to ensure that appropriate systems are in place to identify business, technical and operating risks and opportunities and overseeing the implementation of processes to manage these risks and opportunities. The Board discharges these responsibilities directly and through its committees, which are each tasked with the following, within their areas of expertise:

&nbsp;&nbsp;&nbsp;&nbsp;• identify risks and monitor the emergence of new risks;

&nbsp;&nbsp;&nbsp;&nbsp;• assess the importance of the risks in regard to Aya's corporate objectives;

&nbsp;&nbsp;&nbsp;&nbsp;• ensure that strategies are developed to effectively manage the risks;

&nbsp;&nbsp;&nbsp;&nbsp;• monitor the implementation of risk management strategies by management; and

&nbsp;&nbsp;&nbsp;&nbsp;• provide periodic feedback to the Board with respect to risk identification, assessment and management.

The Board's committees' principal risk oversight responsibilities are summarized below:

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| | | |
|:---|:---|:---|
| **Audit Committee** | **Nomination and Compensation Committee** | **ESG Committee** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Oversees financial compliance, financial reporting and internal controls risks | &nbsp;&nbsp;&nbsp;&nbsp;• Oversees succession planning risks | &nbsp;&nbsp;&nbsp;&nbsp;• Oversees corporate governance, health, safety, environment, community, tailings, human rights, climate, greenhouse gases emissions and water-related risks |
| &nbsp;&nbsp;&nbsp;&nbsp;• Oversees information disclosure risks | &nbsp;&nbsp;&nbsp;&nbsp;• Oversees risks pertaining to compensation practices | &nbsp;&nbsp;&nbsp;&nbsp;• Oversees corporate governance, health, safety, environment, community, tailings, human rights, climate, greenhouse gases emissions and water-related risks |
| &nbsp;&nbsp;&nbsp;&nbsp;• Oversees electronic data processing and computer security risks | | &nbsp;&nbsp;&nbsp;&nbsp;• Oversees corporate governance, health, safety, environment, community, tailings, human rights, climate, greenhouse gases emissions and water-related risks |

---

Management plays an important role in risk management as it provides key insights to the committees of the Board regarding the Corporation's strategic and operational risks. In 2022, we completed an in-depth identification and assessment of our climate-related risks and opportunities, the results of which process were published in our inaugural Climate Action Report and integrated in our global risk register. In relation to our Zgounder silver mine expansion project, we first completed technical risk analysis within our feasibility study and, in 2023, conducted a social and environmental risk assessment in line with the performance requirements of lender the European Bank for Reconstruction and Development. We are currently in the process of implementing an enterprise risk management system, which will enable data-driven assessments of the causes and impacts of all company risks and allow for better prioritization and monitoring of risk management initiatives.

On an annual basis, the Corporation identifies its most important operational and financial risks and reports thereon in its Annual Information Form and Management Discussion and Analysis, both of which are available on our website at: www.ayagoldsilver.com.

*Cybersecurity risk management*

Our Cybersecurity Policy that outlines our guidelines and provisions for preserving the security of our data and technology infrastructure. It sets forth our expectations regarding cybersecurity practices and responsibilities applicable to all employees, consultants, directors, officers, and to the extent applicable, contractors, subcontractors, services providers, and anyone who has permanent or temporary access to our systems and hardware.

To date, the Corporation has not experienced material losses due to cyber-attacks or informatics system breaches. To mitigate the risks of such events, the Corporation maintains a robust information technology infrastructure, security controls and an up-to-date incident response plan.

**ESG oversight**

The Board is responsible for approving the Corporation's major policies and practices relating to social and environmental responsibility and sustainability and, reviewing management's implementation of appropriate community and environmental stewardship and health and safety management systems.

The Board notably discharges its responsibilities pertaining to ESG matters through its ESG Committee, which mandate includes oversight responsibility of our corporate responsibility policy framework and initiatives to promote ESG, including health and safety, environmental stewardship, climate change and relationships with communities. The ESG Committee notably approves any annual ESG targets and

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periodically monitors progress over the targets and management of ESG risks, reviews global sustainability strategy progress and outcomes, reduction pathways and scenarios as well as investor inquiries related to climate and SASB/TCFD climate approaches.

The Executive Committee, who reports to the ESG Committee periodically on the implementation of the ESG strategy, is composed of the CEO, the CFO, the President-Managing Director, Morocco, the Chief Legal & Sustainability Officer ("CLSO"), the Vice-President, Operations, and the Vice-President, Investor Relations.The CLSO acts as liaison between the ESG Committee and the Executive Committee and ensures that the ESG initiatives and disclosures of Aya are in compliance with applicable laws and standards.

In 2024, we strengthened our governance framework pertaining to the identification and mitigation of ESG risks notably by:

&nbsp;&nbsp;&nbsp;&nbsp;• joining the United Nations Global Compact, the world's largest corporate sustainability initiative with the aim of aligning our operations with the Ten Principles of the UN Global Compact, focusing on human rights, labour, environment and anti-corruption;

&nbsp;&nbsp;&nbsp;&nbsp;• increasing independence of our ESG Director from the operations team by having them report directly to the CLSO instead of the Chief Operation Officer;

&nbsp;&nbsp;&nbsp;&nbsp;• furthering the development and implementing due diligence processes for the purposes of identifying social and environmental risks and impacts related to the activities of our existing and new suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;• developing a new enterprise risks management system to monitor and mitigate the risks associated with our current operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• enhancing disclosure with a first participation in the Carbon Disclosure Project Questionnaire and improving our scoring with S&P Global's Corporate Sustainability Assessment.

Our progress was reflected in our improved ESG ratings and on-site ESG capabilities.

Since 2022, the Board has tied a portion of executive short-term incentive compensation to ESG performance indicators, such as the achievement of specific milestones of our TFCD Action Plan and the implementation of actions constituting part of our Environmental and Social Action Plan. Since 2024, the application of ESG-linked compensation was broadened beyond our senior management team, in order instill a sense of ownership and accountability for ESG targets across the organization.

**Board committees**

**ESG committee**

The ESG Committee of the Board is composed of three independent directors, as defined in Regulation 52-110 respecting Audit Committees ("**Regulation 52-110**"). In 2024 and until April 14, 2025, Mr. Nikolaos Sofronis was the Chair of the ESG Committee. Ms. Ghislane Guedira Bennouna has taken on the role of Chair of the ESG Committee as of May 9, 2025. Ms. Annie Torkia Lagacé and Dr. Jürgen Hambrecht are also members of the committee.

The responsibilities of the ESG Committee are discussed in the previous section, under the heading "ESG oversight".

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**Audit and Risk Management Committee**

The Audit Committee of the Board is currently composed of three directors, who are independent and financially literate as defined in Regulation 52-110. Until March 27, 2025, the Audit Committee members were Mr. Yves Grou (Chair), Ms. Eloise Martin and Ms. Torkia Lagacé. Ms. Torkia Lagacé stepped down from her role as a member of the Audit Committee due to professional reasons and has been replaced by Ms. Guedira Bennouna, as of the same date. All committee members are independent and financially literate as defined in Regulation 52-110. Mr. Grou, the Chair of committee, is a chartered accountant and certified public accountant with extensive audit experience. Ms. Guedira Benounna, who served as Chief Financial Officer at the OCP Group for many years, in addition to having practiced as an auditor for 5 years at a reputable accounting firm also brings significant audit experience to the committee. Their experience is complemented by Ms. Martin's vast experience in project finance, structured finance, and capital structuring advisory in the energy and natural resources sectors.

The Audit Committee's main responsibilities are:

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the Corporation's financial statements and management discussion and analysis on an annual and interim basis;

&nbsp;&nbsp;&nbsp;&nbsp;• consulting with the auditors of the Corporation about the quality of the Corporation's accounting principles, internal controls and the completeness and accuracy of the Corporation's financial reporting and, annually review the performance and independent of the auditors;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management, in consultation with the independent auditors, the integrity of the Corporation's financial reporting process, both internal and external, and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;• assessing and overseeing the overall process for identifying principal business, political, financial and control risks and providing its views on the effectiveness of this process to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;• monitoring and reviewing compliance with the Corporation's Whistleblowing Policy and managing any complaints received thereunder.

Additional information regarding the Audit Committee is contained in our AIF under the heading "Audit Committee Information". The Audit Committee Charter is attached to the AIF as Schedule "A" and is available on our website at **www.ayagoldsilver.com**.

**Nomination and compensation committee**

*Nomination and Compensation Committee Composition and Mandate*

The Nomination and Compensation Committee of the Board is currently composed of three independent directors, as defined in Regulation 52-110. The members of the Committee are Dr. Jürgen Hambrecht (Chair), Mr. Yves Grou and Ms. Eloïse Martin, all of whom have experience relevant to the Committee's mandates.

The compensation oversight responsibilities of the Committee are discussed in the Executive Compensation Discussion and Analysis section of this circular, starting at page 28. With regards to its nomination mandate, the Committee is notably responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing the annual assessment process of the Board and the Board committees.

&nbsp;&nbsp;&nbsp;&nbsp;• Making recommendations with regards to Board and committee sizes and compositions.

&nbsp;&nbsp;&nbsp;&nbsp;• Making annual and punctual recommendations to the board on director nominees.

&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing the succession plan for the CEO and senior management of Aya.

&nbsp;&nbsp;&nbsp;&nbsp;• Developing and implementing an educational program for directors.

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The other responsibilities of the Nomination and Compensation Committee are set out in its written charter, which is available on our website at www.ayagoldsilver.com.

**Board and committee assessments and renewal**

*Assessments of the Board and Committees*

The Board has a predetermined assessment process for the Board and its Committees. This process is overseen by the Nomination and Compensation Committee and the assessment is made by way of a questionnaire sent to each director. Each director is asked to specifically review their own competences, strengths and weaknesses, as well as those of the Board and the committees they sit on as a whole. They are also asked to identify where they feel continuous education may support them, the Board or the committees they sit on in fulfilling their respective mandates. Each director is then asked to evaluate, based on skill matrix, the Board composition in its entirety as well as the composition of each Board committee.

The overall results of the 2024 Board assessment are disclosed under the heading "Board skills matrix", on page 22 of this Circular.

*Nomination process*

The Nomination and Compensation Committee makes recommendations with respect to qualified candidates for nomination as directors, taking notably in account:

&nbsp;&nbsp;&nbsp;&nbsp;• the conclusions of the most recent Board assessment, in terms of any skills or experience identified as lacking or needed on the Board or committees;

&nbsp;&nbsp;&nbsp;&nbsp;• any recent departure from the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;• applicable legal requirements and corporate governance guidelines pertaining to Board composition, including independence and diversity considerations.

Proposed nominations are discussed between members of the Board and management and, are subject to the review and final approval from the Board.

Any new appointee or nominee to the Board must have a favorable track record in general business management, special expertise in areas of strategic interest to Aya, the ability to devote the time required and a willingness to serve as director.

*Retirement age and term limits*

The Board did not deem appropriate to adopt a mandatory retirement age or term limits for directors as the Board believes that the renewal of a member's mandate is neither a matter of age nor the number of years the director has served on the board, but rather the director's contribution to the orientation, management, development, growth and profitability of Aya, in keeping with the highest standards of integrity.

**Orientation and continuing education**

Newly appointed directors receive copies of all the most recent reports and key documentation pertaining to Aya's business and affairs and are engage with senior management and other Board members. All Board members are invited on an annual basis to tour our operating sites in Morocco.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 69

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Recognizing the expertise and professional backgrounds of each director, as well as the specific roles they are called to fulfill within the Board, orientation and continuing education is tailored to address their specific needs. We encourage Board members to select training materials and courses that will allow them to keep up to date on changing compliance requirements, governance expectations and subjects pertaining to current challenges or projects of Aya. Training sessions can include in-house presentations by members of the Board or management with specific knowledge on a subject, webinars, conferences, etc. In 2024, director education included:

&nbsp;&nbsp;&nbsp;&nbsp;• Courses provided by the Institute of Corporate Directors regarding ESG developments,

&nbsp;&nbsp;&nbsp;&nbsp;• Courses provided by the Institute of Corporate Directors regarding Cybersecurity

&nbsp;&nbsp;&nbsp;&nbsp;• Presentations regarding Canadian securities updates

&nbsp;&nbsp;&nbsp;&nbsp;• Presentations on US Securities listing requirements and ongoing disclosure obligations under US securities rules

**Shareholder engagement**

The Corporation places a strong emphasis on transparency and communication with its shareholders and other stakeholders, through a variety of channels such as disclosure documents, reports, press releases, industry conferences, institutional and retail investor conferences, management's quarterly conference calls with analysts, annual general meeting of shareholders, its website, and social media platforms.

In 2024, Aya management engaged with investors and other stakeholders at the following conferences:

&nbsp;&nbsp;&nbsp;&nbsp;• Eight Capital Mining Conference – New York

&nbsp;&nbsp;&nbsp;&nbsp;• TD Securities Global Mining Conference – Toronto

&nbsp;&nbsp;&nbsp;&nbsp;• OTCQX Best 50 Investor Conference - Virtual

&nbsp;&nbsp;&nbsp;&nbsp;• Canaccord Genuity 3rd Annual Global Metals & Mining Conference – La Quinta, CA

&nbsp;&nbsp;&nbsp;&nbsp;• Raymond James Silver Conference – London, UK

&nbsp;&nbsp;&nbsp;&nbsp;• THE Mining Investment Event of the North – Quebec City

&nbsp;&nbsp;&nbsp;&nbsp;• Rule Symposium – Boca Raton, FL

&nbsp;&nbsp;&nbsp;&nbsp;• Precious Metals Summit – Beaver Creek, CO

&nbsp;&nbsp;&nbsp;&nbsp;• Denver Gold Show – Colorado Springs, CO

&nbsp;&nbsp;&nbsp;&nbsp;• Nordic Funds and Mines – Stockholm, Sweden

&nbsp;&nbsp;&nbsp;&nbsp;• SCP Resource Conference – New York

&nbsp;&nbsp;&nbsp;&nbsp;• Swiss Mining Institute – Zurich

&nbsp;&nbsp;&nbsp;&nbsp;• NBF's CEO Mining Conference – London, UK

&nbsp;&nbsp;&nbsp;&nbsp;• Jordon Funds Event – Stockholm

&nbsp;&nbsp;&nbsp;&nbsp;• Morocco International Mining Congress - Marrakech

**Additional information**

**Director and officer indebtedness**

We do not make loans to our directors or officers. Accordingly, there are no loans outstanding to any of them.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 70

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**Director and officer liability insurance**

We maintain liability insurance for directors and officers. The annual premium paid in respect of this insurance is $202,461 and the total amount of insurance purchased is $34,768,181, subject to a deductible amount ranging between $347,682 and $695,364. The policy contains certain exclusions. No claim has ever been made.

**Interest of informed persons in material transactions**

Since the commencement of the Corporation's most recently completed fiscal year, no Informed Person (as the term "Informed Person" is defined in Regulation 51-102), proposed director, or any associate or affiliate of any Informed Person or proposed director has or has had any material interest, direct or indirect, in any transaction or in any proposed transaction that has materially affected or is reasonably expected to materially affect the Corporation or any of its subsidiaries.

**Interest of certain persons or companies in matters to be acted upon**

Other than as set forth in this Circular, no person who has been a director or executive officer of the Corporation at any time since the beginning of the last financial year, nor any proposed nominee for election as a director of the Corporation, nor any associate or affiliate of any of the foregoing, has any material interest, directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting, other than the election of directors or the appointment of auditors.

**Financial information and documents**

Additional information for the financial year ended December 31, 2024 is provided in our consolidated financial statements and in the related management's discussion and analysis of operating results. Copies of these and other documents, such as our AIF and Code of Conduct, as well as additional information are available under our SEDAR+ profile at **www.sedarplus.ca** and are also available on our website at **www.ayagoldsilver.com**.

You may also obtain a copy of the above-mentioned documents or any other policy or report of the Corporation free of charge upon request to our Corporate Secretary at:

Aya Gold & Silver Inc.

1320 Boulevard Graham, Suite 132

Ville Mont-Royal (Québec) H3P 3C8

Canada

All references to our website are for your information only and the information it contains is not part of this Circular.

**Direct Registration System**

You have the possibility to avail yourself of the Direct Registration System (known as *DRS*). DRS is a system that allows your Aya shares to be held in "book-entry" form without having a physical security certificate issued as evidence of ownership. Instead, your Aya shares are held in your name and registered electronically on TSX Trust Corporation's records. Holders of securities in DRS (book-entry form) have all the traditional rights and privileges as holders of Aya shares in certificate form. For more information on the DRS, please contact TSX Trust Company at 1-888-486-7660 or 1-514-285-8457.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 71

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**Approval of directors**

The contents and the sending of this Circular have been approved by the directors of the Corporation.

***BY ORDER OF THE BOARD OF DIRECTORS***

*"Benoit La Salle"*

Benoit La Salle, President & CEO

May 12, 2025

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 72

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![ayalogo3.jpg](ayalogo3.jpg)

**SCHEDULE A:** 

**BOARD OF DIRECTORS CHARTER**

**BOARD OF DIRECTORS CHARTER AYA GOLD & SILVER INC.**

**(the "Corporation")**

**1.&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE**

The board of directors of the Corporation (the "**Board**") is responsible for the supervision of the management of the Corporation's business and affairs. Although management conducts day-to- day operations, the Board has a duty of stewardship and periodically assesses and monitors management's performance.

Although directors may be elected by the shareholders to bring a special expertise or point of view to Board deliberations, they are not chosen to represent a particular constituency. Directors' duties are towards the Corporation.

In carrying out its duties, the Board shall provide management with sound business guidance, calling upon the varied experiences and expertise of its members, each of which shall act honestly and in good faith with a view to the best interests of the Corporation while exercising the level of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

Directors are expected to attend all Board meetings and review all meeting materials in advance. They are expected to take an active part in Board decisions.

From time to time, the Board may delegate certain tasks to its committees. However, such delegation does not relieve the Board of its overall responsibilities.

**2.&nbsp;&nbsp;&nbsp;&nbsp;COMPOSITION**

The Board of Directors shall be constituted at all times of a majority of individuals who shall be "independent directors" in accordance with the requirements set out in applicable securities laws and stock exchange rules.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 73

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**3.&nbsp;&nbsp;&nbsp;&nbsp;RESPONSIBILITIES**

Management is responsible for the day-to-day operations of the business and affairs of the Corporation. The Board relies on management to keep it apprised of all significant developments affecting the Corporation and its operations.

The Board will discharge its responsibilities directly and through its committees, currently consisting of an Audit Committee, a Nomination and Compensation Committee and an Environment, Social and Governance ("**ESG**") Committee. In addition, the Board may from time to time, appoint such additional committees as it deems necessary and appropriate in order to discharge its duties. Each committee shall have its own charter.

The Board's responsibilities include, without limitation to its general charter:

**A.&nbsp;&nbsp;&nbsp;&nbsp;With respect to strategic planning**

(1)Adopting a strategic planning process pursuant to which management develops and proposes, and the Board reviews and approves, significant corporate strategies and objectives, taking into account the opportunities and risks of the Corporation's business;

(2)Approving and monitoring the implementation of the Corporation's annual business plan;

(3)Reviewing and approving all major acquisitions, dispositions and investments and all significant financings and other significant matters outside the ordinary course of the Corporation's business; and

(4)Reviewing management's implementation of appropriate community and environmental stewardship and health and safety management systems, taking into consideration, among other things, applicable laws, Corporation policies and accepted practices in the mining industry.

**B.&nbsp;&nbsp;&nbsp;&nbsp;With respect to human resources, performance assessment and succession planning**

(1)Choosing the Chief Executive Officer (the "**CEO**") and approving the appointment of other senior management executives;

(2)Adopting a succession planning process and participating in the selection, appointment, monitoring and evaluation of the CEO and other senior management executives;

(3)Adopting a process for the evaluation and compensation of the CEO and other senior management executives;

(4)Monitoring and assessing the performance of the CEO and of senior management executives and approving their compensation;

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 74

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(5)Approving the corporate objectives which form the basis for management's incentive compensation, and reviewing progress against those objectives;

(6)Monitoring the size and composition of the Board and its committees based on competencies, skills and personal qualities sought in Board members; and

(7)Approving the list of Board nominees for election by shareholders.

**C.&nbsp;&nbsp;&nbsp;&nbsp;With respect to financial matters and internal controls**

(1)Overseeing the reliability and integrity of accounting principles and practices followed by management, the integrity of the Corporation's financial statements and other publicly reported financial information, and the disclosure principles and practices followed by management;

(2)Overseeing compliance with laws and regulations, audit and accounting principles and the Corporation's own governing documents;

(3)Reviewing and monitoring the integrity of the Corporation's internal controls and information systems and adopting appropriate internal and external audit and control systems and procedures;

(4)Overseeing the process under which any document required to be disclosed or filed by the Corporation with securities regulatory authorities is prepared and approving the Corporation's financial statements and related management discussion and analysis of operating results, annual information forms, management proxy circulars and prospectuses;

(5)Provide oversight to the overall process relating to (a) the reporting on the quantity and quality of the Corporation's mineral reserves and resources; (b) the material exploration, operating, development and technical activities; (c) the process for identifying and managing technical and operating risks; and (d) the review of all material activities related to new projects, project development and the closures of mining or exploration sites;

(6)Taking all reasonable measures to ensure that appropriate systems are in place to identify business risks and opportunities and overseeing the implementation of processes to manage these risks and opportunities;

(7)Approving the Corporation's annual budget;

(8)Selecting, appointing, determining the independence and remuneration of the external auditor; and

(9)Declaring a dividend, if any.

**D.&nbsp;&nbsp;&nbsp;&nbsp;With respect to corporate governance matters**

(1)Appointing annually, amongst the directors, the Chair of the Board;

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 75

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(2)Taking all reasonable measures to satisfy itself as to the integrity of management and that management creates a culture of integrity throughout the Corporation consistent with the Corporation's Code of Business Conduct and Ethics (the "**Code of Conduct**");

(3)Reviewing, on a regular basis, appropriate corporate governance structures and procedures, including the identification of decisions requiring approval of the Board and, where appropriate, measures for receiving stakeholder feedback;

(4)Appointing annually, the members and chair of each committee of the Board;

(5)Approving the Code of Conduct, any amendment thereto and monitoring compliance with the Code of Conduct and the resolution of complaints related to the Code of Conduct;

(6)Approving and overseeing the implementation of the Corporation's major policies and practices relating to ESG, climate and sustainability matters;

(7)Establishing an annual performance assessment process for the Board and the Board committees;

(8)Ensuring that the Board receives from management the information and input required to enable the Board to effectively perform its duties;

(9)Adopting orientation and continuing education programs for directors;

(10)Identifying the competencies and skills required by the Board as a whole; and

(11)Determining whether or not individual directors meet the requirements for independence set out in applicable securities laws and stock exchange rules.

**E.&nbsp;&nbsp;&nbsp;&nbsp;With respect to communication and reporting**

(1)Overseeing the Corporation's continuous disclosure program with a view to satisfying itself that material information is disseminated in a timely fashion and reviewing and approving any significant changes to the Corporation's disclosure policies; and

(2)Adopting policies and measures to facilitate effective communications with shareholders, other stakeholders and the public.

**4.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL PROVISIONS**

(1)Meetings of the Board are held at least quarterly and as many additional times as the Board considers necessary to carry out its duties effectively. In addition, a special meeting of the Board is held at least annually to review the Corporation's strategic plan;

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 76

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(2)The Chair of the Board develops the agenda for each meeting of the Board in consultation with the CEO. The agenda and the appropriate material are provided to directors of the Corporation on a timely basis prior to any meeting of the Board;

(3)At each Board meeting, independent directors shall meet without management and other non-independent directors present;

(4)The Board shall annually review and assess the adequacy of its charter; and

(5)The Board shall perform any other activities consistent with this charter, the Corporation's governing documents, applicable laws and stock exchange rules, and otherwise as the Board considers necessary or appropriate.

AYA GOLD & SILVER INC. / MANAGEMENT PROXY CIRCULAR 2025 77

## Exhibit 99.55

**Exhibit 99.55**

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| | | |
|:---|:---|:---|
| ![ayalogo6.jpg](ayalogo6.jpg) | | ![id155-tmxlogo.jpg](id155-tmxlogo.jpg) |
| | **Appointee** | |

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I/We, being holder(s) of common shares of Aya Gold & Silver Inc. (the "Corporation"), hereby appoint Robert Taub, Director of the Corporation or, failing this person, Benoit La Salle, President and Chief Executive Officer of the Corporation (the "Management Nominees")

OR

_______________________________________________________________________________

To attend the meeting or to appoint someone to attend on your behalf, print that name here

as my/our proxyholder with full power of substitution and to attend, act and vote on behalf of the holder in accordance with the following directions (or if no directions have been given, as the proxyholder sees fit) on the matters set out below and on all other matters that may properly come before the Annual General Meeting of shareholders of the Corporation to be held on Friday, June 20, 2025 at 10:00 a.m. (Eastern Daylight Time), in-person only at 1320 Graham, suite 132, Ville Mont-Royal, QC H3P 3C8 (the "Meeting"), and at any and all adjournments or postponements thereof.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.** | **VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.** | **VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.** | **VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.** | **Please use a dark black pencil or pen.** | **Please use a dark black pencil or pen.** |
| **1. Election of Directors** | | | | | |
| | **FOR** | **AGAINST** | | **FOR** | **AGAINST** |
| 1.&nbsp;&nbsp;&nbsp;&nbsp; Annie Torkia Lagacé |  |  | 5.&nbsp;&nbsp;&nbsp;&nbsp;Ghislane Guedira Bennouna |  |  |
| 2.&nbsp;&nbsp;&nbsp;&nbsp; Benoit La Salle |  |  | 6.&nbsp;&nbsp;&nbsp;&nbsp;John Burzynski |  |  |
| 3.&nbsp;&nbsp;&nbsp;&nbsp; Dr. Jürgen Hambrecht |  |  | 7.&nbsp;&nbsp;&nbsp;&nbsp;Robert Taub |  |  |
| 4.&nbsp;&nbsp;&nbsp;&nbsp; Eloïse Martin |  |  | 8.&nbsp;&nbsp;&nbsp;&nbsp;Yves Grou |  |  |
|  |  |  |  | **FOR** | **WITHHOLD** |
| **2. Appointment of Auditors** | **2. Appointment of Auditors** |  |  |  |  |
| To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration | To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration | To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration | To appoint KPMG LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix their remuneration |  |  |
|  |  |  |  | **FOR** | **AGAINST** |
| **3. Advisory Resolution on Approach to Executive Compensation** | **3. Advisory Resolution on Approach to Executive Compensation** | **3. Advisory Resolution on Approach to Executive Compensation** | **3. Advisory Resolution on Approach to Executive Compensation** |  |  |
| The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation. | The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation. | The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation. | The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation. |  |  |

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**Under Canadian Securities Law, you are entitled to receive certain investor documents. If you wish to receive such material, please mark the applicable boxes below. Please note if you do not mark the appropriate box, you will not receive any documents from the Corporation. You may also go to the TSX website at https://services.tsxtrust.com/financialstatements and input code 0498a.**

□&nbsp;&nbsp;&nbsp;&nbsp;Mark this box if you would like to receive interim financial statements and accompanying management discussion and analysis by mail.

□&nbsp;&nbsp;&nbsp;&nbsp;Mark this box if you would like to receive annual financial statements and accompanying management discussion and analysis by mail.

I/We hereby authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any VIF previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this proxy will be voted as recommended by management.**

 <br> Signature(s) Date (DD/MM/YYYY)

Please sign exactly as your name(s) appear on this VIF. Please see reverse for instructions. All VIFs must be received by 10:00 a.m. (Eastern Daylight Time) on June 18, 2025.

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**Voting Instruction Form (VIF) – Annual General Meeting of Shareholders of Aya Gold & Silver Inc. to be held on June 20, 2025 (the "Meeting")**

1.&nbsp;&nbsp;&nbsp;&nbsp;We are sending to you the enclosed proxy-related materials that relate to a meeting of the holders of the series or class of securities that are held on your behalf by the intermediary identified above.

2.&nbsp;&nbsp;&nbsp;&nbsp;*We are prohibited from voting these securities on any of the matters to be acted upon at the meeting without your specific voting instructions.* In order for these securities to be voted at the meeting, *it will be necessary for us to have your specific voting instructions.* Please complete and return the information requested in this VIF to provide your voting instructions to us promptly.

3.&nbsp;&nbsp;&nbsp;&nbsp;If you want to attend the meeting and vote in person, please write your name in the place provided for that purpose in this form. You can also write the name of someone else whom you wish to attend the meeting and vote on your behalf. Unless prohibited by law, the person whose name is written in the space provided will have full authority to present matters to the meeting and vote on all matters that are presented at the meeting, even if those matters are not set out in this form or the Information Circular. Consult a legal advisor if you wish to modify the authority of that person in any way. If you require help, please contact the Registered Representative who services your account.

4.&nbsp;&nbsp;&nbsp;&nbsp;**This VIF should be signed by you in the exact manner as your name appears on the VIF. If these voting instructions are given on behalf of a body corporate set out the full legal name of the body corporate, the name and position of the person giving voting instructions on behalf of the body corporate and the address for service of the body corporate.**

5.&nbsp;&nbsp;&nbsp;&nbsp;If this VIF is not dated, it will be deemed to bear the date on which it is mailed by Management to you.

6.&nbsp;&nbsp;&nbsp;&nbsp;**When properly signed and delivered, securities represented by this VIF will be voted as directed by you, however, if such a direction is not made in respect of any matter, the VIF will direct the voting of the securities to be made as recommended in the documentation provided by Management for the meeting.**

7.&nbsp;&nbsp;&nbsp;&nbsp;This VIF confers discretionary authority on the appointee to vote as the appointee sees fit in respect of amendments or variations to matters identified in the notice of meeting or other matters as may properly come before the meeting or any adjournment thereof.

8.&nbsp;&nbsp;&nbsp;&nbsp;Your voting instructions will be recorded on receipt of the VIF.

9.&nbsp;&nbsp;&nbsp;&nbsp;By providing voting instructions as requested, you are acknowledging that you are the beneficial owner of, and are entitled to instruct us with respect to the voting of, these securities.

10.&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions regarding the enclosed documents, please contact the Registered Representative who services your account.

11.&nbsp;&nbsp;&nbsp;&nbsp;This VIF should be read in conjunction with the Information Circular and other proxy materials provided by Management.

**All VIFs must be received by 10:00 a.m. (Eastern Daylight Time) on June 18, 2025.** 

**How to Vote** 

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| | |
|:---|:---|
| **INTERNET** | **TELEPHONE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Go to www.meeting-vote.com<br>&nbsp;&nbsp;&nbsp;&nbsp;**•** Cast your vote online<br>&nbsp;&nbsp;&nbsp;&nbsp;**•** View Meeting documents  | Use any touch-tone phone, call toll free in Canada and United States **1-888-489-7352**, an agent will help you vote online.  |
| &nbsp;&nbsp;To vote by Internet or telephone you will need your control number. If you vote by Internet or telephone, do not return this VIF. <br>To vote using your smartphone, please scan this QR Code: | &nbsp;&nbsp;To vote by Internet or telephone you will need your control number. If you vote by Internet or telephone, do not return this VIF. <br>To vote using your smartphone, please scan this QR Code: |
|  | ![id155qrcode.jpg](id155qrcode.jpg) |
| **MAIL, FAX OR EMAIL** | **MAIL, FAX OR EMAIL** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete and return your signed and dated VIF in the envelope provided or send to: <br>TSX Trust Company <br>P.O. Box 721 <br>Agincourt, Ontario M1S 0A1 <br>**•** You may alternatively fax your signed and dated VIF to 416-595-9593 or scan and email to <u>proxyvote@tmx.com.</u>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete and return your signed and dated VIF in the envelope provided or send to: <br>TSX Trust Company <br>P.O. Box 721 <br>Agincourt, Ontario M1S 0A1 <br>**•** You may alternatively fax your signed and dated VIF to 416-595-9593 or scan and email to <u>proxyvote@tmx.com.</u>  |

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## Exhibit 99.56

**Exhibit 99.56**

**AYA GOLD & SILVER INC. <u>(the "Corporation")</u>** 

**Report of Voting Results Pursuant to Section 11.3 of** 

***National Instrument 51-102*** ⎯ ***Continuous Disclosure Obligations ("NI 51-102")***

Following the annual meeting of shareholders of the Corporation held on June 20, 2025 (the "**Meeting**"), and in accordance with section 11.3 of NI 51-102, we hereby advise you of the following voting results as tabulated. Accordingly, there were 69,658,145 common shares present or represented at the meeting or 53.23% of the 130,874,834 common shares issued and outstanding on May 5, 2025, being the record date for the Meeting.

**<u>Election of Directors</u>** 

Based on the proxies received by the Corporation and the votes on a show of hands, the following individuals were elected as directors of the Corporation until the next annual shareholders' meeting, with the following results:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***RESOLUTION N***<sup>o</sup>***1 Name of Nominees***  | ***Votes cast FOR***  | ***Percentage (%)*** <br>***of votes cast*** <br>***FOR***  | &nbsp;&nbsp;***Votes*** <br>***AGAINST***  | ***Percentage (%)*** <br>***of votes cast*** <br>***AGAINST***  |
| 1. Annie Torkia Lagacé  | 65866216 | 99.91% | 62565 | 0.09% |
| 2. Benoit La Salle  | 56509166 | 85.71% | 9419615 | 14.29% |
| 3. Dr. Jürgen Hambrecht  | 59900794 | 90.86% | 6027986 | 9.14% |
| 4. Eloïse Martin  | 63997808 | 97.07% | 1930972 | 2.93% |
| 5. Ghislane Guedira Bennouna  | 65865849 | 99.90% | 62932 | 0.10% |
| 6. John Burzynski  | 65875131 | 99.92% | 53650 | 0.08% |
| 7. Robert Taub  | 64039619 | 97.13% | 1889162 | 2.87% |
| 8. Yves Grou  | 62190673 | 94.33% | 3738107 | 5.67% |

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**<u>Appointment and Remuneration of Auditor</u>** 

Based on the proxies received by the Corporation and the votes on a show of hands, KPMG LLP, Chartered Professional Accountants, was appointed as independent auditor of the Corporation for the ensuing year and the directors are authorized to fix its remuneration, with the following results:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***RESOLUTION N***<sup>o</sup>***2***  | ***Votes cast FOR***  | ***Percentage (%)*** <br>***of votes cast*** <br>***FOR***  | ***Votes*** <br>***WITHHELD***  | ***Percentage (%)*** <br>***of votes cast*** <br>***WITHHELD***  |
| Appointment and Remuneration of Auditor  | 69418155 | 99.71% | 199925 | ] <br>0.29%  |

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**<u>Advisory Resolution on Executive Compensation</u>** 

Based on the proxies received by the Corporation and the votes on a show of hands with respect to the approval of an advisory and non-binding resolution accepting the Corporation's approach to executive compensation, the results on this matter were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***RESOLUTION N***<sup>o</sup>***3***  | ***Votes cast FOR***  | ***Percentage (%)*** <br>***of votes cast*** <br>***FOR***  | ***Votes cast*** <br>***AGAINST***  | ***Percentage (%)*** <br>***of votes cast*** <br>***AGAINST***  |
| Advisory Resolution on Executive Compensation  | 30085271 | 45.63% | 35843531 | 54.37% |

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## Exhibit 99.57

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| | |
|:---|:---|
| | **Exhibit 99.57** |
| PRESS RELEASE | ![ayalogo7.jpg](ayalogo7.jpg) |

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**Aya Gold & Silver Closes Credit Facility with the EBRD to Support Boumadine Development**

**Montreal, Quebec, June 23, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Company**") is pleased to announce the closing of the previously announced US$25 million credit facility with the European Bank for Reconstruction and Development ("**EBRD**") to support the advancement of development work at its Boumadine polymetallic project located in the Draa-Tafilalet region in the Kingdom of Morocco.

This marks the third transaction between Aya and EBRD in support of Aya's strategic plans, reflecting a strong alignment around responsible growth and long-term value creation.

**"We're proud to close another strategic financing with the EBRD,"** said Benoit La Salle, President & CEO. **"This renewed partnership underscores Boumadine's exceptional potential and highlights the EBRD's long-term financial commitment—not just today, but as a future funding partner as the project advances toward development. It reflects our ability to responsibly deliver large-scale growth while investing in local talent and strengthening the region's mining workforce."**

**"The Boumadine polymetallic mine is emerging as one of the most important in Morocco and North Africa",** EBRD states in its announcement, adding that **"the financing also positions the EBRD as a premier financing partner for Aya when the time comes to fund construction of the mine."**

The credit facility can be used to advance exploration, mine planning and engineering activities at Boumadine— in addition to supporting broader in-country objectives, such as workforce training, gender inclusion, and local supply chain improvements across Aya's operations locally.

Boumadine is emerging as one of the most significant undeveloped polymetallic deposits globally—rich in gold and silver—and is a core pillar of Aya's strategy to build a high-margin, multi-asset producer.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

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The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact:

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

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**Forward-Looking Statements**

Certain information in this news release related to the Company is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. The information generally can be identified by the use of forward-looking words such as "support", "alignment", "creation", "potential", "commitment", "future", "advance", "growth", "strengthening", "significant", "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the intended use and anticipated benefits of the net proceeds of the Offering. There are numerous risks and uncertainties that could cause actual results and Aya's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral production and exploration sectors in general; (iii) the advancement of the Boumadine Project, (iv) capacity of Aya to draw on the facility, (v) ability of the parties to reach any future agreement on any future financing, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

------

There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.58

---

| | |
|:---|:---|
| | **Exhibit 99.58** |
| PRESS RELEASE | ![ayalogo8.jpg](ayalogo8.jpg) |

---

**Aya Gold & Silver Reports May Silver Production** 

**Montreal, Quebec, June 25, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to report silver production for the month of May at its Zgounder Silver Mine located in the Kingdom of Morocco.

**May Production Metrics**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Production Metrics** | | **Q1-2024** | **Q1-2025** | **April 2025** | **May 2025** |
| Silver production | oz | 366362 | 1068652 | 345550 | 353879 |
| Tonnage processed | kt | 81331 | 249743 | 90763 | 91077 |
| Silver recovery | % | 82 | 82 | 80 | 88 |
| Mill availability | % | 96 | 91 | 98 | 98 |
| Mine production | t | 106880 | 194661 | 82496 | 71814 |

---

------

---

| | |
|:---|:---|
| May Operational Highlights | May Operational Highlights |
| &nbsp;&nbsp;&nbsp;● | Silver recoveries reached 88% in May, in line with feasibility study assumptions and trending well above plan in June. |
| &nbsp;&nbsp;&nbsp;● | Both underground and open pit ramp-up progressed well, with 2,317 tonnes per day ("tpd") mined. As planned from mine sequencing, waste mining in the open pit was accelerated as part of the pit expansion (the "super-pit"). |
| &nbsp;&nbsp;&nbsp;● | Underground mining rate reached 1,101 tpd, exceeding our 1,000 tpd long-term target. |
| &nbsp;&nbsp;&nbsp;● | Mill throughput averaged 2,938 tpd at 98% availability, outperforming expectations and tracking ahead of ramp-up plans. |
| Progress of Key Actions  | Progress of Key Actions  |
| &nbsp;&nbsp;&nbsp;● | Oxygen plant capacity was successfully restored by specialized contractors, with all systems running smoothly throughout the month of May. |
| &nbsp;&nbsp;&nbsp;● | Open-pit ramp-up is advancing steadily and remains on track to hit full capacity by the end of Q3-2025, as infrastructure relocation and equipment mobilization near completion. |
| &nbsp;&nbsp;&nbsp;● | Mill capacity is now operating at over 3,000 tpd in June, with plans underway to increase capacity into both Q3 and Q4-2025. |

---

**"Our operations continue to outperform across the board while we continue to improve grade dilution and sequencing,"** said Benoit La Salle, President and CEO. **"Mine ramp-up is ahead of schedule with strong production. Mill throughput has been consistently above nameplate, and recoveries have improved and are in line with the plan. April and May results confirm that we're hitting key targets. The open-pit expansion is progressing on track, and we're already executing our plan to improve milling capacity, positioning us for a strong second half and highlighting the full potential of Zgounder."**

Qualified Person

The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

------

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "trending", "planned", "tracking", "advancing", "on track", "plans", "continue", "progressing", "improve" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the maintaining or increasing production and production capacity levels at 3,000 tpd or higher, availabilities, throughput, milling and mining rates and capacities, recoveries and recovery rates to continue trending at or above 90%, timing associated with improving any of the foregoing, as well as the Corporations' guidance. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking

------

statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the capacity to stabilise or improve production, production capacity, mining or milling rates, throughput, availabilities, and recoveries, the capacity to stabilize or improve any of the foregoing, the capacity to obtain results described in the feasibility study and the capacity for the Corporation to meet its guidance, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.59

---

| | |
|:---|:---|
| | **Exhibit 99.59** |
| **PRESS RELEASE** | ![ayalogo9.jpg](ayalogo9.jpg) |

---

**Aya Gold & Silver Launches Drill Exploration Program at Zgounder Far East and Adds 6 New Regional Permits**

**Montreal, Quebec, June 26, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporation**") is pleased to announce high-grade silver results from its ongoing drill exploration program at the Zgounder Silver Mine and the start of its drill exploration program in the Far East permits in the Kingdom of Morocco. The Corporation has also acquired six (6) new permits to the north, expanding the Zgounder exploration footprint by 11.9% to over 452.7 square kilometers **("km**<sup>2</sup>").

&nbsp;&nbsp;&nbsp;&nbsp;**Highlights** *(all intersections are in core lengths)*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Acquired six (6) exploration permits totaling 48.1 km**<sup>2</sup> **in the Zgounder area (Figure 2)** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Started initial 2,250 meter ("m") regional program in the Zgounder Far East permits (Figure 3)**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reported intersections in the open-pit area:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-303** intercepted 1,970 grams per tonne ("g/t") silver ("Ag") over 6.0m;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-434** intercepted 305 g/t Ag over 11.0m, including 1,348 g/t Ag over 1.0m;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-593** intercepted 749 g/t Ag over 3.5m including 1,610 g/t Ag over 1.5m;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-24-440** intercepted 1,214 g/t Ag over 2.0m; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-592** intercepted 438 g/t Ag over 3.5m including 2,410 g/t Ag over 0.5m.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Drilled 8,343m or 33% of the 2025 exploration program year to date**<br>

------

**"We're excited to consolidate further and grow our footprint by 12% at Zgounder with six new permits—advancing our strategy to expand the land package and explore for satellite deposits,"** said Benoit La Salle, President & CEO**. "This includes the start of drilling on the Far East permits, where we've identified several high-impact targets. High-grade intercepts within the open-pit area were also drilled, including ZG-RC-24-303 and ZG-RC-24-434, further confirming the continuity and strength of mineralization to the east."**

Included in this release are results from 152 holes, which include 67 underground diamond drill ("DDH"), 15 reverse circulation ("RC"), 49 T28 and 21 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

**Table 1 –** Significant Intercepts from Drilling at Zgounder (core lengths)\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length** | **Ag x width** |
| | | | **(g/t)** | **(m)** | |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| **DZG-SF-25-592** | **2.0** | **5.5** | **438** | **3.5** | **1533** |
| &nbsp;&nbsp;&nbsp;Including | 2.0 | 2.5 | 2410 | 0.5 | 1205 |
| **DZG-SF-25-593** | **31.5** | **35.0** | **749** | **3.5** | **2622** |
| &nbsp;&nbsp;&nbsp;Including | 31.5 | 33.0 | 1610 | 1.5 | 2415 |
| DZG-SF-25-601 | 27.5 | 28.5 | 906 | 1.0 | 906 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| **ZG-RC-24-303** | **22.0** | **28.0** | **1970** | **6.0** | **11820** |
| **ZG-RC-24-434** | **0.0** | **11.0** | **305** | **11.0** | **3360** |
| &nbsp;&nbsp;&nbsp;Including | **2.0** | **3.0** | **1348** | **1.0** | **1348** |
| **ZG-RC-24-440** | **21.0** | **23.0** | **1214** | **2.0** | **2428** |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-528 | 7.2 | 16.8 | 107 | 9.6 | 1027 |
| T28-24-562 | 6.0 | 13.2 | 259 | 7.2 | 1862 |
| T28-24-562 | 18.0 | 25.2 | 134 | 7.2 | 961 |
| T28-25-706 | 0.0 | 7.2 | 221 | 7.2 | 1594 |
| T28-25-730 | 0.0 | 4.8 | 358 | 4.8 | 1718 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-206 | 7.2 | 10.8 | 275 | 3.6 | 991 |
| YAK-25-306 | 14.4 | 25.2 | 210 | 10.8 | 2269 |
| YAK-25-315 | 0.0 | 3.6 | 592 | 3.6 | 2131 |
| YAK-25-316 | 30.0 | 32.4 | 850 | 2.4 | 2039 |

---

*\* True width is undetermined at this stage.*

------

**Figure 1:** Location of Drill Results at Zgounder

![figure1locationofdrillresu.jpg](figure1locationofdrillresu.jpg)

**2025 Exploration Results**

This year, 57 DDH totaling 8,343m have been completed at Zgounder. Drilling was conducted mostly underground in the Central and Western Zones as well as on some near-mine regional targets.

Figure 2, shows the six additional licences acquired, which in addition to the Zgounder Far East and the Touchkal blocks, will significantly increase the prospectivity of the Zgounder Regional Project. The Corporation will start mapping and prospecting on these new licences in early H2.

The RC drill exploration program at Zgounder Far East began on June 22<sup>nd</sup>, targeting four strong geochemistry anomalies including Ag – Cu and Au (Figure 3) with an initial planned meterage of 2,250m.

The Zgounder Far East block comprises Neoproterozoic geology divided into three distinct zones: Southern Zone dominated by volcano-sedimentary rocks and pebbly sandstones alternated with felsic volcanics. Central Zone hosts an ophiolite complex, featuring mafic and ultramafic rocks intercalated with fine-grained sandstone units. Northern Zone is composed of intermediate to mafic volcanic and intrusive rocks, alternating with conglomerates. Grab sample results in the Far East block have identified some high-grade grab Ag-Cu, and Au, along with many precious metal anomalies, indicating a strong mineralization potential within 20km from the Zgounder deposit.

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**Figure 2:** Surface Map of Zgounder Property with New Exploration Licences

![figure2surfacemapofzgounde.jpg](figure2surfacemapofzgounde.jpg)

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**Figure 3:** Surface Map of Zgounder Far East with Exploration Drill Program

![figure3surfacemapofzgounde.jpg](figure3surfacemapofzgounde.jpg)

------

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

------

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "expand", "advance", "confirm", "potential", "significant", "confidence", "expansion", "steady", "enhance" ,and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to significantly increase high-grade ounces within and near the open pit area, expanding open-pit operations in the near term, enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise. 

------

**Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length (m)\*** | **Ag x width** |
| | | | **(g/t)** | | |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| DZG-SF-24-296 | 46.5 | 48.0 | 108 | 1.5 | 162 |
| DZG-SF-25-589 | 5.2 | 8.0 | 104 | 2.8 | 291 |
| DZG-SF-25-590 | 2.7 | 3.2 | 76 | 0.5 | 38 |
| DZG-SF-25-590 | 6.5 | 8.4 | 94 | 1.9 | 179 |
| DZG-SF-25-591 | 4.0 | 5.5 | 77 | 1.5 | 116 |
| DZG-SF-25-592 | 2.0 | 5.5 | 438 | 3.5 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 2.0 | 2.5 | 2410 | 0.5 | 1205 |
| DZG-SF-25-593 | 31.5 | 35.0 | 749 | 3.5 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 31.5 | 33.0 | 1610 | 1.5 | 2415 |
| DZG-SF-25-601 | 4.2 | 5.5 | 138 | 1.3 | 179 |
| DZG-SF-25-601 | 27.5 | 28.5 | 906 | 1.0 | 906 |
| DZG-SF-25-604 | 24.5 | 27.5 | 191 | 3.0 | 572 |
| DZG-SF-25-610 | 14.0 | 15.5 | 97 | 1.5 | 146 |
| DZG-SF-25-610 | 24.0 | 25.0 | 198 | 1.0 | 198 |
| DZG-SF-25-611 | 15.9 | 19.0 | 244 | 3.1 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 15.0 | 16.0 | 420 | 1.0 | 420 |
| DZG-SF-25-628 | 4.3 | 5.3 | 90 | 1.0 | 90 |
| DZG-SF-25-628 | 56.0 | 57.0 | 101 | 1.0 | 101 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-283 | 0.0 | 1.0 | 88 | 1.0 | 88 |
| ZG-RC-24-288 | 11.0 | 13.0 | 190 | 2.0 | 380 |
| ZG-RC-24-303 | 22.0 | 28.0 | 1970 | 6.0 | 11820 |
| ZG-RC-24-425 | 23.0 | 24.0 | 196 | 1.0 | 196 |
| ZG-RC-24-425 | 51.0 | 55.0 | 123 | 4.0 | 492 |
| ZG-RC-24-427 | 1.0 | 2.0 | 92 | 1.0 | 92 |
| ZG-RC-24-434 | 0.0 | 11.0 | 305 | 11.0 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 2.0 | 3.0 | 1348 | 1.0 | 1348 |
| ZG-RC-24-440 | 21.0 | 23.0 | 1214 | 2.0 | 2428 |
| ZG-RC-24-446 | 10.0 | 16.0 | 97 | 6.0 | 580 |
| ZG-RC-24-446 | 18.0 | 19.0 | 112 | 1.0 | 112 |
| ZG-SF-23-040 | 42.0 | 43.0 | 84 | 1.0 | 84 |
| ZG-SF-23-070 | 62.5 | 63.5 | 138 | 1.0 | 138 |
| ZG-SF-24-210 | 114.0 | 117.0 | 84 | 3.0 | 252 |
| ZG-SF-24-210 | 121.0 | 122.5 | 99 | 1.5 | 149 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-SF-25-293 | 69.5 | 70.0 | 1012 | 0.5 | 506 |
| ZG-SF-25-298 | 82.0 | 83.0 | 112 | 1.0 | 112 |
| ZG-SF-25-304 | 216.5 | 218.0 | 93 | 1.5 | 140 |
| ZG-SF-25-304 | 277.0 | 278.0 | 80 | 1.0 | 80 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-528 | 7.2 | 16.8 | 107 | 9.6 | 1027 |
| T28-24-557 | 4.8 | 6.0 | 100 | 1.2 | 120 |
| T28-24-557 | 7.2 | 8.4 | 216 | 1.2 | 259 |
| T28-24-557 | 14.4 | 16.8 | 119 | 2.4 | 286 |
| T28-24-557 | 19.2 | 21.6 | 152 | 2.4 | 365 |
| T28-24-557 | 22.8 | 24.0 | 100 | 1.2 | 120 |
| T28-24-562 | 6.0 | 13.2 | 259 | 7.2 | 1862 |
| T28-24-562 | 18.0 | 25.2 | 134 | 7.2 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 18.0 | 19.2 | 476 | 1.2 | 571 |
| T28-24-563 | 18.0 | 20.4 | 104 | 2.4 | 250 |
| T28-24-563 | 22.8 | 24.0 | 80 | 1.2 | 96 |
| T28-24-564 | 19.2 | 25.2 | 106 | 6.0 | 634 |
| T28-25-690 | 18.0 | 19.2 | 111 | 1.2 | 133 |
| T28-25-693 | 3.6 | 4.8 | 100 | 1.2 | 120 |
| T28-25-700 | 25.2 | 26.4 | 348 | 1.2 | 418 |
| T28-25-704 | 18.0 | 19.2 | 250 | 1.2 | 300 |
| T28-25-704 | 24.0 | 25.2 | 77 | 1.2 | 92 |
| T28-25-706 | 0.0 | 7.2 | 221 | 7.2 | 1594 |
| T28-25-707 | 0.0 | 2.4 | 256 | 2.4 | 614 |
| T28-25-709 | 9.6 | 10.8 | 86 | 1.2 | 103 |
| T28-25-730 | 0.0 | 4.8 | 358 | 4.8 | 1718 |
| T28-25-730 | 7.2 | 8.4 | 76 | 1.2 | 91 |
| T28-25-731 | 0.0 | 1.2 | 108 | 1.2 | 130 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-206 | 7.2 | 10.8 | 275 | 3.6 | 991 |
| YAK-25-302 | 6.0 | 8.4 | 110 | 2.4 | 263 |
| YAK-25-306 | 14.4 | 25.2 | 210 | 10.8 | 2269 |
| YAK-25-309 | 10.8 | 12.0 | 166 | 1.2 | 199 |
| YAK-25-315 | 0.0 | 3.6 | 592 | 3.6 | 2131 |
| YAK-25-315 | 15.6 | 18.0 | 131 | 2.4 | 313 |
| YAK-25-315 | 19.2 | 20.4 | 80 | 1.2 | 96 |
| YAK-25-316 | 30.0 | 32.4 | 850 | 2.4 | 2039 |

---

*\* True width is undetermined at this stage.*

## Exhibit 99.60

**Exhibit 99.60**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogo10.jpg](ayalogo10.jpg) |

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Aya Gold & Silver Reports High-Grade Boumadine Exploration Results, Expands Imariren to 1km and Identifies New High-Grade Asirem Zone to the West

**Montreal, Quebec, July 7, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce new high-grade drill exploration results from its 2025 program at Boumadine in the Kingdom of Morocco. Today's results also extend the Imariren mineralized trend to 1 kilometer ("km") and confirm high-grade continuity along the Boumadine Main Trend. In addition, Aya is pleased to announce that it has identified a new mineralized high-grade at-surface zone to the west.

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&nbsp;&nbsp;&nbsp;&nbsp;**Highlights**<sup>1</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;• **New prospective high-grade Asirem zone identified to the west of Boumadine Main Trend, with grab samples including 3.34 grams per tonne ("g/t") gold ("Au") and 4.0% copper ("Cu").**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High-grade intercepts on the Boumadine Main Trend (5.4km):**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-MP25-038** intercepted 258 g/t silver equivalent ("AgEq") over 3.3 meter ("m") (2.85 g/t Au, 27 g/t silver ("Ag"), 0.1% zinc ("Zn"), 1.0% lead ("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)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-MP25-028** 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)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **High-grade intercepts on the Tizi Zone (2km):**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-547** intercepted 248 g/t AgEq over 9.0m (0.42 g/t Au, 80 g/t Ag, 3.6% Zn, 1.8% Pb and 0.04% Cu)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD24-540** intercepted 480 g/t AgEq over 2.0m (3.27 g/t Au, 53 g/t Ag, 1.1% Zn, 5.2% Pb and 0.2% Cu)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Extension of Imariren strike length to 1km:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-503** 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)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-529** 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)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Completed 79,732m of drilling at Boumadine year-to-date in 2025.**<br>

*1. All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.*

**"We are excited to have identified the new Asirem gold-copper zone at surface to the west of the Boumadine Main Trend — a new prospective target that highlights Boumadine's potential to become a large-scale, high-grade project,"** said Benoit La Salle, President & CEO. **"We are well positioned to quickly drill test this new regional target, and the structure can now be traced to the west over 9km. In addition, high-grade holes BOU-MP25-038 and BOU-MP25-028 confirm strong continuity of the Boumadine Main Trend at depth, while hole BOU-**

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**DD25-529 extends the footprint south at Imariren. With over 8.4km of mineralized strike length, we continue to demonstrate Boumadine's significant resource growth potential."**

**Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | | | | | | | | | | |
| **DDH No.** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| **BOU-DD25-503** | 224.2 | 225.2 | 9.92 | 49 | 1.0 | 0.1 | 0.2 | 1.6 | 6 | 876 |
| **BOU-DD25-529** | 134.4 | 136.4 | 3.66 | 52 | 2.0 | 0.0 | 0.5 | 0.5 | 5 | 365 |
| BOU-DD25-533 | 204.3 | 207.7 | 1.18 | 61 | 3.4 | 0.2 | 0.1 | 3.7 | 13 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 206.1 | 207.7 | 2.19 | 87 | 1.6 | 0.3 | 0.2 | 5.9 | 13 | 436 |
| BOU-DD25-537 | 119.9 | 124.3 | 1.46 | 30 | 4.4 | 0.0 | 0.2 | 0.8 | 119 | 174 |
| **BOU-DD25-540** | 69.0 | 71.0 | 3.27 | 53 | 2.0 | 0.2 | 5.2 | 1.1 | 3 | 480 |
| **BOU-DD25-547** | 117.0 | 126.0 | 0.42 | 80 | 9.0 | 0.0 | 1.8 | 3.6 | 5 | 248 |
| BOU-MP25-026 | 238.5 | 243.2 | 0.58 | 36 | 4.7 | 0.1 | 1.3 | 7.2 | 12 | 296 |
| **BOU-MP25-028** | 392.1 | 396.4 | 3.27 | 19 | 4.3 | 0.1 | 0.1 | 0.3 | 8 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 392.1 | 394.2 | 5.46 | 26 | 2.1 | 0.1 | 0.1 | 0.0 | 10 | 460 |
| BOU-MP25-031 | 279.1 | 282.0 | 2.47 | 21 | 2.9 | 0.1 | 0.2 | 0.7 | 7 | 242 |
| **BOU-MP25-038** | 437.7 | 441.0 | 2.85 | 27 | 3.3 | 0.0 | 0.1 | 0.1 | 2 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including | 437.7 | 439.0 | 6.13 | 65 | 1.3 | 0.1 | 0.2 | 0.3 | 2 | 563 |
| **BOU-MP25-039** | 521.0 | 525.0 | 2.86 | 13 | 4.0 | 0.0 | 0.1 | 0.2 | 1 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including | 521.0 | 523.0 | 3.91 | 19 | 2.0 | 0.1 | 0.1 | 0.4 | 1 | 339 |
| BOU-MP25-042 | 194.0 | 196.0 | 2.82 | 31 | 2.0 | 0.1 | 0.7 | 1.9 | 7 | 322 |

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 *\* True width remains undetermined at this stage; all values are uncut.*

*\*\* Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*

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**Figure 1 -** Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2025 Drill Holes

![figure1f.jpg](figure1f.jpg)

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**Figure 2 -** Boumadine Property Surface Plan with 2025 Drill Holes

![figure2c.jpg](figure2c.jpg)

**2025 Exploration Results** 

This year, 148 diamond drill holes ("DDH"), 31 reverse circulation holes ("RC") and 15 multi-purpose drill holes ("MP") totaling 79,732m have been completed at Boumadine (Figure 1, Figure 2 and Appendix 2). Drilling was conducted on strike along the Main Trend (North Zones), Tizi, Imariren as well as on some regional targets. The majority of results have been received for drill holes up to BOU-DD25-557 (Table 1, Figure 3, and Appendix 1).

Results received so far in 2025, including holes BOU-MP25-038 and BOU-MP25-028, confirm the high-grade continuity of the Main Trend, which remains open in all directions. Today's results, with BOU-DD25-529 and BOU-DD25-547, also confirm the continuity of the Tizi Zone and extend Imariren mineralization to 1.0km. The Imariren and Tizi zones also remain open in all directions.

The main mineralization generally measures 1m to 4m wide (locally reaching over a 10m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

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Figures 4 and 5 shows the newly receive grab results on the western most permit, recently acquired. Strong gold and copper results helped identify the new Asirem high-grade mineralization at-surface, which will be test drilled in the coming months. The Au-Cu anomalies coincide with a strong N080 geophysical feature and a regional fault. This major structure can be traced for over 9km within our new western exploration permits.

**Figure 3 –** Surface Plan of Boumadine North, Imariren and Tizi Zones with New DDH Results

![figure3c.jpg](figure3c.jpg)

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**Figure 4 –** Surface Map of Boumadine Property with Simplified Geology and Au Grab Results

![image_3c.jpg](image_3c.jpg)

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**Figure 5 –** Surface Map of Boumadine Property with Simplified Geology and Cu Grab Results

![image_4c.jpg](image_4c.jpg)

**Next Steps**

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km, the Tizi Zone, which currently extends 2.0km and the Imariren Zone, with a current extension of 1.0km; the three trends remain open in all directions. Currently, the Corporation has mobilized drill rigs to complete the 100,000m to 140,000m drilling program. Half of the drilling will focus along the Main Trend, Imariren and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment. The remaining 50% will focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. The results from ongoing geology work will determine additional development work.

**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for

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Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every meter in some chip trays stored on site. A split samples representing 1/16<sup>th</sup>, ranging from 2 to 4 kilogram is sent for preparation and assaying to Afrilab in Marrakech, Morocco.

All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com or contact:** 

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "expand", "Identify", "extend", "confirm", "prospective", "target", potential", "become", "position", "continue", "potential", "to complete", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such

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forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the (1) confirmation of high-grade continuity along the Boumadine Main Trend and the extension of the Imariren mineralized trend to 1 kilometer; (2) identification of a new mineralized high-grade at-surface zone to the west for potential future exploration; (3) identification of the new prospective high-grade Asirem zone to the west of Boumadine Main Trend for potential future exploration; (4) identification of the Asirem gold-copper zone as a new prospective target; (5) potential of Boumadine to become a large-scale, high-grade project; (6) intention and readiness to quickly drill test the newly identified Asirem regional target; (7) mineralized structure at Boumadine to be traced over 9 kilometers, supporting future exploration potential; (8) continued demonstration of Boumadine's significant resource growth potential; (9) high-grade continuity within the Main Trend and its continued potential for extension, as it remains open in all directions; (10) continuity in the Tizi Zone and the extension of mineralization at Imariren to 1.0 km; (11) potential for continued extension and exploration at the Tizi and Imariren zones, which remain open in all directions; (12) identification of the new Asirem high-grade surface mineralization; (13) intention to drill test the new Asirem high-grade surface mineralization in the coming months; (14) major mineralized structure to be traced for over 9 kilometers within the newly acquired western exploration permits, supporting future exploration potential; (15) potential to expand the Boumadine Main Trend, Tizi Zone, and Imariren Zone, all of which remain open in all directions; (16) execution of the planned 100,000 to 140,000 meter drilling program at Boumadine; (17) continuation and success of the exploration program, including the extension of mineralization; (18) advancement of the project toward a preliminary economic assessment; (19) focus of future drilling on greenfield exploration and testing of geological hypotheses and targets generated over the past three years; (20) expectation that ongoing geological work will guide and determine further development activities. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors,

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such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at **www.sedarplus.ca**. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

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**Appendix 1 –** Full Drill Results from Boumadine (core lengths)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | | | | | | | | | | |
| **DDH No.** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD25-492 | 0.0 | 666.0 | 0.00 | 0 | 666.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-495 | 258.9 | 259.5 | 0.03 | 47 | 0.6 | 0.6 | 0.0 | 0.1 | 9 | 102 |
| BOU-DD25-499 | 0.0 | 705.0 | 0.00 | 0 | 705.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-503 | 224.2 | 225.2 | 9.92 | 49 | 1.0 | 0.1 | 0.2 | 1.6 | 6 | 876 |
| BOU-DD25-507 | 28.0 | 29.4 | 1.18 | 20 | 1.4 | 0.0 | 0.4 | 2.0 | 14 | 171 |
| BOU-DD25-523 | 0.0 | 183.0 | 0.00 | 0 | 183.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-527 | 129.4 | 131.3 | 0.73 | 26 | 1.9 | 0.1 | 0.2 | 0.3 | 2 | 99 |
| BOU-DD25-529 | 103.0 | 104.0 | 1.41 | 14 | 1.0 | 0.0 | 0.1 | 0.1 | 6 | 131 |
| BOU-DD25-529 | 105.9 | 108.2 | 1.42 | 6 | 2.3 | 0.0 | 0.3 | 0.5 | 4 | 142 |
| BOU-DD25-529 | 134.4 | 136.4 | 3.66 | 52 | 2.0 | 0.0 | 0.5 | 0.5 | 5 | 365 |
| BOU-DD25-532 | 43.6 | 44.4 | 3.32 | 32 | 0.8 | 0.0 | 0.1 | 0.2 | 16 | 299 |
| BOU-DD25-532 | 51.0 | 52.0 | 0.09 | 81 | 1.0 | 0.1 | 0.2 | 3.5 | 2 | 187 |
| BOU-DD25-532 | 165.3 | 165.8 | 1.22 | 11 | 0.5 | 0.2 | 0.1 | 0.4 | 2 | 135 |
| BOU-DD25-532 | 169.4 | 171.2 | 0.64 | 12 | 1.8 | 0.0 | 0.1 | 0.4 | 2 | 77 |
| BOU-DD25-532 | 189.0 | 190.0 | 0.89 | 6 | 1.0 | 0.0 | 0.3 | 1.3 | 3 | 114 |
| BOU-DD25-533 | 204.3 | 207.7 | 1.18 | 61 | 3.4 | 0.2 | 0.1 | 3.7 | 13 | 266 |
| Including | 206.1 | 207.7 | 2.19 | 87 | 1.6 | 0.3 | 0.2 | 5.9 | 13 | 436 |
| BOU-DD25-534 | 0.0 | 114.0 | 0.00 | 0 | 114.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-535 | 230.5 | 231.5 | 0.48 | 9 | 1.0 | 0.0 | 0.2 | 0.8 | 1 | 72 |
| BOU-DD25-537 | 65.6 | 70.0 | 0.92 | 29 | 4.4 | 0.1 | 0.1 | 0.4 | 6 | 118 |
| BOU-DD25-537 | 104.2 | 104.8 | 0.33 | 44 | 0.6 | 0.0 | 1.2 | 1.5 | 4 | 135 |
| BOU-DD25-537 | 108.5 | 109.0 | 0.24 | 42 | 0.5 | 0.0 | 0.5 | 1.0 | 8 | 102 |
| BOU-DD25-537 | 119.9 | 124.3 | 1.46 | 30 | 4.4 | 0.0 | 0.2 | 0.8 | 119 | 174 |
| BOU-DD25-538 | 203.5 | 204.3 | 0.23 | 74 | 0.8 | 0.1 | 0.2 | 1.7 | 2 | 147 |
| BOU-DD25-538 | 264.0 | 266.0 | 0.66 | 5 | 2.0 | 0.0 | 0.0 | 0.0 | 2 | 60 |
| BOU-DD25-539 | 80.2 | 81.0 | 0.90 | 1 | 0.8 | 0.0 | 1.1 | 1.1 | 7 | 128 |
| BOU-DD25-539 | 85.7 | 86.3 | 0.89 | 373 | 0.6 | 0.3 | 0.5 | 13.7 | 4 | 816 |
| BOU-DD25-539 | 113.0 | 113.9 | 0.46 | 11 | 0.9 | 0.0 | 0.4 | 1.1 | 2 | 86 |
| BOU-DD25-540 | 69.0 | 71.0 | 3.27 | 53 | 2.0 | 0.2 | 5.2 | 1.1 | 3 | 480 |
| BOU-DD25-540 | 164.2 | 165.1 | 0.90 | 11 | 0.9 | 0.1 | 0.0 | 0.1 | 8 | 93 |
| BOU-DD25-540 | 330.5 | 331.5 | 2.59 | 332 | 1.0 | 0.3 | 0.7 | 0.2 | 2 | 582 |
| BOU-DD25-541 | 111.8 | 112.9 | 0.78 | 52 | 1.1 | 0.0 | 0.2 | 1.5 | 9 | 159 |
| BOU-DD25-541 | 133.5 | 134.2 | 2.16 | 1 | 0.7 | 0.0 | 0.2 | 0.2 | 114 | 184 |
| BOU-DD25-541 | 165.7 | 166.3 | 1.02 | 3 | 0.6 | 0.1 | 0.1 | 0.1 | 1 | 93 |
| BOU-DD25-541 | 255.7 | 256.5 | 0.93 | 1 | 0.8 | 0.0 | 0.2 | 0.4 | 1 | 89 |
| BOU-DD25-542 | 22.4 | 23.0 | 0.84 | 13 | 0.6 | 0.0 | 0.3 | 0.3 | 20 | 96 |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-542 | 36.0 | 37.0 | 0.87 | 1 | 1.0 | 0.0 | 0.3 | 0.4 | 5 | 86 |
| BOU-DD25-542 | 177.3 | 179.0 | 0.80 | 1 | 1.7 | 0.0 | 0.3 | 0.5 | 14 | 86 |
| BOU-DD25-542 | 182.0 | 183.0 | 0.66 | 1 | 1.0 | 0.0 | 0.4 | 0.6 | 12 | 76 |
| BOU-DD25-543 | 200.0 | 201.0 | 0.68 | 6 | 1.0 | 0.0 | 1.0 | 1.6 | 4 | 124 |
| BOU-DD25-543 | 223.0 | 224.0 | 0.48 | 11 | 1.0 | 0.0 | 0.6 | 1.5 | 2 | 103 |
| BOU-DD25-544 | 31.9 | 44.2 | 0.31 | 60 | 12.3 | 0.0 | 1.1 | 1.9 | 4 | 161 |
| BOU-DD25-544 | 55.0 | 56.0 | 0.38 | 35 | 1.0 | 0.0 | 0.7 | 1.9 | 1 | 130 |
| BOU-DD25-545 | 130.8 | 131.8 | 0.60 | 32 | 1.0 | 0.2 | 1.2 | 3.2 | 14 | 205 |
| BOU-DD25-545 | 134.2 | 136.6 | 0.52 | 25 | 2.4 | 0.2 | 0.9 | 1.1 | 5 | 127 |
| BOU-DD25-545 | 177.8 | 178.5 | 0.46 | 23 | 0.7 | 0.1 | 1.3 | 2.9 | 6 | 170 |
| BOU-DD25-545 | 242.0 | 244.4 | 1.48 | 23 | 2.4 | 0.2 | 0.6 | 1.5 | 6 | 206 |
| BOU-DD25-545 | 368.4 | 369.3 | 0.50 | 16 | 0.9 | 0.0 | 0.1 | 1.2 | 1 | 88 |
| BOU-DD25-546 | 22.1 | 22.8 | 0.95 | 37 | 0.7 | 0.1 | 1.1 | 7.1 | 11 | 320 |
| BOU-DD25-546 | 41.7 | 42.6 | 0.38 | 21 | 0.9 | 0.0 | 0.5 | 1.2 | 4 | 91 |
| BOU-DD25-546 | 57.0 | 59.7 | 0.57 | 53 | 2.7 | 0.0 | 1.8 | 1.8 | 6 | 189 |
| BOU-DD25-546 | 62.4 | 63.3 | 0.45 | 26 | 0.9 | 0.0 | 1.2 | 1.8 | 9 | 137 |
| BOU-DD25-546 | 79.4 | 82.1 | 0.55 | 78 | 2.7 | 0.1 | 1.6 | 1.8 | 7 | 209 |
| BOU-DD25-547 | 69.3 | 73.0 | 0.72 | 22 | 3.7 | 0.0 | 0.3 | 0.7 | 4 | 106 |
| BOU-DD25-547 | 86.3 | 86.8 | 0.20 | 69 | 0.5 | 0.0 | 0.4 | 1.5 | 3 | 134 |
| BOU-DD25-547 | 97.8 | 98.6 | 0.74 | 26 | 0.8 | 0.0 | 0.5 | 1.0 | 2 | 123 |
| BOU-DD25-547 | 117.0 | 126.0 | 0.42 | 80 | 9.0 | 0.0 | 1.8 | 3.6 | 5 | 248 |
| BOU-DD25-548 | 0.0 | 294.0 | 0.00 | 0 | 294.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-DD25-549 | 176.5 | 184.0 | 0.40 | 38 | 7.5 | 0.0 | 0.8 | 0.9 | 4 | 112 |
| BOU-DD25-549 | 186.0 | 187.7 | 0.32 | 34 | 1.7 | 0.0 | 1.5 | 3.2 | 8 | 176 |
| BOU-DD25-550 | 40.2 | 40.8 | 0.44 | 82 | 0.6 | 0.0 | 0.7 | 1.6 | 13 | 173 |
| BOU-DD25-551 | 95.5 | 100.0 | 0.47 | 36 | 4.5 | 0.0 | 0.8 | 1.0 | 8 | 116 |
| BOU-DD25-552 | 54.6 | 55.9 | 1.19 | 21 | 1.3 | 0.0 | 0.2 | 0.2 | 3 | 128 |
| BOU-DD25-552 | 123.4 | 124.1 | 0.41 | 19 | 0.7 | 0.0 | 0.1 | 0.4 | 6 | 64 |
| BOU-DD25-552 | 161.5 | 163.0 | 1.01 | 13 | 1.5 | 0.0 | 0.2 | 0.5 | 14 | 110 |
| BOU-DD25-552 | 166.6 | 168.1 | 0.69 | 117 | 1.5 | 0.0 | 1.8 | 2.7 | 8 | 282 |
| BOU-DD25-553 | 102.1 | 102.9 | 0.28 | 30 | 0.8 | 0.0 | 0.2 | 0.7 | 4 | 75 |
| BOU-DD25-553 | 286.3 | 287.8 | 0.73 | 108 | 1.5 | 0.3 | 2.2 | 4.8 | 3 | 361 |
| BOU-DD25-554 | 222.0 | 223.9 | 0.58 | 58 | 1.9 | 0.1 | 1.4 | 2.6 | 6 | 207 |
| BOU-DD25-554 | 224.9 | 226.5 | 0.29 | 34 | 1.6 | 0.0 | 0.9 | 1.6 | 9 | 119 |
| BOU-DD25-555 | 171.8 | 172.8 | 0.54 | 9 | 1.0 | 0.0 | 0.0 | 0.1 | 10 | 55 |
| BOU-DD25-556 | 24.7 | 30.5 | 1.73 | 2 | 5.8 | 0.0 | 0.0 | 0.1 | 12 | 141 |
| BOU-DD25-556 | 45.1 | 46.1 | 0.06 | 122 | 1.0 | 0.0 | 0.1 | 0.3 | 32 | 136 |
| BOU-DD25-557 | 212.0 | 213.0 | 0.40 | 25 | 1.0 | 0.0 | 0.0 | 0.1 | 2 | 60 |
| BOU-DD25-557 | 214.7 | 215.2 | 6.38 | 126 | 0.5 | 0.1 | 1.8 | 0.7 | 3 | 697 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-557 | 222.2 | 222.8 | 2.30 | 21 | 0.6 | 0.0 | 0.4 | 1.0 | 1 | 236 |
| BOU-DD25-557 | 234.3 | 235.0 | 1.35 | 27 | 0.7 | 0.1 | 0.6 | 1.8 | 3 | 196 |
| BOU-DD25-557 | 246.3 | 247.0 | 2.52 | 30 | 0.7 | 0.2 | 0.4 | 0.7 | 5 | 273 |
| BOU-DD25-557 | 258.7 | 259.9 | 1.99 | 20 | 1.2 | 0.0 | 0.5 | 0.9 | 17 | 210 |
| BOU-DD25-557 | 266.6 | 268.4 | 2.32 | 34 | 1.8 | 0.1 | 0.1 | 0.1 | 5 | 231 |
| BOU-DD25-557 | 270.5 | 271.0 | 1.71 | 29 | 0.5 | 0.1 | 0.1 | 0.2 | 6 | 181 |
| BOU-DD25-560 | 82.0 | 83.0 | 1.19 | 9 | 1.0 | 0.0 | 0.0 | 0.0 | 10 | 104 |
| BOU-DD25-560 | 90.3 | 91.0 | 1.19 | 9 | 0.7 | 0.0 | 0.0 | 0.0 | 9 | 103 |
| BOU-MP25-024 | 0.0 | 200.0 | 0.00 | 0 | 200.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| BOU-MP25-025 | 151.0 | 152.0 | 0.06 | 57 | 1.0 | 0.0 | 0.6 | 2.5 | 16 | 138 |
| BOU-MP25-025 | 164.0 | 165.0 | 0.40 | 17 | 1.0 | 0.0 | 0.1 | 0.5 | 13 | 63 |
| BOU-MP25-026 | 13.0 | 14.0 | 0.80 | 5 | 1.0 | 0.0 | 0.6 | 0.1 | 14 | 86 |
| BOU-MP25-026 | 238.5 | 243.2 | 0.58 | 36 | 4.7 | 0.1 | 1.3 | 7.2 | 12 | 296 |
| BOU-MP25-026 | 252.0 | 254.0 | 0.47 | 16 | 2.0 | 0.0 | 1.1 | 1.2 | 15 | 115 |
| BOU-MP25-026 | 317.0 | 318.0 | 1.12 | 2 | 1.0 | 0.0 | 0.1 | 0.1 | 2 | 96 |
| BOU-MP25-026 | 326.0 | 327.0 | 1.53 | 4 | 1.0 | 0.0 | 0.1 | 0.4 | 2 | 137 |
| BOU-MP25-028 | 392.1 | 396.4 | 3.27 | 19 | 4.3 | 0.1 | 0.1 | 0.3 | 8 | 286 |
| Including | 392.1 | 394.2 | 5.46 | 26 | 2.1 | 0.1 | 0.1 | 0.0 | 10 | 460 |
| BOU-MP25-029 | 69.0 | 70.0 | 0.39 | 20 | 1.0 | 0.0 | 1.1 | 0.4 | 25 | 90 |
| BOU-MP25-031 | 275.0 | 276.3 | 0.47 | 31 | 1.3 | 0.0 | 0.4 | 0.9 | 6 | 100 |
| BOU-MP25-031 | 279.1 | 282.0 | 2.47 | 21 | 2.9 | 0.1 | 0.2 | 0.7 | 7 | 242 |
| BOU-MP25-034 | 191.0 | 192.0 | 0.53 | 12 | 1.0 | 0.0 | 0.4 | 0.7 | 6 | 83 |
| BOU-MP25-034 | 497.0 | 498.0 | 0.75 | 12 | 1.0 | 0.0 | 0.2 | 0.6 | 1 | 92 |
| BOU-MP25-036 | 312.3 | 313.0 | 0.87 | 19 | 0.7 | 0.0 | 0.7 | 1.3 | 3 | 137 |
| BOU-MP25-036 | 618.2 | 618.9 | 1.38 | 30 | 0.7 | 0.1 | 0.1 | 1.4 | 7 | 183 |
| BOU-MP25-036 | 646.8 | 647.5 | 1.34 | 11 | 0.7 | 0.1 | 0.1 | 1.4 | 8 | 161 |
| BOU-MP25-036 | 721.2 | 722.3 | 1.45 | 33 | 1.1 | 0.1 | 0.0 | 0.1 | 1 | 157 |
| BOU-MP25-037 | 733.6 | 734.4 | 3.52 | 10 | 0.8 | 0.0 | 0.1 | 0.2 | 1 | 293 |
| BOU-MP25-038 | 437.7 | 441.0 | 2.85 | 27 | 3.3 | 0.0 | 0.1 | 0.1 | 2 | 258 |
| Including | 437.7 | 439.0 | 6.13 | 65 | 1.3 | 0.1 | 0.2 | 0.3 | 2 | 563 |
| BOU-MP25-038 | 453.9 | 457.6 | 1.66 | 2 | 3.7 | 0.0 | 0.0 | 0.2 | 4 | 139 |
| BOU-MP25-038 | 907.6 | 908.3 | 3.29 | 84 | 0.7 | 0.2 | 0.6 | 1.4 | 5 | 408 |
| BOU-MP25-039 | 164.0 | 166.0 | 0.24 | 161 | 2.0 | 0.0 | 0.2 | 0.3 | 5 | 192 |
| BOU-MP25-039 | 419.4 | 420.1 | 0.52 | 16 | 0.7 | 0.0 | 0.1 | 1.5 | 7 | 101 |
| BOU-MP25-039 | 466.0 | 467.0 | 0.97 | 12 | 1.0 | 0.1 | 0.6 | 1.2 | 14 | 136 |
| BOU-MP25-039 | 521.0 | 525.0 | 2.86 | 13 | 4.0 | 0.0 | 0.1 | 0.2 | 1 | 246 |
| Including | 521.0 | 523.0 | 3.91 | 19 | 2.0 | 0.1 | 0.1 | 0.4 | 1 | 339 |
| BOU-MP25-039 | 565.0 | 565.6 | 0.61 | 26 | 0.6 | 0.1 | 0.7 | 2.4 | 2 | 154 |
| BOU-MP25-039 | 604.2 | 604.7 | 0.42 | 25 | 0.5 | 0.1 | 0.9 | 1.4 | 1 | 119 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-040 | 413.5 | 415.4 | 0.89 | 25 | 1.9 | 0.0 | 0.3 | 0.8 | 14 | 126 |
| BOU-MP25-040 | 568.8 | 569.6 | 0.03 | 77 | 0.8 | 0.2 | 5.9 | 2.8 | 4 | 308 |
| BOU-MP25-040 | 571.6 | 572.5 | 0.03 | 77 | 0.9 | 0.0 | 0.2 | 0.4 | 6 | 95 |
| BOU-MP25-040 | 574.3 | 576.9 | 1.94 | 26 | 2.6 | 0.1 | 0.8 | 0.6 | 3 | 218 |
| BOU-MP25-041 | 70.0 | 71.0 | 0.39 | 20 | 1.0 | 0.0 | 1.4 | 1.4 | 27 | 120 |
| BOU-MP25-041 | 81.0 | 83.0 | 0.90 | 15 | 2.0 | 0.0 | 0.9 | 1.1 | 30 | 138 |
| BOU-MP25-041 | 114.0 | 115.0 | 0.47 | 16 | 1.0 | 0.1 | 0.4 | 2.6 | 9 | 130 |
| BOU-MP25-041 | 116.0 | 120.0 | 0.69 | 19 | 4.0 | 0.0 | 0.6 | 2.3 | 7 | 148 |
| BOU-MP25-041 | 121.0 | 122.0 | 0.52 | 10 | 1.0 | 0.0 | 0.1 | 0.1 | 7 | 56 |
| BOU-MP25-041 | 487.0 | 487.5 | 1.77 | 30 | 0.5 | 0.1 | 0.5 | 1.7 | 1 | 228 |
| BOU-MP25-041 | 621.5 | 622.4 | 0.72 | 33 | 0.9 | 0.3 | 0.3 | 0.3 | 18 | 128 |
| BOU-MP25-041 | 626.0 | 626.5 | 0.50 | 64 | 0.5 | 0.1 | 1.3 | 1.9 | 6 | 193 |
| BOU-MP25-041 | 644.6 | 645.1 | 2.50 | 45 | 0.5 | 0.1 | 0.5 | 3.4 | 1 | 347 |
| BOU-MP25-041 | 648.6 | 649.1 | 4.86 | 20 | 0.5 | 0.0 | 0.7 | 1.6 | 1 | 458 |
| BOU-MP25-042 | 189.0 | 190.0 | 0.51 | 8 | 1.0 | 0.0 | 0.9 | 1.0 | 9 | 96 |
| BOU-MP25-042 | 194.0 | 196.0 | 2.82 | 31 | 2.0 | 0.1 | 0.7 | 1.9 | 7 | 322 |
| BOU-MP25-042 | 776.4 | 776.9 | 0.80 | 6 | 0.5 | 0.1 | 0.5 | 0.4 | 20 | 100 |

---

*\* True width remains undetermined at this stage; all values are uncut.*

**\*\*** *Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag*.

------

**Appendix 2 –** New Drillhole Coordinates of 2025 Boumadine Exploration Program (completed holes)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD25-596 | 305278 | 3473693 | 1245 | 180 | -50 | 156 |
| BOU-DD25-597 | 305278 | 3473774 | 1240 | 180 | -50 | 168 |
| BOU-DD25-598 | 305278 | 3473868 | 1252 | 180 | -50 | 216 |
| BOU-DD25-599 | 317536 | 3476276 | 1212 | 250 | -50 | 820 |
| BOU-DD25-600 | 305278 | 3473946 | 1249 | 180 | -50 | 237 |
| BOU-DD25-601 | 304208 | 3473224 | 1349 | 180 | -50 | 153 |
| BOU-DD25-602 | 317338 | 3476969 | 1201 | 250 | -50 | 846 |
| BOU-DD25-603 | 304208 | 3473316 | 1320 | 180 | -50 | 330 |
| BOU-DD25-606 | 317171 | 3475739 | 1250 | 250 | -50 | 543 |
| BOU-MP25-070 | 317700 | 3476451 | 1208 | 250 | -55 | 102 |
| BOU-MP25-071 | 317612 | 3476303 | 1209 | 250 | -55 | 126 |
| BOU-MP25-072 | 317631 | 3476114 | 1231 | 250 | -55 | 200 |
| BOU-MP25-073 | 317440 | 3476157 | 1213 | 245 | -55 | 36 |
| BOU-MP25-074 | 317440 | 3476157 | 1213 | 245 | -55 | 36 |
| BOU-MP25-075 | 317385 | 3474168 | 1286 | 65 | -50 | 12 |
| BOU-MP25-076 | 317385 | 3474168 | 1286 | 65 | -55 | 84 |
| BOU-MP25-077 | 317316 | 3474143 | 1273 | 65 | -55 | 102 |
| BOU-MP25-078 | 317700 | 3476451 | 1208 | 250 | -50 | 12 |
| BOU-RC25-028 | 317142 | 3476181 | 1218 | 250 | -55 | 192 |
| BOU-RC25-029 | 317104 | 3476167 | 1219 | 250 | -55 | 156 |
| BOU-RC25-030 | 317065 | 3476153 | 1223 | 250 | -55 | 200 |
| BOU-RC25-031 | 332555 | 3487943 | 1033 | 315 | -50 | 192 |
| BOU-RC25-032 | 332337 | 3487819 | 1039 | 135 | -50 | 200 |
| BOU-RC25-033 | 331313 | 3486836 | 1069 | 135 | -55 | 200 |
| BOU-RC25-034 | 331286 | 3486864 | 1066 | 135 | -50 | 200 |
| BOU-RC25-035 | 335465 | 3471963 | 1183 | 180 | -50 | 150 |
| BOU-RC25-036 | 335464 | 3471922 | 1182 | 180 | -50 | 144 |
| BOU-RC25-037 | 335564 | 3471908 | 1190 | 180 | -50 | 200 |
| BOU-RC25-038 | 335564 | 3471955 | 1194 | 180 | -50 | 12 |

---

## Exhibit 99.61

**Exhibit 99.61**

**Form 62-103F3**

**ALTERNATIVE MONTHLY REPORTING SYSTEM REPORT**

**of an Eligible Institutional Investor under Part 4 of National Instrument 62-103**

***The Early Warning System and Related Take-Over Bid and Insider Reporting Issues***

**("NI 62-103")**

**State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended.**

This is an initial report.

**Item 1 - Security and Reporting Issuer**

**1.1.&nbsp;&nbsp;&nbsp;&nbsp;*State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.***

This report relates to the common shares of:

AYA GOLD & SILVER INC

1320 Blvd. Graham, Bureau 132,

Mont-Royal, Québec,

H3P 3C8,

Canada

**1.2**.&nbsp;&nbsp;&nbsp;&nbsp;***State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.***

Toronto Stock Exchange

**Item 2 - Identity of the Eligible Institutional Investor**

**2.1.**&nbsp;&nbsp;&nbsp;&nbsp;***State the name and address of the eligible institutional investor.***

BlackRock, Inc. (for and on behalf of its investment advisory subsidiaries) ("BLK") 50 Hudson Yards

New York, NY 10001

U.S.A.

**2.2.**&nbsp;&nbsp;&nbsp;&nbsp;***State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.***

June 6, 2025 – BlackRock, Inc. (for and on behalf of its investment advisory subsidiaries) ("BLK") bought 639,041 common shares on the Toronto Stock Exchange at 13.76 CAD per share.

**2.3.**&nbsp;&nbsp;&nbsp;&nbsp;***State the name of any joint actors.***

Not applicable.

------

**2.4.**&nbsp;&nbsp;&nbsp;&nbsp;***State that the eligible institutional investor is eligible to file reports under Part 4 in respect of the reporting issuer.***

Each of BLK's investment advisory subsidiaries for and on behalf of which BLK is filing this report is an eligible institutional investor and therefore is eligible to file reports under Part 4 of NI 62-103 in respect of the reporting issuer.

**Item 3 - Interest in Securities of the Reporting Issuer**

**3.1.**&nbsp;&nbsp;&nbsp;&nbsp;***State the designation and the net increase or decrease in the number or principal amount of securities, and in the eligible institutional investor's security holding percentage in the class of securities, since the last report filed by the eligible institutional investor under Part 4 or the early warning requirements.***

Not applicable.

**3.2.**&nbsp;&nbsp;&nbsp;&nbsp;***State the designation and number or principal amount of securities and the eligible institutional investor's security holding percentage in the class of securities at the end of the month for which the report is made.***

As at June 30, 2025, BLK exercised control or direction over 15,823,815 common shares representing approximately 11.15% of the 141,892,234 issued and outstanding common shares of the reporting issuer.

**3.3.**&nbsp;&nbsp;&nbsp;&nbsp;***If the transaction involved a securities lending arrangement, state that fact.***

The transaction triggering the reporting requirement did not involve a securities lending arrangement.

**3.4.**&nbsp;&nbsp;&nbsp;&nbsp;***State the designation and number or principal amount of securities and the percentage of outstanding securities of the class of securities to which this report relates and over which***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;the eligible institutional investor, either alone or together with any joint actors, has ownership and control,***

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;the eligible institutional investor, either alone or together with any joint actors, has ownership but control is held by persons or companies other than the eligible institutional investor or any joint actor, and***

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;the eligible institutional investor, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.***

See Item 3.2 and 4.

**3.5.**&nbsp;&nbsp;&nbsp;&nbsp;***If the eligible institutional investor or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the***

------

***material terms of the related financial instrument and its impact on the eligible institutional investor's security holdings.***

Not applicable.

**3.6.**&nbsp;&nbsp;&nbsp;&nbsp;***If the eligible institutional investor or any of its joint actors is a party to a securities lending arrangement involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement. State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.***

Not applicable.

**3.7.**&nbsp;&nbsp;&nbsp;&nbsp;***If the eligible institutional investor or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the eligible institutional investor's economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding***

Not applicable.

**Item 4 - Purpose of the Transaction**

***State the purpose or purposes of the eligible institutional investor and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the eligible institutional investor and any joint actors may have which relate to or would result in any of the following:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition of additional securities of the reporting issuer, or the disposition of securities of the issuer;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;a material change in the present capitalization or dividend policy of the reporting issuer;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;a material change in the reporting issuer's business or corporate structure;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;a change in the reporting issuer's charter, bylaws or similar instruments or another action which might impede the acquisition of control of the reporting issuer by any person;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)&nbsp;&nbsp;&nbsp;&nbsp;a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)&nbsp;&nbsp;&nbsp;&nbsp;the issuer ceasing to be a reporting issuer in any jurisdiction of Canada;***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;a solicitation of proxies from security holders;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)&nbsp;&nbsp;&nbsp;&nbsp;an action similar to any of those enumerated above.***

BLK has control or direction but not ownership of the securities disclosed in Item 3.2. The securities are beneficially owned for investment purposes by investment funds or client accounts managed by BLK. BLK may from time to time purchase or sell additional securities, on behalf of its investment funds or client accounts, depending on prevailing economic and market conditions.

**Item 5 - Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer**

***Describe the material terms of any agreements, arrangements, commitments or understandings between the eligible institutional investor and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities except that disclosure of standard default and similar provisions contained in loan agreements need not be included.***

Not applicable.

**Item 6 - Change in Material Fact**

***If applicable, describe any change in a material fact set out in a previous report filed by the eligible institutional investor under the early warning requirements or Part 4 in respect of the reporting issuer's securities.***

Not applicable.

**Item 7 - Certification**

I, as the eligible institutional investor, certify, or I, as the agent filing the report on behalf of the eligible institutional investor, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect.

Dated the **9th** day of **July**, **2025**.

---

| | | |
|:---|:---|:---|
| By: | "***Dylan Luong***" | "***Dylan Luong***" |
|  | Name: | **Dylan Luong** |
|  | Title: | **Analyst** |

---

## Exhibit 99.62

**Exhibit 99.62**

---

| | |
|:---|:---|
| PRESS RELEASE | ![ayalogo11.jpg](ayalogo11.jpg) |

---

**Aya Gold & Silver Reports Q2-2025 and**

**Mid-July Production Results**

**MONTREAL, Quebec, July 24, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce production of 1.04 million ("M") ounces ("oz") of silver ("Ag") for the second quarter of 2025 at its Zgounder Silver Mine, located in the Kingdom of Morocco.

Q2-2025 **Production Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Production Metrics** | **Q2-2025** | **Q2-2024** | **Variance** |
| Silver production (oz) | 1042317 | 432667 | 140.9% |
| Ore processed (t) | 273471 | 80562 | 239.5% |
| Silver recovery (%) | 86.5 | 84.7 | 2.1% |
| Mill availability (%) | 98.2 | 95.4 | 2.9% |
| Mine production (t) | 241288 | 114025 | 111.6% |

---

**"Our Q2 production results reflect strong operational execution during a pivotal ramp-up period,"** said Benoit La Salle, President & CEO. **"The new plant is now running above nameplate capacity, with recoveries at or above feasibility study levels. Stripping in the open pit during the first half has laid the groundwork for the expanded mine plan, while improved sequencing underground is already driving higher grades. July is off to an exceptional operational start, with KPIs such as grades, throughput, and recoveries all exceeding expectations—clearly demonstrating that our efforts are translating into results. I am proud of the team's performance and confident in a strong second half as we continue unlocking Zgounder's full potential."**

------

&nbsp;&nbsp;&nbsp;June 2025 Summary<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Silver production of 350,212 oz**, adjusted for 7,323 oz of concentrate sales, for net production of 342,888 oz of silver.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Mill throughput averaged 3,054 tonnes per day ("tpd")**, above nameplate capacity.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Silver recovery reached 92%,** a monthly record, exceeding plan.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Mine production reached a record 2,899 tpd**, reflecting steady operational improvements in line with our planned ramp-up sequence.<br>

May and June were planned transition months, dedicated to improving mining rate to position the operation for higher silver production in H2-2025. We are reverting to quarterly production reporting and will continue to provide updates on key milestones as they are achieved between quarters.

&nbsp;&nbsp;&nbsp;Q2-2025 Summary<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Silver production of 1.04M oz** in Q2-2025.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Tonnes processed of 273,471 tonnes** ("t") in Q2-2025 a quarterly record with an average milling rate of 3,005 tpd.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Silver recovery of 87%** in Q2-2025, are in line with plan. <br>&nbsp;&nbsp;&nbsp;&nbsp;• **Mine production of 241,288t** in Q2-2025, a quarterly record, with an average mining rate of 2,652 tpd.<br>&nbsp;&nbsp;&nbsp;&nbsp;• **Mill availability of 98%** in Q2-2025, a quarterly record.<br>

**Q2-2025 Operational Update**

The second quarter was marked by several key milestones as we continued to deliver operational improvements and advance our ramp-up plan. The Zgounder Mine achieved an average mining rate of 2,652 tpd — with production split 64% open pit and 36% underground.

Mill capacity and recovery rates also improved steadily, reaching 3,005 tpd and 87%, respectively in Q2-2025. The Corporation expects to sustain these recovery rates and further increase milling capacity in H2-2025 of the year as bottlenecks have been identified and are being resolved. A total of 1.04M oz of silver was produced during the quarter.

------

Mining rates at both operations were successfully accelerated to near steady-state levels. With additional mining equipment being mobilized in Q3-2025, the mine ramp-up is on track for completion by year-end. Ore stockpile inventories remain stable and sufficient to support the final stages of ramp-up and the planned increase in milling throughput.

Finally, several initiatives are underway to better control blast movement and improve ore recovery and dilution in the open pit, with promising preliminary results.

**Mid-July Operational Update**

Operations are outperforming expectations in July. Silver recoveries remain strong at an estimated 94% month-to-date, supported by increased throughput following mid-month optimization work. Milling rates reached a record 3,464 tpd on July 21, and silver production totaled approximately 270,000 oz as of this date—despite three days of planned downtime.

Underground development remains on track, with the ramp advancing to the 1,825m level. Mining has begun at level 1,950m, already delivering better grades of up to 227g/t. Two new raises (air and services) are on schedule for Q3-2025 completion to enhance safety and reduce interaction with open pit operations.

At the open pit, ramp-up continued with accelerated waste stripping to access higher-grade zones. As part of the "super-pit" initiative, surface infrastructure has been relocated, clearing the way for full-area mining in Q3-2025.

**Q2-2025 Earnings Notice**

Aya will release its second quarter 2025 results on Thursday, August 14, 2025 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows:

**Webcast link**: **https://edge.media-server.com/mmc/p/rnx3x2qj**

Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form.

**https://register-conf.media-server.com/register/BIc319d393f7ec4b1aa2f9d5f261c28d70**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

------

The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya's website.

**Qualified Person**

The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "confident", "potential", "expect", "on track", "schedule", "continue", "increase", "plan", "strong", "solid", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the capacity of the Corporation to achieve

------

continued improved production results namely mining, milling, processing, recoveries and overall production and throughput to improve and achieving a solid second half of 2025, unlocking Zgounder's full potential, achieving mine-rate ramp-up by year-end, and other operational milestones. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability of the plant to operate per its designed and intended purpose, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.63

**Exhibit 99.63**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | ![ayalogo12.jpg](ayalogo12.jpg) |
| **Reporting Entity Name** | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. |  |
| **Reporting Year** | **From** | 2024-01-01 | **To:** | 2024-12-31 | **Date submitted** | 2025-05-26 |  |
| **Reporting Entity ESTMA Identification Number** | E296052 | E296052 | ◉ Original Submission<br>O Amended Report | ◉ Original Submission<br>O Amended Report |  |  |  |
| **Other Subsidiaries Included**<br>(optional field) |  |  |  |  |  |  |  |
| **Not Consolidated** |  |  |  |  |  |  |  |
| **Not Substituted** |  |  |  |  |  |  |  |
| **Attestation by Reporting Entity** |  |  |  |  |  |  |  |
| *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* | *In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above.*<br>*Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.* |  |
| **Full Name of Director or Officer of Reporting Entity** | **Ugo Landry-Tolszczuk** | **Ugo Landry-Tolszczuk** | **Ugo Landry-Tolszczuk** | **Ugo Landry-Tolszczuk** | **Date** | *2025-05-26* |  |
| **Position Title** | **CFO** | **CFO** | **CFO** | **CFO** | **Date** | *2025-05-26* |  |

---

------

**Exhibit 99.63**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2024-01-01 | **To:** | 2024-12-31 |  |  |  |  |  |  |  |
| **Reporting Entity Name** |  | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. | **Currency of the Report** | CAD |  |  |  |  |
| **Reporting Entity ESTMA <br>Identification Number** |  | E296052 | E296052 | E296052 | E296052 |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if<br>necessary)** |  |  |  |  |  |  |  |  |  |  |  |
| **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** | **Payments by Payee** |
| Country | Payee Name<sup>1</sup> | Departments, Agency, etc… within Payee that Received <br>Payments<sup>2</sup> | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure<br>Improvement Payments | Total Amount paid to<br>Payee | Notes<sup>34</sup> |
| Morocco | Government of Morocco | National Office of Hydrocarbons and Mines (ONHYM) |  | 1 800 000 |  |  |  |  |  | **1 800 000** |  |
| Morocco | Government of Morocco | The General Tax Administration | 7 710 000 |  |  |  |  |  |  | **7 710 000** |  |
| Morocco | Rural town of Askaouen |  | 220 000 |  |  |  |  |  |  | **220 000** |  |
| Morocco | Government of Morocco | National Office of Electricity and Drinking Water (ONEE) |  |  |  |  |  |  | 11 780 000 | **11 780 000** | L'Office National de l'Électricité et de l'Eau Potable (ONEE) |
| **Additional Notes:** | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. |

---

------

**Exhibit 99.63**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** | **Extractive Sector Transparency Measures Act - Annual Report** |
| **Reporting Year** | **From:** | 2024-01-01 | **To:** | 2024-12-31 |  |  |  |  |  |  |
| **Reporting Entity Name** |  | Aya Gold & Silver Inc. | Aya Gold & Silver Inc. |  |  | **Currency of the Report** | CAD |  |  |  |
| **Reporting Entity ESTMA <br>Identification Number** |  | E296052 | E296052 |  |  |  |  |  |  |  |
| **Subsidiary Reporting Entities (if<br>necessary)** |  |  |  |  |  |  |  |  |  |  |
| **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** | **Payments by Project** |
| Country | Project Name<sup>1</sup> | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure<br>Improvement Payments | Total Amount paid by<br>Project | Notes<sup>23</sup> |
| Morocco | Zgounder Millenium Silver Mining S.A. (ZMSM) | 7 640 000 | 1 800 000 |  |  |  |  | 11 780 000 | **21 220 000** |  |
| Morocco | Boumadine Global Mining S.A. (BGM) | 290 000 |  |  |  |  |  | - | **290 000** |  |
| **Additional Notes**<sup>3</sup>**:** | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. | All payments to payees in Morocco were made in Moroccan Dirham (MAD). The exchange rate applied was the annual average of daily MAD/CAD rates, which was 7.265. |

---

------

![a02a.jpg](a02a.jpg)

**CERTIFICATE TO BE USED WITHIN THE CONTEXT OF THE SUBSTITUTION OF A STATEMENT OF** 

**A CORPORATION THAT IS NOT AN ENTITY**

I certify that I have examined the information concerning Aya Gold & Silver Inc. for the fiscal year that began on January 1st, 2024 and ended on December 31st, 2024.

To my knowledge and having exercised due diligence, the information contained in the statement is, in all material respects for the purposes of the Act, true, accurate and complete.

Full name of the officer or director: Ugo Landry-Tolszczuk

Title of position: Chief Financial Officer

Date: July 7, 2025

---

| |
|:---|
| /s/ Ugo Landry-Tolszczuk |
| Ugo Landry-Tolszczuk |

---

**AYA GOLD & SILVER INC.**

132-1320 Boul. Graham, Mont Royal, QC, H3P-3C8

<u>www.ayagoldsilver.com</u>

## Exhibit 99.64

---

| | |
|:---|:---|
| | **Exhibit 99.64** |
| PRESS RELEASE | ![ayalogo13.jpg](ayalogo13.jpg) |

---

**Aya Gold & Silver Receives US$8 Million in** 

**Compensation Related to Zgounder Expansion**

**MONTREAL, Quebec, August 7, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") announces that its subsidiary, Zgounder Millenium Silver Mining ("ZMSM"), has received a payment of approximately US$8 million under bank guarantees issued on behalf of Duro Felguera and its affiliates ("DF"), the engineering, procurement and construction ("EPC") contractor for the Zgounder Expansion Project.

The payment reflects compensation pursuant to the EPC agreement. Aya's ability to recover these funds reinforces the strength of its project oversight, risk mitigation, and disciplined approach to contract enforcement.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com** | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

Certain information in this news release related to the Corporation is forward-looking information and is prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the

------

future results expressed or implied by the forward-looking information. The information generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Risks and uncertainties related to the Corporation and its operations are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Corporation's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Corporation does not undertake to update such forward-looking information except in accordance with applicable securities laws.

## Exhibit 99.65

**Exhibit 99.65**

**Form 62-103F3**

**ALTERNATIVE MONTHLY REPORTING SYSTEM REPORT**

**of an Eligible Institutional Investor under Part 4 of National Instrument 62-103**

***The Early Warning System and Related Take-Over Bid and Insider Reporting Issues***

**("NI 62-103")**

**State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended.**

This report is being filed to amend information disclosed in an earlier report dated June 30, 2025.

**Item 1 - Security and Reporting Issuer**

**1.1.&nbsp;&nbsp;&nbsp;&nbsp;*State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.***

This report relates to the common shares of:

AYA GOLD & SILVER INC

1320 Blvd. Graham, Bureau 132,

Mont-Royal, Québec,

H3P 3C8,

Canada

**1.2.&nbsp;&nbsp;&nbsp;&nbsp;*State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.***

Toronto Stock Exchange

**Item 2 - Identity of the Eligible Institutional Investor**

**2.1.&nbsp;&nbsp;&nbsp;&nbsp;*State the name and address of the eligible institutional investor.***

BlackRock, Inc. (for and on behalf of its investment advisory subsidiaries) ("BLK")

50 Hudson Yards

New York, NY 10001

U.S.A.

**2.2.&nbsp;&nbsp;&nbsp;&nbsp;*State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.***

July 29, 2025 – BlackRock, Inc. (for and on behalf of its investment advisory subsidiaries) ("BLK") sold 6,932 common shares on the Toronto Stock Exchange at 13.00 CAD per share.

**2.3.&nbsp;&nbsp;&nbsp;&nbsp;*State the name of any joint actors.***

Not applicable.

------

**2.4.&nbsp;&nbsp;&nbsp;&nbsp;*State that the eligible institutional investor is eligible to file reports under Part 4 in respect of the reporting issuer.***

Each of BLK's investment advisory subsidiaries for and on behalf of which BLK is filing this report is an eligible institutional investor and therefore is eligible to file reports under Part 4 of NI 62-103 in respect of the reporting issuer.

**Item 3 - Interest in Securities of the Reporting Issuer**

**3.1.&nbsp;&nbsp;&nbsp;&nbsp;*State the designation and the net increase or decrease in the number or principal amount of securities, and in the eligible institutional investor's security holding percentage in the class of securities, since the last report filed by the eligible institutional investor under Part 4 or the early warning requirements.***

BLK previously filed a report under Part 4 of NI 62-103 in respect of AYA GOLD & SILVER INC dated June 30, 2025 for security holdings of 15,823,815 common shares representing a security holding percentage of 11.15%. The net decrease in security holdings since the last report is 1,926,215 common shares, resulting in BLK's control or direction over an aggregate of 13,897,600 common shares. As a result, BLK's security holding percentage of common shares has decreased from 11.15% to 9.79% of the 141,892,234 issued and outstanding common shares of the reporting issuer.

**3.2.&nbsp;&nbsp;&nbsp;&nbsp;*State the designation and number or principal amount of securities and the eligible institutional investor's security holding percentage in the class of securities at the end of the month for which the report is made.***

As at July 31, 2025, BLK exercised control or direction over 13,897,600 common shares representing approximately 9.79% of the 141,892,234 issued and outstanding common shares of the reporting issuer.

**3.3.&nbsp;&nbsp;&nbsp;&nbsp;*If the transaction involved a securities lending arrangement, state that fact.***

The transaction triggering the reporting requirement did not involve a securities lending arrangement.

**3.4.**&nbsp;&nbsp;&nbsp;&nbsp;***State the designation and number or principal amount of securities and the percentage of outstanding securities of the class of securities to which this report relates and over which***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;the eligible institutional investor, either alone or together with any joint actors, has ownership and control,***

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;the eligible institutional investor, either alone or together with any joint actors, has ownership but control is held by persons or companies other than the eligible institutional investor or any joint actor, and***

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;the eligible institutional investor, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.***

------

See Item 3.2 and 4.

**3.5.&nbsp;&nbsp;&nbsp;&nbsp;*If the eligible institutional investor or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the eligible institutional investor's security holdings.***

Not applicable.

**3.6.&nbsp;&nbsp;&nbsp;&nbsp;*If the eligible institutional investor or any of its joint actors is a party to a securities lending arrangement involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement. State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.***

Not applicable.

**3.7.&nbsp;&nbsp;&nbsp;&nbsp;*If the eligible institutional investor or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the eligible institutional investor's economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding***

Not applicable.

**Item 4 - Purpose of the Transaction**

***State the purpose or purposes of the eligible institutional investor and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the eligible institutional investor and any joint actors may have which relate to or would result in any of the following:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition of additional securities of the reporting issuer, or the disposition of securities of the issuer;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;a material change in the present capitalization or dividend policy of the reporting issuer;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;a material change in the reporting issuer's business or corporate structure;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;a change in the reporting issuer's charter, bylaws or similar instruments or another action which might impede the acquisition of control of the reporting issuer by any person;***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)&nbsp;&nbsp;&nbsp;&nbsp;a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)&nbsp;&nbsp;&nbsp;&nbsp;the issuer ceasing to be a reporting issuer in any jurisdiction of Canada;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;a solicitation of proxies from security holders;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)&nbsp;&nbsp;&nbsp;&nbsp;an action similar to any of those enumerated above.***

BLK has control or direction but not ownership of the securities disclosed in Item 3.2. The securities are beneficially owned for investment purposes by investment funds or client accounts managed by BLK. BLK may from time to time purchase or sell additional securities, on behalf of its investment funds or client accounts, depending on prevailing economic and market conditions.

**Item 5 - Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer**

***Describe the material terms of any agreements, arrangements, commitments or understandings between the eligible institutional investor and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities except that disclosure of standard default and similar provisions contained in loan agreements need not be included.***

Not applicable.

**Item 6 - Change in Material Fact**

***If applicable, describe any change in a material fact set out in a previous report filed by the eligible institutional investor under the early warning requirements or Part 4 in respect of the reporting issuer's securities.***

Not applicable.

**Item 7 - Certification**

I, as the eligible institutional investor, certify, or I, as the agent filing the report on behalf of the eligible institutional investor, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect.

Dated the **8**<sup>th</sup> day of **August, 2025.**

---

| | | |
|:---|:---|:---|
| By: | ***"Dylan Luong"*** | ***"Dylan Luong"*** |
|  | Name: | **Dylan Luong** |
|  | Title: | **Analyst** |

---

------

## Exhibit 99.66

![cover_mdaxq2-2025xv5a.jpg](cover_mdaxq2-2025xv5a.jpg)

**Exhibit 99.66**

![cover_mdaxq2-2025x2a.jpg](cover_mdaxq2-2025x2a.jpg)

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20252

**Management's Discussion and Analysis of Financial** 

**Condition and Results of Operations**

This Management's Discussion and Analysis ("MD&A") of the operations, results, and financial position of Aya Gold & Silver

Inc. (the "Corporation" or "Aya"), dated August 13, 2025, covers the three and six-month periods ended June 30, 2025. This

MD&A is prepared by management and should be read in conjunction with the Corporation's Unaudited Condensed Interim

Consolidated Financial Statements ("FS") and related notes for the three and six-month periods ended June 30, 2025. The

Corporation uses certain non-GAAP financial measures in this MD&A as described under "Non-GAAP Measures.

The Corporation's June 30, 2025 FS and the related financial information contained in this MD&A have been prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS")

as issued by the International Accounting Standards Board ("IASB"), unless otherwise stated. All amounts are stated in

thousands of United States dollars ("US"), except for per share amounts, or unless otherwise indicated. References to "C$" are

to the Canadian dollar while "MAD" refers to the Moroccan Dirham.

This MD&A contains forward-looking information that is subject to risk factors set out in a cautionary note in this MD&A under

"Cautionary Statement Regarding Forward-Looking Information". All information contained in the FS and this MD&A has been

reviewed by the Audit Committee and approved by the Corporation's Board of Directors. This MD&A is current as of August 13,

2025, unless otherwise stated.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20253

**Contents**

---

| | |
|:---|:---|
| **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ida36b0e4cac2401385202e979d49eb88)** | **[2](#ida36b0e4cac2401385202e979d49eb88)** |
| **[Contents](#i315ae304018a4be8a9284e1a08cbe257)** | **[3](#i315ae304018a4be8a9284e1a08cbe257)** |
| **[Business Overview](#i7ed404093bfa473eb78cab3cb6350f71)** | **[4](#i7ed404093bfa473eb78cab3cb6350f71)** |
| **[Q2-2025 Business Highlights](#i8e758cdb506d4373b4831ec64916cd59)** | **[6](#i8e758cdb506d4373b4831ec64916cd59)** |
| **[Recent Developments](#i638f3ba306d64e9f8de004fc797bcffd)** | **[6](#i638f3ba306d64e9f8de004fc797bcffd)** |
| **[Q2-2025 and H1-2025 Operational and Financial Highlights](#i14c3e67406ac4772b30d7f065d0c21c0)** | **[7](#i14c3e67406ac4772b30d7f065d0c21c0)** |
| **[Operating Results](#i4e54437f39b543f3ae0f4abb02ae3aa9)** | **[9](#i4e54437f39b543f3ae0f4abb02ae3aa9)** |
| **[Development and Exploration](#idbcb942b33154fa7956d4d07df8563f1)** | **[11](#idbcb942b33154fa7956d4d07df8563f1)** |
| **[Sustainability](#ib117a35dea314712bceb2e801a157063)** | **[14](#ib117a35dea314712bceb2e801a157063)** |
| **[Transaction with Mx2 Mining](#i057bb566f97f44c1a91c835be6ce948f)** | **[15](#i057bb566f97f44c1a91c835be6ce948f)** |
| **[Overview of Financial Performance](#i51ba1cb032c24c8492fbc5bd25077779)** | **[16](#i51ba1cb032c24c8492fbc5bd25077779)** |
| **[Summary of Quarterly Results](#i8bdb33d260a94670998bcd9e318cb90a)** | **[18](#i8bdb33d260a94670998bcd9e318cb90a)** |
| **[Liquidity and Capital Resources](#i57b01de55f0a4d0080524c556bef0feb)** | **[19](#i57b01de55f0a4d0080524c556bef0feb)** |
| **[Financial Position](#id1898214737d4ad889f74cb0dd78ec78)** | **[22](#id1898214737d4ad889f74cb0dd78ec78)** |
| **[Capital Management](#if46990bf57f84aaea000b24738c64cf3)** | **[23](#if46990bf57f84aaea000b24738c64cf3)** |
| **[Commitments and Contingency](#i3a5470cdf63b4b86a0af1c926899532a)** | **[24](#i3a5470cdf63b4b86a0af1c926899532a)** |
| **[Non-GAAP Measures](#i09a66c090f004ccca3d092fc0a17b4a8)** | **[25](#i09a66c090f004ccca3d092fc0a17b4a8)** |
| **[Risks and Uncertainties](#if67304131d784355b40c2d331d6bfd2e)** | **[26](#if67304131d784355b40c2d331d6bfd2e)** |
| **[Other Financial Information](#i33bfd51e06854ec09ac097a171a152b9)** | **[26](#i33bfd51e06854ec09ac097a171a152b9)** |
| **[Accounting Policies, Judgments and Estimates](#i8629fca4cc234d8091a29e2444c31d17)** | **[27](#i8629fca4cc234d8091a29e2444c31d17)** |
| **[Proposed Transaction](#i08fa4598245844ec9a6831df2144c9ff)** | **[28](#i08fa4598245844ec9a6831df2144c9ff)** |
| **[Management's Report on Internal Controls and Financial Reporting](#ida778ea85aad4e41862310e566363cf9)** | **[29](#ida778ea85aad4e41862310e566363cf9)** |
| **[Cautionary Note Regarding Forward-Looking Information](#ib8fdb1f46bd64cd69e9a7131ddf541da)** | **[30](#ib8fdb1f46bd64cd69e9a7131ddf541da)** |
| **[Additional Information and Continuous Disclosure](#i82db9b03d80a41d5ae988c6ec6356c31)** | **[32](#i82db9b03d80a41d5ae988c6ec6356c31)** |
| **[Technical Information](#i5e00d1a6fed04dfbbac7b6a13d2979d8)** | **[32](#i5e00d1a6fed04dfbbac7b6a13d2979d8)** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20254

**Business Overview**

**General** 

Aya Gold & Silver Inc. is a Canadian-based precious metals mining corporation active across the full mining lifecycle; from

discovery and development through to production. The Corporation operates in Morocco, a politically stable jurisdiction with

supportive regulatory environment, offering low operating costs and well-developed infrastructure. Guided by a vision of

responsible mining, Aya's management team brings extensive mining expertise and a strong track record of delivering

accretive projects.

Aya's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located

along the Anti-Atlas fault, one of North Africa's most geologically rich and underexplored regions, known for hosting world-

class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is

currently at the exploration and evaluation stage.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF". Aya's issued and outstanding

share capital totals 141,900,422 common shares on August 13, 2025.

**Geographic Overview** 

• The Zgounder mining permit covers 16 km² and Zgounder Regional permits cover an additional 441 km².

• Boumadine exploration permits cover 314 km<sup>2</sup>.

![map_operationsxworldx2025xa.jpg](map_operationsxworldx2025xa.jpg)

For details and history of permitting please refer to the Corporation's latest Annual Information Form available on SEDAR+

(www.sedarplus.ca).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20255

**Zgounder Silver Mine** 

Located in Morocco's central Anti-Atlas Mountains, the wholly owned Zgounder Mine is a rare, high-grade primary silver

operation, differentiating Aya from most producers that recover silver as a by-product. A 2022 feasibility study, supported by a

mineral reserve estimate, confirmed strong economics for a large expansion, which was completed on-budget at the end of

fiscal 2024.

**Ramp-up of commercial operations**

In December 2024, the Corporation completed the construction of a new processing plant at the Zgounder Silver Mine, marking

a major milestone in its transition to a fully mechanized, high-capacity operation. The expansion increased processing

capacity approximately four-fold from prior levels; the nameplate processing capacity is currently estimated at 2,700 tonnes

per day. The project included new underground and open-pit mine development, upgraded tailings and water storage facilities,

and the construction of an on-site assay laboratory. Infrastructure improvements included a new electrical substation and

power line required to fulfill the power requirements of the new plant.

Silver is produced through cyanide leaching and refined into doré bars. All of the Corporation's revenue is derived from the

production and sale of silver, which is refined in Switzerland. Sales are made on a regular basis to achieve current market

prices. Until January 2025, the Corporation also operated a flotation circuit and sold silver concentrate in addition to doré

production.

**Near-mine and Regional Exploration**

Exploration is a core part of Aya's growth strategy, focused on expanding its resource base, advancing priority targets, testing

new prospective zones, guiding future development decisions and enhancing overall geological understanding of the project

area. The 2025 exploration program is targeting 20,000 to 25,000 metres of Diamond Drill Holes ("DDH") of additional drilling.

**Mineral Reserve and Mineral Resource Estimate** 

On June 16, 2022 Aya Gold & Silver published a NI 43-101 compliant, amended technical report and feasibility study available

on SEDAR+ (www.sedarplus.ca).

**Boumadine Polymetallic Project**

Located in the Anti-Atlas region of eastern Morocco, Boumadine is a polymetallic gold-silver-zinc-lead system owned 85% by

Aya and 15% by National Office of Hydrocarbons and Mines ("ONHYM").

**Exploration**

The Boumadine Project is Aya's most advanced development-stage asset and a key pillar of its long-term growth strategy in

Morocco. Boumadine benefits from year-round access and supportive infrastructure, and remains open in all directions. The

2025 exploration program is targeting 100,000 to 140,000 metres of additional drilling to expand mineralization, test satellite

targets, and assess broader regional potential. Exploration is supported by Aya's strong balance sheet and disciplined capital

allocation.

Since 2022, Aya has completed nearly 193,000 metres of drilling at Boumadine, significantly advancing the geological model.

Metallurgical testwork conducted on Boumadine mineralization supports a two-stage processing flowsheet. The Corporation

is working on a preliminary economic assessment of the Boumadine project. Approximately 50% of the Inferred resource is pit-

constrained, with the remainder amenable to underground development, offering operational flexibility.

**Mineral Resource Estimate**

On February 24, 2025, the Corporation published an updated NI 43-101-compliant Mineral Resource Estimate (MRE),

incorporating 2024 drill results; available on SEDAR+ (www.sedarplus.ca). See section Development and Exploration.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20256

**Q2-2025 Business Highlights**

**June 2025 Corporate Financing**

On June 18, 2025, the Corporation closed a bought deal financing and issued 10,767,795 common shares of the Corporation at

a price of C$13.35 per common share for gross proceeds of approximately C$144 million (US$105 million) including the

exercise of the 15% over-allotment option. The Offering was completed by way of a prospectus supplement to the short form

base shelf prospectus of the Corporation dated June 10, 2025, which supplement was filed on June 12, 2025.

The Corporation intends to use the net proceeds of the 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.

**Project Facility for the Advancement and Development of Boumadine**

On June 23, 2025, the Corporation closed a US$25 million credit facility with the European Bank for Reconstruction and

Development ("EBRD") to support the advancement of development work at its Boumadine polymetallic project located in the

Draa-Tafilalet region in the Kingdom of Morocco.

Amounts borrowed under the loan incur interest at a rate of SOFR plus 5% per annum, with interest payable semi-annually on

January 19 and July 19. The loan is repayable in full by bullet payment on the second anniversary of the agreement date. A

commitment charge of 0.75% per annum applies to undrawn amounts, beginning 30 days after signing.

As at June 30, 2025, the Corporation has not utilized or drawn upon this loan.

**Transaction with Mx2 Mining**

On April 15, 2025, the Corporation closed its previously disclosed strategic transaction with Mx2 Mining Inc. ("Mx2"), involving

the transfer of all rights to the Amizmiz Gold Project located in the Kingdom of Morocco (the "Transaction"). As a result, Mx2

has acquired a 100% interest in the Amizmiz Gold Project. Concurrent with the Transaction, Aya participated in Mx2's C$16

million private placement with a C$1 million investment and now holds a 42.3% equity interest in Mx2. This Transaction aligns

with the Corporation's strategy to focus on advancing its core assets at Boumadine and Zgounder, while supporting other high-

potential, strategic growth initiatives.

**Environmental, Social and Governance ("ESG")**

• Published 2024 Sustainability Report in May 2025.

• Continued solidifying health and safety ("H&S") processes through preventive measures, investigation into 100% of

incidents, and 4,121 hours of training.

• Strengthened community engagement by finalizing its inaugural project proposal for local communities, entrepreneurs

and cooperatives. This was developed in partnership with local administration from National Institute for Human

Development ("INDH").

• **Recent Developments**

• On July 21, 2025, a first drawdown of $15 million was completed on the $25 million EBRD facility for the development of

the Corporation's Boumadine polymetallic project as previous agreed with EBRD.

• In December 2024, Aya initiated legal proceedings to enforce and protect its rights under the EPC Agreements with Duro

Felguera S.A. ("DF") seeking compensation for both liquidated and general damages resulting from DF's contractual

breaches. On August 5, 2025, the Corporation received amounts totaling $4.3 million and €3.3 million in connection with

the enforcement of liquidated damages related to DF's contractual breaches.

<sup>1</sup>Non-GAAP measures, refer to page 25.

<sup>2</sup>Non-GAAP Measures, consisting of current assets of $179,598 less current liabilities of $91,195 (December 31, 2024, current assets of $76,540 less current liabilities

of $53,116).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20257

• **Q2-2025 and H1-2025 Operational and Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Operational for Zgounder** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Ore Mined (tonnes) | 241288 | 114025 | 112% | 435949 | 220905 | 97% |
| Average Grade Mined (g/t Ag)  | 138 | 176 | (21)% | 144 | 168 | (14)% |
| Ore Processed (tonnes) | 273471 | 80562 | 239% | 523214 | 161894 | 223% |
| Average Grade Processed (g/t Ag) | 140 | 196 | (29)% | 151 | 184 | (18)% |
| Combined Mill Recovery (%) | 86.5% | 84.7% | 1.8% | 84.4% | 83.4% | 1.0% |
| Milling Operations (tpd) | 3005 | 885 | 239% | 2891 | 890 | 225% |
| Silver Ingots Produced (oz) | 1042317 | 130719 | 697% | 2053491 | 242216 | 748% |
| Silver in Concentrate Produced (oz) |  | 301948 | (100)% | 57479 | 556812 | (90)% |
| **Total Silver Produced (oz)** | **1042317** | **432667** | **141%** | **2110970** | **799028** | **164%** |
| Silver Ingots Sold (oz) | 1140452 | 121121 | 842% | 2098973 | 229725 | 814% |
| Silver in Concentrate Sold (oz) |  | 400850 | (100)% | 103044 | 530512 | (81)% |
| **Total Silver Sales (oz) (A)** | **1140452** | **521971** | **118%** | **2202017** | **760237** | **190%** |
| Avg. Net Realized Silver ($/oz) (B/A) | 33.86 | 26.20 | 29% | 32.90 | 24.67 | 33% |
| Cash Costs per Silver Ounce Sold<sup>1</sup> | 21.26 | 17.85 | 19% | 20.14 | 18.62 | 8% |
| **Financial** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Revenues (B) | 38615 | 13678 | 182% | 72446 | 18756 | 286% |
| Cost of Sales | 29673 | 8765 | 239% | 53257 | 13507 | 294% |
| Gross Profit | 8942 | 4913 | 82% | 19189 | 5249 | 266% |
| Operating Income (Loss) | 7342 | 1652 | 344% | 10668 | (1216) | 977% |
| Net Income | 8641 | 6813 | 27% | 15571 | 4222 | 269% |
| Operating Cash Flows | 7787 | 12790 | (39)% | 15706 | 2555 | 515% |
| **Shareholders** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Earnings per Share – basic | 0.07 | 0.05 | NM | 0.12 | 0.03 | NM |
| Earnings per Share – diluted | 0.06 | 0.05 | NM | 0.11 | 0.03 | NM |
|  | **June 30,** | **December 31,** |  |  |  |  |
| **Financial** | **2025** | **2024** | **Variance** |  |  |  |
| Working Capital<sup>2</sup> | 88403 | 23424 | 277% |  |  |  |
| Cash  | 113832 | 30944 | 268% |  |  |  |

---

<sup>3</sup> Non-GAAP Measures, refer to page 25.

<sup>4</sup> Non-GAAP Measures, refer to page 25.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20258

**Q2-2025 Operational Highlights:**

• Silver production of 1,042,317 oz in Q2-2025 compared to 432,667 oz in Q2-2024, an increase of 141%.

• Mill average feed grade of 140 g/t Ag was recorded in Q2-2025 compared to 196 g/t Ag in Q2-2024, a decrease of 29%.

• Milling operations reached 3,005 tpd in Q2-2025 compared to 885 tpd in Q2-2024.

• Average mill recovery of 86.5% in Q2-2025 compared to 84.7% in Q2-2024, an increase of 1.8%.

• Plant availability reached 98% in Q2-2025.

• The new plant is now running above nameplate capacity, with recoveries at or above feasibility study levels.

• 241,288 tonnes of ore were mined in Q2-2025 for an average of 2,652 tpd mined compared to 114,025 tonnes (1,253 tpd)

in Q2-2024.

• Both underground and open pit ramp up continue to plan and are expected to reach steady state production by year end.

• A total of 33,510 metres ("m") of drilling was completed at Boumadine, 4,704 m at Zgounder and 1,211 m on Zgounder

Regional permits.

**Q2-2025 Financial Highlights:**

• Revenue from silver sales totaled $38,615 in Q2-2025, (Q2-2024 – $13,678), an increase of 182% representing an average

net realized silver price of $33.86 per oz (Q2-2024 - $26.20/oz).

• Cost of sales of $29,673 (Q2-2024 – $8,765) with an average cash cost per silver oz sold of $21.26 in Q2-2025 compared

to $17.85 oz in Q2-2024.<sup>3</sup>

• Operations generated a gross profit of $8,942 in Q2-2025 compared to a gross profit of $4,913 in Q2-2024, an increase of

82%.

• The closing of the Mx2 transaction generated a one-time gain of $1,828 and a net impairment recovery of $3,987.

• Net income was $8,641 (diluted EPS of $0.07) in Q2-2025, compared to $6,813 (diluted EPS of $0.05) in Q2-2024.

• Cash flow generated by operating activities of $7,787 in Q2-2025 compared to cash flow of $12,790 in Q2-2024.

**H1-2025 Operational Highlights:**

• Silver production of 2,110,970 oz in H1-2025 compared to 799,028 oz in H1-2024, an increase of 164%.

• Mill average feed grade of 151 g/t Ag was recorded in H1-2025 compared to 184 g/t Ag in H1-2024, a decrease of 18%.

• Milling operations reached 2,891 tpd in H1-2025 compared to 890 tpd in H1-2024.

• Average combined mill recovery of 84.4% in H1-2025 compared to 83.4% in H1-2024, an increase of 1.0%.

• Combined plant availability reached 95% in H1-2025.

• 435,949 tonnes of ore were mined in H1-2025 for an average of 2,409 tpd mined compared to 220,905 tonnes (1,214 tpd)

in H1-2024.

• A total of 79,716 m of drilling was completed at Boumadine, 7,619 m at Zgounder and 2,270 m on Zgounder Regional

permits.

**H1-2025 Financial Highlights:**

• Revenue from silver sales totaled $72,446 in H1-2025, (H1-2024 – $18,756), an increase of 286% representing an average

net realized silver price of $32.90 per oz (H1-2024 - $24.67).

• Cost of sales of $53,257 (H1-2024 – $13,507) with an average cash cost per silver oz sold of $20.14 in H1-2025

compared to $18.62 oz in H1-2024.<sup>4</sup>

• Operations generated a gross profit of $19,189 in H1-2025 compared to a gross profit of $5,249 in H1-2024, an increase

of 266%.

• The closing of the Mx2 transaction generated a one-time gain of $1,828 and a net impairment recovery of $3,987.

• Net income was $15,571 (diluted EPS of $0.11) in H1-2025, compared to $4,222 (diluted EPS of $0.03) in H1-2024.

• Cash flow generated by operating activities of $15,706 in H1-2025 compared to $2,555 in H1-2024.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-20259

**Operating Results**

**Q2-2025 Zgounder Silver Mine Operations**

In Q2-2025, 273,471 tonnes of ore was processed. Mill availability for the quarter was 98%. Average processed grade was

140 g/t Ag. Q2-2025 was highlighted by a continuous increase in mill recovery and sustained throughput of 3,005 tpd,

producing 1,042,317 oz during the quarter.

Recovery increased every month with 80%, 88% and 92% for April, May and June respectively, to reach 86.5% for the quarter.

Improvements were sustained through the month of July. The increase was driven by the repair of the oxygen plant, which is

now operating at 85% of its nominal capacity, compared to 50% in Q1-2025. The overall recovery has now reached expected

feasibility study value.

The total mining rate for the quarter averaged 2,652 tpd, for a total of 241,288 tonnes of ore mined at a grade of 138 g/t Ag.

The mining rate was accelerated, in line with our ramp-up plan. The acceleration of the mining rate is expected to continue

throughout the year, to reach 3,000 tonnes per day by the end of 2025. Both underground and open pit grades were lower than

expected during the quarter, primarily due to increased dilution associated with the ongoing mining rate ramp-up. We

anticipate dilution to decrease as mining rates stabilize and blast movement monitoring improves in the open pit.

In Q2-2025, 155,481 tonnes (1,709 tpd) of ore were mined from the open pit at an average grade of 137 g/t Ag. The open pit

mine had a strip ratio of 14 during Q2-2025, lower than planned for the quarter, as ore zones were preferentially mined. The

open pit mining rate will continue to increase as more equipment will be mobilized in Q3-2025. The open pit mining rate is

expected to reach over 40,000 tpd of total material moved by year end.

In Q2-2025, 85,807 tonnes (943 tpd) was mined in the underground mine at an average grade of 141 g/t Ag. Long term mining

rate for the underground is planned at 1,000 tpd of ore.

At the end of the quarter, the stockpile stood at 249,106 tonnes of ore at a silver grade of 143 g/t, providing the necessary

cushion to progressively increase the mining rate.

![dji_20250409123709x0396xda.jpg](dji_20250409123709x0396xda.jpg)

Figure 1 - Zgounder Open Pit

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202510

**Capital Projects**

Capital is being invested on surface infrastructure in preparation for the larger open pit. A new ventilation raise is expected to

be completed in Q3 of this year. The main ventilation fans, cement plant, electrical substations for the underground mine and

the related powerline were moved to accommodate the new open pit design.

Underground development is progressing as planned, with new, deeper levels, being opened. The ramp is now lower than the

1,825 level and the ramp is progressing at an average rate of 25 vertical meters every two months.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202511

**Development and Exploration**

The Corporation's drilling program remains on schedule and is progressing according to plan, supporting its 2025 exploration

and resource development objectives.

**Zgounder Near-Mine Exploration**

In Q2-2025, the Corporation completed 4,704m of DDH both underground and at surface on near-mine targets, focusing west

of the main ore body—near the major fault—and at depth. The program aimed to define both lateral and vertical mineralization,

with encouraging results outlining significant down-plunge extensions through thick high-grade interceptions. Results from

underground holes ZG-SF-24-123 and ZG-SF-24-216, which intersected 1,640 g/t Ag over 12.6m and 772 g/t Ag over 3.0m

respectively, confirmed the continuity of high-grade mineralization beyond the current resource boundary, supporting future

resource growth.

**Zgounder Regional Exploration**

Drilling Activity

As part of the Corporation's 2025 regional exploration program, a total of 853m of DDH and 358m of RC drilling were

completed on the Zgounder Regional permits during Q2-2025. Following the identification of high-priority targets in the first

half of 2025, the RC drill exploration program at Zgounder Far East permits commenced towards the end of the quarter,

targeting several geochemically and structurally defined anomalies. The drill program is on-track with the 2025 full year target

of 20,000- to 25,000 meters for both near-mine extensions and regional prospects on surrounding permits.

Mapping and Target Generation

Detailed geological mapping and prospecting are being carried out on both Tourchkal and Zgounder Far East permits. Several

drill targets have been identified on these permits supporting future phases of the 2025 drill program.

Permit Expansion

In Q2-2025, the Corporation secured six new exploration permits north of the existing Zgounder footprint, expanding its

regional land position by approximately 12% to 452.7 km². Mapping and prospecting on these new permits are expected to

begin in the second half of the year, supporting Aya's strategy to grow its regional exploration pipeline and assess potential

satellite targets near existing infrastructure.

**Boumadine Exploration**

Drilling Activity

In Q2-2025, the Corporation completed 24,560m DDH and 8,950m RC at Boumadine confirming continuity of the Boumadine

Deposit and extending the strike length of the Tizi Zone from 2.0 km to 2.2 km as well as the strike length of the Imariren Zone

to 1.0 km. Recent highlights include high-grade silver-equivalent intercepts on the Main Trend (e.g., 563 g/t AgEq over 1.3m),

Tizi (e.g., 480 g/t AgEq over 2.0m), and Imariren (e.g., 876 g/t AgEq over 1.0m). These results confirm mineralization continuity

and support the expansion of known zones. The Main Trend is the backbone of the deposit and will form the foundation of our

upcoming PEA. Further, targets identified by the 2024 mapping and geophysical program were also drill tested, with results

pending. The drill program is well on-track with the 2025 full-year target of 100,000- to 140,000-meters.

Mapping and Target Generation

In Q2-2025, we identified a new prospective gold-copper zone, Asirem, within recently acquired western permits and located at

surface west of the Boumadine Main Trend. The mineralized structure is traceable over 9 km to the west. Drill testing will

begin in the second half of the year as part of the greenfield component of the current drill program.

Permit Expansion

In Q2-2025 the Corporation continued to increase its Boumadine land holdings through the acquisition of four exploration

licenses, expanding our land package to 314.5km<sup>2</sup>. Several drill targets have been identified within these licenses including a

new mineralized structure at surface with grab samples returning up to 3.34 g/t Au and 4.0% Cu.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202512

**Mineral Resource Estimate**

An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24, 2025, consisting of an

Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag,

2.4Moz of Au, 615 kt of Zn and 237 kt of Pb. Representing 378Moz AgEq, an increase of 19%, and an Indicated Mineral

Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145

kt of Zn and 44 kt of Pb. representing 74.4Moz Silver equivalent ("AgEq"), an increase of 120%.

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR US$/t** | **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained Indicated** | 95 | 3920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | **476** | 5.30 | 11881 | 343 | 5 | 33 | 116 | **60051** | 667 |
| **Pit-constrained Inferred** | 95 | 14258 | 90 | 2.89 | 0.10 | 0.81 | 2.38 | **450** | 5.00 | 41135 | 1102 | 14 | 115 | 339 | **206293** | 2293 |
| **Out-of-pit Indicated** | 125 | 1249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | **358** | 3.98 | 3216 | 106 | 1 | 11 | 29 | **14382** | 160 |
| **Out-of-pit Inferred** | 125 | 14938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | **357** | 3.97 | 35669 | 1294 | 10 | 122 | 276 | **171393** | 1905 |
| **Total Indicated** | 95/ 125 | 5169 | 91 | 2.78 | 0.12 | 0.85 | 2.80 | **448** | 4.98 | 15097 | 449 | 6 | 44 | 145 | **74433** | 827 |
| **Total Inferred** | 95/ 125 | 29196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | **402** | 4.47 | 76804 | 2396 | 25 | 237 | 615 | **377686** | 4198 |

---

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, sociopolitical, 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 in this MD&A 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, as may be amended from time to time.

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 in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/oz\*Ag

recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag

price/oz\*Ag recovery)\*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/oz\*Au

recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au

price/oz\*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 general and administrative expenses (" 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. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202513

![forageregional_engxv3a.jpg](forageregional_engxv3a.jpg)

Figure 2 - Plan View of Boumadine Property with Existing Permits and Drill Holes

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202514

**Sustainability**

**Q2-2025 Sustainability**

During Q2-2025, the Corporation continued to implement its Environment and Social Management System ("ESMS") while

developing its ESG disclosures. Below are the main activities during the quarter:

• Published its 2024 Sustainability report in May 2025.

• Answered the 2025 S&P's Corporate Sustainability Assessment ("CSA") survey and increased our rating to 49 from 47 in

the previous year.

• Submitted its first annual report to the UN Global Compact.

• Continued solidifying health and safety ("H&S") processes through preventive measures, 100% of incidents analyzed, and

4,121 hours of training.

• Continued community engagement:

• Continued school tutoring program to high school in Talouine and second secondary school in Taouyalte.

• Strengthened community engagement by finalizing its inaugural project proposal for local communities,

entrepreneurs and cooperatives. This initiative was developed in partnership with the National institute for human

development.

![img_2405xretouchea.jpg](img_2405xretouchea.jpg)

Figure 3 - Tutoring program students from Askaoun and Taouyalte secondary schools, Morocco

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202515

**Transaction with Mx2 Mining**

Effective April 15, 2025, the Corporation transferred its rights to the Amizmiz gold project by selling Amizmiz International

Holding and Mx2 Maroc SARLAU, wholly owned subsidiaries of the Corporation to Mx2 Mining Inc. ("Mx2"). As consideration

for the transaction, the Corporation received 20,000,000 shares of Mx2 priced at C$0.50 per share for a total of C$10,000

($7,210).

In conjunction with the transaction, Mx2 also completed a brokered private placement for gross proceeds of C$16,000 priced

at C$0.50 per unit of which the Corporation obtained of a total of 2,000,000 shares for a total of C$1,000 ($722).

As a result, the Corporation holds 22,000,000 common shares of Mx2's outstanding 52,000,001 shares, an interest of 42.3% in

Mx2. Management determined it has significant influence but not control over Mx2 and began to account for the investment

using the equity method from the date of the transaction (see Note 6 of the FS).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202516

**Overview of Financial Performance**

For the three and six-month periods ended June 30, 2025 and 2024 (in thousands of dollars):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |  |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |  |
| | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |  |
| <br>**Revenues** | **38615** | **13678** | **182%** | **72446** | **18756** | **286%** | **(1)** |
| Cost of sales | 29673 | 8765 | 239% | 53257 | 13507 | 294% | (2) |
| **Gross profit** | **8942** | **4913** | **82%** | **19189** | **5249** | **266%** | **(3)** |
| General and administrative expenses | 7088 | 3261 | 117% | 14009 | 6465 | 117% | (4) |
| Other operating income | 5488 |  | 100% | 5488 |  | 100% | (5) |
| **Operating income (loss)** | **7342** | **1652** | **344%** | **10668** | **(1216)** | **(977)%** |  |
| Net finance income  | 3101 | 6126 | (49)% | 10438 | 6699 | 56% | (6) |
| **Net income before income taxes** | **10443** | **7778** | **34%** | **21106** | **5483** | **285%** |  |
| Income tax expense | 1802 | 965 | 87% | 5535 | 1261 | 339% | (7) |
| **Net income for the period** | **8641** | **6813** | **27%** | **15571** | **4222** | **269%** | **(8)** |
| Income per share (diluted) | 0.06 | 0.05 | NM | 0.11 | 0.03 | NM | (8) |

---

***\*NM*** *– Not Meaningful*

**Three-month period ended June 30, 2025, compared to the three-month period ended June 30, 2024**

1.**Revenues from silver sales** totaled $38,615 in Q2-2025 compared to $13,678 in Q2-2024, driven by a 118% increase in

ounces sold of 1,140,452 oz in Q2-2025 compared with 521,971 oz in Q2-2024 due to the continued ramp-up of the new

Zgounder plant, for which commercial production was declared on December 29, 2024 and a higher average net realized

silver price per oz during the period. The average net realized silver price per oz sold increased by 29% to $33.86 in Q2-2025

compared to $26.20 in Q2-2024.

2.**Cost of sales** in Q2-2025 increased by 239% compared to Q2-2024, driven by the increase in tonnes processed and

depreciation, which rose by $4,718 compared to Q2-2024, reflecting the commissioning of the new Zgounder plant which

began commercial production on December 29, 2024. The processing of lower-grade material in Q2-2025 compared to

Q2-2024 required higher tonnage to maintain output, which in turn increased unit costs. Unit costs are expected to

gradually decrease as the plant and mine ramp up stabilize in the coming quarters. In addition, royalties to OHNYM were

$1,158 in Q2-2025 compared to $410 in Q2-2024.

3.**Gross profit** for the quarter was $8,942 compared to $4,913 in Q2-2024, representing an increase of 82%. The increase

reflects the impact of higher sales volumes, alongside a higher average net realized silver price per oz, and increased unit

production costs compared to the same period in 2024 due to the processing of lower grade ore in 2025.

4.**General and administrative expense** increased by 117% or $3,827 in Q2-2025 compared with Q2-2024. This increase was

significantly driven by a non-cash expense related to share-based compensation which increased by $3,078 in Q2-2025.The

increase was largely attributable to a one time grant of five million share purchase options granted in 2024 at an exercise

price of C$15.63. In addition, the Corporation now has multiple projects in Morocco as such, G&A expenses increased to

manage these projects. To support the continued growth of the Corporation and ensure adequate resources for project

execution and corporate functions, additional headcount was added at the head office in Montreal and in Morocco.

5.**Other operating income** increased by 100% as it includes a net impairment recovery of $3,987 and a $1,828 gain on the

sale of assets, mainly related to the Amizmiz property transaction completed in April 2025. The increase is offset by a

share of loss in associate of $327 from the Corporation's investment in Mx2.

6.**Net finance income** decreased by $3,025 in Q2-2025 compared to Q2-2024 primarily driven by the commencement of

commercial production at the end of Q4-2024. Interest on the EBRD Zgounder loan recognized in the income statement,

was $2.5 million in Q2-2025 compared to $nil in Q2-2024. Interest income also decreased from $1.4 million in Q2-2024 to

$0.3 million in Q2-2025 due to lower account balances and interest rates. This decrease is offset by the increase in gain of

foreign exchange mainly from a 7% appreciation of the MAD against the U.S. dollar in Q2-2025, since intercompany

advances made to Moroccan subsidiaries and the long-term debt are in U.S. dollars, this created a gain of foreign exchange

in the Moroccan entities. While the U.S. dollar depreciated by 5% against the Canadian dollar, creating a loss on foreign

exchange in the Canadian entity.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202517

7.**Income tax expense** in Q2-2025 increased by $837 to $1,802 compared with Q2-2024, primarily due to higher net taxable

income of our Moroccan operating entity as well as our Canadian entity for a total of $1,435 and $365 in accrued

withholding taxes on interest on advances in Morocco in Q2-2025. The increase reflects the ramp-up of the new plant

during its two full quarter of operations.

8.**Net income** of $8,641 (diluted EPS of $0.06) was recorded in Q2-2025 compared to net income of $6,813 (diluted EPS of

$0.05) in Q2-2024.

**Six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024**

1.**Revenues from silver sales** totaled $72,446 in H1-2025 compared to $18,756 in H1-2024, driven by a 190% increase in

ounces sold of 2,202,017 oz in H1-2025 compared with 760,237 oz in H1-2024 due to the continued ramp-up of the new

Zgounder plant, for which commercial production was declared on December 29, 2024 and a higher average net realized

silver price per oz during the period. The average net realized silver price per oz sold increased by 33% to $32.90 in

H1-2025 compared to $24.67 in H1-2024.

2.**Cost of sales** in H1-2025 increased by 294% compared to H1-2024, driven by the increase in tonnes processed, including

higher depreciation, which rose by $8,087 compared to H1-2024, reflecting the commissioning of the new Zgounder plant

which began commercial production on December 29, 2024. The processing of slightly lower-grade material in H1-2025

compared to H1-2024 required higher tonnage to maintain output, which in turn increased unit costs. These cost increases

are expected to gradually decrease as the Zgounder plant ramp-up continues to progress and production volumes increase

in the coming quarters. In addition, royalties to OHNYM were $2,173 in H1-2025 compared to $559 in H1-2024.

3.**Gross profit** was $19,189 in H1-2025 compared to $5,249 in H1-2024, representing an increase of 266%. The increase

reflects the impact of higher sales volumes, alongside the higher average net realized silver price per oz, and increased unit

production costs compared to the corresponding period in 2024 due to the processing of lower grade ore in 2025.

4.**General and administrative expense** increased by 117% or by $7,544 in H1-2025 compared with H1-2024. This increase

was significantly driven by a non-cash expense related to share-based compensation which increased by $5,991 in

H1-2025. The increase was largely attributable to 5 million share purchase options granted in 2024 at an exercise price of

C$15.63. In addition, the Corporation now has multiple projects in Morocco as such, G&A expenses increased to manage

these projects. To support the continued growth of the Corporation and ensure adequate resources for project execution

and corporate functions, additional headcount was added at the head office in Montreal and in Morocco

5.**Other operating Income** increased by 100% as it includes a net impairment recovery of $3,987 and a $1,828 gain on sale of

assets, mainly related to the Amizmiz property transaction completed in April 2025. This increase was partially offset by a

share of loss in associate of $327 from the Corporation's investment in Mx2.

6.**Net finance income** increased by $3,739 in H1-2025 compared to H1-2024 primarily driven by a $10,367 increase in foreign

exchange gains. This reflects the 12% appreciation of the MAD against the U.S. dollar in 2025 and since intercompany

advances made to Moroccan subsidiaries and the long-term debt are in U.S. dollar, this contributed to a total gain of

approximately $24 million in H1-2025. While the U.S. dollar depreciated by 5% against the Canadian dollar creating a $9

million loss. Additionally, following the commencement of commercial production at the end of Q4-2024, interest on the

EBRD facility is now recognized in the income statement, resulting in a $5.2 million interest expense in H1-2025 compared

to $nil in H1-2024. Interest income also declined from $2.2 million in Q2-2024 to $0.8 million in H1-2025 due to lower

account balances and interest rates.

7.**Income tax expense** in H1-2025 increased by $4,274 to $5,535 compared with H1-2024, primarily due to higher net taxable

income of our Moroccan operating entity as well as our Canadian entity for a total of $4,780 and $754 in accrued

withholding taxes on interest on advances in Morocco in H1-2025. The increase reflects the ramp-up of the new plant

during its first full quarter of operations.

8.**Net income** of $15,571 (diluted EPS of $0.11) was recorded in H1-2025 compared to net income of $4,222 (diluted EPS of

$0.03) in H1-2024.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202518

**Summary of Quarterly Results**

Selected quarterly information

---

| | | | |
|:---|:---|:---|:---|
|  | **Revenues** | **Net income (loss)** | **Income (loss) per share (diluted)** |
| **Quarter ended** | **$** | **$** | **$** |
| June 30, 2025 | 38615 | 8641 | 0.06 |
| March 31, 2025 | 33831 | 6930 | 0.05 |
| December 31, 2024 | 9338 | (29983) | (0.23) |
| September 30, 2024 | 11024 | (263) | (0.00) |
| June 30, 2024 | 13678 | 6813 | 0.05 |
| March 31, 2024 | 5077 | (2592) | (0.02) |
| December 31, 2023 | 11070 | 3590 | 0.03 |
| September 30, 2023 | 11714 | 1206 | 0.01 |

---

Revenues in Q2-2025 were $38,615 compared to $33,831 in Q1-2025. The Corporation sold 1,140,452 oz of silver in Q2-2025

compared to 1,061,565 oz in Q1-2025. The average net realized price for silver also rose to $33.86 per ounce in Q2-2025, up

from $31.87 per ounce in Q1-2025, further supporting revenue growth. The rise in the cost of sales was mainly attributed to the

increased volume of ore that was mined and processed to produce the ounces sold given the lower ore grade which stood at

140 g/t in Q2-2025 compared to 163 g/t in Q1-2025. This consequently led to an increase in unit costs. A $1,611 increase in

depreciation expense in Q2-2025 compared to Q1-2025 is reflected by the 12% increase in ounces extracted and

approximately doubling the amount of additions, as well as, transfers from assets under construction to mining assets in

production in Q2-2025. Other operating Income increased by 100% in Q2-2025 compared to Q1-2025 as it includes a net

impairment recovery of $3,987 and a $1,828 gain on sale of assets, mainly related to the Amizmiz property transaction

completed in April 2025.

Revenues in Q1-2025 were $33,831 compared to $9,338 in Q4-2024. The Corporation sold 1,061,565 oz of silver in Q1-2025

compared to 337,733 oz in Q4-2024, benefiting from a full quarter of operational ramp-up at the new Zgounder plant, which

reached commercial production on December 29, 2024. Additionally, the average net realized silver price increased to $31.87

per ounce in Q1-2025, up from $27.65 per ounce in Q4-2024, further contributing to the increase in revenue. The cost of sales

increased primarily due to the higher volume of silver processed and sold and a $1,685 increase in depreciation expense in

Q1-2025 compared to Q4-2024, driven by the start of depreciation of the new Zgounder plant. In addition, tax expense rose

significantly to $3,734 in Q1-2025 compared to a tax recovery of $(1,867) in Q4-2024 reflecting the sharp increase in taxable

income generated by the Corporation's Moroccan subsidiary.

Revenues in Q4-2024 were $9,338 compared to $11,024 in Q3-2024. The Corporation sold 337,733 oz compared to 403,957 oz

of silver in Q3-2024. In addition, the cost of sales increased in proportion to the oz sold due to an increase in operational costs

associated with the finalization of the expansion, mine ramp-up, additional staff, training and health and safety activities that

have accelerated in Q4-2024 since the new Zgounder plant reached commercial production on December 29, 2024. In addition,

an impairment charge of $27,350 related to the Tijirit Project owned by the Corporation at 75% was taken in Q4-2024. (See

Note 7 of the Q4-2024 FS).

Revenues in Q3-2024 were $11,024 compared to $13,678 in Q2-2024. The Corporation sold 403,957 oz compared to 521,971

oz of silver in Q2-2024. The 23% reduction in oz sold is mainly explained by the average grade processed that came in lower at

161 g/t compared to 196 g/t in Q2-2024, partially offset by higher average selling prices. The cost of sales rose in line with the

increase in ounces sold due to higher operational costs from expansion preparation, mine ramp-up, and health and safety

activities in Q3-2024, as the new Zgounder plant neared completion.

Revenues in Q2-2024 were $13,678 compared to $5,077 in Q1-2024. The Corporation sold 521,971 oz of silver in Q2-2024

compared to 238,266 oz of silver in Q1-2024 since 157,457 oz of silver concentrate was held in inventory and was sold at a

higher price in Q2-2024. The average grade processed came in higher at 196 g/t in Q2-2024 compared to 173 g/t in Q1-2024,

resulting in a net income of $6,813 compared to a net loss of $(2,594) in Q1-2024.

Revenues in Q1-2024 were $5,077 compared to $11,070 in Q4-2023. The Corporation sold 238,266 oz of silver in Q1-2024

compared to 507,635 oz of silver in Q4-2023. The average grade processed came in lower at 173 g/t in Q1-2024 compared to

239 g/t in Q4-2023. The Corporation increased its inventory of silver in concentrate by $1,830 in Q1-2024, affecting sales

negatively during the quarter since fewer ounces were sold. As a result of lower revenues and higher G&A expenses, the

Corporation recorded a net loss of $(2,592) in Q1-2024 compared to a net income of $3,590 in Q4-2023.

<sup>5</sup>Non-GAAP Measures, refer to page 25.

<sup>6</sup> Non-GAAP Measures, consisting of current assets of $179,598 less current liabilities of $91,195 (December 31, 2024, current assets of $76,540 less current

liabilities of $53,116).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202519

The net income in Q4-2023 increased by 198% from Q3-2023 due to a net finance expense of $1,385 in Q3-2023 compared to a

net finance income of $2,885 in Q4-2023 and the recognition of a deferred tax asset of $1,765 in Q4-2023 compared to $(138)

in Q4-2022. The increase has been partially offset by the increase in cash cost per silver ounce sold<sup>5</sup> which went from $10.73

in Q3-2023 to $13.69 in Q4-2023.

Revenues in Q3-2023 increased by 24% from Q2-2023 mainly due to the increase in sales volume in Q3-2023 to 543,983 oz

compared with 439,080 oz in Q2-2023, resulting in a net profit of $1,206 compared to a net loss of $(525) in Q2-2023.

**Liquidity and Capital Resources**

As at June 30, 2025, the Corporation had working capital of $88,403 compared to $23,424 as at December 31, 2024,<sup>6</sup> including

cash of $113,832 ($30,944 on December 31, 2024). The Corporation generated $15,706 in operating cash flow in H1-2025,

principally from the Zgounder operation and the Corporation anticipates generating cash flow from the Zgounder mine in

2025. The Corporation ensures that there is sufficient capital in order to meet short-term business requirements, after taking

into account cash flows from operations and the Corporation's holdings of cash. The Corporation believes that these sources

will be sufficient to cover the likely short-term and long-term cash requirements. The Corporation's principal sources of

financing in the past have been equity, debt financing and cash flows from operations. The success of equity and debt

financing is dependent on capital markets, the attractiveness of mining companies to investors, and metal prices. To facilitate

its growth and to continue its exploration, development, expansion activities and be able to support its ongoing operations the

Corporation may be required to raise further equity or debt financing in the capital markets. The Corporation continues to

assess financing alternatives, including equity or debt or a combination of both, to fund future growth, including the

development of the Boumadine Project.

As part of its $100 million financing with EBRD, the Corporation is required to maintain $18 million in restricted cash as a Cost

Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, any unused

portion of the COF may be reallocated to fund the $16.25 million Debt Service Reserve Account ("DSRA"). Project Completion

is defined as achieving at least 90% of forecasted silver production over a 90-day period, with no month below 85%, based on

the banking base case model. While timing remains uncertain, the requirement to maintain the full COF, and eventually the

DSRA, limits the Corporation's accessible cash. As these funds are not available for general corporate use, these amounts are

recorded as restricted cash on the condensed interim consolidated statement of financial position.

The following table summarizes the corporation's cash flow activity during the three and six-month periods ended June 30,

2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Cash Flow** | **2025** | **2024** | **2025** | **2024** |
| Operating cash flow before changes in working capital | (1390) | 3738 | 7355 | 2787 |
| Change in non-cash operating working capital items | 9177 | 9052 | 8351 | (232) |
| Net cash flow from operating activities | 7787 | 12790 | 15706 | 2555 |
| Net cash flow used in investing activities | (13012) | (33730) | (28966) | (57345) |
| Net cash flow from financing activities | 99539 | 15619 | 94835 | 92499 |
| Effect of exchange rate changes on cash in foreign currencies | 1199 | (72) | 1313 | (2393) |
| **Net increase (decrease) in cash** | **95513** | **(5393)** | **82888** | **35316** |
| Cash beginning of the period | 18319 | 90539 | 30944 | 49830 |
| **Cash end of period** | **113832** | **85146** | **113832** | **85146** |

---

Operating

During the three-month period ended June 30, 2025, the Corporation used operating cash flow before working capital items of

$(1,390), compared to generated operating cash flow before working capital items of $3,738 for the same prior-year period.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202520

The decrease was driven by net income from higher non-cash items, mainly the gain on foreign currency translation in Q2-2025

compared to Q2-2024. See section of Overview of Financial Performance.

The operating cash flow in Q2-2025 was positively impacted by changes of $9,177 in working capital items, mainly due to

higher accounts payable and higher income tax payable offset by an increase in sales tax receivable and inventories.

During the six-month period ended June 30, 2025, the Corporation generated operating cash flow before working capital items

of $7,355, compared to $2,787 for the same prior-year period. The increase was driven by higher operating income in H1-2025

compared to H1-2024. See section Overview of Financial Performance.

The operating cash flow in H1-2025 was positively impacted by changes of $8,351 in working capital items, mainly due to

higher accounts payable and higher income tax payable offset by an increase in sales tax receivable and in accounts

receivable from silver sales.

Investing

During the three-month period ended June 30, 2025, the Corporation used cash of $13,012 in investing activities compared to

$33,730 in Q2-2024. The increase is due to lower capital expenditures with $8,275 spent in Q2-2025 compared to $30,148 in

Q2-2024 due to the completion of the new Zgounder mill at the end of 2024. This reflects the current stage of the Zgounder

expansion compared to last year as the project is now completed. Exploration and evaluation assets investments are mainly

related to the Boumadine and Zgounder Regional projects, where $3,499 was invested in Q2-2025 compared to $4,653 in

Q2-2024.

During the six-month period ended June 30, 2025, the Corporation used cash of $28,966 in investing activities compared to

$57,345 in H1-2024. The increase is due to lower capital expenditures with $15,002 spent in H1-2025 compared to $48,159 in

H1-2024 due to the completion of the new Zgounder mill at the end of 2024. This reflects the current stage of the Zgounder

expansion compared to last year as the project is now completed. Exploration and evaluation assets investments are mainly

related to the Boumadine and Zgounder Regional projects, where $11,319 was invested in H1-2025 compared to $10,257 in

H1-2024.

Financing

During the three-month period ended June 30, 2025, and 2024:

• In Q2-2025, the Corporation closed an equity financing and issued 10,767,795 common shares of the Corporation at

C$13.35 per common share for gross proceeds of C$143,750 ($105,218) compared to $nil for the same prior-year period.

The proceeds will be mainly used for the Boumadine project and general corporate purposes.

• Transaction costs related to the issuance of shares of $5,490 have been paid in Q2-2025 compared to $100 in Q2-2024.

• The Corporation drew down $nil from the EBRD loan compared to $15,000 for the same prior-year period. However, the

Corporation incurred $85 in deferred financing costs in Q2-2025 related to another separate credit agreement for a

financing facility with EBRD for up to $25,000 to fund the exploration and development activities at the Boumadine project

• No stock options were exercised in Q2-2025 compared to proceeds of $786 in Q2-2024.

• Lease liabilities payments between Q2-2025 and Q2-2024 were at a comparable level.

• During the six-month periods ended June 30, 2025, and 2024:

• In H1-2025, the Corporation closed an equity financing and issued 10,767,795 common shares of the Corporation at

C$13.35 per common share for gross proceeds of C$143,750 ($105,218) compared to $57,298 for the same prior-year

period. The proceeds will be mainly used for the Boumadine project and general corporate purposes.

• Transaction costs related to the issuance of shares of $5,490 have been paid in H1-2025 compared to $3,317 in H1-2024.

• The Corporation drew down $nil from the EBRD loan compared to $40,000 for the same prior-year period. However, the

Corporation incurred $85 in deferred financing costs in H1-2025 related to another separate credit agreement for a

financing facility with EBRD for up to $25,000 to fund the exploration and development activities at the Boumadine project

• Stock options were exercised in H1-2025 for proceeds of $20 compared to proceeds of $888 in H1-2024.

• Lease liabilities payments between H1-2025 and H1-2024 were at a comparable level.

• Payments related to long-term debt of $4,626 in relation to the EBRD loan in H1-2025 compared to $2,190 in H1-2024.

<sup>7</sup> Includes $5.5 million in share issue costs related to the June 18, 2025 C$143.8 million financing.

<sup>8</sup> Includes $3.2 million in share issue costs related to the February 14, 2024 C$77.6 million financing.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202521

**Financing Sources**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** |
| **Date** | **Type** | **Financings** | **Gross** <br>**Amounts** <br>**($)**<br>| **General description of the use of proceeds** |
| June 18, 2025 | Short Form <br>Prospectus<br>| Common <br>shares<br>| 105218 | The net proceeds of the financing after deductions of the financing <br>costs, will be used to advance its business objectives including for <br>the advancement of its exploration program at Boumadine, the <br>exploration program at Zgounder Regional, and for working capital <br>and general corporate purposes. <br>|
| February 14, <br>2024<br>| Short Form <br>Prospectus<br>| Common <br>shares<br>| 57297 | The net proceeds of the financing after financing costs are being <br>used for the exploration and development of Boumadine, for <br>Zgounder Regional exploration programs and for general <br>corporation purposes.<br>|
| From Aug 8, <br>2023 to Sep 2, <br>2023<br>| Warrants | Common <br>shares<br>| 10288 | The net proceeds of the financing after financing costs were used <br>for the expansion of the Zgounder Mine, for advancement of its <br>exploration programs at Zgounder, Zgounder Regional and <br>Boumadine; and for general corporation purposes.<br>|
| From Sep 20, <br>2023 to Jan <br>21, 2025<br>| Options <br>exercised<br>| Common <br>shares<br>| 1724 | The net proceeds from the exercise of options were used to fund <br>general administrative expenses, investing activities and other <br>working capital needs.<br>|

---

**Use of Proceeds**

June 18, 2025 Financing - US$105 million

On June 18, 2025, the Corporation closed a bought deal financing and issued 10,767,795 common shares of the Corporation at

a price of C$13.35 per common share for gross proceeds of approximately C$144 million (US$105 million).

Below is an update, in tabular form, reflecting the use of the funds as of June 30, 2025 compared to the budgeted amounts

initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 58.6 | 2.0 |
| Zgounder regional and other projects | 7.3 | 0.1 |
| General corporate purposes<sup>7</sup> | 39.3 | 5.5 |
| **Total** | **105.2** | **7.6** |

---

February 14, 2024 Financing - US$57 million

On February 14, 2024, the Corporation closed a bought deal public financing and issued 7,573,900 common shares in the

capital of the Corporation at a price of C$10.25 per share for gross proceeds of approximately C$77.6 million ($57.3 million).

Below is an update, in tabular form, reflecting the use of the funds as of June 30, 2025, compared to the budgeted amounts

initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 36.9 | 36.9 |
| Zgounder regional and other projects | 4.4 | 4.4 |
| General corporate purposes<sup>8</sup> | 16.0 | 12.9 |
| **Total** | **57.3** | **54.2** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202522

**Financial Position**

The following table details the changes to the statements of financial position as at June 30, 2025, compared to December 31,

2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As at June 30, 2025** | **As at December 31, 2024** | **Variance** |
| Cash  | 113832 | 30944 | 268% |
| Accounts receivable | 11909 | 1827 | 552% |
| Sales taxes receivable | 15320 | 9979 | 54% |
| Income tax receivable |  | 3415 | (100)% |
| Inventories  | 34023 | 27389 | 24% |
| Deposit in trust |  | 695 | (100)% |
| Prepaid expenses and security deposits | 4514 | 2249 | 101% |
| Options contracts |  | 42 | NM |
| **Total current assets** | **179598** | **76540** | **135%** |
| Restricted cash  | 18164 | 18246 | —% |
| Non-refundable deposits to suppliers  | 2830 | 2787 | 2% |
| Deferred income tax | 8426 | 3425 | 146% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 87 |  | NM |
| Investment in associate | 7605 |  | NM |
| Property, plant, and equipment  | 259253 | 231205 | 12% |
| Exploration and evaluation assets  | 89811 | 67904 | 32% |
| **Total assets** | **565774** | **400107** | 41% |
| **Total current liabilities** | **91195** | **53116** | 72% |
| Lease liabilities  | 1107 | 1121 | (1)% |
| Long-term debt  | 82376 | 95517 | (14)% |
| Asset retirement obligations  | 3363 | 2872 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 493 | 1000 | (51)% |
| **Total liabilities** | **178534** | **153626** | **16%** |
| **Total equity** | **387240** | **246481** | **57%** |
| **Total liabilities and equity** | **565774** | **400107** | **41%** |

---

***\*NM:*** *Not Meaningful*

Assets

The change in the Corporation's cash balance on June 30, 2025, compared to the amount held on December 31, 2024, is

detailed in the section Liquidity and Capital Resources.

In H1-2025, the increase in accounts receivable of $10,082 compared to December 31, 2024, was due to significant silver sales

at the end of the period for which cash had not yet been received. The cash was received at the beginning of Q3-2025.

The increase in sales tax receivable of $5,341 in H1-2025 compared to December 31, 2024, reflects the fact that the overall

operations have increased due to the ramp-up of production and only approximately $3,000 has been reimbursed in 2025.

The increase in inventory of $6,634 in H1-2025 was due to mining supplies from a ramp-up of production in H1-2025.

The decrease of $3,415 in income tax receivable reflects a significant increase in taxable income in the Moroccan subsidiaries

in H1-2025, compared to overpaid tax installments in 2024.

The change in non-current assets balance on June 30, 2025, compared to the amount held on December 31, 2024, is detailed

in the Liquidity and Capital Resources section.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202523

Liabilities and Equity

The current liabilities increased by 72% between December 31, 2024 and June 30, 2025, mainly related to an increase of

$17,952 in accounts payable and accrued liabilities due to the Zgounder ramp-up and the increased exploration expenses at

Boumadine. In addition, there is a current portion of long-term debt of $14,286 due on January 19, 2026, and tax payable

increased by $5,515 over the last six months due to higher taxable income in Morocco.

The increase in the asset retirement obligation is primarily driven by changes in assumptions, including higher inflation

expectations in Morocco and a revision of the risk-free discount rate used.

The change in total equity can be primarily attributed to the equity financing conducted in June 2025, which involved the

issuance of 10,767,795 shares, at a price of C$13.35. Additionally, there was an impact of $9,276 related to share-based

compensation, alongside a net income of $15,571, predominantly derived from an increase in operating income. Moreover, a

currency translation adjustment amounting to $14,757 was recognized during the period ending June 30, 2025. The increase in

equity is offset by share issuance costs totaling $4,083 (net of tax of $1,407) which are associated with the June equity

financing.

**Capital Management**

The Corporation defines capital as long-term debt and equity. When managing capital, the Corporation's objectives are to:

1. Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

2. Ensure the externally imposed capital requirements relating to debt obligations are being met;

3. Increase the value of the Corporation's assets; and

4. Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at June 30, 2025, managed capital is $484,080 (December 31, 2024 - $341,993) representing long-term debt

and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
|  | **As at June 30, 2025** | **As at December 31, 2024** |
| Long-term debt (including current portion) | 96662 | 95517 |
| Total equity before non-controlling interests | 387418 | 246476 |
|  | **484080** | 341993 |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202524

**Commitments and Contingency**

The Corporation had the following undiscounted contractual obligations at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments due by period** | **Less than 1** <br>**year**<br>| **1-3 Years** | **4-5 years** | **After 5 Years** | **Total** |
| **Contractual obligations** | **$** | **$** | **$** | **$** | **$** |
| Accounts payable and accrued liabilities\*  | 69303 |  |  |  | 69303 |
| Long-term debt | 14286 | 57143 | 28571 |  | 100000 |
| Interest on long-term debt\*\* | 8171 | 8812 | 633 |  | 17616 |
| Balance of purchase price payable  | 1662 |  |  |  | 1662 |
| Lease liabilities | 410 | 614 | 407 | 242 | 1673 |
| Asset retirement obligations |  |  |  | 3352 | 3352 |
|  | **79813** | **68317** | **30395** | **3629** | **182154** |

---

\* Includes interest on long-term debt of $3,878 payable on July 19, 2025.

\*\* The interest on the US$100 million long-term debt with EBRD has been calculated using the SOFR+5% (9.34%) rate as at June 30, 2025 for

the $92 million EBRD Tranche and at 1% for the Climate Investment Funds tranche of $8 million.

**Royalties**

As per the terms of the property purchase agreements, the Corporation is committed to pay the following royalties:

• 3.0% royalty to ONHYM on revenue from the Zgounder property or $1,158 for three-month period ended June 30, 2025

($410 for three-month period ended June 30, 2024);

• 3.0% royalty to ONHYM on revenue from the Boumadine property;

• 2.5% royalty to Ouiselat Mines on revenue from the Azegour property.

All royalty agreements are payable in perpetuity.

<sup>9</sup> As per note 12 of the FS for the total cost of sales.

<sup>10</sup> As per note 11 of the FS for treatment, smelting and refining costs reported as net of sales.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202525

**Non-GAAP Measures**

The Corporation uses non-GAAP key performance metrics to monitor and assess the operational performance of each active

mining unit by calculating the operating cash cost per silver ounce sold to assess operating performance at the Corporation's

active mining unit of Zgounder. These indicators are commonly used as measures of performance in the mining sector, but

they are presented in addition to the IFRS indicators, although there is no consistent definition. These non-GAAP financial

measures are not standardized financial measure under IFRS used to prepare the financial statements of the Corporation to

which the measure relate.

These indicators are used by management to assess the cost of operations compared to peers and the performance of each

mine in the portfolio. The below indicators are non-GAAP performance indicators and were calculated using World Gold

Council ("WGC") guidelines. WGC is not an industry regulatory agency and therefore does not have the authority to develop

accounting standards for disclosure specifications. Due to differences in underlying accounting rules and procedures, the

different groupings used in the presentation on non-GAAP measures, other mining companies may calculate cash costs in a

variety of ways. This measure is used by management and investors to evaluate operating efficiency on a per-ounce basis and

to compare performance across periods and with other producers. The following table reconciles costs of sales, the closest

IFRS measure, and also provides the calculation of the non-GAAP ratios.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Zgounder Silver Mine – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales<sup>9</sup> | 29673 | 8765 | 53257 | 13507 |
| Share-based compensation | (271) |  | (575) |  |
| Depreciation | (5249) | (531) | (8886) | (799) |
| Inventory write-down | (135) |  | (135) |  |
| Treatment, smelting and refining costs<sup>10</sup> | 228 | 1081 | 681 | 1446 |
| **Operating cash costs (A)** | **24246** | **9315** | **44342** | **14154** |
| **Total silver sales (oz) (B)** | **1140452** | **521971** | **2202017** | **760237** |
| **Cash cost per silver ounce sold (A/B)** | **21.26** | **17.85** | **20.14** | **18.62** |

---

**Available Liquidity**

Available liquidity is a new non-IFRS measure used by Management to monitor its cash. Available liquidity is comprised of

cash and undrawn amounts under available credit facilities. The Corporation uses available liquidity to measure the liquidity

required to satisfy its lenders, fund capital expenditures and support operations. This measure does not have any standardized

meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

---

| | | |
|:---|:---|:---|
|  | **As at June 30, 2025** | **As at December 31, 2024** |
| Cash  | 113832 | 30944 |
| Undrawn amount under long-term debt | 25000 |  |
| **Available liquidity** | 138832 | **30944** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202526

**Risks and Uncertainties**

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 common

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 MD&A.

For a discussion of these risk factors, please refer to the MD&A for the year ended December 31, 2024 and for additional

information please refer to the Annual Information Form for the year ended December 31, 2024 located on the Corporation's

website at www.ayagoldsilver.com.

**Financial Risk Factors**

Disclosure and description of the Corporation's capital management, financial risk management and financial instruments,

including the risks pertaining to credit, commodity prices, liquidity and currencies, are in notes 14, 15 and 16 of the FS.

**Other Financial Information**

**Share Purchase Options**

The following table reflects the share purchase options issued and outstanding as at the date of this MD&A:

---

| | | |
|:---|:---|:---|
| **Expiry dat**e | **Number of options** | **Exercise Price** |
|  | **Number** | **C$** |
| July 1, 2030 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | 15.63 |
|  | **9569451** | **9.03** |

---

**Outstanding Share Data**

---

| | |
|:---|:---|
|  | **Number of shares outstanding (diluted)** |
| Outstanding as of August 13, 2025 | 141900422 |
| Shares reserved for issuance pursuant to share purchase options  | 9569451 |
| Shares reserved for issuance pursuant to deferred share units | 493879 |
| Shares reserved for issuance pursuant to restricted share units | 1174617 |
|  | **153138369** |

---

**Off-Balance Sheet Arrangements**

As at June 30, 2025, the Corporation had no material off-balance sheet arrangements such as contingent interest in assets

transferred to an entity, derivative instruments obligations or any obligations that generate financing, liquidity, market or credit

risk to the Corporation, other than commitments, contingent liabilities and interest, as disclosed in this MD&A and the FS.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202527

**Related Party Disclosures**

During the three and six-month periods ended June 30, 2025 and 2024 and the year ended December 31, 2024 the following

related party transactions occurred in the normal course of operations:

• During the three and six-month periods ended June 30, 2025 and 2024, the following related party transaction occurred in

the normal course of operations for management and consulting fees to Groupe Conseils Group, La Salle Inc., a company

owned by the President and Chief Executive Officer of $233 and $449 for the three and six-month periods ended June 30,

2025, respectively ($227 and $465 for the three and six-month periods ended June 30, 2024, respectively). As at June 30,

2025, $226 (December 31, 2024 - $305) was due to that company.

**Remuneration of Key Management Personnel of the Corporation**

Key management included members of the Board of Directors and executive officers of the Corporation. During the three and

six-month periods ended June 30, 2025 and 2024, the remuneration awarded to key management personnel (including the

amounts above) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | $| $| **$** | **$** |
| Salaries and benefits | **472** | 360 | **822** | 661 |
| Management consulting and professional fees | **333** | 320 | **636** | 648 |
| Share-based payments\* | **3306** | 786 | **6610** | 1592 |
|  | **4111** | 1466 | **8068** | 2901 |

---

\* Share-based payments represent a non-cash expense related to the vesting of equity-based awards granted to directors and executive

officers, including stock options, restricted share units, and deferred share units.

**Accounting Policies, Judgments and Estimates**

**Critical Accounting Judgments and Estimates**

The preparation of unaudited condensed interim consolidated financial statements in conformity with IFRS requires

management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets

and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting

year. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results

may differ from these estimates.

In preparing the Corporation's FS for the three and six-month periods ended June 30, 2025 and 2024, the Corporation applied

the critical judgments and estimates disclosed in note 4 of its audited consolidated financial statements for the year ended

December 31, 2024 except for these accounting policies, estimates and judgements that were adopted during the quarter

ended June 30, 2025:

***Investments in associates***

An associate is an entity over which the Corporation has significant influence. Significant influence is the power to participate

in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The

Corporation is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the

investee, unless it can be clearly demonstrated that the Corporation does not have significant influence.

The Corporation accounts for its investment in associate using the equity method. Under the equity method, the Corporation's

investment in associate is initially recognized at cost and subsequently increased or decreased to recognize the Corporation's

share of net earnings/loss and other comprehensive earnings/loss of the associate, after any adjustments necessary to give

effect to uniform accounting policies, any other movement in the associate's reserves, and for impairment losses after the

initial recognition date. The Corporation's share of the associate's losses that are in excess of its investment are recognized

only to the extent that the Corporation has incurred legal or constructive obligations or made payments on behalf of the

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202528

associate. The Corporation's share of earnings or losses of its associate are recognized in net earnings during the period.

Dividends and repayment of capital received from the associate are accounted for as a reduction in the carrying amount of the

Corporation's investment. Unrealized gains and losses between the Corporation and its associate are recognized only to the

extent of unrelated investors' interests in the associate. Intercompany balances and interest expense and income arising on

loans and borrowings between the Corporation and its associate are not eliminated.

In order to apply the equity method, management has to align Mx2's accounting policies with those of the Corporation, which

requires among other things management to assess whether indicators of impairment related to the Mx2 exploration and

evaluation assets are present.

***Determination of control or significant influence over investees***

The assessment of whether the Corporation has a significant influence or control over an investee requires the application of

judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a

judgement of control or significant influence over an investee include, but are not limited to, ownership percentage,

representation on the board of directors, participation in the policy-making process, material transactions and contractual

arrangements between the Corporation and the investee, interchange of managerial personnel, provision of essential technical

information and potential voting rights. In evaluating these factors, the Corporation determines the level of influence over the

investee the Corporation has. Changes in the Corporation's assessment of the factors used in determining if control or

significant influence exists over an investee would impact the accounting treatment of the investment in the investee.

**Proposed Transaction**

As at June 30, 2025, and the date hereof, the Corporation had no disclosable proposed transaction.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202529

**Management's Report on Internal Controls and Financial** 

**Reporting**

**Disclosure Controls and Procedures**

The Corporation's board, officers and management are responsible for establishing and maintaining disclosure controls and

procedures (DC&P) for the Corporation. Disclosure controls and procedures are designed to provide reasonable assurance

that material information regarding our reports filed or submitted under securities legislation fairly presents the financial

information of Aya and its subsidiaries and to ensure that required information is gathered and communicated to the

Corporation's management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to

permit timely decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of

disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide

reasonable assurance of achieving their control objectives.

**Internal Controls over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") as

defined in NI 52-109. A Corporation's internal control over financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with applicable generally accepted accounting principles.

A Corporation's internal control over financial reporting includes those policies and procedures that (i) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets

of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii)

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

Corporation's assets that could have a material effect on the financial statements. It should be noted that a control system, no

matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of

the control system are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and

procedures may deteriorate.

**Changes in Internal Control over Financial Reporting**

There were no changes to the Corporation's ICFR for the quarter ended June 30, 2025, that have materially affected, or are

reasonably likely to materially affect, the Corporation's ICFR.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202530

**Cautionary Note Regarding Forward-Looking Information** 

All statements, other than statements of historical fact, contained or incorporated by reference in this MD&A including, but not

limited to, any information as to the future financial or operating performance of the Corporation, constitute "forward-looking

information" or "forward-looking statements" within the meaning of certain securities laws and are based on expectations,

estimates and projections as of the date of this MD&A. 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 contained in this MD&A, include, but are not limited to, those under the headings

"Business Overview", "Q2-2025 Business Highlights", "Q2-2025 and H1-2025 Operational and Financial Highlights", "Operating

Results", "Development and Exploration", "Overview of Financial Performance", and "Liquidity and Capital Resources" and

amongst others include, without limitation, statements with respect to (1) the 2025 exploration program targeting 100,000 to

140,000 metres of additional drilling to expand mineralization, test satellite targets, and assets broader regional potential; (2)

the Corporation's intention to use the net proceeds of the June 18, 2025 corporate financing to advance its business

objectives, including the advancement of its exploration program at Boumadine, the exploration program at Zgounder

Regional, and for working capital and general corporate purposes; (3) the Corporation's intention to use the proceeds of the

US$25 million credit facility with the European Bank for Reconstruction and Development (EBRD) to support the advancement

of development work at its Boumadine polymetallic project located in the Draa-Tafilalet region in the Kingdom of Morocco; (4)

the Corporation's strategy to focus on advancing its core assets at Boumadine and Zgounder, while supporting other high-

potential, strategic growth initiatives in the context of the transaction with Mx2 Mining Inc.; (5) the Corporation's expectation

that both underground and open pit ramp-up activities will reach steady state production by year end; (6) the Corporation's

expectation that the acceleration of the mining rate will continue throughout the year, reaching 3,000 tonnes per day by the end

of 2025; (7) the Corporation's anticipation that dilution will decrease as mining rates stabilize and blast movement monitoring

improves in the open pit; (8) the Corporation's expectation that the open pit mining rate will continue to increase as more

equipment is mobilized in Q3-2025; (9) the Corporation's expectation that the open pit mining rate will reach over 40,000

tonnes per day of total material moved by year end; (10) the Corporation's plan to achieve a long-term underground mining rate

of 1,000 tonnes per day of ore; (11) the Corporation's expectation that the existing stockpile provides the necessary cushion to

progressively increase the mining rate; (12) the Corporation's capital investment on surface infrastructure in preparation for

the larger open pit; (13) the Corporation's expectation that a new ventilation raise will be completed in Q3 of this year; (14) the

Corporation's drilling program supporting its 2025 exploration and resource development objectives; (15) the Corporation's

expectation that recent drill results confirming continuity of high-grade mineralization beyond the current resource boundary

will support future resource growth; (16) the Corporation's 2025 regional exploration program; (17) the Corporation's drill

program with the 2025 full-year target of 20,000 to 25,000 metres for both near-mine extensions and regional prospects on

surrounding permits; (18) the Corporation's identification of several drill targets on the both Tourchkal and Zgounder Far East

permits supporting future phases of the 2025 drill program; (19) the Corporation's expectation that mapping and prospecting

on the six new exploration permits north of the existing Zgounder footprint will begin in the second half of the year, supporting

its strategy to grow the regional exploration pipeline and assess potential satellite targets near existing infrastructure; (20) the

Corporation's interpretation that recent drilling results at Boumadine confirming mineralization continuity will support the

expansion of known zones at Boumadine; (21) the Corporation's expectation that the Boumadine Main Trend will form the

foundation of its upcoming Preliminary Economic Assessment (PEA); (22) the geological potential of the new gold-copper

zone, Asirem, within recently acquired western permits and located at surface west of the Boumadine Main Trend; (23) the

Corporation's plan to begin drill testing of the newly identified Asirem gold-copper zone in the second half of the year as part of

the greenfield component of the current drill program; (24) the Corporation's estimate on mineral resource; (25) ESG objectives

as published in the 2024 Sustainability Report in May 2025; (26) the Corporation's community engagement program; (27) the

Corporation's expectation that cost increases will gradually decrease as the Zgounder plant ramp-up continues to progress

and production volumes increase in the coming quarters; (26) the Corporation's intention to use the proceeds of the June 18,

2025 Short Form Prospectus equity financing for gross proceeds of C$143,750,000 ($105,218,000) to advance its business

objectives, including mainly for the advancement of its exploration program at Boumadine project, the exploration program at

Zgounder Regional, general corporate purposes and working capital; (27) the Corporation's intention to use a financing facility

with EBRD for up to $25 million to fund exploration and development activities at the Boumadine project; (28) timelines of

certain events and plans including timelines related to the advancement of mining rates and milling rates; (29) nameplate

capacities at the mill; (30) processing capacities; (31) recoveries, average grades mined or processed; (32) exploration

budget; (33) identification of additional resources and reserves or the conversion of resources to reserves; (34) the

Corporation's liquidity and access to cash; (35) forecast for the Corporation's projects; (36) budgets and future prospects for

exploration, development and operation at the Corporation's operations and projects, including the Zgounder project; (37)

potential mine life extensions at the Corporation's operations; (38) the Corporation's balance sheet and liquidity outlook, as

well as references to other possible events including, the future price of silver; (39) the timing and amount of estimated future

production and costs of production, operating costs; (40) price inflation; (41) capital expenditures; (42) costs and timing of the

development of projects and new deposits at Zgounder or Boumadine; (43) estimates and the realization of such estimates

(such as mineral or silver reserves and resources or mine life); (44) success of exploration; (45) development and mining; (46)

currency fluctuations; (47) capital requirements; (48) project studies; (49) government regulation; (50) permit applications; (51)

environmental risks and proceedings; and (52) resolution of pending litigation. The words "target", "potential", "intend",

"support", "reach", "strategy", "expect", "expectation", "anticipate", "plan", "preparation", "future", "fund", "confirm", "continue",

"objective", "plan", , or variations of or similar such words and phrases or statements that certain actions, events or results

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202531

may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions identify forward-

looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that,

while considered reasonable by the Corporation as of the date of such statements, are inherently subject to significant

business, economic and competitive uncertainties and contingencies.

The estimates, models and assumptions of the Corporation referenced, contained or incorporated by reference in this MD&A,

which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our MD&A for

the year ended December 31, 2024, and the Annual Information Form dated March 31, 2025 as well as: (1) there being no

significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including, without

limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to strikes

or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2)

permitting, development, operations and production from the Corporation's operations and development projects being

consistent with current expectations including, without limitation: the maintenance of existing permits and approvals and the

timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of

exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in

any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation,

restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining

laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies,

including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently

expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or

resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being

approximately consistent with current levels; (6) certain price assumptions for silver; (7) prices for diesel, fuel oil, electricity

and other key supplies being approximately consistent with the Corporation's expectations; (8) attributable production and

cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral

resource estimates of the Corporation's analysis thereof being consistent with expectations (including but not limited to grade,

ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary

work undertaken by the Corporation, mine plans for the Corporation's current and future mining operations, and the

Corporation's internal models; (10) labour and materials costs increasing on a basis consistent with our current expectations;

(11) the terms and conditions of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent

with their intent and our expectations; (12) asset impairment potential; (13) the regulatory and legislative regime regarding

mining in Morocco being consistent with our current expectations; (14) access to capital markets; (15) potential direct or

indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government

legislation or other government actions; (17) litigation, regulatory proceedings and audits, and the potential ramifications

thereof, being concluded in a manner consistent with the Corporation's expectations; (18) having and maintaining human and

technical capacities to execute on its plans to achieve the 2025 Guidance figures; (19) transactions announced by the

Corporation advancing and closing per the Corporation's timeline and expectations; and (20) the Corporation's capacity to

complete the post-closing conditions related to the financing facility with EBRD for up to $25 million.

Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; inaccuracies of

mining reserve and resource calculations, challenges related to underground mining, fluctuations in the currency markets;

fluctuations in the spot and forward price of silver or certain other commodities; price inflation of goods and services; changes

in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted

average cost of capital; changes in the market valuations of peer group silver producers and the Corporation, and the resulting

impact on market price to net asset value multiples; risks arising from holding derivative instruments (such as credit risk,

market liquidity risk and mark-to-market risk); risks arising from reliance on a single operating mine, risks arising from reliance

on contractors namely one EPC provider at the Zgounder expansion project and one open pit mining contractor, changes in

national and local government legislation, taxation (including but not limited to income tax, advance income tax, withholding

tax, capital tax, tariffs, value-added or sales tax, production royalties, excise tax, customs/import or export taxes/duties,

together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and

regulations; the security of personnel and assets; political or economic developments in Morocco or Mauritania; operating or

technical difficulties in connection with mining and milling notably improving recoveries, development or refining activities;

employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions,

administrative orders or sanctions in respect of the Corporation (and/or its directors, officers, or employees) including, but not

limited to, securities class action litigation in Canada, environmental litigation or regulatory proceedings or any investigations,

enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money

laundering laws and regulations or any other applicable jurisdiction; the speculative nature of silver or gold exploration and

development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing

quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition,

there are risks and hazards associated with the business of silver and gold exploration, development and mining, including

environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion

losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these

uncertainties and contingencies can directly or indirectly affect, and could cause, Aya's actual results to differ materially from

those expressed or implied in any forward-looking statements made by, or on behalf of, Aya, including but not limited to

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q2-202532

resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Forward-looking statements are provided for the purpose of providing information about management's expectations and

plans relating to the future. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers

should not place undue reliance on forward-looking statements. All of the forward-looking statements made in this MD&A are

qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada including,

but not limited to, the "Risk Factors" set forth in the Corporation's Annual Information Form dated March 31, 2025. These

factors are not intended to represent a complete list of the factors that could affect Aya. The forward-looking statements

contained herein are made only as of the date hereof. The Corporation disclaims any intention or obligation to update or revise

any forward-looking statements or to explain any material difference between subsequent actual events and such forward-

looking statements, except to the extent required by applicable law.

**Additional Information and Continuous Disclosure**

Additional information about the Corporation FS for the period ended June 30, 2025, will be available on SEDAR+ at

www.sedarplus.ca and on the Corporation's website at www.ayagoldsilver.com.

**Technical Information**

David Lalonde, B. Sc, Vice-President Exploration, designated as a Qualified Person under National Instrument 43-101 for Aya

Gold and Silver has reviewed and approved the technical content of this document.

## Exhibit 99.67

![cover_fsxq2-2025xfinala.jpg](cover_fsxq2-2025xfinala.jpg)

**Exhibit 99.67**

![cover_fsxq2-2025x4a.jpg](cover_fsxq2-2025x4a.jpg)

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Québec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.67**

**Management's responsibilities over financial reporting**

The Condensed Interim Consolidated Financial Statements of Aya Gold & Silver Inc. (the "Corporation" or "Aya") are the

responsibility of the Corporation's management. The condensed interim consolidated financial statements are prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" of the International Accounting Standards

("IFRS") as issued by the International Accounting Standards Board ("IASB") and reflect management's best estimates and

judgment based on information currently available.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the

results of the condensed interim consolidated financial statements prior to their submission to the Board of Directors for

approval.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>1</sub>

**Condensed Interim Consolidated Statements of Financial Position**

(Expressed in thousands of US dollars - unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | December 31, 2024 |
|  | **$** | $|
| **ASSETS** |  |  |
| Current  |  |  |
| Cash | **113832** | 30944 |
| Accounts receivable | **11909** | 1827 |
| Sales taxes receivable | **15320** | 9979 |
| Income tax receivable | **-** | 3415 |
| Inventories (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_37)</u><u>4</u>) | **34023** | 27389 |
| Deposit in trust | **-** | 695 |
| Prepaid expenses and security deposits | **4514** | 2249 |
| Options contracts (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_85)</u><u>16</u>) | **-** | 42 |
|  | **179598** | 76540 |
| Non-current  |  |  |
| Restricted cash (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_85)</u><u>16</u>) | **18164** | 18246 |
| Non-refundable deposits to suppliers (<u>[Note 5](#ie8013e1d12454ac9b89745f77c5b5257_40)</u>) | **2830** | 2787 |
| Deferred tax assets (<u>[Note 19](#ie8013e1d12454ac9b89745f77c5b5257_94)</u>) | **8426** | 3425 |
| Deferred financing costs (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_49)</u><u>7</u>) | **87** | - |
| Investment in associate (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **7605** | - |
| Property, plant, and equipment <u>(</u><u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_40)</u><u>5</u>) | **259253** | 231205 |
| Exploration and evaluation assets (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **89811** | 67904 |
| **TOTAL ASSETS** | **565774** | 400107 |
| **LIABILITIES** |  |  |
| Current  |  |  |
| Accounts payable and accrued liabilities | **69303** | 51351 |
| Current portion of long-term debt (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_49)</u><u>7</u>) | **14286** | - |
| Balance of purchase price payable | **1662** | 1483 |
| Income tax payable | **5515** | - |
| Current portion of lease liabilities | **335** | 282 |
| Options contracts (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_85)</u><u>16</u>) | **94** | - |
|  | **91195** | 53116 |
| Non-current  |  |  |
| Lease liabilities | **1107** | 1121 |
| Long-term debt (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_49)</u><u>7</u>) | **82376** | 95517 |
| Asset retirement obligations | **3363** | 2872 |
| Deferred tax liabilities (<u>[Note 19](#ie8013e1d12454ac9b89745f77c5b5257_94)</u>) | **493** | 1000 |
| **TOTAL LIABILITIES** | **178534** | 153626 |
| **EQUITY** |  |  |
| Share capital (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_58)</u><u>8</u>) | **430547** | 323148 |
| Equity reserves | **20932** | (940) |
| Deficit | **(64061)** | (75732) |
|  | **387418** | 246476 |
| Non-controlling interests  | **(178)** | 5 |
| **TOTAL EQUITY**  | **387240** | 246481 |
| **TOTAL LIABILITIES AND EQUITY** | **565774** | 400107 |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

On behalf of the Board,

---

| | |
|:---|:---|
| *Benoit La Salle /s/* | *Yves Grou /s/* |
| President, CEO, Director | Director |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>2</sub>

**Condensed Interim Consolidated Statements of Comprehensive** 

**Income (Loss)**

(Expressed in thousands of US dollars, except share and per share amounts - unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  |  | **June 30,** |  | **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| | **$** | $ | **$** | $ |
| **Revenue from silver sales** (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_67)</u><u>1</u>) | **38615** | 13678 | **72446** | 18756 |
| Cost of sales (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_70)</u><u>2</u>) | **29673** | 8765 | **53257** | 13507 |
| **Gross profit** | **8942** | 4913 | **19189** | 5249 |
| **Expenses (income)** |  |  |  |  |
| General and administrative (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_73)</u><u>3</u>) <sup>(1)</sup> | **7088** | 3261 | **14009** | 6465 |
| Net impairment recovery (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **(3987)** | - | **(3987)** | - |
| Gain on sale of Amizmiz project (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **(1828)** | - | **(1828)** | - |
| Share of loss in associate (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **327** | - | **327** | - |
| **Operating income (loss)** | **7342** | 1652 | **10668** | (1216) |
| Net finance income (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_73)</u><u>3</u>) | **3101** | 6126 | **10438** | 6699 |
| **Net income before income taxes** | **10443** | 7778 | **21106** | 5483 |
| Income tax expense | **1802** | 965 | **5535** | 1261 |
| **Net income** | **8641** | 6813 | **15571** | 4222 |
| **Net income attributable to** |  |  |  |  |
| Equity holders of Aya Gold & Silver Inc. | **8824** | 6842 | **15754** | 4300 |
| Non-controlling interests | **(183)** | (29) | **(183)** | (78) |
| **Net income** | **8641** | 6813 | **15571** | 4222 |
| **Other comprehensive income (loss)**<br>**Items that will subsequently be reclassified to net** <br>**income:**<br>Foreign currency translation adjustment<br>| **13095** | (2841) | **14757** | (7815) |
| **Comprehensive income (loss)** | **21736** | 3972 | **30328** | (3593) |
| Basic income per common share (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_91)</u><u>18</u>)  | **0.07** | 0.05 | **0.12** | 0.03 |
| Diluted income per common share (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_91)</u><u>8</u>) | **0.06** | 0.05 | **0.11** | 0.03 |
| Weighted average number of shares - basic (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_91)</u><u>8</u>)  | **132411701** | 130046603 | **131598544** | 128162205 |
| Weighted average number of shares - diluted (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_91)</u><u>8</u>)  | **137929209** | 135809287 | **137132280** | 133832623 |

---

<sup>(1)</sup> *Included in general and administrative is share-based payments expense of $4,149 and $8,188 during the three and six-month* 

*periods ended June 30, 2025, respectively ($1,071 and $2,197 during the three and six-month periods ended June 30, 2024,* 

*respectively).*

*For the three and six-month periods ended June 30, 2024, share-based payments expense was previously reported as a separate* 

*line item and now has been reclassified into the related functional expense item and therefore has been included in general and* 

*administrative (<u>Note 13</u>) for consistency with the current year presentation. This reclassification has no effect on the 2024 period* 

*reported net income.*

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / **Q2-2025**<sub>3</sub>

**Condensed Interim Consolidated Statement of Changes in Equity**

(Expressed in thousands of US dollars - unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Equity Reserves** | **Equity Reserves** | **Equity Reserves** |  |  |  |
|  | **Number of** <br>**issued and** <br>**outstanding** <br>**shares**<br>| **Share** <br>**capital**<br>| **Contributed** <br>**surplus**<sup>(a)</sup><br>| **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** <sup>(b)</sup><br>| **Equity** <br>**Reserves**<br>| **Deficit** <br>**attributable to** <br>**equity holders** <br>**of Aya Gold &** <br>**Silver Inc.**<br>| **Non-**<br>**controlling** <br>**interests**<br>| **Total** <br>**equity**<br>|
|  |  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **Balance as at December 31, 2024** | **130770053** | **323148** | **26152** | **(27092)** | **(940)** | **(75732)** | **5** | **246481** |
| Exercise of options <u>[(Note 8)](#ie8013e1d12454ac9b89745f77c5b5257_58)</u> | 20000 | 36 | (16) | - | (16) | - | - | 20 |
| Vested and issued units | 334386 | 2145 | (2145) | - | (2145) | - | - | - |
| Share-based payments (<u>[Note 9](#ie8013e1d12454ac9b89745f77c5b5257_61)</u>) | - | - | 9276 | - | 9276 | - | - | 9276 |
| Share issuance <u>[(Note 8)](#ie8013e1d12454ac9b89745f77c5b5257_58)</u> | 10767795 | 105218 | - | - | - | - | - | 105218 |
| Share issue costs, net of tax of $1,407 | **-** | **-** | **-** | **-** | **-** | (4083) | - | (4083) |
|  | **141892234** | **430547** | **33267** | **(27092)** | **6175** | **(79815)** | **5** | **356912** |
| Net income (loss) | - | - | - | - | - | 15754 | (183) | 15571 |
| Other comprehensive income | - | - | - | 14757 | 14757 | - | - | 14757 |
| **Comprehensive income** | **-** | **-** | **-** | **14757** | **14757** | **15754** | **(183)** | **30328** |
| **Balance as at June 30, 2025** | **141892234** | **430547** | **33267** | **(12335)** | **20932** | **(64061)** | **(178)** | **387240** |
| **Balance as at December 31, 2023** | **122377703** | **260897** | **19893** | **(7826)** | **12067** | **(52243)** | **4415** | **225136** |
| Exercise of options <u>[(Note 8)](#ie8013e1d12454ac9b89745f77c5b5257_58)</u> | 359100 | 1620 | (732) | - | (732) | - | - | 888 |
| Shares issued upon vesting of restricted share units <br>(<u>[Note 9](#ie8013e1d12454ac9b89745f77c5b5257_61)</u>)<br>| 122768 | 734 | (734) | - | (734) | - | - | - |
| Share-based payments (<u>[Note 9](#ie8013e1d12454ac9b89745f77c5b5257_61)</u>) | - | - | 2197 | - | 2197 | - | - | 2197 |
| Share issuance <u>[(Note 8)](#ie8013e1d12454ac9b89745f77c5b5257_58)</u> | 7573900 | 57298 | **-** | **-** | **-** | **-** | **-** | 57298 |
| Share issue costs | - | - | - | - | - | (3317) | - | (3317) |
|  | **130433471** | **320549** | **20624** | **(7826)** | **12798** | **(55560)** | **4415** | **282202** |
| Net income (loss) | - | - | - | - | - | 4300 | (78) | 4222 |
| Other comprehensive loss | - | - | - | (7815) | (7815) | - | - | (7815) |
| **Comprehensive loss** | **-** | **-** | **-** | **(7815)** | **(7815)** | **4300** | **(78)** | **(3593)** |
| **Balance as at June 30, 2024** | **130433471** | **320549** | **20624** | **(15641)** | **4983** | **(51260)** | **4337** | **278609** |

---

**a)**Contributed surplus reserve records the cumulative amounts of compensation expense recognized under IFRS 2 Share-Based Payment with respect to share purchase options granted, shares

purchase warrants, restricted share units and deferred share units issued but not yet exercised.

**b)**Accumulated other comprehensive income (loss) reserve records the gains and losses arising from the translation of the Corporation's Financial Statements to the presentation currency.

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>4</sub>

**Condensed Interim Consolidated Statement of Cash Flows**

(Expressed in thousands of US dollars - unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  |  | **June 30,** |  | **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Cash flows provided by (used in)** | **$** | $| $| $|
| **OPERATING ACTIVITIES** |  |  |  |  |
| **Net income** | **8641** | 6813 | **15571** | 4222 |
| **Adjustments for non-cash items** |  |  |  |  |
| Share-based payments recorded in net income (<u>[Note 9](#ie8013e1d12454ac9b89745f77c5b5257_61)</u>) | **4420** | 1071 | **8763** | 2197 |
| Depreciation and depletion of property, plant, and equipment | **5298** | 552 | **8978** | 840 |
| Net impairment recovery (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **(3987)** | - | **(3987)** | - |
| Gain on sale of Amizmiz project (<u>Note 6</u>) | **(1828)** | - | **(1828)** | - |
| Share of loss in associate (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_43)</u><u>6</u>) | **327** | - | **327** | - |
| Write-down of inventory (<u>[Note 12](#ie8013e1d12454ac9b89745f77c5b5257_70)</u>) | **135** | - | **135** | - |
| Finance costs (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_49)</u><u>7</u>) | **2524** | - | **5238** | - |
| Accretion expense (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_73)</u><u>3</u>) | **44** | 85 | **86** | 116 |
| Gain on foreign currency translation | **(11883)** | (4728) | **(21735)** | (4496) |
| Deferred income taxes | **(5013)** | - | **(4101)** | - |
| Change in fair value of options contracts (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_85)</u><u>6</u>) | **(68)** | (55) | **(92)** | (92) |
|  | **(1390)** | 3738 | **7355** | 2787 |
| **Changes in working capital items (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_88)</u><u>7</u>)** | **9177** | 9052 | **8351** | (232) |
|  | **7787** | 12790 | **15706** | 2555 |
| **INVESTING ACTIVITIES** |  |  |  |  |
| Net change in restricted cash | **104** | 2240 | **104** | 2240 |
| Deposits to suppliers for capital expenditures | **(928)** | (1169) | **(2335)** | (1169) |
| Acquisition of property, plant and equipment<br>(<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_40)</u><u>5</u> and <u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_88)</u><u>17</u>)<br>| **(8275)** | (30148) | **(15002)** | (48159) |
| Additions to mining rights (<u>[Note 6)](#ie8013e1d12454ac9b89745f77c5b5257_43)</u> | **(414)** | - | **(414)** | - |
| Additions to exploration and evaluation assets <br>(<u>[Note 6](#ie8013e1d12454ac9b89745f77c5b5257_43)</u> and <u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_88)</u><u>7</u>)<br>| **(3499)** | (4653) | **(11319)** | (10257) |
|  | **(13012)** | (33730) | **(28966)** | (57345) |
| **FINANCING ACTIVITIES** |  |  |  |  |
| Repayment of lease liabilities  | **(104)** | (67) | **(202)** | (180) |
| Deferred financing costs | **(85)** | - | **(85)** | - |
| Proceeds from long-term debt (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_49)</u><u>7</u>) | **-** | 15000 | **-** | 40000 |
| Payment of borrowing costs on long-term debt (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_49)</u><u>7</u>) | **-** | - | **(4626)** | (2190) |
| Proceeds from exercise of options (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_61)</u> <u>9</u>) | **-** | 786 | **20** | 888 |
| Proceeds from share issuance (<u>[Note 8](#ie8013e1d12454ac9b89745f77c5b5257_58)</u>) | **105218** | - | **105218** | 57298 |
| Share issue costs | **(5490)** | (100) | **(5490)** | (3317) |
|  | **99539** | 15619 | **94835** | 92499 |
| Effect of exchange rate changes on cash in foreign currencies | **1199** | (72) | **1313** | (2393) |
| **Net change in cash**  | **95513** | (5393) | **82888** | 35316 |
| Cash, beginning of period | **18319** | 90539 | **30944** | 49830 |
| **Cash, end of period** | **113832** | 85146 | **113832** | 85146 |

---

*Supplemental cash flow information (<u>[Note 1](#ie8013e1d12454ac9b89745f77c5b5257_88)</u><u>7</u>)*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>5</sub>

**Condensed Interim Consolidated Statement of Cash Flows**

(Expressed in thousands of US dollars - unaudited)

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

**1. GENERAL INFORMATION**

Aya Gold & Silver Inc. ("Aya" or the "Corporation") is a Canadian-based precious metals mining corporation active across the

full mining lifecycle; from discovery and development through to production. The Corporation operates in Morocco, a politically

stable jurisdiction with supportive regulatory environment, offering low operating costs and well-developed infrastructure.

Guided by a vision of responsible mining, Aya's management team brings extensive mining expertise and a strong track record

of delivering accretive projects.

Aya's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located

along the Anti-Atlas fault, one of North Africa's most geologically rich and underexplored regions, known for hosting world-

class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is

currently at the exploration and evaluation stage.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF".

**2. BASIS OF PRESENTATION**

***Statement of compliance***

The consolidated financial statements of the Corporation have been prepared in accordance with International Accounting

Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS") as issued by the International Accounting

Standards Board ("IASB").

The Board of Directors approved and authorized for issue these consolidated financial statements on August 13, 2025.

***Basis of measurement***

The consolidated financial statements have been prepared on a historical cost basis, except for:

**(i)**Option contracts, which are accounted for at fair value;

**(ii)**Share-based payment arrangements, which are measured at fair value on grant date;

**(iii)**Asset retirement obligations, which are measured at the discounted estimated cost of future remediation;

**(iv)**Lease liabilities, which are initially measured at the present value of minimum lease payments; and

**(v)**Non-controlling interest which is initially measured at the proportionate share of the acquiree's identifiable net

assets as at the date of acquisition.

**(vi)**Investment in an associates: the Corporation accounts for its investment in associates using the equity method.

Under the equity method, the Corporation's investment in associates is initially recognized at cost and subsequently

increased or decreased to recognize the Corporation's share of net income/loss and other comprehensive income/

loss of the investees, after any adjustments necessary to give effect to uniform accounting policies, any other

movement in the investees' reserves, and for impairment losses after the initial recognition date. The Corporation's

share of earnings or losses of its investees are recognized in the Corporation's Statement of Income/Loss and

Comprehensive Income/Loss during the period.

**3. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS**

***Material accounting policies***

These condensed interim consolidated financial statements have been prepared following the same accounting policies and

methods of computation as the audited annual consolidated financial statements for the year ended December 31, 2024

except for these accounting policies, estimates and judgements that were adopted during the quarter ended June 30, 2025:

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>6</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**3. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Investment in associates***

An associate is an entity over which the Corporation has significant influence. Significant influence is the power to participate

in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The

Corporation is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the

investee, unless it can be clearly demonstrated that the Corporation does not have significant influence.

The Corporation accounts for its investment in associates using the equity method. Under the equity method, the

Corporation's investment in associates is initially recognized at cost and subsequently increased or decreased to recognize

the Corporation's share of net earnings/loss and other comprehensive earnings/loss of the associates, after any adjustments

necessary to give effect to uniform accounting policies, any other movement in the associates' reserves, and for impairment

losses after the initial recognition date. The Corporation's share of the associates' losses that are in excess of its investment

are recognized only to the extent that the Corporation has incurred legal or constructive obligations or made payments on

behalf of the associates. The Corporation's share of earnings or losses of its associates are recognized in net earnings during

the period. Dividends and repayment of capital received from the associates are accounted for as a reduction in the carrying

amount of the Corporation's investment. Unrealized gains and losses between the Corporation and its associates are

recognized only to the extent of unrelated investors' interests in the associates. Intercompany balances and interest expense

and income arising on loans and borrowings between the Corporation and its associates are not eliminated.

In order to apply the equity method, management has to align Mx2's accounting policies with those of the Corporation, which

requires among other things management to assess whether indicators of impairment related to the Mx2 exploration and

evaluation assets are present.

***Determination of control or significant influence over investees***

The assessment of whether the Corporation has a significant influence or control over an investee requires the application of

judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a

judgement of control or significant influence over an investee include, but are not limited to, ownership percentage,

representation on the board of directors, participation in the policy-making process, material transactions and contractual

arrangements between the Corporation and the investee, interchange of managerial personnel, provision of essential technical

information and potential voting rights. In evaluating these factors, the Corporation determines the level of influence over the

investee the Corporation has. Changes in the Corporation's assessment of the factors used in determining if control or

significant influence exists over an investee would impact the accounting treatment of the investment in the investee.

***Functional and presentation currency***

The functional currency of Aya Gold & Silver Inc. is the Canadian dollar. The functional currency of the Corporation and its

subsidiaries has remained unchanged during the reporting period. The Corporation's presentation currency is the US dollar.

**4. INVENTORIES**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | December 31, 2024 |
|  | **$** | $|
| Mining supplies | **19928** | 11094 |
| Silver bars | **2382** | 2636 |
| Sliver in concentrate | **-** | 1187 |
| Silver in circuit | **1120** | 545 |
| Ore stockpile | **10593** | 11927 |
|  | **34023** | 27389 |

---

For the three and six-month periods ended June 30, 2025, the Corporation recognized $28,440 and $49,404 of inventory costs

in cost of sales ($8,035 and $11,943 for the three and six-month periods ended June 30, 2024 respectively).

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>7</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**5. PROPERTY, PLANT AND EQUIPMENT**

The majority of properties, plant and equipment are located in Morocco and are related to the Zgounder mine. As at June 30,

2025, the Corporation determined that there were no material events or changes in circumstances indicating that the carrying

amount of property, plant and equipment may not be recoverable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | 3381 | 61292 | 113614 | 1311 | 179598 |
| Additions | 646 | 12158 | 55737 | 612 | 69153 |
| Disposals | (237) | (392) | - | - | (629) |
| Transfer | 7232 | 146000 | (153232) | - | - |
| Borrowing costs (<u>[Note 7](#ie8013e1d12454ac9b89745f77c5b5257_49)</u>) | 71 | 8872 | - | - | 8943 |
| Asset retirement obligation | - | 355 | - | - | 355 |
| Foreign exchange | (234) | (4469) | (281) | (249) | (5233) |
| As at December 31, 2024 | 10859 | 223816 | 15838 | 1674 | 252187 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Additions | 327 | 4263 | 4750 | 83 | 9423 |
| Transfers | 272 | 12151 | (12423) | - | - |
| Asset retirement obligation | - | 286 | - | - | 286 |
| Foreign exchange | 1331 | 27641 | 1188 | 153 | 30313 |
| **As at June 30, 2025** | **12789** | **268157** | **9353** | **1910** | **292209** |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | 430 | 17455 | - | 211 | 18096 |
| Transfers | 1578 | (1578) | - | - | - |
| Depreciation | 1158 | 2043 | - | 303 | 3504 |
| Disposals | (27) | - | - | - | (27) |
| Foreign exchange | (67) | (520) | - | (4) | (591) |
| As at December 31, 2024 | 3072 | 17400 | - | 510 | 20982 |
| Depreciation | 696 | 8229 | - | 173 | 9098 |
| Foreign exchange | 404 | 2409 | - | 63 | 2876 |
| **As at June 30, 2025** | **4172** | **28038** | **-** | **746** | **32956** |
| **Carrying amounts** |  |  |  |  |  |
| At December 31, 2024 | 7787 | 206416 | 15838 | 1164 | 231205 |
| **At June 30, 2025** | **8617** | **240119** | **9353** | **1164** | **259253** |

---

Assets under construction at June 30, 2025 are located in Morocco and represent expenditures for the construction and

development of assets which the Corporation intends to put into production by the end of 2025.

Since July 1, 2023, all mining assets in production are amortized over the expected mineral reserve as reported in the

Feasibility Study on the Zgounder Silver Mine published on June 16, 2022.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>8</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS**

During the six-month period ended June 30, 2025 and the year December 31, 2024, changes in exploration and evaluation

assets were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | December 31, 2024 |
|  | **$** | $|
| **Rights on mining properties**  |  |  |
| Balance, beginning of the period | **5554** | 24114 |
| Impairment loss | **-** | (18276) |
| Additions  | **414** | 223 |
| Foreign exchange | **203** | (507) |
| Balance, end of the period | **6171** | 5554 |
| **Deferred exploration and evaluation expenses** |  |  |
| Balance, beginning of the period | **62350** | 35898 |
| Impairment recovery (loss) | **3987** | (9074) |
| Disposal of exploration and evaluation asset | **(5517)** | - |
| Additions: |  |  |
| Drilling, Sampling, Geology, and others  | **14722** | 36841 |
| Foreign exchange | **8098** | (1315) |
| Balance, end of the period | **83640** | 62350 |
| **Total** | **89811** | 67904 |

---

All exploration and evaluation assets are located in Morocco and relate to the Boumadine, Imiter Bis, Azegour, Tirzzit, and

Zgounder Regional projects. The following schedule represents the Corporation's exploration and evaluation expenses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Amizmiz** | **Others** | **Total** |
|  | **$** | **$** | $— | &nbsp;&nbsp;&nbsp;&nbsp;**$** | **$** |
| Opening Balance | 53721 | 6991 | 990 | 1357 | 67904 |
| Additions to mining rights | 414 | - | - | - | 414 |
| Drilling, sampling, geology, and others | 13886 | 739 | 97 | - | 14722 |
| Impairment (loss) recovery on exploration and <br>evaluation assets<br>| - | - | 4382 | - | 3987 |
| Disposal of exploration and evaluation asset | - | - | (5517) | - | (5517) |
| Foreign exchange | 6950 | 835 | 48 | 159 | 8301 |
| **Closing Balance** | **74971** | **8565** | **-** | **1516** | **89811** |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>9</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Amizmiz** | **Others** | **Total** |
|  | **$** | **$** | **$** | $— | **$** | **$** |
| Opening Balance | 22926 | 4112 | 4817 | 971 | 697 | 60012 |
| Additions to mining rights | 223 | - | - | - | - | 223 |
| Drilling, sampling, geology, <br>and others<br>| 31641 | 2974 | 360 | 45 | 797 | 36841 |
| Impairment on mining rights | - | - | - | - | - | (18276) |
| Impairment loss on <br>exploration and evaluation <br>assets<br>| - | - | - | - | - | (9074) |
| Foreign exchange | (1069) | (95) | (332) | (26) | (137) | (1822) |
| **Closing Balance** | **53721** | **6991** | **4845** | **990** | **1357** | **67904** |

---

***Tijirit project*** 

As at December 31, 2024, the Corporation deemed the recoverable amount of the Tijirit exploration and evaluation asset to be

$nil and recorded an impairment of $27,350. This followed the Mauritanian government's decision to grant a six-month

extension expiring in June, 2025 to start construction of the mine. In June 2025, the Corporation was informed by the

Mauritanian Government that the permit was revoked. The Corporation disagrees with this decision and is currently assessing

its rights.

***Deconsolidation of Amizmiz project in Mx2 Maroc SARLAU, and investment in associate***

Effective April 15, 2025, the Corporation transferred its rights to the Amizmiz gold project by selling Amizmiz International

Holding and Mx2 Maroc SARLAU, wholly owned subsidiaries of the Corporation to Mx2 Mining Inc. ("Mx2"). As consideration

for the transaction, the Corporation received 20,000,000 shares of Mx2 priced at C$0.50 per share for a total of C$10,000

($7,210).

In conjunction with the transaction, Mx2 also completed a brokered private placement for gross proceeds of C$16,000 priced

at C$0.50 per unit of which the Corporation participated for C$1,000 ($722) and obtained 2,000,000 shares of Mx2.

As a result, the Corporation holds 22,000,000 common shares of Mx2's outstanding 52,000,001 shares, an interest of 42.3% in

Mx2. Management determined it has significant influence but not control over Mx2 and began to account for the investment

using the equity method from the date of the transaction.

The Corporation derecognized the net assets of $1,000 in Amizmiz International Holding and Mx2 Maroc SARLAU from its

consolidated statement of financial position at the date of the transaction, which was comprised of the following table:

---

| | |
|:---|:---|
|  | **$** |
| **Current assets** |  |
| Prepaid expenses and security deposits | 9 |
| Sales taxes receivable | 4 |
| **Non-current assets** |  |
| Exploration and evaluation assets | 1135 |
| **Current Liabilities** |  |
| Accounts payable and accrued liabilities | (148) |
| **Total net assets** | **1000** |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>10</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS** (continued)

The Corporation recognized the equity interest received in Mx2 for the net assets sold at fair value, recording it as an

investment in an associate at $7,210 as of the transaction date, April 15, 2025. Consequently, the fair value exceeded the

carrying amount of the project thereby resulting in a gain on the disposition of the Amizmiz project.

However, in 2014, the Corporation fully impaired the Amizmiz project and an impairment loss of $4,382 (C$6,077) was

recorded in the consolidated statement of comprehensive loss at that time. As a result of the sale in 2025, the Corporation

reversed this impairment loss recorded from 2014 and recorded a net gain on sale of Amizmiz project of $1,828. The following

table details the gain on sale:

---

| | |
|:---|:---|
|  | **$** |
| Fair value of consideration received | 7210 |
| Carrying amount of consolidated Amizmiz International Holding entity | (1000) |
| Recovery of impairment on Amizmiz project | (4382) |
| **Gain on sale of Amizmiz project** | **1828** |

---

Investment in associate:

---

| | |
|:---|:---|
|  | **$** |
| Fair value of consideration received | 7210 |
| Increase in investment in associate from private placement | 722 |
| Share of loss in associate | (327) |
| **Balance as at June 30, 2025** | **7605** |

---

**7. LONG-TERM DEBT**

On January 19, 2023, the Corporation entered into a credit agreement for a secured project financing facility with the European

Bank for Reconstruction and Development ("EBRD") (the "Facility") to provide financing for the Zgounder expansion of up to

$100,000.

The loan consists of a $92,000 loan provided by the EBRD ("EBRD Tranche") and an $8,000 tranche (pari-passu with the EBRD)

by the Climate Investment Funds ("CTF") ("CTF Tranche"), managed by the EBRD. Amounts borrowed under the loan incur

interest at a rate of SOFR plus 5% for the EBRD Tranche and 1% for the CTF Tranche. Payments are made bi-annually in

January and July.

All debts under the loan are guaranteed by the Corporation and its subsidiaries and secured by the assets of the Corporation

and pledges of the securities of the Corporation's subsidiary, ZMSM. The loan is subject to adherence to debt covenants. As at

June 30, 2025, ZMSM was in compliance with its financial covenants.

The long-term debt has been recorded at amortized cost, net of transaction costs, and will be accreted to face value over the

life of the long-term debt using the effective interest rate method.

In addition, a cost overrun account of $18,000 is funded and included in restricted cash and has been since inception of loan.

Once the expansion has reached financial completion, as defined in the credit agreement, the cost overrun account will be

liberated and replaced with a Debt Service Reserve Account ("DSRA") and a balance up to $16,250 which will be considered

restricted cash.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>11</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**7. LONG-TERM DEBT** (continued)

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | December 31, 2024 |
|  | **$** | **$** |
| Balance, beginning of the period | **99928** | 59622 |
| Drawdown in cash | **-** | 40000 |
| Payments on interest and fees | **(4626)** | (6526) |
| Interest expense  | **5238** | 9456 |
| Gain resulting from the change in expected cash flows | **-** | (430) |
| Transaction costs | **-** | (2194) |
| Balance, end of the period | **100540** | 99928 |
| Current portion of long-term debt | **(14286)** | - |
| Interest payable and commitment charges, presented in accounts payable and <br>accrued liabilities<br>| **(3878)** | (4411) |
| Long-term debt | **82376** | 95517 |

---

The loan includes a two-year principal grace period. The principal amounts are scheduled to be repaid twice a year in January

and June starting January 2026. The contractual repayments of principal related to the long-term debt for the forthcoming

years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **2026** | **2028** | **2029** |
|  | **$** | **$** | $— | $— | **$** |
| Long-term debt (excluding interest)  | 96662 | 100000 | 28571 | 28571 | 14286 |

---

On June 23, 2025, the Corporation entered into another separate credit agreement for a Corporate financing facility with EBRD

for up to $25,000 to fund the exploration and development activities at the Boumadine project. Amounts borrowed under the

loan incur interest at a rate of SOFR plus 5.00% per annum, with interest payable semi-annually on January 19 and July 19. The

loan is repayable in full on the second anniversary of the agreement date (June 23, 2027). As at June 30, 2025, the Corporation

had not drawn on this loan and has incurred $87 in deferred financing fees. The loan is subject to adherence to debt covenants

and secured by shares. Subsequent to June 30, 2025, the Corporation drew $15,000 on this loan (see Note 21).

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>12</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**8. SHARE CAPITAL**

***Authorized***

Unlimited number of common shares without par value.

***Common Shares***

As at June 30, 2025, the Corporation had 141,892,234 issued and outstanding common shares (December 31, 2024 -

130,770,053).

***Transactions during the six-month period ended June 30, 2025:***

• A total of 20,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$29 ($20)

and ascribed value reclassification of C$23 ($16) from contributed surplus to share capital.

• A total of 322,386 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.96 for an ascribed value reclassification of C$2,889 ($2,061) from contributed surplus to share

capital.

• A total of 12,000 common shares were issued upon vesting of deferred share units during the period at an issued price

of C$10.00 for an ascribed value reclassification of C$120 ($84) from contributed surplus to share capital.

• On June 18, 2025, the Corporation closed its bought deal financing and issued 10,767,795 common shares at a price of

C$13.35 per share for total consideration of C$143,750 ($105,218).

During the period in which the options were exercised, the Corporation's minimum market share price was C$8.96 ($6.29)

while the maximum was C$13.26 ($9.70).

***Transactions during the six-month period ended June 30, 2024:***

• On February 14, 2024, the Corporation closed its bought deal financing and issued 7,573,900 common shares at a price

of C$10.25 per share for total consideration of C$77,632 ($57,298).

• A total of 95,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$136 ($101)

and ascribed value reclassification of C$111 ($83) from contributed surplus to share capital.

• A total of 152,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$217

($159) and an ascribed value reclassification of C$179 ($131) from contributed surplus to share capital.

• A total of 112,100 share purchase options were exercised for a strike price of C$7.69 for total proceeds of C$862

($628) and an ascribed value reclassification of C$714 ($520) from contributed surplus to share capital.

• A total of 122,768 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.22 for an ascribed value reclassification of C$1,009 ($732) from contributed surplus to share

capital.

During the period in which the options were exercised, the Corporation's minimum market share price was C$13.78 ($10.10)

while the maximum was C$15.48 ($11.36).

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>13</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS**

***Share purchase options***

The Corporation's incentive share purchase option plan (the "Plan") which provides that the Board of Directors of the

Corporation may, from time to time, in its discretion, and in accordance with the TSX policies, grant to directors, officers,

employees and consultants to the Corporation, non-transferable share purchase options to purchase common shares of the

Corporation, provided that the number of common shares issuable under the Plan, combined with the number of common

shares issuable under all share compensation arrangements, shall not exceed 10% of the outstanding common shares as at

the date of any grant of options. The vesting period for the share purchase options is determined at the discretion of the

Corporation's Board of Directors at the time the share purchase options are granted. The stock options granted prior to 2024

were vested on an annual pro-rata basis over two years with one-third vesting on the date of grant for which accelerated

compensation expense was recorded. The stock options granted in 2024 are vested on an annual pro-rata basis evenly over

three years for which accelerated compensation expense is recorded.

The outstanding share purchase options and their exercise price in Canadian dollars as at June 30, 2025 and as at December

31, 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended** | **Six-month period ended** | Year ended | Year ended |
|  | **June 30, 2025** | **June 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$** <sup>(1)</sup> | Number | C$ <sup>(1)</sup> |
| Balance, beginning of the period | 9589451 | 9.02 | 5101401 | 2.07 |
| Granted | - | - | 5000000 | 15.63 |
| Exercised | (20000) | 1.43 | (511950) | 4.43 |
| **Balance, end of the period** | **9569451** | **9.03** | **9589451** | **9.02** |
| Exercisable | 4569451 | 1.81 | 4589451 | 1.81 |

---

<sup>(1)</sup> Weighted average exercise price in Canadian dollars.

The following table reflects the share purchase options that could be exercisable for an equal number of common shares:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4121484 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9569451 | 4569451 |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4141484 | 4141484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9589451 | 4589451 |  |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025<sub>14</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

The fair value of share purchase options granted was determined using the Black & Scholes valuation model based on the

following weighted average assumptions:

---

| | |
|:---|:---|
|  | **August 23, 2024** |
| Weighted average fair value of awards | 6.57 C$ |
| Market share price | 15.85 C$ |
| Grant option exercise price | 15.63 C$ |
| Volatility | 39.7% - 45.1% |
| Risk-free rate | 2.92% |
| Dividend yield | 0% |
| Expected life | 4.0 - 5.7 |

---

Share-based payments of $3,571 and $7,013 were recognized during the three and six-month periods ended June 30, 2025,

respectively ($nil during the three and six-month periods ended June 30, 2024) included in the following line items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| General and administrative expenses | **3165** | - | **6216** | - |
| Cost of sales | **196** | - | **384** | - |
| Property, plant and equipment | **59** | - | **116** | - |
| Exploration and evaluation assets | **151** | - | **297** | - |
|  | **3571** | - | **7013** | - |

---

***Restricted share units***

The RSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the DSU Plan.

The RSUs are time-based awards and all the amount of RSUs granted will vest upon the continuous employment of the

Participants on the third anniversaries of the RSU grant, starting from the date of the grant or such other period not exceeding

three years determined by the Board of Directors.

Pursuant to the terms of the RSU Plan, Participants will receive, upon vesting of the RSUs, either cash or common shares of the

Corporation issued from treasury. The outstanding RSUs as at June 30, 2025 and as at December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended** | **Six-month period ended** | Year ended | Year ended |
|  | **June 30, 2025** | **June 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(2)</sup> | Number | C$<sup>(2)</sup> |
| Balance, beginning of the period | 1120750 | 9.97 | 982328 | 9.52 |
| Granted | 399141 | 11.37 | 450006 | 10.13 |
| Settled | (322386) | 8.96 | (306500) | 8.77 |
| Forfeited | (22888) | 10.63 | (5084) | 10.19 |
| **Balance, end of the period** | **1174617** | **10.71** | **1120750** | **9.97** |
| Vested | - | - | - | - |

---

<sup>(2)</sup> Weighted average fair value in Canadian dollars at grant date.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **15** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

Share-based payments of $832 and $1,715 were recognized during the three and six-month periods ended June 30, 2025,

respectively ($785 and $1,622 during the three and six-month periods ended June 30, 2024, respectively) as included in the

following line items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| General and administrative expenses | **709** | 785 | **1424** | 1622 |
| Cost of sales | **75** | - | **191** | - |
| Property, plant and equipment | **10** | - | **21** | - |
| Exploration and evaluation assets | **38** | - | **79** | - |
|  | **832** | 785 | **1715** | 1622 |

---

***Deferred share units***

The DSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the RSU Plan.

The DSUs are time-based awards and all the amount of DSUs granted will be settled on termination of service.

Pursuant to the terms of the DSU Plan, Directors will receive, on the second December after the termination date, common

shares of the Corporation issued from treasury. The outstanding DSU's as at June 30, 2025 and as at December 31, 2024 are

as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-month period ended** | **Six-month period ended** | Year ended | Year ended |
|  | **June 30, 2025** | **June 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(3)</sup> | Number | C$<sup>(3)</sup> |
| Balance, beginning of the period | 457124 | 9.85 | 328512 | 8.41 |
| Granted | 56943 | 12.21 | 128612 | 13.53 |
| Settled | (12000) | 10.00 | - | - |
| **Balance, end of the period** | **502067** | **10.12** | **457124** | **9.85** |
| Exercisable | 119957 | 9.96 | 37503 | 9.50 |

---

<sup>(3)</sup> Weighted average fair value in Canadian dollars at grant date.

Share-based payments of $275 and $548 were recognized in general and administrative expenses during the three and six-

month periods ended June 30, 2025, respectively ($286 and $575 during the three and six-month periods ended June 30, 2024,

respectively).

**10. SEGMENTED INFORMATION**

All of the Corporation's operations are within the mining industry and its major products are precious metals ingots and

concentrate which are refined or smelted into pure silver and sold to global metal brokers. An operating segment is defined as

a component of the Corporation that:

• Engages in business activities from which it may earn revenues and incur expenses;

• Whose operating results are reviewed regularly by the entity's executive management; and

• For which discrete financial information is available.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **16** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**10. SEGMENTED INFORMATION** (continued)

For the three and six-month periods ended June 30, 2025 and 2024 the Corporation's operating segments include the

production segment, with its Zgounder silver project in Morocco. All other properties are in the "non-producing properties"

segment (i.e. referred to as Exploration, evaluation and development segment) for the three and six-month periods ended June

30, 2025 and 2024.

Corporate consists primarily of the Corporation's corporate assets including cash and corporate expenses which are not

allocated to operating segments.

Management evaluates segment performance based on segment operating income (loss). Therefore, finance income and

expense items and income taxes are not allocated to the segments. Significant information relating to the Corporation's

operating segments is summarized in the tables below.

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 270247 | 339944 | 160566 |
| Exploration, evaluation, and development | 90237 | 100870 | 14544 |
| Corporate | 25692 | 124960 | 3424 |
| **Total per consolidated statement of financial position** | **386176** | **565774** | **178534** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 236733 | 282794 | 138968 |
| Exploration, evaluation, and development  | 68836 | 73370 | 10975 |
| Corporate | 17998 | 43943 | 3683 |
| **Total per consolidated statement of financial position** | **323567** | **400107** | **153626** |

---

As at June 30, 2025, all production and exploration, evaluation and development segments are located in Morocco, except for

one exploration, evaluation and development segment that is located in Mauritania, that has total assets of $3 (December 31,

2024 - $8) and total liabilities of $185 (December 31, 2024 - $166). Corporate is based in Canada.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three-month periods ended June 30, 2025 and 2024** |  | **Revenue** | **Cost of** <br>**sales**<br>| **Other** <br>**operating** <br>**income**<br>| **Operating** <br>**income** <br>**(loss)**<br>|
|  |  | **$** | **$** | $— | **$** |
| **Production (**Zgounder Silver Mine**)** | **2025** | **38615** | **29673** | **-** | **8007** |
|  | 2024 | 13678 | 8765 | - | 4455 |
| **Exploration** | **2025** | **-** | **-** | **(5488)** | **5488** |
|  | 2024 | - | - | - | (133) |
| **Corporate unallocated costs** | **2025** | **-** | **-** | **-** | **(6153)** |
|  | 2024 | - | - | - | (2670) |
| **Consolidated** | **2025** | **38615** | **29673** | **(5488)** | **7342** |
|  | 2024 | 13678 | 8765 | - | 1652 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **17** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**10. SEGMENTED INFORMATION** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six-month periods ended June 30, 2025 and 2024** |  | **Revenue** | **Cost of** <br>**sales**<br>| **Other** <br>**operating** <br>**income**<br>| **Operating** <br>**income** <br>**(loss)** <br>|
|  |  | **$** | **$** | $— | **$** |
| **Production (**Zgounder Silver Mine**)** | **2025** | **72446** | **53257** | **-** | **17489** |
|  | 2024 | 18756 | 13507 | - | 4506 |
| **Exploration** | **2025** | **-** | **-** | **(5488)** | **5438** |
|  | 2024 | - | - | - | (309) |
| **Corporate unallocated costs** | **2025** | **-** | **-** | **-** | **(12259)** |
|  | 2024 | - | - | - | (5413) |
| **Consolidated** | **2025** | **72446** | **53257** | **(5488)** | **10668** |
|  | 2024 | 18756 | 13507 | - | (1216) |

---

Corporate is mainly unallocated items from the Corporation's head office that comprises of corporate assets (mainly cash and

restricted cash), liabilities and expenses for the three and six-month periods ended June 30, 2025 and 2024.

**11. ADDITIONAL INFORMATION ON THE NATURE OF REVENUE FROM SILVER SALES**

The following is a breakdown of the nature of revenue included in silver sales for the three and six-month periods ended June

30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Revenue from sales** | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Ingots | **38843** | 3599 | **67717** | 6230 |
| Silver concentrate | **-** | 11160 | **5410** | 13972 |
| Less: treatment, smelting, and refining costs | **(228)** | (1081) | **(681)** | (1446) |
|  | **38615** | 13678 | **72446** | 18756 |

---

The Corporation's sales are with two clients (2024 – two clients) located in Switzerland.

**12. ADDITIONAL INFORMATION ON THE NATURE OF COST OF SALES**

The following is a breakdown of the nature of cost of sales for the three and six-month periods ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Cost of sales** | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| $| $|
| Production costs | **22537** | 7642 | **40893** | 11893 |
| Share-based payments (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_61)</u> <u>9</u>) | **271** | - | **575** | - |
| Freight outbound | **323** | 182 | **595** | 256 |
| Inventory write-down | **135** | - | **135** | - |
| Royalties | **1158** | 410 | **2173** | 559 |
| Depreciation and depletion | **5249** | 531 | **8886** | 799 |
|  | **29673** | 8765 | **53257** | 13507 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **18** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**13. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE INCOME (LOSS) COMPONENTS**

The following is a breakdown of the nature of expenses included in general and administrative expenses and finance expense

for the three and six-month periods ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **General and administrative expenses** | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Salaries and benefits | **1168** | 875 | **2297** | 1596 |
| Share-based payments (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_61)</u> <u>9</u>) | **4149** | 1071 | **8188** | 2197 |
| Consulting fees | **603** | 547 | **1176** | 1087 |
| Investor relations | **338** | 238 | **615** | 563 |
| Depreciation | **49** | 21 | **92** | 41 |
| Office | **302** | 285 | **594** | 497 |
| Professional fees | **389** | 173 | **948** | 399 |
| Reporting issuer costs | **90** | 51 | **99** | 85 |
|  | **7088** | 3261 | **14009** | 6465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Finance income (expense)** | **2025** | 2024 | **2025** | 2024 |
|  | $ | $ | $ | $ |
| Change in fair value of options contracts | **68** | 55 | **92** | 92 |
| (Expense) interest income | **(2226)** | 1428 | **(4431)** | 2227 |
| Gain on foreign exchange | **5303** | 4728 | **14863** | 4496 |
| Accretion expense | **(44)** | (85) | **(86)** | (116) |
|  | **3101** | 6126 | **10438** | 6699 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Expenses recognized for employee benefits** <br>**(including capitalized amounts)**<br>| **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| $| $|
| Salaries and fringe benefits | **5707** | 4519 | **10234** | 8010 |
| Share-based payments (<u>[Note](#ie8013e1d12454ac9b89745f77c5b5257_61)</u><u>9</u>) | **4403** | 1071 | **8728** | 1198 |
|  | **10110** | 5590 | **18962** | 9208 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **19** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**14. CAPITAL MANAGEMENT** 

The Corporation defines capital as long-term debt and total equity. When managing capital, the Corporation's objectives are to:

• Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

• Ensure the externally imposed capital requirements relating to debt obligations are being met;

• Increase the value of the Corporation's assets; and

• Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at June 30, 2025, managed capital is $484,080 (December 31, 2024 - $341,993) representing long-term debt

and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025**<br>**$** | **December 31**<br>2024<br>$ |
| Long-term debt (including current portion) | **96662** | 95517 |
| Total equity before non-controlling interest | **387418** | 246476 |
|  | **484080** | 341993 |

---

**15. FINANCIAL RISK MANAGEMENT**

The Corporation is exposed to various financial risks resulting from both its operations and its investment activities. There

were no changes to the financial objectives, policies and processes during the three and six-month periods ended June 30,

2025 and 2024. The Corporation's main financial risks exposure and its financial risks management policies are as follows:

***Credit risk***

Credit risk refers to the risk of an unexpected loss if a party to a financial instrument fails to meet its contractual obligations.

The Corporation's financial assets exposed to credit risk are primarily composed of cash, accounts receivable and restricted

cash. The Corporation's cash and restricted cash are mostly held with reputable Canadian or Moroccan banks.

Credit risk arises from the possibility that its customers may experience financial difficulties and be unable to fulfil their

obligations. The Corporation requires that it is paid the majority of what it is owed on transfer of property and deals with only

creditworthy counterparties to mitigate the risk of financial loss from defaults. The Corporation monitors the credit risk of

customers through credit rating reviews and constant communication with customers. The Corporation establishes an

allowance for expected credit losses taking into account the credit risk of specific customers, historical trends and other

information. As at June 30, 2025 and December 31, 2024, the Corporation sells its ingots and silver concentrated ore to a

limited number of large customers and has never experienced a credit loss. Consequently, credit risk is considered to be

limited. In management's opinion, the maximum credit risk exposure for all of the Corporation's current financial assets is the

carrying value of those assets.

***Commodity price risk***

The Corporation's profitability is exposed to commercial risks notably those linked to the price of silver. The Corporation does

not have financial instruments to hedge exposures to silver price fluctuations

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **20** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**15. FINANCIAL RISK MANAGEMENT** (continued)

***Liquidity risk***

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. The organization has instituted a comprehensive planning and budgeting process designed to ascertain the

financial resources necessary to sustain its standard operational requirements and developmental initiatives. Over the years,

the Corporation generates cash flow from its financing activities.

As part of its $100,000 financing with EBRD (<u>N</u><u>[ote 7](#ie8013e1d12454ac9b89745f77c5b5257_49)</u>)<u>,</u> the Corporation is required to maintain $18,000 in restricted cash for a

Cost Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, as defined in

the credit agreement, any unused portion of the COF may be reallocated to fund the $16,250 Debt Service Reserve Account

("DSRA"). Upon the start of commercial production phase of the new Zgounder mill effective at the end of 2024, the

Corporation currently intends to take into account the anticipated cash flows generated from operational activities to

contribute to its business commitments.

The following are the contractual maturities of financial liabilities and other liabilities, including interest that is included in

accounts payable as at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities | 69303 | 69303 | 69303 | - | - |
| Long-term debt (excluding interest)  | 96662 | 100000 | 14286 | 28571 | 57143 |
| Balance of purchase price payable | 1662 | 1662 | 1662 | - | - |
| Lease liabilities | 1442 | 1673 | 410 | 343 | 920 |
|  | **169069** | **172638** | **85661** | **28914** | **58063** |

---

The following are the contractual maturities of financial liabilities as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Carrying**<br>**Amount**<br>**$** | **Contractual** <br>**cash flows**<br>**$** | **0-12**<br>**months**<br>**$** | **12-24**<br>**months**<br>**$** | **More than**<br>**24 months**<br>**$** |
| Accounts payable & accrued liabilities  | 51351 | 51351 | 51351 | - | - |
| Long-term debt (excluding interest)  | 95517 | 100000 | - | 28571 | 71429 |
| Balance of purchase price payable | 1483 | 1483 | 1483 | - | - |
| Lease liabilities | 1403 | 1650 | 356 | 330 | 964 |
|  | 149754 | 154484 | 53190 | 28901 | 72393 |

---

***Foreign currency risk***

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, BGM and AGS, for which the functional currency is

the Moroccan dirham, and for TIREX and ALGOLD S.A.R.L., for which the functional currency is the Mauritanian Ouguiya.

Transactions related to the Corporation's exploration and evaluation activities are mainly denominated in Moroccan dirhams.

Foreign currency denominated financial assets and liabilities which expose the Corporation to currency risk are presented

below.

The Corporation enters into option contracts to mitigate some of the risk of fluctuations in the exchange rate of its holdings of

US dollars. 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

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **21** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**15. FINANCIAL RISK MANAGEMENT** (continued)

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.

The fair value of option contracts, which represents the amount that would be received/(paid) by the Corporation if the

contracts were terminated at June 30, 2025 was $(94) (December 31, 2024 - $42).

Balances in the table below are dominated in US dollars, the presentation currency of the Corporation:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025**<br>| **USD**<br>**$** | **EUR**<br>**$** | **CAD**<br>**$** | **MAD**<br>**$** | **Total**<br>**$** |
| Cash | 4722 | 82 | - | - | 4804 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Accounts receivable | 11258 | - | - | - | 11258 |
| Current portion of long-term debt | (14286) | - | - | - | (14286) |
| Long-term debt | (85714) | - | - | - | (85714) |
| Accounts payable and accrued liabilities | (6846) | (1816) | (99) | - | (8761) |
| Balance of purchase price payable | - | - | - | (1662) | (1662) |
|  | **(72866)** | **(1734)** | **(99)** | **(1662)** | **(76361)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024**<br>| **USD**<br>**$** | **EUR**<br>**$** | **CAD**<br>**$** | **MAD**<br>**$** | **Total**<br>**$** |
| Cash | 7774 | 179 | - | - | 7953 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Accounts receivable | 1053 | - | - | - | 1053 |
| Long-term debt | (100000) | - | - | - | (100000) |
| Accounts payable and accrued liabilities | (5514) | (1060) | (666) | - | (7240) |
| Balance of purchase price payable | - | - | - | (1483) | (1483) |
|  | (78687) | (881) | (666) | (1483) | (81717) |

---

The impact on net income and equity of a 10% increase or decrease in foreign currencies on the Corporation's financial

instruments based on balances on June 30, 2025 would be approximately $7,636 (December 31, 2024 - $8,172).

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **22** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**16. FINANCIAL INSTRUMENTS**

The classification of financial instruments is summarized as follows, as at June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Financial Assets** | **Classification** | **June 30, 2025** | December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Cash | Financial assets at amortized cost | **113832** | 30944 |
| Accounts receivable | Financial assets at amortized cost | **11909** | 1827 |
| Deposit in trust | Financial assets at amortized cost | **-** | 695 |
| Restricted cash | Financial assets at amortized cost | **18164** | 18246 |
|  |  | **143905** | 51712 |
| **Financial Liabilities** | **Classification** | **June 30, 2025** | December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Current portion of long-term debt (<u>[Note 7](#ie8013e1d12454ac9b89745f77c5b5257_49)</u>) | Financial liabilities at amortized cost | **14286** | - |
| Long-term debt (<u>[Note 7](#ie8013e1d12454ac9b89745f77c5b5257_49)</u>) | Financial liabilities at amortized cost | **82376** | 95517 |
| Accounts payable and accrued liabilities | Financial liabilities at amortized cost | **69303** | 51351 |
| Balance of purchase price payable | Financial liabilities at amortized cost | **1662** | 1483 |
|  |  | **167627** | 148351 |
| **Financial Assets** | **Classification** | **June 30, 2025** | December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Option contracts | Fair value through profit & loss | **(94)** | 42 |
|  |  | **(94)** | 42 |

---

***Fair value of financial instruments***

Current financial instruments that are not measured at fair value consist of by cash, accounts receivable, restricted cash,

accounts payable and accrued liabilities, balance of purchase price payable and long-term debt. Their carrying values are

considered a reasonable approximation of their fair value because of their short-term maturity. The long-term debt is

predominantly subject to a variable interest rate. As a result, the carrying value is considered to be its fair value.

***Fair value hierarchy***

The following table classifies financial assets and liabilities that are recognized on the consolidated statement of financial

position at fair value in a hierarchy that is based on significance of the inputs used in making the measurements. The levels in

the hierarchy are:

Level 1:Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3:Inputs for the asset or liability that are not based on observable market data.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **23** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**16. FINANCIAL INSTRUMENTS** (continued)

As at June 30, 2025, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | (94) | - | **(94)** |

---

As at December 31, 2024, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | 42 | - | **42** |

---

The Corporation's foreign currency option contracts are not traded in active markets. The fair value of these instruments has

been determined using observable forward exchange rates. The effects of non-observable inputs are not significant for foreign

contract positions.

**17. SUPPLEMENTAL CASH FLOW INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| $| $|
| Accounts receivable | **212** | (2304) | **(9300)** | (2689) |
| Sales tax receivable | **(4152)** | (1524) | **(3920)** | 2859 |
| Income tax receivable | **1482** | (897) | **3597** | (1675) |
| Inventories | **(3850)** | (2944) | **(3009)** | (5588) |
| Prepaid expenses and security deposits | **(2145)** | (233) | **(1706)** | (262) |
| Accounts payable and accruals | **12741** | 16954 | **17467** | 10181 |
| Income tax payable | **4889** | - | **5222** | (3058) |
| **Changes in working capital items** | **9177** | 9052 | **8351** | (232) |
| **Non-cash transactions** |  |  |  |  |
| Additions of new lease right-of-use assets  | **-** | 88 | **83** | 137 |
| Addition of new lease liabilities  | **-** | (88) | **(83)** | (137) |
| Net change in deposits to suppliers for capital expenditures | **(604)** | 667 | **1507** | 5150 |
| Change in accounts payable and accrued liabilities related <br>to PP&E<br>| **(3132)** | (4992) | **(7306)** | (11224) |
| Change in accounts payable and accrued liabilities related <br>to E&E assets<br>| **2129** | 4007 | **3027** | 3742 |
| Share-based compensation in PP&E additions | **69** | - | **137** | - |
| Share-based compensation in E&E additions | **189** | - | **376** | - |
| Investment in associate | **7931** | - | **7931** | - |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **24** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**18. INCOME PER COMMON SHARE**

Basic income per share is the net income available to common shareholders divided by the weighted average number of

common shares outstanding during the period. Diluted net income per share adjusts basic net income per share for the effects

of potential dilutive common shares such as options, RSUs and DSUs.

The calculations for basic and diluted income per share for the three and six-month periods ended June 30, 2025 and 2024 are

as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2025** | 2024 |
|  | **$** | $— |  |
| Net income | **8641** | **15571** | 4222 |
| Weighted average number of shares – basic | **132411701** | **131598544** | 128162205 |
| Impact of dilutive securities |  |  |  |
| Stock options, RSUs and DSUs | **5517508** | **5533736** | 5670418 |
| Weighted average number of shares – diluted | **137929209** | **137132280** | 133832623 |
| Income per share - basic | **0.07** | **0.12** | 0.03 |
| Income per share - diluted | **0.06** | **0.11** | 0.03 |

---

Weighted average number of shares - diluted excludes the effects of 5,000,000 share purchase options as at June 30, 2025 as

they were anti-dilutive. There were no anti-dilutive securities as at June 30, 2024.

**19. DEFERRED INCOME TAX**

During the period, the Corporation recognized deferred tax assets of $5,001 in relation to unrealized gains on foreign exchange

in the current period that will be deductible against future taxable income in Morocco.

The Corporation also recorded deferred tax assets of $1,407 recognized in equity for share issues costs incurred, offset by a

deferred tax liability of $900 in the Canadian entity.

**20. RELATED PARTY TRANSACTIONS** 

During the three and six-month periods ended June 30, 2025 and 2024 and the year ended December 31, 2024, the following

related party transaction occurred in the normal course of operations for management and consulting fees to Groupe Conseils

Grou, La Salle Inc., a company owned by the President and Chief Executive Officer, in the amount of $233 and $449 for the

three and six-month periods ended June 30, 2025, respectively ($227 and $465 for the three and six-month periods ended

June 30, 2024, respectively). As at June 30, 2025, $226 (December 31, 2024 - $305) was due to that company.

***Remuneration of key management personnel of the Corporation*** 

Key management included members of the Board of Directors and executive officers of the Corporation. During the three and

six-month periods ended June 30, 2025 and 2024 the remuneration awarded to key management personnel (including the

amounts above) was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2025** | 2024 |
|  | **$** | $— |  |
| Salaries and benefits | **472** | 822 | 661 |
| Management consulting and professional fees | **333** | 636 | 648 |
| Share-based compensation | **3306** | 6610 | 1592 |
|  | **4111** | **8068** | 2901 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q2-2025 | **25** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**June 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**21. SUBSEQUENT EVENTS**

• On July 21, 2025, a first drawdown of $15 million was completed on the $25 million Corporate EBRD facility for the

development of the Corporation's Boumadine polymetallic project as previous agreed with EBRD.

• In December 2024, Aya initiated legal proceedings to enforce and protect its rights under the EPC Agreements with Duro

Felguera S.A. ("DF") seeking compensation for both liquidated and general damages resulting from DF's contractual

breaches. On August 5, 2025, the Corporation received amounts totaling $4.3 million and €3.3 million in connection with

the enforcement of liquidated damages related to DF's contractual breaches.

## Exhibit 99.68

---

| | |
|:---|:---|
| | **Exhibit 99.68** |
| **PRESS RELEASE** | ![ayalogo14.jpg](ayalogo14.jpg) |

---

Aya Gold & Silver Reports Strong Q2-2025 Results

**Montreal, Quebec, August 14, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") today announced second quarter financial and operational results for the three-month period ended June 30, 2025. *All amounts are in US dollars, unless otherwise stated*.

Q2-2025 Highlights

**Operational** 

&nbsp;&nbsp;&nbsp;&nbsp;• Silver production of 1.04 million ("M") ounces ("oz") up 141% vs. the prior year driven by the ramp-up of the new Zgounder plant, which began large-scale commercial production at the end of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Ore processed averaged 3,005 tonnes per day (tpd), with mill availability of 98%

&nbsp;&nbsp;&nbsp;&nbsp;• Silver recovery averaged 86.5% in Q2-2025; June averaged 92%, above feasibility study rate

&nbsp;&nbsp;&nbsp;&nbsp;• Ore mined totaled 241,288 tonnes ("t"), up 24% QoQ, consistent with ramp-up plans

**Financial** 

&nbsp;&nbsp;&nbsp;&nbsp;• Record revenue of $38.6M, up 182% YoY, reflecting the increase in ounces sold driven by ramp-up and a higher average net realized silver price of $33.86/oz; revenue rose 14% vs. QoQ, supported by increased silver sales and stronger pricing

&nbsp;&nbsp;&nbsp;&nbsp;• Cash cost<sup>(1)</sup> per silver ounce sold of $21.26, reflecting early-stage open-pit and underground development; normalization anticipated in H2-2025

&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of $7.8M ($15.7M year-to-date)

&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $8.6M; diluted EPS of $0.06, including a one-time gain and impairment recovery from the Mx2 transaction

&nbsp;&nbsp;&nbsp;&nbsp;• Closed a C$144M bought deal financing in Q2-2025, ending the quarter with $114M in cash providing the flexibility to advance our development-stage asset Boumadine, a cornerstone of our long-term growth strategy

------

**Development and Exploration** 

&nbsp;&nbsp;&nbsp;&nbsp;• Drilled 33,510 metres ("m") at Boumadine and 5,915 m at Zgounder near mine and Regional

&nbsp;&nbsp;&nbsp;&nbsp;• Identified a new prospective target - Asirem Gold-Copper zone - that highlights Boumadine's potential to become a large-scale high-grade deposit with mineralization open in all directions

&nbsp;&nbsp;&nbsp;&nbsp;• Acquired new permits, expanding regional footprints at both Zgounder and Boumadine

"We're very pleased with the progress this quarter as Zgounder continues to ramp-up steadily. We delivered record revenues and strong operating performance," said Benoit La Salle, President & CEO.

"Throughput and recoveries are on-track to exceed first-half performance. While we acknowledge elevated cash costs directly related to mining grade dilution, we expect a reduction in cost per ounce in the second half as we implement targeted measures to improve our mining processes. We remain fully committed to achieving our 2025 objectives.

"We're also excited about upcoming catalysts, particularly the release of the Boumadine PEA later this year, a milestone that will highlight the project's scale and potential to become Aya's next major production hub. We continue to deliver across all pillars of our strategy — development, exploration, and production - while expanding our resource base through newly secured permits. Together, these achievements are strengthening the foundation to unlock the full potential of our portfolio and create long-term value for our shareholders."

Operational Review

Q2-2025 was marked by a steady increase in mill recovery and sustained throughput of 3,005 tpd, resulting in production of 1.04M oz of Ag for the quarter. Mill availability averaged 98%, supporting total ore processing of 273,471t — up 10% QoQ from Q1-2025 — with an average grade of 140 g/t Ag. Recovery improved steadily, averaging 86.5% for the quarter and 92% in June—exceeding the feasibility study rate. These gains were largely driven by the repair of the oxygen plant, now operating near design capacity.

Total ore mined during the quarter was 241,288t — up 24% sequentially from Q1-2025 — reflecting continued progress in mining ramp-up activities. Approximately two-thirds of the ore was mined from the open pit, with a strip ratio of 14, and the remaining one-third was mined from underground operations. Mining grades have been impacted by increased dilution associated with accelerated mining rates in the first half. As operations stabilize and blast

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movement monitoring improves in the open pit, dilution is expected to decrease in the second half of the year.

The stockpile totaled 249,106t at the end of the quarter.

**Operational Highlights** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Six-month periods ended** | **Six-month periods ended** | **Six-month periods ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **Operational for Zgounder** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Ore Mined (tonnes) | 241288 | 114025 | 112% | 435949 | 220905 | 97% |
| Average Grade Mined (g/t Ag) | 138 | 176 | (21)% | 144 | 168 | (14)% |
| Ore Processed (tonnes) | 273471 | 80562 | 239% | 523214 | 161894 | 223% |
| Average Grade Processed (g/t Ag) | 140 | 196 | (29)% | 151 | 184 | (18)% |
| Combined Mill Recovery (%) | 86.5% | 84.7% | 1.8% | 84.4% | 83.4% | 1.0% |
| Milling Operations (tpd) | 3005 | 885 | 239% | 2891 | 890 | 225% |
| Silver Ingots Produced (oz) | 1042317 | 130719 | 697% | 2053491 | 242216 | 748% |
| Silver in Concentrate Produced (oz) |  | 301948 | (100)% | 57479 | 556812 | (90)% |
| **Total Silver Produced (oz)** | **1042317** | **432667** | **141%** | **2110970** | **799028** | **164%** |
| Silver Ingots Sold (oz) | 1140452 | 121121 | 842% | 2098973 | 229725 | 814% |
| Silver in Concentrate Sold (oz) |  | 400850 | (100)% | 103044 | 530512 | (81)% |
| **Total Silver Sales (oz) (A)** | **1140452** | **521971** | **118%** | **2202017** | **760237** | **190%** |
| Avg. Net Realized Silver ($/oz) (B/A) | 33.86 | 26.20 | 29% | 32.90 | 24.67 | 33% |
| Cash Costs per Silver ounce sold ($)<sup>(1)</sup> | 21.26 | 17.85 | 19% | 20.14 | 18.62 | 8% |

---

Financial Review

Revenue from silver sales totaled $38.6M in Q2-2025, up 182% YoY, reflecting the start of commercial production of the new Zgounder plant on December 29, 2024 and a higher average net realized silver price per oz of $33.86, up 29% vs. the prior year period. Sales rose 14% QoQ driven by higher volume and net realized silver price.

Cash cost<sup>3</sup> per ounce sold increased 19% YoY and 12% QoQ, primarily reflecting the impact of lower grades and the early stages of stope development and open-pit sequencing.

Net income of $8.6M, or diluted EPS of $0.06, was recorded in Q2-2025 compared to net income of $6.8M or diluted EPS of $0.05 in Q2-2024. Net income for the quarter includes a one-time gain of $1.8M and a net impairment recovery of $4.0M related to the asset sale to Mx2 Mining.

The Corporation generated $7.8M in cash flow from operating activities in Q2-2025. Capital expenditures during the quarter included $8.3M at the Zgounder plant to advance surface infrastructure and underground development, including the opening of deeper levels, and $3.5M directed toward exploration and evaluation assets.

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We also completed an equity financing, issuing 10,767,795 common shares at C$13.35 per share for gross proceeds of C$144 ($105) million. Proceeds will be primarily used to fund the Boumadine project development and for general corporate purposes. As at August 13, 2025, the Company had common shares issued and outstanding of 141,900,422. We ended the quarter in a strong financial position, with $114 million in cash.

**Financial Highlights** *(in thousands of US$, except per share amounts)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Revenues (B) | 38615 | 13678 | 182% | 72446 | 18756 | 286% |
| Cost of Sales | 29673 | 8765 | 239% | 53257 | 13507 | 294% |
| Gross Profit | 8942 | 4913 | 82% | 19189 | 5249 | 266% |
| Operating Income (Loss) | 7342 | 1652 | 344% | 10668 | (1216) | 977% |
| Net Income | 8641 | 6813 | 27% | 15571 | 4222 | 269% |
| Operating Cash Flows | 7787 | 12790 | (39)% | 15706 | 2555 | 515% |
| **Shareholders** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Earnings per Share – basic | 0.07 | 0.05 | NM | 0.12 | 0.03 | NM |
| Earnings per Share – diluted | 0.06 | 0.05 | NM | 0.11 | 0.03 | NM |
|  | **June 30,** | **December 31,** |  |  |  |  |
|  | **June 30,** | **December 31,** |  |  |  |  |
| **Financial** | **2025** | **2024** | **Variance** |  |  |  |
| Working Capital<sup>(2)</sup> | 88403 | 23424 | 277% |  |  |  |
| Cash  | 113832 | 30944 | 268% |  |  |  |

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Recent Developments

On August 5, 2025, Aya received a $8 million payment under bank guarantees from EPC contractor Duro Felguera, in compensation for contractual breaches, reinforcing Aya's strong project oversight and disciplined contract enforcement at the Zgounder Expansion Project.

Exploration Review

**Zgounder Near Mine and Regional**

During Q2-2025, Aya continued to advance its regional exploration program around Zgounder with drilling, target generation, and land acquisition initiatives. A total of 5,915 m of drilling was completed on Zgounder near-mine and regional permits (9,889 m year-to-date), including the commencement of drilling on the Zgounder Far East permits. The drill program remains on track to complete 20,000 to 25,000 m across near-mine and regional targets this year. Geological mapping and prospecting on the Tourchkal and Far East permits led to the identification of

------

multiple targets to support future phases of the 2025 program. Additionally, six new exploration permits were secured north of the Zgounder mine, increasing the regional land package by 12% to 452.7 km². Mapping and target generation on these new permits will begin in the second half of 2025.

**Boumadine**

Exploration activities at Boumadine continued at a strong pace in Q2-2025,<sup>6</sup> with 33,510 m of drilling completed in the quarter (79,716 m year-to-date), confirming mineralization continuity across multiple zone. We remain well on track toward the full-year target of 100,000 to 140,000 m, supporting our 2025 exploration and resource development objectives.

In addition, surface work identified a new prospective Gold-copper zone, Asirem, within the recently acquired western permits. Drill testing of this new greenfield target is planned for the second half of the year. Further, the acquisition of four new licenses has increased the Boumadine land package to 314.5 km². Several new targets have been identified, including mineralized structures returning up to 3.34 g/t gold and 4.0% copper from surface sampling.

Environmental, Social and Governance

Aya continued to focus on health and safety preventative measures, with 100% of incidents analyzed and 4,121 hours of training completed during the quarter. In addition, Aya participated in a number of ESG-focused reporting initiatives, which included the publication of the 2024 Sustainability Report, participation in the 2025 S&P Corporate Sustainability Assessment survey, improving the Corporation's rating, and submission of Aya's first annual report to the UN Global Compact.

Community engagement was also strengthened in the quarter by finalizing the Corporation's inaugural project proposal for local communities, entrepreneurs and cooperatives.

Outlook

We have delivered strong operational execution since we declared commercial production of the new Zgounder plant. Looking ahead, we expect milling throughput to remain strong with recoveries continuing to exceed feasibility study rate. We remain fully committed to achieving our 2025 goals and have implemented targeted initiatives to strengthen mined grades as operations maintain a steady state. Further, key catalysts in the second half include the Boumadine PEA and continued drill results from both our core assets, which will further demonstrate Aya's growth potential. With Zgounder ramping up, Boumadine advancing, and district-scale exploration underway, Aya is executing on its strategy to grow production, expand

------

resources, and deliver long-term value. Leveraging a strong balance sheet, positive cash flow, and a significant portfolio, we are well positioned to strengthen Aya's position as a leading high-grade silver producer.

Q2-2025 Conference Call Details

Aya will release its second quarter 2025 results on Thursday, August 14, 2025 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows:

**Webcast link**: **https://edge.media-server.com/mmc/p/rnx3x2qj**

Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form. **https://register-conf.media-server.com/register/BIc319d393f7ec4b1aa2f9d5f261c28d70**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya's website.

Qualified Person

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

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The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "anticipate", "advance", "prospective", "potential", "on-track", "expect", "committed", "continued", "outlook", "demonstrate", "expand", "deliver", "plan", "improve", "grow", "focus", "expect", "similar", "potential", "improve", "objective", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to (1) Aya reaching or exceeding milling nameplate capacity in 2025; (2) optimization of Zgounder's operations including improving recoveries as expected, repairing the oxygen plan in the expected timeline, and the reparation of the oxygen plant to impact recovery and help bring recoveries to the expected feasibility study levels, mining rates to increase as planned to reach over 40,000 tpd of total material moved; (3) Aya to complete an updated Technical Report in 2025; (4) maximization of profitability; (5) growth opportunities at both Zgounder and Boumadine; (6) Boumadine potential, namely statement to the effect that Boumadine is to reveal its potential in 2025; (7) Zgounder plant mining capacity to process ore at a steady rate of 3,000tpd in 2025; (8) mill recovery rate to reach the feasibility study recovery rate of 89% in 2025; (9) mill optimization; (10) potential for discovery of satellite deposits to the Zgounder Mine; (11) results from the geophysical and geochemical survey; (12) execution of the 2025 drilling program; (13) growing Boumadine mineralized footprint including through the multiple potentially parallel, on-trend conductive anomalies; (14) similarity to Boumadine of the multiple potentially parallel, on-trend conductive anomalies; (15) drilling of the Boumadine anomalies in 2025; (16) Aya's guidance, namely the Corporation's ability to attain 5.0 – 5.3 Moz Ag of annual production, a cash cost raging between $15.00 – $17.50/oz, a recovery of 84% – 88%, an average grade processed of 170 – 200 g/t Ag, and to deploy an exploration and development budget of 25 – 30 million dollars; (16) timing for ramp up of the Zgounder plant and optimization of its mining capacity rationalizing and normalizing costs over the rest of the year; (17) foreign exchange rate; (18) sales mix and product strategy, including only silver ingots to be produced and sold starting in Q2-2025; (19) results of the sales mix shift, including improvement to overall realized price for a given sales volume; (20) maintaining a production strategy at Zgounder Mine to 1/3 underground and 2/3 open pit; (21) impacts of the shift to 1/3 underground and 2/3 open pit at Zgounder Mine on cost efficiency, margins, mining costs, and cash cost in 2025; (22) the completion of a mine plan in 2025 to support the shift in mining

------

strategy at the Zgounder Mine plant; (23) the 2025 exploration program, namely the 2025 drilling program at Zgounder – near-mine and regional of 20,000m – 25,000m, and at Boumadine of 100,000m – 140-000m; (24) planned drilling campaign at Zgounder (near-mine) to follow up on the underground targets generated from the 2024 program; (25) finding satellite mineralization at Zgounder; (26) update of the mineral resources estimate for Zgounder later in 2025; (27) focus of the drilling at Boumadine, namely along the Main Trend and Tizi; (28) expending of the know mineralization trend along strike, at depth and to infill areas at Boumadine; (29) advancement of the preliminary economic assessment, which is targeted for 2026; (30) the greenfield exploration to test geological hypotheses and drill targets generated from the past three years of work; (31) Aya's strategy and priorities with respect to Environment, Social and Governance; (32) Cash Costs to normalize in H2-2025; and (33) dilution to decrease in the second half of the year. Such statements reflect the Corporation's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Corporation as of the date of such statements, are inherently subject to significant business, geological, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to Aya's capacity to execute on its plan, its capacity to achieve each item of its guidance, and those material factors and assumptions set forth in Corporation's management's discussion and analysis ("MD&A") and the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2024 available with Canadian securities regulators, as well as: (1) there being no significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including, without limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Corporation's operations and development projects being consistent with current expectations including, without limitation the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation, restrictions

------

or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies, including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for silver; (7) prices for diesel, fuel oil, electricity and other key supplies being approximately consistent with the Corporation's expectations; (8) attributable production and cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Corporation's analysis thereof being consistent with expectations (including but not limited to grade, ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Corporation, mine plans for the Corporation's current and future mining operations, and the Corporation's internal models; (10) labour and materials costs increasing on a basis consistent with our current expectations; (11) the terms and conditions of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent with their intent and our expectations; (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining in Morocco being consistent with our current expectations; (14) access to capital markets; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Corporation's expectations, and (18) transactions announced by the Corporation, including the Mx2 spinoff advancing and closing per the Corporation's timeline and expectations. For a more detailed discussion of such risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see the AIF and MD&A available on SEDAR+ at **www.sedarplus.ca**, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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Notes to Investors Regarding the Use of Mineral Resources

Zgounder technical information on resources and reserve is based on 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 (the "Zgounder Report") which was prepared under the supervision of Daniel M. Gagnon, DRA, with the participation of William Stone, Antoine Yassa, Jarita Barry, Fred Brown, Eugene Puritch, Daniel Morrison, André-François Gravel, Claude Bisaillon, Julie Gravel, Kathy Kalenchuk, Hugo Dello Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coatesall "qualified persons" for the purpose of the Zgounder Report.

Boumadine technical information is based on Aya's press release of February 24, 2025. The mineral reserve and mineral resource estimates contained in this press release have been prepared in accordance with NI 43-101.

Mineral resources are reported exclusive of mineral reserves and as such the mineral resources do not have demonstrated economic viability. Numbers may not add or multiply accurately due to rounding. Inferred mineral resources 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 therefore no certainty that the conclusions of the initial exploration drilling results will be realized. Additionally, where the Corporation discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated using industry-standard methods appropriate for each mineral project with support of various commercially available mining software packages. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of the Corporation's mineral properties are provided in the respective NI 43-101 Technical Reports which are available at **www.sedar.com** and the Corporation's website at **www.ayagoldsilver.com**.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

<sup>(1)</sup> See "Non-GAAP Measures" section on page 25 of Aya MD&A for the three and six-month periods ended June 30, 2025 and 2024

<sup>(2)</sup> Non-GAAP Measures, consisting of current assets of $179,598 less current liabilities of $91,195 (December 31, 2024, current assets of $76,540 less current liabilities of $53,116).

## Exhibit 99.69

**Exhibit 99.69**

**Form 52-109F2** 

***Certification of Interim Filings***

***Full Certificate***

I, **Benoit La Salle, President and Chief Executive Officer of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the interim financial statements and interim MD&A (together, the "interim filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial interim period ended **June 30, 2025.** 

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **April 1, 2025** and ended on **June 30, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Dated this 14<sup>th</sup> day of August, 2025.  |
| *//s// Benoit La Salle* |
| [Signature] |
| Benoit La Salle, President and Chief Executive Officer |

---

## Exhibit 99.70

**Exhibit 99.70**

**Form 52-109F2** 

***Certification of Interim Filings***

***Full Certificate***

I, **Ugo Landry-Tolszczuk, Chief Financial Officer of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the interim financial statements and interim MD&A (together, the "interim filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial interim period ended **June 30, 2025.** 

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2***ICFR – material weakness relating to design:*** N/A

------

5.3***Limitation on scope of design:*** N/A

6.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **April 1, 2025** and ended on **June 30, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

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| |
|:---|
| Dated this 14<sup>th</sup> day of August, 2025.  |
| *//s// Ugo Landry-Tolszczuk* |
| [Signature] |
| Ugo Landry-Tolszczuk, Chief Financial Officer |

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## Exhibit 99.71

**Exhibit 99.71**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogo15.jpg](ayalogo15.jpg) |

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**Aya Gold & Silver Identifies New Mineralized Zone to the North and Reports High-Grade Silver Results at Zgounder** 

**Montreal, Quebec, September 9, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the discovery of a new mineralized zone located north of the current open-pit and high-grade silver results from its ongoing drill exploration program at the Zgounder Silver Mine, in the Kingdom of Morocco.

&nbsp;&nbsp;&nbsp;&nbsp;**Highlights** *(all intersections are in core lengths)*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Discovery of a new mineralized zone north of the current open-pit; hole ZG-25-156 intercepted 167 grams per tonne ("g/t") silver ("Ag") over 2.0 meters ("m") in a broader interval of 19.0m**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Intersections in the Central Area:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-641** intercepted 1,164 g/t Ag over 3.0m, including 3,116 g/t Ag over 1.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-648** intercepted 1,080 g/t Ag over 3.0m, including 2,820 g/t Ag over 1.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **T28-25-816** intercepted 1,305 g/t Ag over 6.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **T28-25-739** intercepted 525 g/t Ag over 13.2m, including 1,833 g/t Ag over 2.4m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Intersections at Depth Near the Granite Contact:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-25-319** intercepted 655 g/t Ag over 4.5m, 670 g/t Ag over 3.0m and 442 g/t Ag over 2.5m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Intersections in the Open-Pit Area:** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-696** intercepted 1,448 g/t Ag over 2.3m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-705** intercepted 444 g/t Ag over 3.0m<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **16,685m or 67% of the 2025 exploration program has been drilled year to date.**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder Far-East exploration drill program has been completed with results pending.**<br>

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**"The discovery of a new mineralized zone, north of the open-pit, is an exciting development that has the potential to grow near-mine resources,"** said Benoit La Salle, President & CEO. **"We plan to follow up with additional drilling in the coming months. In parallel, high-grade intercepts such as hole ZG-SF-25-319 in the west area near the granite contact further demonstrate the mineralisation at depth, extending beyond the current resource model."** 

Included in this release are results from 259 holes, which include 114 underground diamond drill holes ("DDH"), 15 surface DDH, 82 T28 and 41 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer) and 7 historic resampled DDH. For a full summary of today's results, refer to Appendix 1.

**Table 1 – Significant Intercepts from Drilling at Zgounder (core lengths)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag**<br>**(g/t)** | **Length**<br>**(m)** | **Ag x width** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-20-11 | 23.0 | 24.5 | 252 | 1.5 | 378 |
| ZG-22-75 | 109.5 | 114.0 | 108 | 4.5 | 484 |
| **ZG-25-156** | 253.1 | 255.1 | 167 | 2.0 | 334 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-25-319 | 311.0 | 315.5 | 655 | 4.5 | 2946 |
| ZG-SF-25-319 | 322.0 | 325.0 | 670 | 3.0 | 2010 |
| ZG-SF-25-319 | 362.5 | 365.0 | 442 | 2.5 | 1106 |
| **DZG-SF-25-641** | 3.6 | 6.6 | 1164 | 3.0 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 4.6 | 5.6 | 3116 | 1.0 | 3116 |
| **DZG-SF-25-648** | 520 | 55.0 | 1080 | 3.0 | 3240 |
| &nbsp;&nbsp;Including | 54.0 | 55.0 | 2820 | 1.0 | 2820 |
| DZG-SF-25-649 | 10.5 | 12.0 | 965 | 1.5 | 1448 |
| DZG-SF-25-667 | 49.5 | 52.5 | 984 | 3.0 | 2951 |
| DZG-SF-25-667 | 58.0 | 60.0 | 1574 | 2.0 | 3148 |
| **DZG-SF-25-696** | 64.4 | 66.7 | 1448 | 2.3 | 3330 |
| DZG-SF-25-697 | 12.6 | 13.6 | 917 | 1.0 | 917 |
| **DZG-SF-25-705** | 52.4 | 55.4 | 444 | 3.0 | 1333 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| **T28-25-739** | 3.6 | 16.8 | 525 | 13.2 | 6928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 3.6 | 6.0 | 1833 | 2.4 | 4398 |
| T28-25-761 | 0.0 | 6.0 | 194 | 6.0 | 1166 |
| T28-25-764 | 12.0 | 16.8 | 387 | 4.8 | 1858 |
| **T28-25-778** | 12.0 | 18.0 | 527 | 6.0 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 12.0 | 14.4 | 1092 | 2.4 | 2621 |
| T28-25-805 | 9.6 | 12.0 | 671 | 2.4 | 1610 |
| T28-25-815 | 15.6 | 21.6 | 704 | 6.0 | 4226 |
| **T28-25-816** | 13.2 | 19.2 | 1305 | 6.0 | 7828 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-332 | 8.4 | 10.8 | 2380 | 2.4 | 5712 |
| YAK-25-358 | 33.6 | 34.8 | 917 | 1.2 | 1100 |

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*\*True widths are undetermined; all values are uncut.*

**Figure 1: Location of Drill Results at Zgounder**

![figure1g.jpg](figure1g.jpg)

**2025 Exploration Results**

This year, 16,865m of drilling have been completed at Zgounder. Drilling was conducted mostly underground in the Central, East and Western Zones as well as from surface at some near-mine regional targets and Zgounder Far East.

Hole ZG-25-156 and ZG-25-159 (pending) has identified a new mineralized body north of the open-pit (Figures 2). Hole ZG-25-156 returned 167 g/t Ag over 2.0m included in a much broader altered and silver anomalous interval of 19.0m, while ZG-25-159 also shows a large 20.0m corridor of alteration containing spots of native silver (results pending). There is significant potential for new mineralization north of the current open pit, at depth, near the granite contact. Additional follow-up holes are planned in the area through the remainder of 2025.

The RC drill exploration program at Zgounder Far East, which began on June 22, targeting four strong geochemistry anomalies including Ag – copper and gold, was completed in July, with a total of 2,464m completed, results are still pending.

The Zgounder Far East block comprises Neoproterozoic geology divided into three distinct zones: Southern Zone dominated by volcano-sedimentary rocks and pebbly sandstones alternated with felsic volcanics. Central Zone hosts an ophiolite complex, featuring mafic and ultramafic rocks intercalated with fine-grained sandstone units. Northern Zone is composed of intermediate to mafic volcanic and intrusive rocks, alternating with conglomerates. Grab sample results in the Far East block have identified some high-grade grab Ag-Cu, and Au, along with many precious metal anomalies, indicating a strong mineralization potential within 20km from the Zgounder deposit.

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**Figure 2: NW-SE Section of Zgounder with Hole ZG-25-156**

![figure2d.jpg](figure2d.jpg)

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed by fire assay.

For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

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The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com** | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "potential", "plan", "additional", "grow", "significant" ,and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to meaningfully grow near-mine resources, to follow up aggressively with additional drilling , to execute on planned drilling in the area through the remainder of 2025, the potential to significantly increase high-grade ounces within and near the open pit area, expanding open-pit operations in the near term, enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including

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government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise. 

**Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag**<br>**(g/t)** | **Length**<br>**(m)\*** | **Ag x**<br>**width** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-20-11 | 23.0 | 24.5 | 252 | 1.5 | 378 |
| ZG-20-11 | 105.5 | 107.0 | 140 | 1.5 | 210 |
| ZG-20-11 | 110.0 | 110.5 | 92 | 0.5 | 46 |
| ZG-22-75 | 109.5 | 114.0 | 108 | 4.5 | 484 |
| ZG-24-109 | 33.0 | 36.0 | 90 | 3.0 | 270 |
| ZG-25-156 | 249.0 | 249.5 | 164 | 0.5 | 82 |
| ZG-25-156 | 253.1 | 255.1 | 167 | 2.0 | 334 |
| ZG-25-156 | 256.6 | 257.1 | 96 | 0.5 | 48 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-25-296 | 245.0 | 249.5 | 132 | 4.5 | 592 |
| ZG-SF-25-296 | 256.5 | 257.5 | 120 | 1.0 | 120 |
| ZG-SF-25-296 | 279.7 | 280.7 | 150 | 1.0 | 150 |
| ZG-SF-25-296 | 286.5 | 292.5 | 116 | 6.0 | 694 |
| ZG-SF-25-304 | 256.5 | 257.5 | 100 | 1.0 | 100 |
| ZG-SF-25-307 | 293.5 | 295.0 | 142 | 1.5 | 213 |
| ZG-SF-25-307 | 313.5 | 315.0 | 104 | 1.5 | 156 |
| ZG-SF-25-307 | 316.0 | 317.0 | 100 | 1.0 | 100 |
| ZG-SF-25-307 | 320.0 | 321.0 | 103 | 1.0 | 103 |
| ZG-SF-25-307 | 346.5 | 347.5 | 76 | 1.0 | 76 |
| ZG-SF-25-309 | 160.5 | 161.0 | 96 | 0.5 | 48 |
| ZG-SF-25-309 | 163.0 | 164.0 | 92 | 1.0 | 92 |
| ZG-SF-25-310 | 287.5 | 289.0 | 128 | 1.5 | 192 |
| ZG-SF-25-310 | 354.0 | 357.5 | 130 | 3.5 | 454 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-SF-25-310 | 363.0 | 364.0 | 78 | 1.0 | 78 |
| ZG-SF-25-310 | 372.5 | 373.5 | 80 | 1.0 | 80 |
| ZG-SF-25-310 | 375.5 | 376.5 | 142 | 1.0 | 142 |
| ZG-SF-25-312 | 139.5 | 140.0 | 272 | 0.5 | 136 |
| ZG-SF-25-313 | 282.0 | 283.5 | 148 | 1.5 | 222 |
| ZG-SF-25-313 | 312.0 | 314.0 | 134 | 2.0 | 268 |
| ZG-SF-25-314 | 320.0 | 321.0 | 268 | 1.0 | 268 |
| ZG-SF-25-315 | 99.5 | 101.9 | 136 | 2.4 | 327 |
| ZG-SF-25-315 | 102.9 | 103.4 | 100 | 0.5 | 50 |
| ZG-SF-25-315 | 107.4 | 109.9 | 152 | 2.5 | 381 |
| ZG-SF-25-315 | 129.0 | 129.8 | 92 | 0.8 | 74 |
| ZG-SF-25-315 | 141.0 | 142.5 | 140 | 1.5 | 210 |
| ZG-SF-25-315 | 215.5 | 218.5 | 292 | 3.0 | 876 |
| ZG-SF-25-316 | 108.0 | 109.0 | 140 | 1.0 | 140 |
| ZG-SF-25-316 | 163.5 | 164.5 | 120 | 1.0 | 120 |
| ZG-SF-25-319 | 277.5 | 279.0 | 100 | 1.5 | 150 |
| ZG-SF-25-319 | 295.0 | 301.5 | 103 | 6.5 | 672 |
| ZG-SF-25-319 | 304.0 | 305.5 | 228 | 1.5 | 342 |
| ZG-SF-25-319 | 311.0 | 315.5 | 655 | 4.5 | 2946 |
| ZG-SF-25-319 | 322.0 | 325.0 | 670 | 3.0 | 2010 |
| ZG-SF-25-319 | 328.0 | 329.5 | 88 | 1.5 | 132 |
| ZG-SF-25-319 | 342.7 | 344.0 | 180 | 1.3 | 234 |
| ZG-SF-25-319 | 348.2 | 350.2 | 142 | 2.0 | 284 |
| ZG-SF-25-319 | 360.4 | 361.4 | 108 | 1.0 | 108 |
| ZG-SF-25-319 | 362.5 | 365.0 | 442 | 2.5 | 1106 |
| DZG-SF-25-415 | 50.5 | 51.5 | 710 | 1.0 | 710 |
| DZG-SF-25-613 | 1.2 | 2.2 | 365 | 1.0 | 365 |
| DZG-SF-25-613 | 61.0 | 62.0 | 91 | 1.0 | 91 |
| DZG-SF-25-617 | 38.6 | 39.6 | 105 | 1.0 | 105 |
| DZG-SF-25-618 | 48.0 | 48.5 | 762 | 0.5 | 381 |
| DZG-SF-25-621 | 44.0 | 44.5 | 142 | 0.5 | 71 |
| DZG-SF-25-626 | 24.5 | 25.5 | 82 | 1.0 | 82 |
| DZG-SF-25-628 | 4.3 | 5.3 | 90 | 1.0 | 90 |
| DZG-SF-25-630 | 35.0 | 37.9 | 234 | 2.9 | 679 |
| DZG-SF-25-630 | 46.0 | 47.1 | 110 | 1.1 | 121 |
| DZG-SF-25-637 | 5.0 | 6.5 | 106 | 1.5 | 159 |
| DZG-SF-25-637 | 37.5 | 38.5 | 79 | 1.0 | 79 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-637 | 46.0 | 47.1 | 425 | 1.1 | 468 |
| DZG-SF-25-639 | 25.1 | 26.6 | 108 | 1.5 | 162 |
| DZG-SF-25-639 | 32.5 | 33.0 | 109 | 0.5 | 55 |
| DZG-SF-25-639 | 37.4 | 37.9 | 98 | 0.5 | 49 |
| DZG-SF-25-640 | 3.0 | 4.5 | 291 | 1.5 | 437 |
| DZG-SF-25-640 | 18.0 | 21.5 | 100 | 3.5 | 350 |
| DZG-SF-25-641 | 3.6 | 6.6 | 1164 | 3.0 | 3493 |
| Including | 4.6 | 5.6 | 3116 | 1.0 | 3116 |
| DZG-SF-25-641 | 13.4 | 14.4 | 116 | 1.0 | 116 |
| DZG-SF-25-643 | 2.5 | 3.0 | 100 | 0.5 | 50 |
| DZG-SF-25-644 | 39.8 | 40.3 | 94 | 0.5 | 47 |
| DZG-SF-25-644 | 43.5 | 44.0 | 191 | 0.5 | 96 |
| DZG-SF-25-646 | 9.5 | 11.0 | 430 | 1.5 | 645 |
| DZG-SF-25-648 | 52.0 | 55.0 | 1080 | 3.0 | 3240 |
| &nbsp;&nbsp;Including | 54.0 | 55.0 | 2820 | 1 | 2820 |
| DZG-SF-25-649 | 10.5 | 12.0 | 965 | 1.5 | 1448 |
| DZG-SF-25-649 | 52.5 | 54.0 | 82 | 1.5 | 123 |
| DZG-SF-25-651 | 91.0 | 92.5 | 123 | 1.5 | 185 |
| DZG-SF-25-653 | 55.0 | 56.5 | 151 | 1.5 | 227 |
| DZG-SF-25-653 | 68.2 | 69.6 | 264 | 1.4 | 370 |
| DZG-SF-25-662 | 8.5 | 9.0 | 89 | 0.5 | 45 |
| DZG-SF-25-663 | 7.4 | 9.5 | 156 | 2.1 | 328 |
| DZG-SF-25-663 | 13.5 | 15.0 | 85 | 1.5 | 128 |
| DZG-SF-25-663 | 48.0 | 48.5 | 122 | 0.5 | 61 |
| DZG-SF-25-664 | 6.5 | 7.5 | 288 | 1.0 | 288 |
| DZG-SF-25-666 | 13.5 | 15.0 | 168 | 1.5 | 252 |
| DZG-SF-25-666 | 39.6 | 40.1 | 305 | 0.5 | 153 |
| DZG-SF-25-667 | 49.5 | 52.5 | 984 | 3.0 | 2951 |
| DZG-SF-25-667 | 58.0 | 60.0 | 1574 | 2.0 | 3148 |
| DZG-SF-25-696 | 15.0 | 16.5 | 77 | 1.5 | 116 |
| DZG-SF-25-696 | 64.4 | 66.7 | 1448 | 2.3 | 3330 |
| DZG-SF-25-697 | 12.6 | 13.6 | 917 | 1.0 | 917 |
| DZG-SF-25-697 | 42.5 | 43.7 | 80 | 1.2 | 96 |
| DZG-SF-25-698 | 58.0 | 59.0 | 137 | 1.0 | 137 |
| DZG-SF-25-701 | 49.6 | 51.0 | 100 | 1.4 | 140 |
| DZG-SF-25-703 | 47.0 | 48.5 | 159 | 1.5 | 239 |
| DZG-SF-25-704 | 49.0 | 50.0 | 138 | 1.0 | 138 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-704 | 57.0 | 58.0 | 124 | 1.0 | 124 |
| DZG-SF-25-705 | 52.4 | 55.4 | 444 | 3.0 | 1333 |
| DZG-SF-25-706 | 49.0 | 50.2 | 155 | 1.2 | 186 |
| DZG-SF-25-707 | 16.2 | 17.7 | 206 | 1.5 | 309 |
| DZG-SF-25-709 | 6.5 | 9.0 | 271 | 2.5 | 678 |
| DZG-SF-25-717 | 40.9 | 41.4 | 115 | 0.5 | 58 |
| DZG-SF-25-720 | 45.5 | 47.0 | 147 | 1.5 | 221 |
| DZG-SF-25-722 | 54.0 | 55.0 | 523 | 1.0 | 523 |
| DZG-SF-25-723 | 33.0 | 34.0 | 174 | 1.0 | 174 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-722 | 22.8 | 26.4 | 135 | 3.6 | 485 |
| T28-25-739 | 3.6 | 16.8 | 525 | 13.2 | 6928 |
| Including | 3.6 | 6.0 | 1833 | 2.4 | 4398 |
| T28-25-739 | 18.0 | 20.4 | 100 | 2.4 | 240 |
| T28-25-754 | 21.6 | 22.8 | 159 | 1.2 | 191 |
| T28-25-754 | 24.0 | 25.2 | 86 | 1.2 | 103 |
| T28-25-755 | 19.2 | 21.6 | 109 | 2.4 | 262 |
| T28-25-756 | 14.4 | 16.8 | 150 | 2.4 | 360 |
| T28-25-757 | 1.2 | 2.4 | 80 | 1.2 | 96 |
| T28-25-757 | 3.6 | 4.8 | 84 | 1.2 | 101 |
| T28-25-761 | 0.0 | 6.0 | 194 | 6.0 | 1166 |
| T28-25-764 | 12.0 | 16.8 | 387 | 4.8 | 1858 |
| T28-25-770 | 0.0 | 2.4 | 158 | 2.4 | 379 |
| T28-25-778 | 12.0 | 18.0 | 527 | 6.0 | 3163 |
| Including | 12.0 | 14.4 | 1092 | 2.4 | 2621 |
| T28-25-782 | 6.0 | 7.2 | 86 | 1.2 | 103 |
| T28-25-783 | 7.2 | 9.6 | 220 | 2.4 | 528 |
| T28-25-784 | 4.8 | 6.0 | 374 | 1.2 | 449 |
| T28-25-805 | 2.4 | 4.8 | 171 | 2.4 | 410 |
| T28-25-805 | 9.6 | 12.0 | 671 | 2.4 | 1610 |
| T28-25-807 | 1.2 | 2.4 | 85 | 1.2 | 102 |
| T28-25-814 | 16.8 | 19.2 | 163 | 2.4 | 391 |
| T28-25-815 | 15.6 | 21.6 | 704 | 6.0 | 4226 |
| T28-25-815 | 22.8 | 24.0 | 84 | 1.2 | 101 |
| T28-25-816 | 13.2 | 19.2 | 1305 | 6.0 | 7828 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-213 | 42.0 | 44.4 | 97 | 2.4 | 233 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| YAK-25-304 | 34.8 | 37.2 | 207 | 2.4 | 497 |
| YAK-25-318 | 21.6 | 26.4 | 181 | 4.8 | 870 |
| YAK-25-319 | 39.6 | 40.8 | 92 | 1.2 | 110 |
| YAK-25-321 | 0.0 | 3.6 | 221 | 3.6 | 797 |
| YAK-25-323 | 0.0 | 6.0 | 143 | 6.0 | 858 |
| YAK-25-330 | 42.0 | 44.4 | 177 | 2.4 | 425 |
| YAK-25-331 | 3.6 | 6.0 | 152 | 2.4 | 364 |
| YAK-25-331 | 9.6 | 12.0 | 145 | 2.4 | 348 |
| YAK-25-331 | 27.6 | 30.0 | 123 | 2.4 | 295 |
| YAK-25-332 | 8.4 | 10.8 | 2380 | 2.4 | 5712 |
| YAK-25-342 | 3.6 | 4.8 | 132 | 1.2 | 158 |
| YAK-25-342 | 36.0 | 39.6 | 169 | 3.6 | 610 |
| YAK-25-356 | 39.6 | 40.8 | 214 | 1.2 | 257 |
| YAK-25-357 | 1.2 | 3.6 | 160 | 2.4 | 384 |
| YAK-25-358 | 33.6 | 34.8 | 917 | 1.2 | 1100 |
| YAK-25-358 | 36.0 | 37.2 | 115 | 1.2 | 138 |
| YAK-25-360 | 18.0 | 20.4 | 104 | 2.4 | 250 |
| YAK-25-362 | 36.0 | 37.2 | 239 | 1.2 | 287 |

---

*\*True widths are undetermined; all values are uncut.*

**Appendix 2 – Drillhole Coordinates of Zgounder Drill Hole with Significant Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-20-11 | 620586 | 3403916 | 2127 | 318 | -60 | 627 |
| ZG-22-75 | 620634 | 3404171 | 2107 | 180 | -57 | 150 |
| ZG-24-109 | 621023 | 3404063 | 2230 | 180 | -60 | 120 |
| ZG-25-156 | 621121 | 3404388 | 2230 | 135 | -52 | 285 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-25-296 | 620475 | 3403931 | 1943 | 160 | -84 | 330 |
| ZG-SF-25-304 | 620527 | 3403916 | 1919 | 230 | -82 | 300 |
| ZG-SF-25-307 | 620407 | 3403905 | 1945 | 180 | -86 | 380 |
| ZG-SF-25-309 | 620558 | 3403922 | 1919 | 0 | -40 | 198 |
| ZG-SF-25-310 | 620407 | 3403905 | 1945 | 180 | -81 | 377 |
| ZG-SF-25-312 | 620407 | 3403912 | 1945 | 0 | -55 | 221 |
| ZG-SF-25-313 | 620383 | 3403902 | 1946 | 0 | -75 | 359 |
| ZG-SF-25-314 | 620357 | 3403900 | 1946 | 0 | -78 | 393 |
| ZG-SF-25-315 | 620383 | 3403902 | 1946 | 0 | -69 | 375 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ZG-SF-25-316 | 620383 | 3403902 | 1946 | 0 | -52 | 180 |
| ZG-SF-25-319 | 620383 | 3403900 | 1945 | 180 | -89 | 388 |
| DZG-SF-25-415 | 620753 | 3404062 | 1973 | 83 | 21 | 80 |
| DZG-SF-25-613 | 620884 | 3404044 | 1963 | 18 | -53 | 103 |
| DZG-SF-25-617 | 620807 | 3404076 | 2042 | 63 | -30 | 49 |
| DZG-SF-25-618 | 620807 | 3404076 | 2042 | 63 | 0 | 60 |
| DZG-SF-25-621 | 620802 | 3404077 | 2043 | 40 | -35 | 45 |
| DZG-SF-25-626 | 620797 | 3404078 | 2043 | 15 | 15 | 60 |
| DZG-SF-25-628 | 620793 | 3404078 | 2043 | 352 | 0 | 60 |
| DZG-SF-25-630 | 620793 | 3404078 | 2043 | 352 | 30 | 60 |
| DZG-SF-25-637 | 620987 | 3404050 | 1996 | 66 | 0 | 60 |
| DZG-SF-25-639 | 620985 | 3404063 | 1995 | 66 | -23 | 60 |
| DZG-SF-25-640 | 620985 | 3404063 | 1995 | 66 | -6 | 60 |
| DZG-SF-25-641 | 620985 | 3404063 | 1995 | 66 | 12 | 60 |
| DZG-SF-25-643 | 620983 | 3404077 | 1994 | 66 | 0 | 60 |
| DZG-SF-25-644 | 620983 | 3404077 | 1994 | 66 | 16 | 60 |
| DZG-SF-25-646 | 620982 | 3404080 | 1994 | 35 | -5 | 60 |
| DZG-SF-25-648 | 620979 | 3404080 | 1994 | 325 | -37 | 55 |
| DZG-SF-25-649 | 620979 | 3404080 | 1994 | 325 | -10 | 60 |
| DZG-SF-25-651 | 620887 | 3404044 | 1964 | 45 | -13 | 110 |
| DZG-SF-25-653 | 620886 | 3404044 | 1965 | 46 | 19 | 110 |
| DZG-SF-25-662 | 621126 | 3404048 | 2094 | 119 | -16 | 60 |
| DZG-SF-25-663 | 621126 | 3404048 | 2094 | 119 | 0 | 60 |
| DZG-SF-25-664 | 621126 | 3404048 | 2095 | 119 | 15 | 60 |
| DZG-SF-25-666 | 621125 | 3404056 | 2094 | 105 | -12 | 60 |
| DZG-SF-25-667 | 621212 | 3404044 | 2072 | 50 | 0 | 100 |
| DZG-SF-25-696 | 621212 | 3404044 | 2072 | 50 | -15 | 110 |
| DZG-SF-25-697 | 621125 | 3404056 | 2094 | 105 | 0 | 60 |
| DZG-SF-25-698 | 621212 | 3404044 | 2072 | 50 | 15 | 90 |
| DZG-SF-25-701 | 621212 | 3404043 | 2072 | 65 | 0 | 80 |
| DZG-SF-25-703 | 621212 | 3404043 | 2072 | 65 | 30 | 80 |
| DZG-SF-25-704 | 621211 | 3404041 | 2072 | 81 | -15 | 80 |
| DZG-SF-25-705 | 621211 | 3404041 | 2072 | 81 | 0 | 80 |
| DZG-SF-25-706 | 621211 | 3404041 | 2072 | 81 | 15 | 80 |
| DZG-SF-25-707 | 621211 | 3404041 | 2072 | 81 | 30 | 80 |
| DZG-SF-25-709 | 621211 | 3404040 | 2072 | 99 | 0 | 65 |
| DZG-SF-25-717 | 620775 | 3404065 | 2046 | 148 | 0 | 45 |
| DZG-SF-25-720 | 620974 | 3404086 | 1975 | 350 | -15 | 55 |
| DZG-SF-25-722 | 620974 | 3404086 | 1961 | 350 | 15 | 55 |
| DZG-SF-25-723 | 620975 | 3404083 | 1954 | 350 | 30 | 55 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-722 | 620965 | 3404068 | 2084 | 18 | 10 | 26 |
| T28-25-739 | 620594 | 3404093 | 1971 | 287 | 30 | 25 |
| T28-25-754 | 621059 | 3404060 | 2050 | 44 | 13 | 26 |
| T28-25-755 | 621059 | 3404060 | 2050 | 43 | 22 | 22 |
| T28-25-756 | 621056 | 3404054 | 2050 | 136 | 14 | 26 |
| T28-25-757 | 621056 | 3404054 | 2051 | 141 | 27 | 23 |
| T28-25-761 | 620942 | 3404045 | 2115 | 92 | 11 | 26 |
| T28-25-764 | 620928 | 3404046 | 2116 | 302 | 25 | 26 |
| T28-25-770 | 620813 | 3404046 | 1998 | 58 | 16 | 23 |
| T28-25-778 | 620804 | 3404042 | 1997 | 296 | 11 | 24 |
| T28-25-782 | 620743 | 3404020 | 1997 | 299 | 10 | 25 |
| T28-25-783 | 620743 | 3404020 | 1997 | 297 | 16 | 26 |
| T28-25-784 | 620747 | 3404024 | 1997 | 309 | 11 | 18 |
| T28-25-805 | 621106 | 3404076 | 2047 | 310 | 10 | 22 |
| T28-25-807 | 621116 | 3404076 | 2046 | 319 | 10 | 24 |
| T28-25-814 | 621106 | 3404071 | 2048 | 130 | 30 | 24 |
| T28-25-815 | 621124 | 3404072 | 2045 | 130 | 10 | 24 |
| T28-25-816 | 621124 | 3404072 | 2045 | 130 | 30 | 19 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-213 | 621056 | 3404072 | 2071 | 262 | 10 | 48 |
| YAK-25-304 | 621079 | 3404041 | 2021 | 278 | 26 | 38 |
| YAK-25-318 | 620883 | 3404058 | 2000 | 26 | 29 | 26 |
| YAK-25-319 | 620879 | 3404056 | 1999 | 344 | 13 | 50 |
| YAK-25-321 | 620874 | 3404048 | 1999 | 329 | 11 | 50 |
| YAK-25-323 | 620967 | 3404053 | 2025 | 330 | 22 | 30 |
| YAK-25-330 | 620991 | 3404042 | 2025 | 234 | 10 | 46 |
| YAK-25-331 | 620991 | 3404042 | 2025 | 234 | 30 | 37 |
| YAK-25-332 | 620783 | 3403982 | 2072 | 285 | 10 | 50 |
| YAK-25-342 | 620783 | 3404039 | 2067 | 75 | 10 | 50 |
| YAK-25-356 | 620720 | 3404121 | 2025 | 285 | 10 | 50 |
| YAK-25-357 | 620720 | 3404121 | 2025 | 285 | 30 | 37 |
| YAK-25-358 | 620719 | 3404119 | 2025 | 258 | 10 | 41 |
| YAK-25-360 | 620736 | 3404116 | 2025 | 125 | 10 | 50 |
| YAK-25-362 | 620776 | 3404116 | 2024 | 128 | 10 | 50 |

---

## Exhibit 99.72

**Exhibit 99.72**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo16.jpg](ayalogo16.jpg) |

---

**Aya Gold & Silver Confirms Discovery of New High-Grade Gold Zone at Asirem, West of Boumadine, Expands Footprint and Reports High-Grade Results from Boumadine Main Trend and Tizi Zone**

**Montreal, Quebec, September 15, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce new drilling results supporting the discovery of new gold zone at Asirem Zone, west of the Boumadine Main Trend in Morocco, highlighting the zone's emergence as a promising new target. Aya also reports high-grade drill results from the Boumadine Main Trend and Tizi Zone, and has expanded its regional footprint with the acquisition of two new mining licences.

**Highlights**<sup>1</sup>

**•&nbsp;&nbsp;&nbsp;&nbsp;Discovery of New Asirem Gold Zone (8.0 kilometer ("km") strike length):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**BOU-DD25-629** intercepted 1.52 grams per tonne ("g/t") gold ("Au") over 4.3 meter ("m"), 1.49 g/t Au over 1.0m and 1.95 g/t over 1.0m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**BOU-DD25-632** 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Grab samples up to 12.20 g/t Au and 4.1% copper ("Cu") north of Asirem trend

**•&nbsp;&nbsp;&nbsp;&nbsp;Boumadine Main Trend (5.4km):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**BOU-DD25-584** intercepted 369 g/t silver equivalent ("AgEq") over 9.0 m (4.04 g/t Au, 41 g/t silver ("Ag"), 0.1% zinc ("Zn"), 0.1% lead ("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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**BOU-DD25-572** intercepted 232 g/t AgEq over 12.2m (2.60 g/t Au, 23 g/t Ag, 0.04% Zn, 0.1% Pb and 0.1% Cu), including 473 g/t AgEq over 2.2m (5.28 g/t Au, 49 g/t Ag, 0.1% Zn, 0.1% Pb and 0.1% Cu) and 551 g/t AgEq over 2.4m (6.29 g/t Au, 48 g/t Ag, 0.02% Zn, 0.1% Pb and 0.1% Cu)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**BOU-DD25-589** 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)

**•&nbsp;&nbsp;&nbsp;&nbsp;Tizi Zone (2.0km):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**BOU-DD25-550** 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)

------

**•&nbsp;&nbsp;&nbsp;&nbsp;Exploration Update:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Two new mining licences secured, adding 25.1 square kilometers ("km<sup>2</sup>") for a total of 339.3 km<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;102,979m drilled at Boumadine year to date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Preliminary Economic Assessment ("PEA") on Boumadine Main Trend expected by Year-End

"**The discovery and new gold zone at Asirem, west of Boumadine's Main Trend confirms that Boumadine is evolving into a true district-scale asset with multiple mineralized trends,"** said Benoit La Salle, President & CEO. **"Drilling has traced gold over eight kilometers of strike at Asirem, with geophysics pointing to more than ten kilometers of potential. "Along with grab samples grading up to 12.2 g/t gold and 4.1% copper, this new corridor highlights promising exploration opportunities. With a PEA on the Boumadine Main Trend targeted for release by year-end, these results highlight additional zones of mineralization, reinforcing Boumadine's scale and optionality as one of Morocco's most significant emerging precious metals discoveries."**

Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD25-500 | 537.0 | 543.6 | 2.41 | 50 | 6.6 | 0.1 | 0.2 | 0.1 | 2 | 255 |
| **Including** | 540.1 | 543.6 | 3.11 | 60 | 3.5 | 0.1 | 0.2 | 0.1 | 4 | 321 |
| BOU-DD25-550 | 54.9 | 59.5 | 1.33 | 101 | 4.6 | 0.0 | 1.1 | 1.6 | 8 | 272 |
| BOU-DD25-553 | 255.6 | 259.7 | 1.34 | 41 | 4.1 | 0.0 | 0.4 | 0.9 | 13 | 179 |
| **Including** | 255.6 | 257.1 | 2.50 | 83 | 1.5 | 0.0 | 0.5 | 1.4 | 9 | 328 |
| BOU-DD25-553 | 263.1 | 264.8 | 2.46 | 17 | 1.7 | 0.1 | 0.2 | 3.0 | 8 | 293 |
| BOU-DD25-555 | 268.9 | 271.2 | 0.57 | 62 | 2.3 | 0.0 | 2.2 | 4.3 | 12 | 269 |
| BOU-DD25-565 | 215.3 | 218.0 | 1.68 | 36 | 2.7 | 0.1 | 0.4 | 0.8 | 2 | 200 |
| BOU-DD25-567 | 216.0 | 218.1 | 0.98 | 121 | 2.1 | 0.1 | 0.2 | 0.5 | 5 | 224 |
| BOU-DD25-568 | 579.4 | 580.4 | 6.69 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 524 |
| BOU-DD25-569 | 544.0 | 546.0 | 0.03 | 690 | 2.0 | 0.0 | 0.6 | 0.1 | 12 | 710 |
| BOU-DD25-570 | 82.4 | 84.2 | 0.41 | 121 | 1.8 | 0.0 | 1.1 | 2.1 | 8 | 233 |
| BOU-DD25-571 | 118.6 | 122.1 | 1.03 | 31 | 3.5 | 0.0 | 0.2 | 0.3 | 6 | 126 |
| BOU-DD25-572 | 351.8 | 364.0 | 2.60 | 23 | 12.2 | 0.1 | 0.1 | 0.0 | 5 | 232 |
| **Including** | 352.6 | 354.8 | 5.28 | 49 | 2.2 | 0.1 | 0.1 | 0.1 | 4 | 473 |
| **Including** | 359.3 | 361.7 | 6.29 | 48 | 2.4 | 0.1 | 0.1 | 0.0 | 7 | 551 |
| BOU-DD25-572 | 381.6 | 388.1 | 2.66 | 21 | 6.5 | 0.0 | 0.2 | 0.4 | 9 | 246 |
| **Including** | 383.0 | 385.0 | 6.49 | 25 | 2.0 | 0.0 | 0.2 | 0.2 | 8 | 544 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-572 | 573.0 | 574.8 | 9.77 | 65 | 1.8 | 0.2 | 0.7 | 2.8 | 19 | 929 |
| BOU-DD25-572 | 613.0 | 617.2 | 1.36 | 20 | 4.2 | 0.0 | 0.1 | 0.1 | 10 | 133 |
| BOU-DD25-574 | 539.2 | 540.6 | 2.33 | 30 | 1.4 | 0.0 | 0.1 | 2.8 | 2 | 287 |
| BOU-DD25-575 | 311.6 | 314.3 | 1.37 | 53 | 2.7 | 0.9 | 0.1 | 0.1 | 6 | 240 |
| BOU-DD25-577 | 500.1 | 501.3 | 4.74 | 21 | 1.2 | 0.0 | 0.3 | 0.9 | 8 | 425 |
| BOU-DD25-579 | 616.7 | 617.5 | 5.54 | 41 | 0.8 | 0.1 | 3.3 | 6.2 | 34 | 716 |
| BOU-DD25-580 | 53.5 | 55.3 | 1.18 | 45 | 1.8 | 0.0 | 2.8 | 4.9 | 52 | 329 |
| BOU-DD25-580 | 180.8 | 183.5 | 0.03 | 147 | 2.7 | 0.0 | 0.0 | 0.0 | 2 | 152 |
| BOU-DD25-580 | 362.2 | 366.7 | 1.72 | 30 | 4.5 | 0.4 | 0.1 | 0.1 | 3 | 199 |
| BOU-DD25-584 | 325.7 | 334.7 | 4.04 | 41 | 9.0 | 0.1 | 0.1 | 0.1 | 7 | 369 |
| **Including** | 327.0 | 331.2 | 5.98 | 51 | 4.2 | 0.2 | 0.1 | 0.1 | 8 | 535 |
| BOU-DD25-584 | 594.0 | 595.9 | 4.11 | 17 | 1.9 | 0.0 | 0.1 | 0.3 | 3 | 345 |
| BOU-DD25-589 | 341.0 | 351.2 | 2.90 | 29 | 10.2 | 0.1 | 0.1 | 0.1 | 11 | 271 |
| **Including** | 345.4 | 348.0 | 7.46 | 71 | 2.6 | 0.4 | 0.1 | 0.1 | 15 | 692 |
| BOU-DD25-589 | 482.6 | 483.1 | 10.22 | 35 | 0.5 | 0.1 | 0.4 | 2.1 | 11 | 897 |
| BOU-DD25-629 | 23.2 | 27.5 | 1.52 | 3 | 4.3 | 0.0 | 0.0 | 0.0 | 9 | 126 |
| BOU-MP25-029 | 93.0 | 95.0 | 1.16 | 100 | 2.0 | 0.1 | 7.4 | 4.7 | 53 | 498 |
| BOU-MP25-069 | 79.1 | 91.0 | 1.45 | 35 | 11.9 | 0.1 | 0.3 | 1.4 | 18 | 195 |
| BOU-RC25-024 | 107.0 | 119.0 | 1.11 | 19 | 12.0 | 0.1 | 0.6 | 1.3 | 15 | 157 |
| BOU-RC25-028 | 29.0 | 31.0 | 0.03 | 96 | 2.0 | 0.1 | 9.1 | 4.3 | 17 | 429 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;True width remains undetermined at this stage; all values are uncut.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag

------

Table 2 – Significant Intercepts from Asirem Drill Exploration Program (Core Lengths)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DDH No.** | **From (m)** | **To (m)** | **Au (g/t)** | **Length\* (m)** |
| BOU-DD25-588 | 182.0 | 183.0 | 0.96 | 1.0 |
| **BOU-DD25-590** | 20.3 | 21.3 | 2.67 | 1.0 |
| BOU-DD25-600 | 189.6 | 190.4 | 0.92 | 0.8 |
| **BOU-DD25-629** | 23.2 | 27.5 | 1.52 | 4.3 |
| **Including** | 23.2 | 24.5 | 2.81 | 1.3 |
| **BOU-DD25-629** | 178.0 | 179.0 | 1.49 | 1.0 |
| **BOU-DD25-629** | 201.0 | 202.0 | 1.95 | 1.0 |
| **BOU-DD25-632** | 131.0 | 132.0 | 2.05 | 1.0 |
| **BOU-DD25-632** | 148.0 | 150.0 | 0.98 | 2.0 |
| **BOU-DD25-632** | 153.0 | 154.0 | 4.53 | 1.0 |
| **BOU-DD25-632** | 176.0 | 177.0 | 1.82 | 1.0 |
| **BOU-DD25-632** | 196.0 | 196.9 | 1.47 | 0.9 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;True width remains undetermined at this stage; all values are uncut.

------

![boumadinemininglicencesurf.jpg](boumadinemininglicencesurf.jpg)

Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2025 Drill Holes

------

![boumadinepropertysurfacepl.jpg](boumadinepropertysurfacepl.jpg)

Figure 2: Boumadine Property Surface Plan with New Permits and 2025 Drill Holes

**2025 Exploration Results**

This year, 346 diamond drill holes ("DDH"), 37 reverse circulation holes ("RC") and 20 multi-purpose drill holes ("MP") totaling 102,979m have been completed at Boumadine (Figure 1, Figure 2 and Appendix 2). Drilling was conducted on strike along the Main Trend (North Zones), Tizi, Imariren as well as on some regional targets, including the recently discovered Asirem Zone. The majority of results have been received for drill holes up to BOU-DD25-583 (Table 1, Table 2, Figure 3, Figure 4 and Appendix 1).

Results received so far in 2025, including holes BOU-DD25-584 and BOU-DD25-572, confirm the high-grade continuity of the Main Trend, which remains open in all directions. Today's results, also extend Imariren mineralization to 1.2km. The Imariren and Tizi zones remain open in all directions.

The main mineralization generally measures 1m to 4m wide (locally reaching over a 10m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

------

![surfaceplanofboumadinenorth.jpg](surfaceplanofboumadinenorth.jpg)

Figure 3 – Surface Plan of Boumadine North, Imariren and Tizi Zones with New DDH Results

------

![image_4d.jpg](image_4d.jpg)

Figure 4 – Surface Plan of Boumadine South Zone with New DDH Results

Figures 5 shows the recently received grab results on the newly discovered Asirem zone, which reveals high-grade parallel structures with results up to 12.2 g/t Au and 4.1% Cu, and highlight the potential of the area. The Au-Cu surface anomalies coincide with a strong N080 geophysical feature and a regional. Figure 6 presents the simplified geology of Asirem in the discovery drill section.

Geology of Asirem is composed of a package of Neoproterozoic rocks, mainly rhyolitic tuffs in contact or in close proximity with the Cambrian sedimentary shists. The contact consists of a major normal regional fault oriented N090-N080 injected by various quartz, quartz-carbonate and barite veins and veinlets containing various degree of Au, Cu and traces of Ag, Pb and Zn. The veins can locally reach 5m thickness and they regularly form stockworks with traces of pyrite and chalcopyrite. In it oxidized phase, malachite, azurite and chalcosite are present. The Asirem structure can be followed on surface over a trend of more than 10km within our permits.

------

![surfacemapofasirem.jpg](surfacemapofasirem.jpg)

Figure 5 – Surface Map of Asirem Trend with Apparent Conductivity(175Hz) and Grab Results

![sectionofasiremmineralizat.jpg](sectionofasiremmineralizat.jpg)

Figure 6 – Section of Asirem Mineralization with Simplified Geology and Partial Results

------

**Next Steps**

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km, the Tizi Zone, which currently extends 2.0km and the Imariren Zone, with a current extension of 1.2km; the three trends remain open in all directions. In addition, follow up drilling will take place at the newly discovered 8km Asirem trend. Currently, the Corporation has mobilized drill rigs to complete the 100,000m to 140,000m drilling program. Half of the drilling is focused along the Main Trend, Imariren and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment. The remaining 50% will focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. The results from ongoing geology work will determine additional development work.

**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every meter in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco.

All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

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Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "promising", "expected", "pointing", "opportunity", "targeted", "significant", "potential", "plan", "additional", "grow", "significant", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to meaningfully grow resources and for all deposits grow in any direction, the potential for any drilling result to confirm the existence of a new zone, the capacity of the Corporation to complete and publish the PEA by year end, the new Asirem zone to extend to 10km as indicated by the geophysics, the new corridors to translate into new exploration opportunities, the existence of a significant upside to expand the Boumadine Main Trend, and to execute on planned drilling in the area through the remainder of 2025. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold

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and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

Appendix 1 - Full Drill Results from Boumadine (core lengths)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD25-500 | 537.0 | 543.6 | 2.41 | 50 | 6.6 | 0.1 | 0.2 | 0.1 | 2 | 255 |
| **Including** | 540.1 | 543.6 | 3.11 | 60 | 3.5 | 0.1 | 0.2 | 0.1 | 4 | 321 |
| BOU-DD25-504 | 86.6 | 87.1 | 0.44 | 55 | 0.5 | 0.0 | 1.4 | 1.4 | 11 | 159 |
| BOU-DD25-504 | 91.0 | 91.7 | 1.09 | 53 | 0.7 | 0.1 | 1.7 | 6.2 | 6 | 337 |
| BOU-DD25-509 | 134.0 | 136.0 | 1.04 | 13 | 2.0 | 0.0 | 0.1 | 0.1 | 8 | 102 |
| BOU-DD25-509 | 147.0 | 149.0 | 1.08 | 12 | 2.0 | 0.0 | 0.2 | 0.6 | 4 | 119 |
| BOU-DD25-518 | 133.0 | 134.0 | 0.60 | 20 | 1.0 | 0.0 | 0.6 | 1.2 | 5 | 112 |
| BOU-DD25-550 | 54.9 | 59.5 | 1.33 | 101 | 4.6 | 0.0 | 1.1 | 1.6 | 8 | 272 |
| BOU-DD25-553 | 255.6 | 259.7 | 1.34 | 41 | 4.1 | 0.0 | 0.4 | 0.9 | 13 | 179 |
| **Including** | 255.6 | 257.1 | 2.50 | 83 | 1.5 | 0.0 | 0.5 | 1.4 | 9 | 328 |
| BOU-DD25-553 | 263.1 | 264.8 | 2.46 | 17 | 1.7 | 0.1 | 0.2 | 3.0 | 8 | 293 |
| BOU-DD25-553 | 266.6 | 268.8 | 0.65 | 32 | 2.2 | 0.0 | 0.6 | 1.7 | 5 | 141 |
| BOU-DD25-555 | 268.9 | 271.2 | 0.57 | 62 | 2.3 | 0.0 | 2.2 | 4.3 | 12 | 269 |
| BOU-DD25-561 | 21.0 | 22.0 | 0.42 | 66 | 1.0 | 0.1 | 0.5 | 0.1 | 13 | 118 |
| BOU-DD25-561 | 223.9 | 224.9 | 0.95 | 14 | 1.0 | 0.0 | 0.1 | 0.0 | 1 | 92 |
| BOU-DD25-561 | 307.0 | 307.9 | 1.72 | 19 | 0.9 | 0.2 | 0.2 | 0.4 | 8 | 181 |
| BOU-DD25-562 | 232.6 | 235.9 | 0.54 | 22 | 3.3 | 0.0 | 0.3 | 0.5 | 20 | 87 |
| BOU-DD25-562 | 237.3 | 238.3 | 0.20 | 74 | 1.0 | 0.1 | 4.2 | 1.5 | 85 | 235 |
| BOU-DD25-562 | 258.2 | 260.8 | 0.25 | 40 | 2.6 | 0.0 | 1.0 | 1.6 | 16 | 125 |
| BOU-DD25-563 | 354.3 | 354.9 | 0.52 | 10 | 0.6 | 0.0 | 0.1 | 0.2 | 2 | 60 |
| BOU-DD25-563 | 363.4 | 364.3 | 2.62 | 28 | 0.9 | 0.1 | 0.1 | 0.1 | 7 | 241 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-563 | 367.5 | 370.8 | 0.80 | 36 | 3.3 | 0.1 | 0.1 | 0.4 | 3 | 124 |
| BOU-DD25-563 | 460.2 | 460.8 | 0.11 | 55 | 0.6 | 0.1 | 0.3 | 0.6 | 4 | 98 |
| BOU-DD25-563 | 487.3 | 488.3 | 0.67 | 3 | 1.0 | 0.0 | 0.0 | 0.1 | 6 | 60 |
| BOU-DD25-564 | 764.0 | 764.8 | 0.11 | 44 | 0.8 | 0.1 | 1.3 | 0.7 | 2 | 107 |
| BOU-DD25-564 | 1000.0 | 1001.0 | 3.09 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 244 |
| BOU-DD25-564 | 1060.6 | 1061.4 | 0.03 | 53 | 0.8 | 0.0 | 0.0 | 0.0 | 6 | 58 |
| BOU-DD25-564 | 1162.0 | 1163.0 | 0.03 | 97 | 1.0 | 0.1 | 0.2 | 0.2 | 2 | 111 |
| BOU-DD25-564 | 1179.0 | 1180.0 | 0.05 | 172 | 1.0 | 0.0 | 0.5 | 0.1 | 5 | 192 |
| BOU-DD25-564 | 1186.0 | 1187.0 | 0.03 | 49 | 1.0 | 0.0 | 0.1 | 0.1 | 3 | 57 |
| BOU-DD25-564 | 1248.7 | 1249.4 | 0.24 | 39 | 0.7 | 0.0 | 0.0 | 0.0 | 5 | 60 |
| BOU-DD25-564 | 1290.9 | 1291.6 | 0.62 | 9 | 0.7 | 0.2 | 1.0 | 1.0 | 3 | 119 |
| BOU-DD25-564 | 1292.2 | 1293.1 | 0.22 | 72 | 0.9 | 0.2 | 1.4 | 0.4 | 4 | 147 |
| BOU-DD25-564 | 1302.0 | 1303.1 | 0.35 | 59 | 1.1 | 0.2 | 0.2 | 0.3 | 28 | 114 |
| BOU-DD25-565 | 203.3 | 205.3 | 1.14 | 34 | 2.0 | 0.0 | 0.5 | 0.7 | 30 | 156 |
| BOU-DD25-565 | 215.3 | 218.0 | 1.68 | 36 | 2.7 | 0.1 | 0.4 | 0.8 | 2 | 200 |
| BOU-DD25-566 | 49.0 | 50.0 | 0.03 | 54 | 1.0 | 0.0 | 0.0 | 0.0 | 7 | 58 |
| BOU-DD25-566 | 460.3 | 460.9 | 0.39 | 27 | 0.6 | 0.0 | 1.0 | 2.2 | 2 | 137 |
| BOU-DD25-567 | 216.0 | 218.1 | 0.98 | 121 | 2.1 | 0.1 | 0.2 | 0.5 | 5 | 224 |
| BOU-DD25-567 | 435.0 | 436.0 | 0.03 | 158 | 1.0 | 0.1 | 0.5 | 0.2 | 18 | 189 |
| BOU-DD25-567 | 599.0 | 600.3 | 1.18 | 24 | 1.3 | 0.0 | 0.6 | 1.0 | 2 | 158 |
| BOU-DD25-568 | 39.0 | 40.0 | 0.57 | 9 | 1.0 | 0.0 | 0.5 | 0.4 | 10 | 78 |
| BOU-DD25-568 | 54.0 | 55.0 | 4.02 | 8 | 1.0 | 0.0 | 0.1 | 0.4 | 2 | 334 |
| BOU-DD25-568 | 64.0 | 65.0 | 0.25 | 87 | 1.0 | 0.0 | 4.1 | 0.4 | 5 | 218 |
| BOU-DD25-568 | 579.4 | 580.4 | 6.69 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 524 |
| BOU-DD25-568 | 617.5 | 618.4 | 0.54 | 32 | 0.9 | 0.1 | 0.8 | 0.8 | 3 | 120 |
| BOU-DD25-569 | 324.0 | 325.4 | 0.28 | 31 | 1.4 | 0.1 | 1.0 | 3.7 | 22 | 173 |
| BOU-DD25-569 | 326.2 | 327.1 | 0.68 | 27 | 0.9 | 0.1 | 0.2 | 0.1 | 3 | 93 |
| BOU-DD25-569 | 517.0 | 518.0 | 0.69 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 58 |
| BOU-DD25-569 | 544.0 | 546.0 | 0.03 | 690 | 2.0 | 0.0 | 0.6 | 0.1 | 12 | 710 |
| BOU-DD25-570 | 82.4 | 84.2 | 0.41 | 121 | 1.8 | 0.0 | 1.1 | 2.1 | 8 | 233 |
| BOU-DD25-570 | 343.0 | 344.0 | 0.69 | 27 | 1.0 | 0.0 | 0.1 | 0.1 | 7 | 88 |
| BOU-DD25-570 | 425.6 | 427.3 | 1.49 | 44 | 1.7 | 0.1 | 0.6 | 0.8 | 4 | 202 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-571 | 61.6 | 62.2 | 0.45 | 200 | 0.6 | 0.2 | 0.4 | 1.7 | 7 | 300 |
| BOU-DD25-571 | 116.8 | 117.7 | 0.06 | 46 | 0.9 | 0.0 | 0.5 | 0.6 | 5 | 79 |
| BOU-DD25-571 | 118.6 | 122.1 | 1.03 | 31 | 3.5 | 0.0 | 0.2 | 0.3 | 6 | 126 |
| BOU-DD25-571 | 134.2 | 136.0 | 0.82 | 13 | 1.8 | 0.0 | 0.0 | 0.1 | 7 | 82 |
| BOU-DD25-571 | 137.0 | 138.0 | 0.53 | 5 | 1.0 | 0.0 | 0.0 | 0.2 | 8 | 53 |
| BOU-DD25-571 | 142.0 | 143.0 | 2.13 | 15 | 1.0 | 0.0 | 0.1 | 0.0 | 3 | 186 |
| BOU-DD25-571 | 149.4 | 150.2 | 0.72 | 10 | 0.8 | 0.0 | 0.1 | 0.2 | 8 | 75 |
| BOU-DD25-571 | 164.5 | 165.5 | 2.98 | 48 | 1.0 | 0.1 | 0.1 | 0.0 | 3 | 295 |
| BOU-DD25-571 | 192.4 | 193.1 | 0.84 | 15 | 0.7 | 0.0 | 0.3 | 0.5 | 3 | 101 |
| BOU-DD25-571 | 194.0 | 195.0 | 0.91 | 15 | 1.0 | 0.0 | 0.3 | 0.6 | 3 | 109 |
| BOU-DD25-571 | 209.7 | 210.4 | 0.76 | 6 | 0.7 | 0.0 | 0.2 | 0.4 | 2 | 81 |
| BOU-DD25-571 | 211.3 | 212.2 | 0.63 | 6 | 0.9 | 0.0 | 0.2 | 0.4 | 2 | 70 |
| BOU-DD25-572 | 126.0 | 127.0 | 0.59 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 10 | 49 |
| BOU-DD25-572 | 351.8 | 364.0 | 2.60 | 23 | 12.2 | 0.1 | 0.1 | 0.0 | 5 | 232 |
| **Including** | 352.6 | 354.8 | 5.28 | 49 | 2.2 | 0.1 | 0.1 | 0.1 | 4 | 473 |
| **Including** | 359.3 | 361.7 | 6.29 | 48 | 2.4 | 0.1 | 0.1 | 0.0 | 7 | 551 |
| BOU-DD25-572 | 367.8 | 368.6 | 1.76 | 20 | 0.8 | 0.1 | 0.6 | 0.5 | 8 | 190 |
| BOU-DD25-572 | 369.1 | 370.0 | 0.65 | 8 | 0.9 | 0.0 | 0.5 | 0.9 | 5 | 94 |
| BOU-DD25-572 | 372.0 | 372.7 | 1.17 | 8 | 0.7 | 0.0 | 0.4 | 0.2 | 6 | 116 |
| BOU-DD25-572 | 375.5 | 376.0 | 3.48 | 39 | 0.5 | 0.3 | 0.5 | 0.2 | 4 | 351 |
| BOU-DD25-572 | 381.6 | 388.1 | 2.66 | 21 | 6.5 | 0.0 | 0.2 | 0.4 | 9 | 246 |
| **Including** | 383.0 | 385.0 | 6.49 | 25 | 2.0 | 0.0 | 0.2 | 0.2 | 8 | 544 |
| BOU-DD25-572 | 405.0 | 406.2 | 1.64 | 43 | 1.2 | 0.1 | 0.3 | 4.0 | 10 | 288 |
| BOU-DD25-572 | 461.2 | 461.7 | 0.24 | 75 | 0.5 | 0.1 | 11.7 | 1.0 | 9 | 411 |
| BOU-DD25-572 | 561.3 | 562.2 | 1.01 | 15 | 0.9 | 0.0 | 2.5 | 2.3 | 3 | 215 |
| BOU-DD25-572 | 564.2 | 564.8 | 3.00 | 22 | 0.6 | 0.1 | 0.4 | 1.5 | 4 | 306 |
| BOU-DD25-572 | 573.0 | 574.8 | 9.77 | 65 | 1.8 | 0.2 | 0.7 | 2.8 | 19 | 929 |
| BOU-DD25-572 | 613.0 | 617.2 | 1.36 | 20 | 4.2 | 0.0 | 0.1 | 0.1 | 10 | 133 |
| BOU-DD25-572 | 628.2 | 628.8 | 1.23 | 8 | 0.6 | 0.0 | 0.1 | 0.4 | 19 | 119 |
| BOU-DD25-573 | 207.7 | 208.6 | 1.30 | 7 | 0.9 | 0.0 | 0.1 | 0.0 | 23 | 112 |
| BOU-DD25-573 | 210.5 | 211.2 | 2.70 | 40 | 0.7 | 0.1 | 0.1 | 0.1 | 8 | 267 |
| BOU-DD25-573 | 217.7 | 218.5 | 0.35 | 26 | 0.8 | 0.0 | 0.0 | 0.0 | 10 | 57 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-573 | 249.5 | 257.1 | 1.32 | 13 | 7.6 | 0.0 | 0.0 | 0.0 | 3 | 119 |
| BOU-DD25-573 | 300.6 | 301.6 | 2.32 | 25 | 1.0 | 0.0 | 0.4 | 1.1 | 4 | 242 |
| BOU-DD25-574 | 529.0 | 529.6 | 0.33 | 37 | 0.6 | 0.0 | 0.3 | 0.8 | 6 | 91 |
| BOU-DD25-574 | 539.2 | 540.6 | 2.33 | 30 | 1.4 | 0.0 | 0.1 | 2.8 | 2 | 287 |
| BOU-DD25-574 | 542.8 | 543.3 | 4.61 | 57 | 0.5 | 0.2 | 0.2 | 0.2 | 4 | 440 |
| BOU-DD25-574 | 628.3 | 628.9 | 1.80 | 39 | 0.6 | 0.0 | 1.2 | 1.9 | 1 | 258 |
| BOU-DD25-575 | 242.2 | 243.1 | 1.28 | 1 | 0.9 | 0.0 | 0.0 | 0.0 | 5 | 102 |
| BOU-DD25-575 | 309.7 | 310.7 | 0.88 | 22 | 1.0 | 0.0 | 0.1 | 0.2 | 3 | 99 |
| BOU-DD25-575 | 311.6 | 314.3 | 1.37 | 53 | 2.7 | 0.9 | 0.1 | 0.1 | 6 | 240 |
| BOU-DD25-575 | 369.8 | 371.3 | 1.51 | 14 | 1.5 | 0.0 | 0.0 | 0.0 | 1 | 134 |
| BOU-DD25-575 | 394.4 | 395.8 | 2.22 | 27 | 1.4 | 0.0 | 0.2 | 0.2 | 1 | 212 |
| BOU-DD25-575 | 422.4 | 427.3 | 1.09 | 15 | 4.9 | 0.0 | 0.0 | 0.1 | 2 | 104 |
| BOU-DD25-576 | 370.4 | 371.0 | 0.47 | 74 | 0.6 | 0.0 | 0.2 | 0.8 | 3 | 136 |
| BOU-DD25-576 | 391.7 | 392.3 | 0.63 | 80 | 0.6 | 0.0 | 10.8 | 2.9 | 3 | 461 |
| BOU-DD25-577 | 390.0 | 391.0 | 0.46 | 15 | 1.0 | 0.0 | 1.3 | 0.2 | 9 | 91 |
| BOU-DD25-577 | 396.3 | 396.8 | 1.55 | 19 | 0.5 | 0.1 | 0.2 | 0.1 | 5 | 153 |
| BOU-DD25-577 | 407.0 | 408.0 | 0.44 | 18 | 1.0 | 0.0 | 2.2 | 4.4 | 6 | 218 |
| BOU-DD25-577 | 426.0 | 426.9 | 0.09 | 356 | 0.9 | 0.0 | 0.8 | 0.4 | 9 | 393 |
| BOU-DD25-577 | 497.2 | 497.7 | 0.66 | 15 | 0.5 | 0.0 | 0.8 | 1.6 | 8 | 128 |
| BOU-DD25-577 | 500.1 | 501.3 | 4.74 | 21 | 1.2 | 0.0 | 0.3 | 0.9 | 8 | 425 |
| BOU-DD25-577 | 502.8 | 503.8 | 0.59 | 12 | 1.0 | 0.0 | 0.5 | 1.3 | 8 | 104 |
| BOU-DD25-577 | 508.5 | 510.5 | 1.28 | 10 | 2.0 | 0.0 | 0.2 | 0.2 | 14 | 120 |
| BOU-DD25-577 | 519.8 | 520.3 | 1.53 | 21 | 0.5 | 0.0 | 0.1 | 0.1 | 3 | 148 |
| BOU-DD25-577 | 656.0 | 657.0 | 0.26 | 34 | 1.0 | 0.3 | 0.0 | 0.0 | 2 | 78 |
| BOU-DD25-578 | 48.0 | 48.7 | 0.59 | 6 | 0.7 | 0.0 | 0.2 | 0.7 | 7 | 75 |
| BOU-DD25-578 | 506.6 | 509.0 | 1.15 | 19 | 2.4 | 0.1 | 0.2 | 0.4 | 9 | 129 |
| BOU-DD25-578 | 513.9 | 515.3 | 0.71 | 13 | 1.4 | 0.1 | 0.0 | 0.0 | 21 | 75 |
| BOU-DD25-579 | 148.2 | 149.0 | 0.03 | 99 | 0.8 | 0.0 | 9.9 | 2.1 | 7 | 392 |
| BOU-DD25-579 | 215.6 | 216.2 | 0.28 | 32 | 0.6 | 0.0 | 0.6 | 0.1 | 7 | 70 |
| BOU-DD25-579 | 375.2 | 377.2 | 0.98 | 38 | 2.0 | 0.2 | 0.5 | 1.6 | 22 | 181 |
| BOU-DD25-579 | 538.0 | 539.0 | 0.03 | 95 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 99 |
| BOU-DD25-579 | 543.0 | 545.0 | 0.03 | 92 | 2.0 | 0.0 | 0.0 | 0.0 | 2 | 96 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-579 | 616.7 | 617.5 | 5.54 | 41 | 0.8 | 0.1 | 3.3 | 6.2 | 34 | 716 |
| BOU-DD25-579 | 660.0 | 661.0 | 0.48 | 17 | 1.0 | 0.1 | 2.4 | 4.7 | 2 | 237 |
| BOU-DD25-579 | 702.0 | 703.0 | 1.36 | 18 | 1.0 | 0.1 | 1.2 | 1.4 | 3 | 192 |
| BOU-DD25-579 | 708.0 | 709.0 | 0.93 | 35 | 1.0 | 0.1 | 0.1 | 0.8 | 2 | 137 |
| BOU-DD25-580 | 42.0 | 43.0 | 0.55 | 17 | 1.0 | 0.0 | 0.7 | 0.7 | 15 | 96 |
| BOU-DD25-580 | 53.5 | 55.3 | 1.18 | 45 | 1.8 | 0.0 | 2.8 | 4.9 | 52 | 329 |
| BOU-DD25-580 | 176.0 | 177.0 | 0.03 | 332 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 336 |
| BOU-DD25-580 | 180.8 | 183.5 | 0.03 | 147 | 2.7 | 0.0 | 0.0 | 0.0 | 2 | 152 |
| BOU-DD25-580 | 184.4 | 185.3 | 0.03 | 55 | 0.9 | 0.0 | 0.0 | 0.0 | 1 | 60 |
| BOU-DD25-580 | 287.4 | 288.3 | 2.02 | 71 | 0.9 | 0.8 | 1.8 | 2.5 | 4 | 402 |
| BOU-DD25-580 | 309.7 | 310.6 | 0.64 | 11 | 0.9 | 0.3 | 0.3 | 0.2 | 11 | 97 |
| BOU-DD25-580 | 362.2 | 366.7 | 1.72 | 30 | 4.5 | 0.4 | 0.1 | 0.1 | 3 | 199 |
| BOU-DD25-580 | 368.5 | 371.2 | 0.25 | 76 | 2.7 | 0.3 | 0.3 | 0.8 | 2 | 146 |
| BOU-DD25-580 | 376.0 | 377.0 | 0.14 | 159 | 1.0 | 0.1 | 0.3 | 0.3 | 4 | 195 |
| BOU-DD25-580 | 379.9 | 380.8 | 0.03 | 102 | 0.9 | 0.1 | 0.1 | 0.5 | 1 | 128 |
| BOU-DD25-580 | 392.2 | 394.0 | 0.68 | 12 | 1.8 | 0.1 | 0.1 | 0.2 | 1 | 77 |
| BOU-DD25-580 | 574.1 | 575.5 | 0.66 | 14 | 1.4 | 0.0 | 0.0 | 0.0 | 4 | 69 |
| BOU-DD25-580 | 580.4 | 581.4 | 0.82 | 13 | 1.0 | 0.0 | 0.1 | 0.2 | 5 | 86 |
| BOU-DD25-582 | 239.0 | 240.0 | 0.03 | 75 | 1.0 | 0.0 | 0.0 | 0.0 | 9 | 79 |
| BOU-DD25-582 | 243.0 | 245.0 | 0.03 | 69 | 2.0 | 0.0 | 0.0 | 0.0 | 10 | 72 |
| BOU-DD25-582 | 254.0 | 255.0 | 0.03 | 69 | 1.0 | 0.0 | 0.0 | 0.0 | 7 | 74 |
| BOU-DD25-584 | 62.0 | 63.7 | 1.01 | 7 | 1.7 | 0.0 | 0.0 | 0.3 | 5 | 95 |
| BOU-DD25-584 | 68.7 | 69.6 | 1.49 | 5 | 0.9 | 0.0 | 0.0 | 0.1 | 3 | 126 |
| BOU-DD25-584 | 105.0 | 107.0 | 1.00 | 11 | 2.0 | 0.0 | 0.1 | 0.4 | 5 | 103 |
| BOU-DD25-584 | 325.7 | 334.7 | 4.04 | 41 | 9.0 | 0.1 | 0.1 | 0.1 | 7 | 369 |
| **Including** | 327.0 | 331.2 | 5.98 | 51 | 4.2 | 0.2 | 0.1 | 0.1 | 8 | 535 |
| BOU-DD25-584 | 419.5 | 421.0 | 1.77 | 46 | 1.5 | 0.1 | 0.2 | 0.4 | 20 | 203 |
| BOU-DD25-584 | 586.6 | 589.1 | 0.84 | 12 | 2.5 | 0.0 | 0.1 | 0.1 | 4 | 81 |
| BOU-DD25-584 | 594.0 | 595.9 | 4.11 | 17 | 1.9 | 0.0 | 0.1 | 0.3 | 3 | 345 |
| BOU-DD25-584 | 596.5 | 597.2 | 0.82 | 12 | 0.7 | 0.0 | 0.1 | 0.7 | 3 | 96 |
| BOU-DD25-585 | 138.0 | 139.0 | 0.03 | 66 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 69 |
| BOU-DD25-588 | 182.0 | 183.0 | 0.96 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 1 | 77 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-589 | 217.0 | 218.5 | 0.32 | 57 | 1.5 | 0.0 | 2.3 | 2.8 | 11 | 208 |
| BOU-DD25-589 | 232.2 | 233.0 | 0.31 | 27 | 0.8 | 0.0 | 1.1 | 0.7 | 13 | 95 |
| BOU-DD25-589 | 273.0 | 274.0 | 0.92 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 74 |
| BOU-DD25-589 | 336.6 | 337.1 | 0.47 | 15 | 0.5 | 0.0 | 0.3 | 0.6 | 10 | 76 |
| BOU-DD25-589 | 341.0 | 351.2 | 2.90 | 29 | 10.2 | 0.1 | 0.1 | 0.1 | 11 | 271 |
| **Including** | 345.4 | 348.0 | 7.46 | 71 | 2.6 | 0.4 | 0.1 | 0.1 | 15 | 692 |
| BOU-DD25-589 | 407.9 | 408.5 | 3.97 | 32 | 0.6 | 0.0 | 0.2 | 0.0 | 30 | 350 |
| BOU-DD25-589 | 423.9 | 425.0 | 3.06 | 40 | 1.1 | 0.2 | 0.1 | 0.4 | 9 | 304 |
| BOU-DD25-589 | 449.3 | 449.8 | 1.73 | 126 | 0.5 | 0.5 | 0.8 | 0.1 | 7 | 324 |
| BOU-DD25-589 | 465.4 | 466.1 | 0.91 | 45 | 0.7 | 0.0 | 0.8 | 1.7 | 10 | 180 |
| BOU-DD25-589 | 468.5 | 469.7 | 0.89 | 44 | 1.2 | 0.0 | 0.8 | 1.7 | 10 | 178 |
| BOU-DD25-589 | 482.6 | 483.1 | 10.22 | 35 | 0.5 | 0.1 | 0.4 | 2.1 | 11 | 897 |
| BOU-DD25-589 | 514.5 | 515.0 | 1.57 | 48 | 0.5 | 0.4 | 1.7 | 1.1 | 12 | 276 |
| BOU-DD25-589 | 521.0 | 522.8 | 1.38 | 11 | 1.8 | 0.0 | 0.2 | 0.2 | 7 | 131 |
| BOU-DD25-589 | 528.0 | 528.7 | 1.04 | 18 | 0.7 | 0.1 | 0.8 | 0.6 | 4 | 139 |
| BOU-DD25-589 | 559.6 | 560.1 | 0.88 | 27 | 0.5 | 0.3 | 0.7 | 0.6 | 29 | 153 |
| BOU-DD25-589 | 565.5 | 566.1 | 0.30 | 49 | 0.6 | 0.0 | 1.0 | 0.8 | 20 | 118 |
| BOU-DD25-589 | 577.5 | 578.2 | 0.43 | 47 | 0.7 | 0.1 | 0.4 | 0.5 | 5 | 109 |
| BOU-DD25-589 | 580.6 | 582.2 | 0.18 | 51 | 1.6 | 0.0 | 1.1 | 1.4 | 5 | 126 |
| BOU-DD25-590 | 20.3 | 21.3 | 2.67 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 12 | 210 |
| BOU-DD25-593 | 102.7 | 103.2 | 0.62 | 1 | 0.5 | 0.0 | 0.0 | 0.0 | 2 | 51 |
| BOU-DD25-594 | 111.5 | 112.0 | 0.73 | 1 | 0.5 | 0.0 | 0.0 | 0.1 | 2 | 61 |
| BOU-DD25-600 | 189.6 | 190.4 | 0.92 | 6 | 0.8 | 0.1 | 0.0 | 0.0 | 2 | 90 |
| BOU-DD25-629 | 13.3 | 14.2 | 0.61 | 1 | 0.9 | 0.0 | 0.0 | 0.0 | 1 | 52 |
| BOU-DD25-629 | 23.2 | 27.5 | 1.52 | 3 | 4.3 | 0.0 | 0.0 | 0.0 | 9 | 126 |
| **Including** | 23.2 | 24.5 | 2.81 | 5 | 1.3 | 0.1 | 0.0 | 0.0 | 12 | 232 |
| BOU-DD25-629 | 178.0 | 179.0 | 1.49 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 119 |
| BOU-DD25-629 | 201.0 | 202.0 | 1.95 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 154 |
| BOU-DD25-629 | 222.0 | 223.0 | 0.51 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 27 | 43 |
| BOU-DD25-632 | 61.3 | 62.6 | 0.48 | 10 | 1.3 | 1.8 | 0.1 | 0.0 | 29 | 207 |
| BOU-DD25-632 | 131.0 | 132.0 | 2.05 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 162 |
| BOU-DD25-632 | 141.0 | 142.0 | 0.53 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 44 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-632 | 148.0 | 150.0 | 0.98 | 1 | 2.0 | 0.0 | 0.0 | 9 | 79 |
| BOU-DD25-632 | 153.0 | 154.0 | 4.53 | 1 | 1.0 | 0.0 | 0.0 | 6 | 355 |
| BOU-DD25-632 | 176.0 | 177.0 | 1.82 | 1 | 1.0 | 0.0 | 0.0 | 5 | 144 |
| BOU-DD25-632 | 181.0 | 182.0 | 0.53 | 1 | 1.0 | 0.0 | 0.0 | 3 | 44 |
| BOU-DD25-632 | 196.0 | 196.9 | 1.47 | 1 | 0.9 | 0.0 | 0.0 | 2 | 117 |
| BOU-MP25-025 | 60.0 | 61.0 | 0.86 | 13 | 1.0 | 0.8 | 1.4 | 13 | 134 |
| BOU-MP25-025 | 63.0 | 64.0 | 0.46 | 20 | 1.0 | 0.3 | 0.5 | 5 | 77 |
| BOU-MP25-029 | 93.0 | 95.0 | 1.16 | 100 | 2.0 | 7.4 | 4.7 | 53 | 498 |
| BOU-MP25-036 | 701.6 | 703.2 | 1.46 | 37 | 1.6 | 0.1 | 0.0 | 11 | 179 |
| BOU-MP25-036 | 707.8 | 708.7 | 0.72 | 3 | 0.9 | 0.1 | 0.2 | 5 | 68 |
| BOU-MP25-037 | 190.0 | 192.0 | 0.03 | 124 | 2.0 | 0.1 | 0.1 | 4 | 130 |
| BOU-MP25-039 | 134.0 | 135.0 | 0.72 | 1 | 1.0 | 0.0 | 0.0 | 25 | 59 |
| BOU-MP25-040 | 27.0 | 28.0 | 0.68 | 3 | 1.0 | 0.0 | 0.0 | 9 | 59 |
| BOU-MP25-044 | 31.0 | 35.0 | 0.03 | 82 | 4.0 | 0.1 | 0.0 | 32 | 88 |
| BOU-MP25-067 | 14.0 | 15.0 | 0.09 | 53 | 1.0 | 4.0 | 2.3 | 11 | 219 |
| BOU-MP25-067 | 50.0 | 51.0 | 0.49 | 11 | 1.0 | 1.5 | 3.2 | 7 | 163 |
| BOU-MP25-067 | 153.0 | 155.0 | 1.04 | 31 | 2.0 | 0.5 | 0.3 | 15 | 135 |
| BOU-MP25-068 | 210.0 | 211.7 | 0.50 | 14 | 1.7 | 0.7 | 4.4 | 5 | 191 |
| BOU-MP25-068 | 277.3 | 278.2 | 0.14 | 47 | 0.9 | 2.2 | 2.0 | 11 | 166 |
| BOU-MP25-069 | 79.1 | 91.0 | 1.45 | 35 | 11.9 | 0.3 | 1.4 | 18 | 195 |
| BOU-RC25-023 | 58.0 | 59.0 | 1.15 | 46 | 1.0 | 0.9 | 2.5 | 23 | 227 |
| BOU-RC25-023 | 64.0 | 65.0 | 0.58 | 9 | 1.0 | 0.4 | 1.3 | 14 | 98 |
| BOU-RC25-024 | 51.0 | 54.0 | 0.54 | 10 | 3.0 | 0.2 | 0.2 | 29 | 64 |
| BOU-RC25-024 | 57.0 | 58.0 | 3.48 | 31 | 1.0 | 0.5 | 0.3 | 33 | 351 |
| BOU-RC25-024 | 107.0 | 119.0 | 1.11 | 19 | 12.0 | 0.6 | 1.3 | 15 | 157 |
| BOU-RC25-025 | 102.0 | 103.0 | 1.36 | 5 | 1.0 | 0.1 | 0.1 | 5 | 119 |
| BOU-RC25-025 | 171.0 | 172.0 | 1.13 | 11 | 1.0 | 0.3 | 0.7 | 9 | 129 |
| BOU-RC25-026 | 2.0 | 3.0 | 0.03 | 59 | 1.0 | 0.0 | 0.4 | 27 | 73 |
| BOU-RC25-026 | 28.0 | 29.0 | 1.48 | 78 | 1.0 | 0.2 | 0.9 | 15 | 224 |
| BOU-RC25-026 | 63.0 | 64.0 | 0.52 | 23 | 1.0 | 0.3 | 1.0 | 42 | 100 |
| BOU-RC25-027 | 141.0 | 142.0 | 0.57 | 18 | 1.0 | 0.1 | 0.2 | 4 | 70 |
| BOU-RC25-028 | 29.0 | 31.0 | 0.03 | 96 | 2.0 | 9.1 | 4.3 | 17 | 429 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-RC25-029 | 144.0 | 145.0 | 0.36 | 15 | 1.0 | 0.0 | 0.2 | 0.3 | 43 | 58 |
| BOU-RC25-030 | 71.0 | 72.0 | 0.85 | 74 | 1.0 | 0.0 | 0.4 | 0.1 | 68 | 158 |
| BOU-RC25-030 | 124.0 | 125.0 | 0.82 | 6 | 1.0 | 0.0 | 0.3 | 0.2 | 11 | 85 |
| BOU-RC25-030 | 131.0 | 132.0 | 0.76 | 22 | 1.0 | 0.0 | 0.1 | 0.1 | 13 | 86 |
| BOU-RC25-033 | 1.0 | 2.0 | 0.03 | 76 | 1.0 | 0.0 | 0.0 | 0.0 | 1 | 80 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;True widths are undetermined; all values are uncut.

Appendix 2 – New Drillhole Coordinates of 2025 Boumadine Exploration Program (completed holes)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD25-607 | 317247 | 3475767 | 1248 | 250 | -50 | 64 |
| BOU-DD25-608 | 317321 | 3475794 | 1235 | 250 | -50 | 600 |
| BOU-DD25-609 | 317247 | 3475767 | 1248 | 250 | -50 | 552 |
| BOU-DD25-610 | 317397 | 3475821 | 1233 | 250 | -50 | 681 |
| BOU-DD25-611 | 317548 | 3475876 | 1222 | 250 | -50 | 912 |
| BOU-DD25-612 | 317313 | 3475547 | 1251 | 250 | -50 | 603 |
| BOU-DD25-613 | 317398 | 3475576 | 1257 | 250 | -50 | 681 |
| BOU-DD25-614 | 317279 | 3475422 | 1233 | 250 | -50 | 531 |
| BOU-DD25-615 | 317362 | 3475451 | 1233 | 250 | -50 | 615 |
| BOU-DD25-616 | 317449 | 3475481 | 1234 | 250 | -50 | 730 |
| BOU-DD25-617 | 317414 | 3475339 | 1235 | 250 | -50 | 639 |
| BOU-DD25-618 | 317495 | 3475368 | 1235 | 250 | -50 | 723 |
| BOU-DD25-619 | 317538 | 3474995 | 1284 | 73 | -50 | 261 |
| BOU-DD25-620 | 317464 | 3474968 | 1278 | 70 | -50 | 363 |
| BOU-DD25-621 | 316944 | 3475047 | 1244 | 70 | -50 | 621 |
| BOU-DD25-622 | 317373 | 3474935 | 1291 | 70 | -50 | 444 |
| BOU-DD25-623 | 317196 | 3474870 | 1307 | 70 | -50 | 765 |
| BOU-DD25-624 | 317211 | 3474760 | 1305 | 70 | -50 | 759 |
| BOU-DD25-625 | 301097 | 3472728 | 1268 | 180 | -50 | 201 |
| BOU-DD25-626 | 301098 | 3472764 | 1256 | 180 | -50 | 198 |
| BOU-DD25-627 | 316869 | 3475019 | 1243 | 70 | -50 | 858 |
| BOU-DD25-628 | 301098 | 3472800 | 1248 | 180 | -50 | 201 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-629 | 299825 | 3472322 | 1288 | 180 | -50 | 231 |
| BOU-DD25-630 | 317789 | 3475489 | 1266 | 70 | -50 | 330 |
| BOU-DD25-631 | 317750 | 3475476 | 1262 | 70 | -50 | 477 |
| BOU-DD25-632 | 299825 | 3472355 | 1279 | 180 | -50 | 204 |
| BOU-DD25-633 | 317250 | 3474119 | 1263 | 70 | -55 | 570 |
| BOU-DD25-634 | 318114 | 3475387 | 1288 | 250 | -50 | 552 |
| BOU-DD25-635 | 299825 | 3472394 | 1276 | 180 | -50 | 201 |
| BOU-DD25-637 | 318193 | 3475416 | 1288 | 250 | -50 | 516 |
| BOU-DD25-638 | 299825 | 3472430 | 1270 | 180 | -50 | 234 |
| BOU-DD25-639 | 317635 | 3473833 | 1282 | 70 | -60 | 291 |
| BOU-DD25-640 | 299701 | 3472322 | 1297 | 180 | -50 | 243 |
| BOU-DD25-641 | 299702 | 3472357 | 1284 | 180 | -50 | 276 |
| BOU-DD25-643 | 299702 | 3472393 | 1275 | 180 | -50 | 231 |
| BOU-DD25-644 | 299702 | 3472428 | 1266 | 180 | -50 | 213 |
| BOU-MP25-079 | 317250 | 3474119 | 1263 | 70 | -50 | 84 |
| BOU-MP25-080 | 317385 | 3474168 | 1286 | 60 | -60 | 254 |
| BOU-MP25-081 | 317316 | 3474143 | 1273 | 65 | -65 | 218 |
| BOU-MP25-082 | 317250 | 3474119 | 1263 | 65 | -65 | 72 |
| BOU-MP25-083 | 317165 | 3474088 | 1265 | 65 | -65 | 854 |
| BOU-MP25-084 | 317077 | 3474056 | 1273 | 65 | -65 | 150 |
| BOU-MP25-085 | 317409 | 3473963 | 1271 | 65 | -65 | 120 |
| BOU-MP25-086 | 317409 | 3473963 | 1271 | 65 | -65 | 414 |
| BOU-MP25-087 | 317485 | 3473991 | 1280 | 65 | -65 | 333 |
| BOU-MP25-088 | 317334 | 3473936 | 1267 | 65 | -65 | 663 |
| BOU-MP25-089 | 317250 | 3473906 | 1270 | 65 | -65 | 20 |
| BOU-MP25-090 | 317250 | 3473906 | 1270 | 65 | -65 | 36 |
| BOU-MP25-091 | 317635 | 3473833 | 1282 | 65 | -65 | 102 |
| BOU-MP25-092 | 317557 | 3473805 | 1276 | 65 | -65 | 102 |
| BOU-MP25-093 | 317477 | 3473776 | 1273 | 65 | -65 | 66 |
| BOU-MP25-094 | 317397 | 3473747 | 1273 | 65 | -65 | 705 |
| BOU-RC25-039 | 316816 | 3477318 | 1227 | 250 | -65 | 204 |
| BOU-RC25-040 | 316984 | 3477164 | 1221 | 250 | -55 | 36 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-RC25-041 | 316979 | 3477156 | 1221 | 250 | -57 | 102 |
| BOU-RC25-042 | 316959 | 3477206 | 1215 | 250 | -55 | 132 |
| BOU-RC25-043 | 316923 | 3477193 | 1221 | 250 | -55 | 200 |
| BOU-RC25-044 | 334418 | 3472561 | 1225 | 320 | -50 | 100 |
| BOU-RC25-045 | 334445 | 3472528 | 1223 | 320 | -50 | 200 |
| BOU-RC25-046 | 334473 | 3472496 | 1220 | 320 | -50 | 200 |

---

1.&nbsp;&nbsp;&nbsp;&nbsp;All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.

## Exhibit 99.73

**Exhibit 99.73**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo17.jpg](ayalogo17.jpg) |
| | ![ayalogo17.jpg](ayalogo17.jpg) |

---

Aya Gold & Silver Categorically Rejects the Erroneous and Misleading Allegations Made Against the Company

**Montreal, Quebec, September 25, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") strongly refutes the misleading and inaccurate claims contained in the short-seller report.

The report contains numerous inaccuracies and mischaracterizations, including about Aya's current management team, operations, and resource base, which the Corporation believes are intentionally misleading and are intended to benefit the short seller, which has itself disclosed that it stands to profit in the event that the Corporation's share price declines, at the expense of Aya shareholders.

**Key Facts**

**Reliability of Resource Model Confirmed by Silver Ounces Mined since 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;• Since 2020, Aya has produced over 10 million ounces ("Moz") of silver ("Ag"), with mined ounces consistently reconciling against the published resource estimate.

&nbsp;&nbsp;&nbsp;&nbsp;• Silver production continues to align with reserve estimates, reinforcing the strength, reliability, and credibility of Aya's resource base.

**Extensive Drilling Strengthens Resource Model and Confidence** 

&nbsp;&nbsp;&nbsp;&nbsp;• The March 2021 resource model was supported by 76,000 meters ("m") of drilling, which expanded to 121,500 m by December 2021 (+45,500 m). This robust dataset formed the foundation of the current Zgounder resource model.

&nbsp;&nbsp;&nbsp;&nbsp;• From December 2021 to June 2025, Aya completed an additional 231,000 m of drilling, significantly increasing confidence in the resource base.

&nbsp;&nbsp;&nbsp;&nbsp;• Drilling continues to identify extensions of mineralization at Zgounder and regional targets, highlighting strong exploration upside and growth potential beyond the current mine footprint.

&nbsp;&nbsp;&nbsp;&nbsp;• This substantial, ongoing drilling program provides the critical data underpinning the upcoming resource update.

**Independent, Third-Party Verified Resource Estimates**

&nbsp;&nbsp;&nbsp;&nbsp;• Zgounder's mineral resource estimate was prepared and verified by independent Qualified Persons at P&E Mining Consultants Inc. ("P&E") in compliance with the standards set forth in National

------

Instrument 43-101- Standards of Disclosure for Mineral Projects and have been confirmed through rigorous third-party review.

&nbsp;&nbsp;&nbsp;&nbsp;• Before providing a construction loan for the Zgounder expansion project, the European Bank for Reconstruction and Development, hired an independent technical advisor which confirmed the existing resource, reflecting its confidence in Aya's estimates and operating credibility.

**• Updated Zgounder Technical Report on Track for Q4-2025**

&nbsp;&nbsp;&nbsp;&nbsp;• Aya is in the process of completing an updated technical report for Zgounder. The updated technical report includes an updated, independently modelled resource, along with a new mine plan which will incorporate both open-pit and underground operations.

&nbsp;&nbsp;&nbsp;&nbsp;• As planned and previously communicated to the market, this updated technical report, expected to be published before year-end, will demonstrate the strength and longevity of the asset.

**• Strong Cash Flow and Balance Sheet** 

&nbsp;&nbsp;&nbsp;&nbsp;• Aya has a robust balance sheet with approximately US$115 million in cash and generates operating cash flow from Zgounder.

&nbsp;&nbsp;&nbsp;&nbsp;• This financial strength allows Aya to self-fund growth and invest in Boumadine. A Preliminary Economic Assessment ("PEA") for Boumadine remains on track for release before year-end.

**The allegations made against Aya are categorically false. Zgounder's mined ounces reconcile as expected, our mining methods and operating practices continue to improve, and we are finalizing an updated technical report that will integrate both open-pit and underground operations,"** said Benoit La Salle, President & CEO. **"Recent drilling continues to confirm extensions at Zgounder, while Boumadine is advancing rapidly as a tier-one growth asset. Backed by strong cash flow, rigorous governance, transparency, shareholder alignment, and independent third-party verification, Aya is firmly focused on disciplined execution and long-term value creation."**

While short reports may make provocative claims, Aya rejects irresponsible speculation and stands by its technical, operational, and disclosure integrity. The Corporation urges all investors to consider the full body of public evidence, historical drill record, and independent documentation before drawing conclusions. Aya remains committed to unlocking the full value of Zgounder and delivering long-term value for shareholders.

While Aya's primary focus remains on delivering operational performance and transparent disclosure, the Corporation will not hesitate to pursue appropriate remedies should it determine that false or misleading information has been disseminated in a manner that harms its shareholders or operations.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

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**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "track", "in-line", "strength", "increase", "upside", "growth", "potential", "planned", "strong", "expected", "significant", "plan", "additional", "grow", "significant", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the accuracy of resource estimates and models, continuity of the mineralization and its grade, the potential to meaningfully grow resources the potential for any drilling result to confirm the existence of a new zone, the capacity of the Corporation to complete and publish the PEA and the updated technical report as described herein, drilling to increase the confidence in the resource base, continued exploration to result in upside and supporting resource growth potential beyond the current mine footprint, . Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource

------

Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's Annual Information Form for the year ended December 31, 2024, dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.74

**Exhibit 99.74**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo18.jpg](ayalogo18.jpg) |
| | ![ayalogo18.jpg](ayalogo18.jpg) |

---

**AYA GOLD & SILVER REPORTS Q3 RECORD PRODUCTION OF 1.35M OZ AT ZGOUNDER, UP 29% QUARTER OVER QUARTER**

Operational improvements across key metrics

**Montreal, Quebec, October 15, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce record quarterly production, recoveries, and throughput at its Zgounder Silver Mine in the Kingdom of Morocco for the three-month period ended September 30, 2025.

**Q3-2025 Operational Summary** 

**• Record silver production** of 1.35 million ("M") ounces ("oz"), a 29% increase over Q2 2025, driven by higher throughput and improved grades.

**• Ore processed** averaged 3,326 tonnes per day ("tpd"), representing an 11% improvement over Q2-2025 and running 23% above nameplate capacity.

**• Average head grade** of 146 grams per tonne ("g/t") silver ("Ag").

**• Recovery** averaged 92.5%, reflecting optimized blending and circuit performance and exceeding feasibility study expectations.

**• Sustained high mill availability** at 96% underscoring consistent operational discipline and reliability.

"**Zgounder delivered another exceptional quarter, achieving record Q3 production, recoveries, and throughput — all while improving grade,"** said Benoit La Salle, President & CEO. **"Our quarter-over-quarter gains highlight the strength of our team and the benefits of disciplined execution. Building on this quarter's strong performance we continue to optimize operations, laying the foundation for a solid finish to the year and sustained momentum into 2026."**

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Q3-2025 Summary Production Results

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| | | | | |
|:---|:---|:---|:---|:---|
| **Production Metrics** | **Q3-2025** | **Q2-2025** | **Q3-2024** | **QoQ Variance** |
| **Silver production (oz)** | 1346882 | 1042317 | 355927 | 29% |
| **Ore processed (t)** | 305964 | 273471 | 83352 | 12% |
| **Average head grade (g/t Ag)** | 146 | 140 | 161 | 4% |
| **Silver recovery (%)** | 92.5 | 86.5 | 83.0 | 6% |
| **Mill availability (%)** | 95.9 | 98.2 | 96.0 | (2%) |
| **Mine production (t)** | 215405 | 241288 | 120985 | (11%) |

---

**Q3-2025 Operational Update** 

Underground development and stope sequencing advanced during the quarter, supporting an average mining rate of 1,276 tpd at 158 g/t Ag. Underground tonnage and grade have normalized, positioning the mine for sustained feed grades through year-end.

Open-pit operations during the quarter focused on stripping the northeast section, with waste movement proceeding as planned. Additional mobile equipment arriving in Q4 is expected to lift open-pit ore production above 2,000 tpd by Q1-2026. Blast-movement control and bench-by-bench modeling are expected to further enhance grade control.

Record throughput and recovery were achieved at the processing plant through improved blending, circuit optimization, and increased tailings-pumping capacity, allowing for steadier, higher-rate milling.

Aya expects continued operational improvement through Q4-2025. The mill is currently running above 3,700 tpd, and recoveries maintained above 90%. With over 150,000 tonnes of stockpiled ore available, Zgounder is well positioned heading into the end of the year.

The Corporation remains focused on maximizing cash flow, maintaining cost discipline, and advancing its growth pipeline, including the upcoming Boumadine preliminary economic assessment.

**Q3-2025 Earnings Notice**

Aya will release its third quarter 2025 results on Tuesday, November 11, 2025 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows:

**Webcast link**: **https://edge.media-server.com/mmc/p/c3khz6ry/**

Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form

**https://register-conf.media-server.com/register/BIf9827859fc9640068b33ea03e905c834**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya's website.

**Qualified Person**

The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "continue", "sustained", "position", "expect", "maximize", "plan", "strong", "solid", and similar expressions or statements that certain actions, events or results "may", "could", "would",

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"might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the capacity of the Corporation to achieve continued improved production results namely mining, milling, processing, recoveries and overall production, to optimize operations, to achieve a solid finish to the year, to create momentum for 2026, to sustain production and feed rates into Q4, to increase open-pit production in the coming months, for the blast-movement control and bench-by-bench modeling to enhance grade control, and its capacity to maximize cash flows. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability of the plant to operate per its designed and intended purpose, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.75

**Exhibit 99.75**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo19.jpg](ayalogo19.jpg) |

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Aya Gold & Silver Provides Notice for the Boumadine PEA Results Announcement and Webinar

**MONTREAL, Quebec, October 29, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce that it will publish its Boumadine Preliminary Economic Assessment ("PEA") results before market opens on Tuesday, November 4, 2025. Management will host a live webinar to discuss the results with analysts, shareholders, and investors on the same day, at 10:00 a.m. ET, which will be followed by a live Q&A session.

**Participants may join the event via webcast at the following link: https://www.icastpro.ca/t9bhpo**. **Aya encourages all participants to register in advance.** 

A replay will be available following the webinar through the same link or in the "Events" section of the Company's website at **www.ayagoldsilver.com**.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

## Exhibit 99.76

**Exhibit 99.76**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo21.jpg](ayalogo21.jpg) |

---

Aya Gold & Silver Delivers Robust Boumadine PEA Highlighting High Return, Rapid Payback and a Capital-Efficient Project

**Montreal, Quebec, November 4, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the results of its 2025 Boumadine Preliminary Economic Assessment (the "PEA" or the "Study") for the Boumadine Project (the "Project" or "Boumadine") located in the Kingdom of Morocco. The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by independent Qualified Persons, notably Lycopodium Minerals Canada Ltd and WSP Canada Inc. Please note that all financial figures in this press release are expressed in United States dollars, unless otherwise noted.

**2025 PEA Highlights**

**Table 1: Boumadine Economic Highlights**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Base Case** | **Spot Prices** <sup>2</sup> |
| **Project Economics** | **Units** | **Pre-tax** | **Post-tax** | **Post-tax** |
| Gold Price | $/oz | $2800 | $2800 | $4000 |
| Silver Price | $/oz | $30 | $30 | $48 |
| Initial Capital Expenditures | $M | $446 | $446 | $446 |
| AISC1 | $/oz AuEq | $1021 | $1021 | $1068 |
| **Net Present Value (NPV5%)**<sup>1</sup> | **$B** | **2.2** | **1.5** | **3.0** |
| Internal Rate of Return ("IRR") | % | 69% | 47% | 77% |
| Payback | Years | 1.3 | 2.1 | 1.2 |
| NPV:Capex 3 | - | 5.0 | 3.3 | 6.6 |
| Revenue | $B | 7.0 | 7.0 | 10.1 |
| Free Cash Flow (FCF)1 | $B | 2.8 | 2.0 | 3.8 |

---

1. AISC and FCF are non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of each measure.

2. Assumed Spot Prices as of 31/10/2025.

3. NPV:Capex ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure.

**Robust Project Economics based on an 11-year mine life:** 

&nbsp;&nbsp;&nbsp;&nbsp;• **On a post-tax basis: NPV5% of $1.5 billion, an IRR of 47%, and a payback period of 2.1 years** at Base Case prices, increasing to $3.0 billion NPV5%, 77% IRR, and 1.2 years payback at Spot Prices.

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&nbsp;&nbsp;&nbsp;&nbsp;• **On a pre-tax basis: NPV5% of $2.2 billion, IRR of 69%, and payback period of 1.3 years** under the Base Case prices, increasing to $4.5 billion NPV5%, 107% IRR, and 0.7 years payback at Spot Prices.

&nbsp;&nbsp;&nbsp;&nbsp;• **Attractive Scale, High Grade, Low Capex and Competitive All-in Sustaining Costs ("AISC"):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attractive scale with average annual production of **401 thousand ounces** ("koz") gold-equivalent ("AuEq") in years 1 to 5 and 328 koz AuEq per year over the life-of-mine ("LOM").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a silver-equivalent ("AgEq") basis, this corresponds to an average annual production of approximately **37.5 million ounces ("Moz") AgEq**, in years 1 to 5 and 30.6 Moz AgEq over the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Low initial capital cost of $446 million, including $96 million in contingency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highly efficient capital project with a post-tax NPV5% to Capex ratio of 3.3:1 (Base Case prices); and NPV5%to Capex ratio of 6.6:1 at Spot Prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LOM total cash costs of $928/oz AuEq and AISC of $1,021/oz AuEq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Processing:** 8,000 tpd conventional flotation plant producing three gold- and silver-bearing concentrates – zinc, lead, and pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1 to 5 average head grade of 4.76 g/t AuEq, or 443 g/t AgEq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LOM average head grade of 3.85 g/t AuEq, or 358 g/t AgEq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **This study does not include** 140,000 metres ("m") 2025 ongoing drilling campaign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Existing mining license on the property;** feasibility study targeted for completion in late 2027.

**"The Boumadine PEA confirms a highly robust, capital-efficient project that is already significantly de-risked given its conventional flowsheet and high-value concentrates,"** said Benoit La Salle, President and CEO. **"With industry-leading low initial capex of $446 million, a post-tax NPV of $3.0 billion at spot prices and $1.5 billion under our base case prices, both delivering industry-leading returns on invested capital, Boumadine ranks among the most attractive undeveloped precious metal projects globally. Importantly, this PEA includes only the known mineralized zones on the Boumadine mining license, which represents a small portion of our total land package. With Boumadine's mining license already in place, we are advancing development while continuing to drill, unlocking the broader district-scale potential.,"** said Benoit La Salle, President & CEO.

**Table 2: General Project Parameters**

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| | | | |
|:---|:---|:---|:---|
| | **Units** | **Year 1-5** | **LOM** |
| **General** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine Life | Years | - | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open Pit Strip Ratio<sup>1</sup> | - | 19.4 | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Throughput Capacity | tpd | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Tonnes Processed | Mt | 13.9 | 31.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-pit | Mt | 10.4 | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | Mt | 3.5 | 11.6 |

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1. Strip Ratio is the ratio of waste to mineralized material in open pit production.

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**Table 3: Processing and Production Highlights**

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| | | | |
|:---|:---|:---|:---|
| | **Units** | **Year 1-5** | **LOM** |
| **Processed Grade** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | g/t | 3.15 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | g/t | 85.8 | 72.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | % | 2.05 | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lead | % | 0.66 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;AuEq | g/t | 4.76 | 3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;AgEq | g/t | 443 | 358 |
| **Production** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | koz | 1351 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | koz | 36894 | 69874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | Mlbs | 468 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lead | Mlbs | 166 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;AuEq | koz | 2006 | 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp;AgEq | koz | 187261 | 340038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avg. Annual AuEq Production | koz/y | 401 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avg. Annual AgEq Production | koz/y | 37452 | 30611 |
| **Recoveries** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | % | 96.1% | 96.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | % | 96.4% | 96.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | % | 74.7% | 74.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lead | % | 82.0% | 82.0% |

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***Cautionary statement****: Readers are cautioned that the PEA is preliminary in nature, it includes inferred Mineral Resources that are considered too speculative geologically to have 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.*

**PEA Overview**

**Project Location**

The Boumadine property is located in the Province of Errachidia, Kingdom of Morocco, approximately 220 kilometer ("km") east of the City of Ouarzazate and 70 km southwest of the City of Errachidia. Boumadine's land package covers 339 km², with an additional 600 km² under exploration authorization, for a total area encompassing 31 permits and licenses. The Mineral Resource estimate ("MRE")

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underpinning this PEA is derived from an area of 32 km² within a single mining license, as illustrated in Figure 1.

![figure1i.jpg](figure1i.jpg)

**Figure 1: Map of Boumadine Mining Permits Overlaid with Apparent Conductivity at 175Hz**

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**Mineral Resource Estimate**

The MRE in the PEA is based on the "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom Of Morocco", published on March 31, 2025, which includes 142,268 m of drilling. Since then, Aya has completed approximately 130,000 m of drilling, which is not included in this MRE.

**Table 4 : Boumadine MRE, as of February 24, 2025** <sup>(1-12)</sup>

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR US$/t** | **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained**<br>**Indicated** | 95 | 3920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | **476** | 5.30 | 11881 | 377 | 5 | 33 | 116 | **60051** | 667 |
| **Pit-constrained**<br>**Inferred** | 95 | 14258 | 90 | 2.89 | 0.10 | 0.81 | 2.38 | **450** | 5.00 | 41135 | 1325 | 14 | 115 | 339 | **20629** | 2293 |
| **Out-of-pit**<br>**Indicated** | 125 | 1249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | **358** | 3.98 | 3216 | 85 | 1 | 11 | 29 | **14382** | 160 |
| **Out-of-pit**<br>**Inferred** | 125 | 14938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | **357** | 3.97 | 35669 | 1148 | 10 | 122 | 276 | **17139** | 1905 |
| **Total**<br>**Indicated** | 95/<br>125 | 5169 | 91 | 2.78 | 0.12 | 0.85 | 2.80 | **448** | 4.98 | 15097 | 462 | 6 | 44 | 145 | **74433** | 827 |
| **Total**<br>**Inferred** | 95/<br>125 | 29196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | **402** | 4.47 | 76804 | 2469 | 25 | 237 | 615 | **37768** | 4198 |

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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 resources 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 in this press release 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, as may be amended from time to time. The MRE with an effective date of February 24, 2025 is disclosed in a technical report for the Project dated as of March 31, 2025 and filed on SEDAR+ as of such date. The key assumptions, parameters and methods used to estimate the MRE and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical report.

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 in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973.

6. AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*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.

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**Mining Operations** 

The PEA envisions a combined open pit and underground mining operation. The Boumadine LOM plan will consist of the simultaneous mining of several open pits in Central, North and South zones concurrent with underground operations that are scheduled between Year 2 and Year 11. The overall strategy is to achieve an average production rate to maintain a processing throughput of 8,000 tpd over the LOM.

The mine plan is shown in Figure 2 below.

![figure2f.jpg](figure2f.jpg)

**Figure 2 : 3D Plan of the open pit and UG stopes**

The open pit mineral resource used in the LOM plan is contained within six (6) open pits (two in the south, three in the north, and one in the central area) over a strike length of 6 km and is mainly located above 350 m depth from surface. The open pit mining activity, including drill and blast, loading, and haulage is based on a contract-mining operation, with a mining capacity of 50 million tonnes ("Mt") of total material moved per year. Approximately 20 Mt of pre-stripping is expected during construction to ensure the ramp-up.

Underground mining will begin in year two of operations. Three distinct underground mines will be operated: the North, Central and South zones. The North and Central underground mines are independent from the open pits, with dedicated declines which will be developed from surface to access high-grade areas of the North and Central areas early in the LOM. The underground mining method will be

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longitudinal modified avoca long hole stoping. It is contemplated that all development will be executed by a mining contractor, while mineralized inventory mining activities will be carried out by Aya.

![figure3e.jpg](figure3e.jpg)

**Figure 3 : Boumadine Mill Feed by Mining Source**

An average of 401 koz AuEq per year over the first 5 years of operations will be produced, with the majority of mineralized inventory coming from the open pits. Significant drilling has been completed since February 24, 2025, the effective date of the MRE, which is expected to contribute to resource upside to support higher levels of production towards the end of the expected mine life and to extend the overall LOM.

![figure4d.jpg](figure4d.jpg)

**Figure 4 : Boumadine Annual Production Profile**

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**Processing**

The flotation plant will process 8,000 tpd, for an annual throughput capacity of 2.9 Mt per year. The mine plan prioritizes strong feed grades to the mill during the initial years of production. During Years 1 to 5, high-grade material is processed, with an average grade of 4.76 g/t AuEq. From Year 8 onward, lower-grade, stockpiled material will be processed. Production during the first five years averages approximately 401koz AuEq annually.

A conventional flotation plant is planned for processing, with crushing, grinding and three flotations circuits to produce separate, saleable concentrates of zinc, lead, and pyrite. All three concentrates contain payable silver and gold. The comminution circuit consists of a primary jaw crusher, stockpile, and a semi-autogeneous ("SAG") mill and ball mill ("SAB") grinding circuit. The 6.1 MW SAG mill and 6.1 MW ball mill in closed circuit with hydrocyclones will produce a ground material with a P80 of 58 microns (µm).

Both the lead and zinc circuits consist of rougher flotation, classification, regrinding, and cleaner flotation to produce high value concentrates. The pyrite flotation circuit includes a rougher flotation circuit. All concentrates require thickening and filtration for transportation. The lead concentrate will be shipped in big bags while the zinc and pyrite concentrates will be shipped in bulk. Flotation tailings will be thickened and stored in a tailings storage facility.

![figure5c.jpg](figure5c.jpg)

**Figure 5 : Simplified Processing Flowsheet**

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![figure6b.jpg](figure6b.jpg)

**Figure 6 : 3D rendering of proposed processing plant** 

**Metallurgy**

Extensive metallurgical testwork, led by SGS Lakefield between 2018 and 2025, is the foundation of the PEA and confirms a conventional flotation-based flowsheet with excellent metallurgical performance. The program included composite and variability samples, locked-cycle flotation tests, and comprehensive crushing and grinding studies, which validated the process efficiency and repeatability across mineralized domains. Total flotation recoveries are: 96.1% for gold, 96.4% for silver, 74.7% for zinc and 82.0% for lead.

Flotation demonstrates strong recoveries and concentrates quality, supporting a robust development scenario centered on concentrate sales. Complementary roaster and leaching testwork on the pyrite concentrate, conducted over several years, has also confirmed oxidation and precious metal recovery potential, suggesting a path for a roaster expansion in the future. Lab scale test results showed a total processing recovery (lead and zinc flotation, then pyrite flotation, roasting and leaching) up to 79% for gold and 85% for silver, with an average recovery of 63% for gold and 80% for silver.

The combination of high recoveries, conventional processing, and multiple commercialization pathways positions Boumadine as a technically sound and highly economic development project with significant long-term upside.

**Tailings Management**

The tailings storage facility ("TSF") is designed to accommodate approximately 18.5 Mt of flotation tailings generated over the LOM. The TSF is expected to be a valley-storage facility, utilizing the natural topography of the area and will be formed by a single earth-filled embankment, with a total footprint including the tailings deposition area of 70 ha. The TSF will be fully lined and contained with downstream phased construction, as per international standards, reiterating our commitment to the Global International Standards on Tailing Management ("GISTM").

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The design contemplates a five-phase staged construction approach, with each phase expanding the facility every two years. This approach reduces initial capital requirements, optimizes sustaining capital expenditures over the LOM, and enhances operational flexibility and environmental performance. The design also considers water management strategies for both the operational and closure phases. Process water from the TSF will be reclaimed and recycled to the plant to minimize freshwater consumption. Ongoing technical studies and field investigations will inform future refinement the design.

**Infrastructure**

A comprehensive logistics assessment was conducted in collaboration with a Moroccan based logistics company specializing in bulk transportation. The logistics study evaluated multiple transportation alternatives, including road, and rail to Boumadine. The base case selected for the PEA involves contractor operated road haulage of concentrate on national roadways to the Port of Nador-West, approximately 640 km from Boumadine. Capital costs included in the PEA includes warehousing facilities for concentrate storage at the port.

In addition to the transport network, the Project will require the construction of a dedicated 72-km electrical power line and substation to provide reliable grid power. The cost associated with the electrical infrastructure was evaluated by the state-owned utility, ONEE, and is included in the overall capital cost estimate.

**Water supply**

Water will be sourced from nearby towns and water wells. Treated city wastewater from several treatment plants will be pumped to the mine to be used for mineral processing. Additionally, several water dams are present in the region and the possibility to add a pipeline to one of these dams as a secondary water source will be evaluated in the feasibility study.

**Capital Expenditures**

The project capital cost estimate was compiled by Lycopodium, with input from WSP for mining, Epoch for the TSF and local firms for water supply, logistics and power.

Initial capital expenditures are estimated at $446M, including a contingency of $96M. These costs are summarized in Table 5. The total construction period is estimated to be two years. Average annual sustaining capital over the LOM is estimated to be $30M, which includes underground mine development costs.

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**Table 5: Capital Expenditures** 

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| | | | |
|:---|:---|:---|:---|
| **Capital Expenditures ($M)** | **Initial** | **Sustaining** | **Total** |
| **Direct Costs** | **288** | **340** | **628** |
| &nbsp;&nbsp;Open Pit Mining | 54 | 58 | 112 |
| &nbsp;&nbsp;Underground Mining | - | 250 | 250 |
| &nbsp;&nbsp;Processing Plant | 167 | - | 167 |
| &nbsp;&nbsp;Shipping Infrastructure | 11 | - | 11 |
| &nbsp;&nbsp;Electrical Line | 17 | - | 17 |
| &nbsp;&nbsp;Raw Water Supply | 30 | - | 30 |
| &nbsp;&nbsp;Tailings Storage Facility | 9 | 22 | 31 |
| &nbsp;&nbsp;TSF Closure Costs | - | 9 | 9 |
| **Indirect Costs** | 63 | - | 63 |
| **Subtotal** | **351** | **340** | **691** |
| &nbsp;&nbsp;Contingency | 96 | - | 96 |
| **Total** | **446** | **340** | **786** |

---

The Boumadine PEA capital cost estimate is based on a contractor mining model, reflecting the lower upfront capital requirements and added fleet flexibility needed to support the pre-production ramp-up. Similarly, the start of underground mining activities has been scheduled to follow the start-up of operations, deferring a portion of the capital expenditures and simplifying the start of the mining operations.

**Operating Costs**

The PEA outlines an average cash cost of $109/t milled, or $928/oz AuEq produced. The AISC is estimated at $1,021/oz AuEq produced, positioning the project competitively within the industry cost curve. Operating cost estimates in Table 6 have been developed from first principles and benchmarked against comparable projects with similar mining methods, processing flowsheets, and geographic location. Concentrate-related costs, including refining, transportation, penalties, and treatment charges, are fully incorporated into the financial model. A 3% royalty to the state-owned Office National des Hydrocarbures et des Mines is included and taxes have been applied in accordance with current legislation.

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**Table 6: Operating Cost Breakdown** 

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| | | | |
|:---|:---|:---|:---|
| **Operating Costs**<br>**Cost per Tonne Milled** | | **Year 1-5** | **LOM** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining | $/t milled | 48.93 | 42.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing | $/t milled | 17.28 | 17.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A | $/t milled | 5.43 | 5.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings, Environmental and Water Management | $/t milled | 0.46 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total On-site Operating Costs** | **$/t milled** | **72.10** | **66.16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product shipping | $/t milled | 38.70 | 35.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties | $/t milled | 8.52 | 6.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Tax | $/t milled | 0.36 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Cost** | **$/t milled** | **119.68** | **108.78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Sustaining Capital | $/t milled | 3.06 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UG Sustaining Capital | $/t milled | 7.95 | 8.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSF Sustaining Capital | $/t milled | 0.95 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Costs including Sustaining** | **$/t milled** | **131.65** | **119.72** |
| **Operating Cost per Ounce** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Cash Costs<sup>1</sup> | $/oz AuEq | 827 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AISC<sup>2</sup> | $/oz AuEq | 910 | 1021 |

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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. Cash costs is a non-IFRS measure, and when expressed on a per- ounce-of-gold-equivalent produced basis, a non-IFRS ratio. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of the measure.

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 sold. AISC is a non-IFRS measure, and when expressed on a per- ounce-of-gold-equivalent produced basis, a non-IFRS ratio. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of the measure.

**Concentrate Marketing**

Aya has marketed and received three potential off-take agreements for the concentrates from Boumadine, providing preliminary terms for lead, zinc, and pyrite. The pyrite concentrate has generated strong attention due to its gold and silver grade and high sulfur content. Rising global demand for sulfuric acid—driven by fertilizer, chemical, and battery metals has tightened supply and improved pricing and offtake conditions for sulfur-rich feedstocks.

Table 7 highlights concentrate grades, and average payables per metal.

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**Table 7: Concentrate Grade, Recovery and Payables Summary** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Gold**  | **Silver** | **Zinc**  | **Lead** |
| **Grade** | g/t | g/t | % | % |
| &nbsp;&nbsp;Processed Grade | 2.43 | 73 | 1.91 | 0.70 |
| &nbsp;&nbsp;Lead Concentrate | 29.9 | 1892 | - | 29.6 |
| &nbsp;&nbsp;Zinc Concentrate | 1.0 | 134 | 57.4 | - |
| &nbsp;&nbsp;Pyrite Concentrate | 4.8 | 84 | - | - |
| **Recovery** | % | % | % | % |
| &nbsp;&nbsp;Lead Concentrate | 23.8 | 50.4 | - | 82 |
| &nbsp;&nbsp;Zinc Concentrate | 1.0 | 4.6 | 74.7 | - |
| &nbsp;&nbsp;Pyrite Concentrate | 71.4 | 41.4 | - | - |
| &nbsp;&nbsp;Global Recovery | 96.1 | 96.4 | 74.7 | 82.0 |
| **Payable** | 69% | 77% | 85% | 90% |

---

Proposals received support the payables used in the PEA financial model, including gold and silver credits across all concentrates. Terms are comparable between offers and within current industry values. The average payable for all metals is 73% on an AuEq basis.

**Economic Analysis** 

The PEA provides an after-tax NPV5% of $1.5 billion, an IRR of 47% and a payback period of 2.1 years from first production at base case consensus long-term gold price of $2,800/oz. The economic model also incorporates price assumptions of $30/oz silver, $1.20/lb zinc and $1.00/lb lead.

**Table 8: Project Economics Summary**

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| | | | |
|:---|:---|:---|:---|
| | | **Base Case** | **Base Case** |
| **Project Economics** | **Units** | **Pre-tax** | **Post-tax** |
| Gold Price | $/oz | 2800 | 2800 |
| Silver price | $/oz | 30 | 30 |
| &nbsp;&nbsp;&nbsp;Zinc | $/lb | 1.20 | 1.20 |
| Lead Price | $/lb | 1.00 | 1.00 |
| 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 | - |
| EBITDA LOM | $B | 3.4 | - |
| Cumulative FCF LOM | $B | 2.8 | 2.0 |
| Avg. Annual Revenue | $M/y | 629 | - |
| Avg. Annual EBITDA | $M/y | 308 | - |
| Avg. Annual FCF | $M/y | 254 | 176 |

---

1. FX assumptions: 1 USD = 1.35 CAD, 1 USD = 9.5 MAD, and 1 USD = 0.87 EUR.

2. EBITDA is a non-IFRS measure. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of the measure.

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![figure7a.jpg](figure7a.jpg)

**Figure 7 : Annual Free Cash Flow over the LOM**

**Sensitivity Analysis** 

Table 9 presents the sensitivity of after-tax IRR and NPV5%, with varying gold and silver prices. It should be noted that sensitivities apply to the financial model only; pit selection, cut-off grade and processing schedules are based on a $2,200/oz gold price and would likely be redesigned.

Table 9: Sensitivity Analysis to Commodity Prices of Gold and Silver

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Units** | | | | | |
| **Commodity Price Sensitivity** | **Commodity Price Sensitivity** | **Downside** | **Base Case** | **Spot Prices**<sup>1</sup><br> | **Upside**<sup>1</sup><br> | **Upside**<sup>1</sup><br> |
| Gold Price | $/oz | 2000 | **2800** | 4000 | 7000 | 17250 |
| Silver Price | $/oz | 20 | **30** | 48 | 80 | 200 |
| NPV5% Pre-Tax | $M | 803 | **2224** | 4479 | 9581 | 27451 |
| NPV5% Post-Tax | $M | 490 | **1475** | 2963 | 6330 | 18123 |
| IRR Pre-Tax | % | 36% | **69%** | 107% | 174% | 337% |
| IRR Post-Tax | % | 22% | **47%** | 77% | 128% | 256% |
| LOM Revenue | $M | 5162 | **6991** | 9896 | 16464 | 39473 |
| LOM EBITDA | $M | 1693 | **3418** | 6156 | 12346 | 34032 |
| FCF-Unlevered (Pre-Tax)  | $M | 1049 | **2824** | 5642 | 12012 | 34331 |
| FCF-Unlevered (Post-Tax) | $M | 714 | **1958** | 3818 | 8022 | 22751 |
| Payback Period (Pre-Tax) | Years | 2.3 | **1.3** | 0.7 | 0.4 | 0.1 |
| Payback Period (Post-Tax) | Years | 3.1 | **2.1** | 1.2 | 0.6 | 0.2 |
| NPV5%:CAPEX (Post-Tax) | - | 1.1 | **3.3** | 6.6 | 14.2 | 40.6 |

---

1. Assumed Spot Prices as of 31/10/2025. Upside gold price assumptions referenced from Michael Oliver (October 2025) and Pierre Lassonde, Wealthion podcast, October 2, 2025 — $7,000/oz and $17,250/oz, respectively.

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**Exploration Potential at Boumadine**

Significant potential exists to expand mineralization beyond the limits of the current PEA study. The Boumadine Main Trend (5.4 km), Tizi Zone (2.0 km), and Imariren Zone (1.2 km) remain open in all directions, highlighting strong opportunities for resource growth. Follow-up drilling is also planned at the newly discovered 8 km Asirem trend, underscoring the broader scale of the mineralized system. A 140,000-metre drilling program is underway, with roughly half focused on extending and infilling the known trends and the remainder directed toward greenfield exploration. This program is designed to expand the mineralized footprint beyond the PEA boundaries and to define additional zones that could support future development phases.

**Next Steps**

Upon completion of the PEA, the following actions are required to successfully advance the project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Definition and Exploration Program:** A 360,000 m drilling campaign is planned over the next two years, focused on Mineral Resource definition and expansion, with the objective of converting inferred Mineral Resources into indicated Mineral Resources required for the feasibility study and expanding known mineralized zones to further improve project economics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Feasibility Study:** Commencement of a feasibility study, targeting completion and public disclosure by year-end 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Environmental and Social Assessment:** The Environment and Social Impact Assessment ("ESIA") work completed to date will form the foundation for a more detailed ESIA, expected to be completed along with the feasibility study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Roaster Optionality:** Continued assessment is underway to determine if an additional investment in a roaster achieves greater economic return. Further test work is required, along with determining strategic location.

![figure8a.jpg](figure8a.jpg)

**Figure 8: Preliminary Schedule for Boumadine Project Development from PEA to Commercial Production**

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**Conference Call Details**

Aya will host a live webinar today to discuss the results with analysts, shareholders, and investors at 10:00 a.m. ET, which will be followed by a live Q&A session.

**Participants may join the event via webcast at the following link: https://www.icastpro.ca/t9bhpo**.

**Aya encourages all participants to register in advance.** 

A replay will be available following the webinar through the same link or in the "Events" section of the Corporation's website at **www.ayagoldsilver.com**.

**Qualified Persons**

The scientific and technical information contained in this press release has been reviewed for accuracy, compliance with National Instrument 43-101, and approved by Preetham Nayak P.Eng, Senior Study Manager for Lycopodium Minerals Canada Ltd, Benjamin Berson, P.Eng, Lead Mining Engineer for WSP and Eugene Puritch, P.Eng, FEC, CET from P&E Consultants Inc, Raphael Beaudoin, P. Eng, Vice-President, Operations, and by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, each a Qualified Person as defined in NI 43-101 , for accuracy and compliance with National Instrument 43-101.

The independent Qualified Persons for the PEA, as defined by NI 43-101, are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preetham Nayak P.Eng,. Senior Study Manager for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ruan Venter, P.Eng., Principal Process Engineer for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zuned Shaikh P.Eng., Lead Mechanical Engineer for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Benjamin Berson, P.Eng, Lead Mining Engineer for WSP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alex Pheiffer, PrSciNat, ESIA Lead, from SLR Consulting France SAS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• George Papageorgiou PrEng, PhD, MSc, BSc, Eng (Civil), Wits, from Epoch Resources (Pty) Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eugene Puritch, P.Eng, FEC, CET from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Antoine Yassa, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fred Brown, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jarita Barry, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• William Stone, PhD, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cortney Palleske, M.A.Sc., P.Eng, Principal Geomechanics Consultant from RockEng

**Technical Report**

The complete NI 43-101 Technical Report pertaining to the PEA will be filed within 45 days and will be available on Aya's website and on SEDAR+ (www.sedarplus.ca)**.**

The PEA is preliminary in nature, and 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, as such, there is no certainty that the PEA results will be realized.

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**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com** | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "anticipate", "expect", "plan", "believe", "objective", "estimate", "assume", "intend", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to statements with respect to: the PEA, notably those under the highlights, and the results of the PEA discussed in this press release, including, without limitation, project economics, financial and operational parameters such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, free cash flow, NPV, IRR, payback period and LOM, upside potential, opportunities for growth and expected next steps in the development of the Project; the mine design; the timing of the feasibility study; the timing of the ESIA; the release date and content of the technical report pertaining to the PEA; the future price of gold and silver; the estimation of mineral resources and the realization of mineral resource estimates; the off-take agreements for the concentrates from the Project; and requirements for additional capital.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Corporation's

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ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including (1) there being no significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Project being consistent with the Corporations' expectations; (3) political and legal developments in the Kingdom of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resource estimates of the Corporation; (9) labour and materials costs increasing on a basis consistent with the Corporation's current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation's current expectations.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2024 filed on SEDAR+, which discussions are incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

**Non-IFRS and Other Financial Measures**

This press release includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in

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evaluating the Corporation's performance and should not be considered in isolation or as a substitute for IFRS measures.

The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry are defined below:

**All-in Sustaining Costs and All-in Sustaining Costs Per Ounce-of-Gold-Equivalent Produced**

AISC is a non-IFRS financial measure. AISC reported in the PEA includes cash costs, sustaining capital, closure costs, and salvage, but excludes corporate general and administrative costs, income taxes, and financing costs. AISC presented on a per- ounce-of-gold-produced basis is a non-IFRS financial ratio and is based on the metal prices assumed in the PEA. These measures capture the important components of the Corporation's anticipated production and related costs and are used to indicate anticipated cost performance of the Corporation's operations.

**Cash Costs, Cash Costs Per Tonne Milled and Cash Costs Per Ounce-of-Gold-Equivalent Produced**

Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, and direct site G&A, product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-ounce-of-gold-equivalent produced basis is a non-IFRS financial ratio which is calculated as cash costs divided by anticipated production expressed in in ounces of gold equivalent. These measures capture the important components of the Corporation's anticipated production and related costs and are used to indicate anticipated cost performance of the Corporation's operations.

**EBITDA**

EBITDA is a non-IFRS financial measure which is calculated as net income before interest, taxes, depreciation, and amortization, and is an alternate measure of profitability to net income. This measure is used by the Corporation to show anticipated operating performance by eliminating the impact of non-operational or non-cash items.

**Free Cash Flow**

FCF is a non-IFRS financial measured defined as cash from operating activities, less initial and sustaining capital expenditures, operating costs, royalties, and taxes. This measure is used by the Corporation to measure the anticipated cash flow available to the Corporation.

As the Project is not currently in production, the Corporation does not have historical equivalent measures to compare and cannot perform a reconciliation with historical measures.

## Exhibit 99.77

![cover_fsxq3-2025a.jpg](cover_fsxq3-2025a.jpg)

**Exhibit 99.77**

**CONDENSED INTERIM** 

**CONSOLIDATED** 

**FINANCIAL STATEMENTS**

**For the three and nine-month periods**

**ended September 30, 2025 and 2024**![cover_fsxq3-20252b.jpg](cover_fsxq3-20252b.jpg)

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Quebec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.77**

**Management's responsibilities over financial reporting**

The Condensed Interim Consolidated Financial Statements of Aya Gold & Silver Inc. (the "Corporation" or "Aya") are the

responsibility of the Corporation's management. The condensed interim consolidated financial statements are prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS")

as issued by the International Accounting Standards Board ("IASB") and reflect management's best estimates and judgment

based on information currently available.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the

results of the condensed interim consolidated financial statements prior to their submission to the Board of Directors for

approval.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>1</sub>

**Condensed Interim Consolidated Statements of Financial Position**

(Expressed in thousands of US dollars - unaudited)

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
|  | **$** | $|
| **ASSETS** |  |  |
| Current  |  |  |
| Cash | **129184** | 30944 |
| Accounts receivable | **14864** | 1827 |
| Sales taxes receivable | **17023** | 9979 |
| Income tax receivable | **-** | 3415 |
| Inventories (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_37)</u><u>4</u>) | **30943** | 27389 |
| Deposit in trust | **-** | 695 |
| Prepaid expenses and security deposits | **4422** | 2249 |
| Options contracts (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_85)</u><u>16</u>) | **59** | 42 |
|  | **196495** | 76540 |
| Non-current  |  |  |
| Restricted cash (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_85)</u><u>16</u>) | **18163** | 18246 |
| Non-refundable deposits to suppliers (<u>[Note 5](#i27588d2cd97e4a67a441a188dad5b722_40)</u>) | **2442** | 2787 |
| Deferred tax assets (<u>[Note 19](#i27588d2cd97e4a67a441a188dad5b722_94)</u>) | **8182** | 3425 |
| Deferred financing costs (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_49)</u><u>7</u>) | **141** | - |
| Investment in associate (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **7211** | - |
| Property, plant and equipment <u>(</u><u>[Note](#i27588d2cd97e4a67a441a188dad5b722_40)</u><u>5</u>) | **253933** | 231205 |
| Exploration and evaluation assets (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **98469** | 67904 |
| **TOTAL ASSETS** | **585036** | 400107 |
| **LIABILITIES** |  |  |
| Current  |  |  |
| Accounts payable and accrued liabilities | **61426** | 51351 |
| Current portion of long-term debt (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_49)</u><u>7</u>) | **28571** | - |
| Income tax payable | **8355** | - |
| Balance of purchase price payable | **1649** | 1483 |
| Current portion of lease liabilities | **347** | 282 |
|  | **100348** | 53116 |
| Non-current  |  |  |
| Lease liabilities | **1081** | 1121 |
| Long-term debt (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_49)</u><u>7</u>) | **83192** | 95517 |
| Asset retirement obligations | **3316** | 2872 |
| Deferred tax liabilities (<u>[Note 19](#i27588d2cd97e4a67a441a188dad5b722_94)</u>) | **337** | 1000 |
| **TOTAL LIABILITIES** | **188274** | 153626 |
| **EQUITY** |  |  |
| Share capital (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_58)</u><u>8</u>) | **430910** | 323148 |
| Equity reserves | **17968** | (940) |
| Deficit | **(51956)** | (75732) |
|  | **396922** | 246476 |
| Non-controlling interests  | **(160)** | 5 |
| **TOTAL EQUITY**  | **396762** | 246481 |
| **TOTAL LIABILITIES AND EQUITY** | **585036** | 400107 |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

On behalf of the Board,

---

| | |
|:---|:---|
| *Benoit La Salle /s/* | *Yves Grou /s/* |
| President, CEO, Director | Director |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>2</sub>

**Condensed Interim Consolidated Statements of Comprehensive** 

**Income**

(Expressed in thousands of US dollars, except share and per share amounts - unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  |  | **September 30,** |  | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| | **$** | $ | **$** | $ |
| **Revenue from silver sales** (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_67)</u><u>1</u>) | **54337** | 11024 | **126783** | 29780 |
| Cost of sales (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_70)</u><u>2</u>) | **32971** | 9146 | **86225** | 22652 |
| **Gross profit** | **21366** | 1878 | **40558** | 7128 |
| **Expenses (income)** |  |  |  |  |
| General and administrative expenses (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_73)</u><u>3</u>) <sup>(1)</sup> | **6195** | 4940 | **20206** | 11405 |
| Net impairment recovery (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **-** | - | **(3987)** | - |
| Gain on sale of Amizmiz project (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **-** | - | **(1828)** | - |
| **Operating income (loss)** | **15171** | (3062) | **26167** | (4277) |
| Net finance income (<u>[Note 13](#i27588d2cd97e4a67a441a188dad5b722_73)</u>) | **1444** | 4631 | **11882** | 11330 |
| Share of loss in associate, net of tax (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **(394)** | - | **(720)** | - |
| **Net income before income taxes** | **16221** | 1569 | **37329** | 7053 |
| Income tax expense | **3799** | 1832 | **9335** | 3094 |
| **Net income (loss)** | **12422** | (263) | **27994** | 3959 |
| **Net income attributable to** |  |  |  |  |
| Equity holders of Aya Gold & Silver Inc. | **12404** | (227) | **28159** | 4073 |
| Non-controlling interests | **18** | (36) | **(165)** | (114) |
| **Net income (loss)** | **12422** | (263) | **27994** | 3959 |
| **Other comprehensive (loss) income**<br>**Items that will subsequently be reclassified to net income:**<br>Foreign currency translation adjustment<br>| **(6420)** | 3945 | **8337** | (3870) |
| **Comprehensive income** | **6002** | 3682 | **36331** | 89 |
| Basic income (loss) per common share (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_91)</u><u>18</u>)  | **0.09** | (0.00) | **0.21** | 0.03 |
| Diluted income (loss) per common share (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_91)</u><u>8</u>) | **0.09** | (0.00) | **0.20** | 0.03 |
| Weighted average number of shares - basic (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_91)</u><u>8</u>)  | **138547641** | 129727167 | **135073092** | 128969083 |
| Weighted average number of shares - diluted (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_91)</u><u>8</u>)  | **143911128** | 129727167 | **140167308** | 133700847 |

---

<sup>(1)</sup> *Included in general and administrative is share-based payments expense of $3,345 and $11,534 during the three and nine-month periods* 

*ended September 30, 2025, respectively ($2,667 and $4,864 during the three and nine-month periods ended September 30, 2024, respectively).*

*For the three and nine-month periods ended September 30, 2024, share-based payments expense was previously reported as a separate line item* 

*and now has been reclassified into the related functional expense item and therefore has been included in general and administrative (<u>Note 13</u>)* 

*for consistency with the current year presentation. This reclassification has no effect on the 2024 period reported net (loss) income.*

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>3</sub>

**Condensed Interim Consolidated Statement of Changes in Equity**

(Expressed in thousands of US dollars - unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Equity Reserves** | **Equity Reserves** | **Equity Reserves** |  |  |  |
|  | **Number of** <br>**issued and** <br>**outstanding** <br>**shares**<br>| **Share** <br>**capital**<br>| **Contributed** <br>**surplus**<sup>(a)</sup><br>| **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** <sup>(b)</sup><br>| **Equity** <br>**Reserves**<br>| **Deficit** <br>**attributable to** <br>**equity holders** <br>**of Aya Gold &** <br>**Silver Inc.**<br>| **Non-**<br>**controlling** <br>**interests**<br>| **Total** <br>**equity**<br>|
|  |  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **Balance as at December 31, 2024** | **130770053** | **323148** | **26152** | **(27092)** | **(940)** | **(75732)** | **5** | **246481** |
| Exercise of options <u>[(Note 8)](#i27588d2cd97e4a67a441a188dad5b722_58)</u> | 20000 | 36 | (16) | - | (16) | - | - | 20 |
| Share issued for vested units | 381893 | 2508 | (2508) | - | (2508) | - | - | - |
| Share-based payments (<u>[Note 9](#i27588d2cd97e4a67a441a188dad5b722_61)</u>) | - | - | 13095 | - | 13095 | - | - | 13095 |
| Share issuance <u>[(Note 8)](#i27588d2cd97e4a67a441a188dad5b722_58)</u> | 10767795 | 105218 | - | - | - | - | - | 105218 |
| Share issue costs, net of tax of $1,120 | **-** | **-** | **-** | **-** | **-** | (4383) | - | (4383) |
|  | **141939741** | **430910** | **36723** | **(27092)** | **9631** | **(80115)** | **5** | **360431** |
| Net income (loss) | - | - | - | - | - | 28159 | (165) | 27994 |
| Other comprehensive income | - | - | - | 8337 | 8337 | - | - | 8337 |
| **Comprehensive income (loss)** | **-** | **-** | **-** | **8337** | **8337** | **28159** | **(165)** | **36331** |
| **Balance as at September 30, 2025** | **141939741** | **430910** | **36723** | **(18755)** | **17968** | **(51956)** | **(160)** | **396762** |
| **Balance as at December 31, 2023** | **122377703** | **260897** | **19893** | **(7826)** | **12067** | **(52243)** | **4415** | **225136** |
| Exercise of options <u>[(Note 8)](#i27588d2cd97e4a67a441a188dad5b722_58)</u> | 511950 | 3037 | (1375) | - | (1375) | - | - | 1662 |
| Shares issued upon vesting of restricted share units <br>(<u>[Note 9](#i27588d2cd97e4a67a441a188dad5b722_61)</u>)<br>| 122768 | 734 | (734) | - | (734) | - | - | - |
| Share-based payments (<u>[Note 9](#i27588d2cd97e4a67a441a188dad5b722_61)</u>) | - | - | 4864 | - | 4864 | - | - | 4864 |
| Share issuance <u>[(Note 8)](#i27588d2cd97e4a67a441a188dad5b722_58)</u> | 7573900 | 57297 | **-** | **-** | **-** | **-** | **-** | 57297 |
| Share issue costs | - | - | - | - | - | (3316) | - | (3316) |
|  | **130586321** | **321965** | **22648** | **(7826)** | **14822** | **(55559)** | **4415** | **285643** |
| Net income (loss) | - | - | - | - | - | 4073 | (114) | 3959 |
| Other comprehensive loss | - | - | - | (3870) | (3870) | - | - | (3870) |
| **Comprehensive (loss) income** | **-** | **-** | **-** | **(3870)** | **(3870)** | **4073** | **(114)** | **89** |
| **Balance as at September 30, 2024** | **130586321** | **321965** | **22648** | **(11696)** | **10952** | **(51486)** | **4301** | **285732** |

---

**a)**Contributed surplus reserve records the cumulative amounts of compensation expense recognized under IFRS 2 Share-Based Payment with respect to share purchase options granted, shares

purchase warrants, restricted share units and deferred share units issued but not yet exercised.

**b)**Accumulated other comprehensive (loss) income reserve records the gains and losses arising from the translation of the Corporation's Financial Statements to the presentation currency.

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>4</sub>

**Condensed Interim Consolidated Statement of Cash Flows**

(Expressed in thousands of US dollars - unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Cash flows provided by (used in)** | **$** | $| **$** | $|
| **OPERATING ACTIVITIES** |  |  |  |  |
| **Net income (loss)** | **12422** | (263) | **27994** | 3959 |
| **Adjustments for non-cash items** |  |  |  |  |
| Share-based payments recorded in net income (<u>[Note 9](#i27588d2cd97e4a67a441a188dad5b722_61)</u>) | **3607** | 2667 | **12371** | 4864 |
| Depreciation and depletion of property, plant and equipment <br>(<u>[Note 12](#i27588d2cd97e4a67a441a188dad5b722_70)</u> and <u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_73)</u><u>3</u>)<br>| **4734** | 528 | **13712** | 1368 |
| Net impairment recovery (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **-** | - | **(3987)** | - |
| Gain on sale of Amizmiz project (<u>Note 6</u>) | **-** | - | **(1828)** | - |
| Share of loss in associate (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_43)</u><u>6</u>) | **394** | - | **720** | - |
| Write-down of inventory (<u>[Note 12](#i27588d2cd97e4a67a441a188dad5b722_70)</u>) | **-** | - | **135** | - |
| Finance costs (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_49)</u><u>7</u>) | **2820** | - | **8058** | - |
| Accretion expense (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_73)</u><u>3</u>) | **61** | 33 | **147** | 149 |
| Loss (gain) on foreign currency translation | **1486** | (3284) | **(20249)** | (7780) |
| Deferred income taxes | **(199)** | - | **(4300)** | - |
| Change in fair value of options contracts (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_85)</u><u>6</u>) | **(89)** | (13) | **(181)** | (104) |
|  | **25236** | (332) | **32592** | 2456 |
| **Changes in working capital items (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_88)</u><u>7</u>)** | **(2846)** | (11435) | **5507** | (11666) |
|  | **22390** | (11767) | **38099** | (9210) |
| **INVESTING ACTIVITIES** |  |  |  |  |
| Net change in restricted cash | **-** | - | **103** | 2240 |
| Deposits to suppliers for capital expenditures | **(140)** | (183) | **(2475)** | (1348) |
| Additions of property, plant and equipment (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_40)</u><u>5</u> and <u>[Note](#i27588d2cd97e4a67a441a188dad5b722_88)</u><u>17</u>) | **(10466)** | (8209) | **(25468)** | (56371) |
| Liquidated damages related to mine expansion (<u>[Note 20](#i27588d2cd97e4a67a441a188dad5b722_97)</u>) | **7248** | - | **7248** | - |
| Additions to mining rights (<u>[Note 6)](#i27588d2cd97e4a67a441a188dad5b722_43)</u> | **-** | - | **(414)** | - |
| Additions to exploration and evaluation assets <br>(<u>[Note 6](#i27588d2cd97e4a67a441a188dad5b722_43)</u> and <u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_88)</u><u>7</u>)<br>| **(14126)** | (7566) | **(25445)** | (17822) |
|  | **(17484)** | (15958) | **(46451)** | (73301) |
| **FINANCING ACTIVITIES** |  |  |  |  |
| Repayment of lease liabilities  | **(110)** | (70) | **(312)** | (250) |
| Deferred financing costs | **(268)** | - | **(353)** | - |
| Proceeds from long-term debt (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_49)</u><u>7</u>) | **15000** | - | **15000** | 40000 |
| Payment of borrowing costs on long-term debt (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_49)</u><u>7</u>) | **(4376)** | (4336) | **(9002)** | (6526) |
| Proceeds from exercise of options (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_61)</u> <u>9</u>) | **-** | 775 | **20** | 1662 |
| Proceeds from share issuance (<u>[Note 8](#i27588d2cd97e4a67a441a188dad5b722_58)</u>) | **-** | - | **105218** | 57297 |
| Share issue costs | **(13)** | - | **(5503)** | (3316) |
|  | **10233** | (3631) | **105068** | 88867 |
| Effect of exchange rate changes on cash in foreign currencies | **213** | 1046 | **1524** | (1350) |
| **Net change in cash**  | **15352** | (30310) | **98240** | 5006 |
| Cash, beginning of period | **113832** | 85146 | **30944** | 49830 |
| **Cash, end of period** | **129184** | 54836 | **129184** | 54836 |

---

*Supplemental cash flow information (<u>[Note 1](#i27588d2cd97e4a67a441a188dad5b722_88)</u><u>7</u>)*

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>5</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**1. GENERAL INFORMATION**

Aya Gold & Silver Inc. ("Aya" or the "Corporation") is a Canadian-based precious metals mining corporation active across the

full mining lifecycle; from discovery and development through to production. The Corporation operates primarily in Morocco, a

politically stable jurisdiction with supportive regulatory environment, offering low operating costs and well-developed

infrastructure.

Aya's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located

along the Anti-Atlas fault, one of North Africa's most geologically rich and underexplored regions, known for hosting world-

class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is

currently at the exploration and evaluation stage.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF".

**2. BASIS OF PRESENTATION**

***Statement of compliance***

The consolidated financial statements of the Corporation have been prepared in accordance with International Accounting

Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS") as issued by the International Accounting

Standards Board ("IASB").

The Board of Directors approved and authorized for issue these consolidated financial statements on November 10, 2025.

***Basis of measurement***

The consolidated financial statements have been prepared on a historical cost basis, except for:

**(i)**Option contracts, which are accounted for at fair value;

**(ii)**Share-based payment arrangements, which are measured at fair value on grant date;

**(iii)**Asset retirement obligations, which are measured at the discounted estimated cost of future remediation;

**(iv)**Lease liabilities, which are initially measured at the present value of minimum lease payments;

**(v)**Non-controlling interest which is initially measured at the proportionate share of the acquiree's identifiable net

assets as at the date of acquisition; and

**(vi)**Investment in an associate: the Corporation accounts for its investment in an associate using the equity method.

Under the equity method, the Corporation's investment is initially recognized at cost and subsequently increased or

decreased to recognize the Corporation's share of net income/loss and other comprehensive income/loss of the

investee, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the

investee's reserves, and for impairment losses after the initial recognition date. The Corporation's share of earnings

or losses of its investee is recognized in the Corporation's Statement of Income/Loss and Comprehensive Income/

Loss during the period.

***Functional and presentation currency***

The functional currency of Aya Gold & Silver Inc. is the Canadian dollar. The functional currency of the Corporation and its

subsidiaries has remained unchanged during the reporting period. The Corporation's presentation currency is the US dollar.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>6</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**3. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS**

***Material accounting policies***

These condensed interim consolidated financial statements have been prepared following the same accounting policies and

methods of computation as the audited annual consolidated financial statements for the year ended December 31, 2024

except for these accounting policies, estimates and judgements that were adopted during the period ended September 30,

2025. ***Investment in associate***

An associate is an entity over which the Corporation has significant influence. Significant influence is the power to participate

in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The

Corporation is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the

investee, unless it can be clearly demonstrated that the Corporation does not have significant influence.

The Corporation accounts for its investment in an associate using the equity method. Under the equity method, the

Corporation's investment is initially recognized at cost and subsequently increased or decreased to recognize the

Corporation's share of net earnings/loss and other comprehensive earnings/loss of the associate, after any adjustments

necessary to give effect to uniform accounting policies, any other movement in the associate's reserves, and for impairment

losses after the initial recognition date. The Corporation's share of the associate's losses that are in excess of its investment

are recognized only to the extent that the Corporation has incurred legal or constructive obligations or made payments on

behalf of the associate. The Corporation's share of earnings or losses of its associate are recognized in net earnings during

the period. Dividends and repayment of capital received from the associate are accounted for as a reduction in the carrying

amount of the Corporation's investment. Unrealized gains and losses between the Corporation and its associate are

recognized only to the extent of unrelated investors' interests in the associate. Intercompany balances and interest expense

and income arising on loans and borrowings between the Corporation and its associate are not eliminated.

In order to apply the equity method, management aligned Mx2's accounting policies with those of the Corporation, which

required among other things management to assess whether indicators of impairment related to the Mx2 exploration and

evaluation assets are present.

***Areas of judgement***

***Determination of control or significant influence over investee***

The assessment of whether the Corporation has a significant influence or control over an investee requires the application of

judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a

judgement of control or significant influence over an investee include, but are not limited to, ownership percentage,

representation on the board of directors, participation in the policy-making process, material transactions and contractual

arrangements between the Corporation and the investee, interchange of managerial personnel, provision of essential technical

information and potential voting rights. In evaluating these factors, the Corporation determines the level of influence over the

investee the Corporation has. Changes in the Corporation's assessment of the factors used in determining if control or

significant influence exists over an investee would impact the accounting treatment of the investment in the investee.

**4. INVENTORIES**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
|  | **$** | $|
| Mining supplies | **21289** | 11094 |
| Silver bars | **1525** | 2636 |
| Sliver in concentrate | **-** | 1187 |
| Silver in circuit | **790** | 545 |
| Ore stockpile | **7339** | 11927 |
|  | **30943** | 27389 |

---

For the three and nine-month periods ended September 30, 2025, the Corporation recognized $30,463 and $79,345 of inventory

costs in cost of sales ($8,922 and $20,842 for the three and nine-month periods ended September 30, 2024 respectively).

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>7</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**5. PROPERTY, PLANT AND EQUIPMENT**

The majority of properties, plant and equipment are located in Morocco and are related to the Zgounder mine. As at September

30, 2025, the Corporation determined that there were no material events or changes in circumstances indicating that the

carrying amount of property, plant and equipment may not be recoverable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | 3381 | 61292 | 113614 | 1311 | 179598 |
| Additions | 646 | 12158 | 55737 | 612 | 69153 |
| Disposals | (237) | (392) | - | - | (629) |
| Transfer | 7232 | 146000 | (153232) | - | - |
| Borrowing costs (<u>[Note 7](#i27588d2cd97e4a67a441a188dad5b722_49)</u>) | 71 | 8872 | - | - | 8943 |
| Asset retirement obligation | - | 355 | - | - | 355 |
| Foreign exchange | (234) | (4469) | (281) | (249) | (5233) |
| As at December 31, 2024 | 10859 | 223816 | 15838 | 1674 | 252187 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Additions | 430 | 6835 | 11021 | 158 | 18444 |
| Transfers | 314 | 13034 | (13348) | - | - |
| Liquidated damages related to mine <br>expansion (<u>[Note 20](#i27588d2cd97e4a67a441a188dad5b722_97)</u>)<br>| - | (7248) | - | - | (7248) |
| Asset retirement obligation | - | 277 | - | - | 277 |
| Foreign exchange | 1227 | 25223 | 1343 | 126 | 27919 |
| **As at September 30, 2025** | **12830** | **261937** | **14854** | **1958** | **291579** |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | 430 | 17455 | - | 211 | 18096 |
| Transfers | 1578 | (1578) | - | - | - |
| Depreciation | 1158 | 2043 | - | 303 | 3504 |
| Disposals | (27) | - | - | - | (27) |
| Foreign exchange | (67) | (520) | - | (4) | (591) |
| As at December 31, 2024 | 3072 | 17400 | - | 510 | 20982 |
| Depreciation | 1079 | 12779 | - | 265 | 14123 |
| Foreign exchange | 367 | 2120 | - | 54 | 2541 |
| **As at September 30, 2025** | **4518** | **32299** | **-** | **829** | **37646** |
| **Carrying amounts** |  |  |  |  |  |
| At December 31, 2024 | 7787 | 206416 | 15838 | 1164 | 231205 |
| **At September 30, 2025** | **8312** | **229638** | **14854** | **1129** | **253933** |

---

Assets under construction at September 30, 2025 are located in Morocco and represent expenditures for the construction and

development of assets which the Corporation intends to put into production by the end of 2025.

Since July 1, 2023, all mining assets in production are amortized over the expected mineral reserve as reported in the

Feasibility Study on the Zgounder Silver Mine published on June 16, 2022.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>8</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS**

During the nine-month period ended September 30, 2025 and the year December 31, 2024, changes in exploration and

evaluation assets were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
|  | **$** | $|
| **Rights on mining properties**  |  |  |
| Balance, beginning of the period | **5554** | 24114 |
| Impairment loss | **-** | (18276) |
| Additions  | **414** | 223 |
| Foreign exchange | **191** | (507) |
| Balance, end of the period | **6159** | 5554 |
| **Deferred exploration and evaluation expenses** |  |  |
| Balance, beginning of the period | **62350** | 35898 |
| Impairment recovery (loss) | **3987** | (9074) |
| Disposal of exploration and evaluation asset | **(5517)** | - |
| Additions: |  |  |
| Drilling, Sampling, Geology, and others  | **24206** | 36841 |
| Foreign exchange | **7284** | (1315) |
| Balance, end of the period | **92310** | 62350 |
| **Total** | **98469** | 67904 |

---

All exploration and evaluation assets are located in Morocco and relate to the Boumadine, Imiter Bis, Azegour, Tirzzit, and

Zgounder Regional projects. The following schedule represents the Corporation's exploration and evaluation expenses:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Amizmiz** | **Others** | **Total** |
|  | **$** | **$** | **$** | **$** | &nbsp;&nbsp;&nbsp;&nbsp;**$** | **$** |
| Opening Balance | 53721 | 6991 | 4845 | 990 | 1357 | 67904 |
| Additions to mining rights | 414 | - | - | - | - | 414 |
| Drilling, sampling, geology, and others | 22701 | 1408 | - | 97 | - | 24206 |
| Impairment (loss) recovery on exploration and <br>evaluation assets<br>| - | - | (395) | 4382 | - | 3987 |
| Disposal of exploration and evaluation asset | - | - | - | (5517) | - | (5517) |
| Foreign exchange | 6280 | 765 | 235 | 48 | 147 | 7475 |
| **Closing Balance** | **83116** | **9164** | **4685** | **-** | **1504** | **98469** |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>9</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Amizmiz** | **Others** | **Total** |
|  | **$** | **$** | **$** | $— | **$** | **$** |
| Opening Balance | 22926 | 4112 | 4817 | 971 | 697 | 60012 |
| Additions to mining rights | 223 | - | - | - | - | 223 |
| Drilling, sampling, geology, <br>and others<br>| 31641 | 2974 | 360 | 45 | 797 | 36841 |
| Impairment on mining rights | - | - | - | - | - | (18276) |
| Impairment loss on <br>exploration and evaluation <br>assets<br>| - | - | - | - | - | (9074) |
| Foreign exchange | (1069) | (95) | (332) | (26) | (137) | (1822) |
| **Closing Balance** | **53721** | **6991** | **4845** | **990** | **1357** | **67904** |

---

***Tijirit project*** 

As at December 31, 2024, the Corporation deemed the recoverable amount of the Tijirit exploration and evaluation asset to be

$nil and recorded an impairment of $27,350. This followed the Mauritanian government's decision to grant a six-month

extension expiring in June, 2025 to start construction of the mine. In June 2025, the Corporation was informed by the

Mauritanian Government that the permit was revoked. The Corporation disagrees with this decision and is currently assessing

its rights.

***Deconsolidation of Amizmiz project in Mx2 Maroc SARLAU, and investment in associate***

Effective April 15, 2025, the Corporation transferred its rights to the Amizmiz gold project by selling Amizmiz International

Holding and Mx2 Maroc SARLAU, wholly owned subsidiaries of the Corporation to Mx2 Mining Inc. ("Mx2"). As consideration

for the transaction, the Corporation received 20,000,000 shares of Mx2 priced at C$0.50 per share for a total of C$10,000

($7,210).

In conjunction with the transaction, Mx2 also completed a brokered private placement for gross proceeds of C$16,000 priced

at C$0.50 per unit of which the Corporation participated for C$1,000 ($722) and obtained 2,000,000 shares of Mx2.

As a result, the Corporation holds 22,000,000 common shares of Mx2's outstanding 52,000,001 shares, an interest of 42.3% in

Mx2. Management determined it has significant influence but not control over Mx2 and began to account for the investment

using the equity method from the date of the transaction.

The Corporation derecognized the net assets of $1,000 in Amizmiz International Holding and Mx2 Maroc SARLAU from its

consolidated statement of financial position at the date of the transaction, which was comprised of the following table:

---

| | |
|:---|:---|
|  | **$** |
| **Current assets** |  |
| Prepaid expenses and security deposits | 9 |
| Sales taxes receivable | 4 |
| **Non-current assets** |  |
| Exploration and evaluation assets | 1135 |
| **Current Liabilities** |  |
| Accounts payable and accrued liabilities | (148) |
| **Total net assets** | **1000** |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>10</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**6. EXPLORATION AND EVALUATION ASSETS** (continued)

The Corporation recognized the equity interest received in Mx2 for the net assets sold at fair value, recording it as an

investment in an associate at $7,210 as of the transaction date, April 15, 2025. Consequently, the fair value exceeded the

carrying amount of the project thereby resulting in a gain on the disposition of the Amizmiz project.

However, in 2014, the Corporation fully impaired the Amizmiz project and an impairment loss of $4,382 (C$6,077) was

recorded in the consolidated statement of comprehensive loss at that time. As a result of the sale in 2025, the Corporation

reversed this impairment loss recorded from 2014 and recorded a net gain on sale of Amizmiz project of $1,828. The following

table details the gain on sale:

---

| | |
|:---|:---|
|  | **$** |
| Fair value of consideration received | 7210 |
| Carrying amount of consolidated Amizmiz International Holding entity | (1000) |
| Recovery of impairment on Amizmiz project | (4382) |
| **Gain on sale of Amizmiz project** | **1828** |

---

Investment in associate:

---

| | |
|:---|:---|
|  | **$** |
| Fair value of consideration received | 7210 |
| Increase in investment in associate from private placement | 721 |
| Share of loss in associate | (720) |
| **Balance as at September 30, 2025** | **7211** |

---

**7. LONG-TERM DEBT**

***European Bank for Reconstruction and Development loan - Zgounder Expansion***

On January 19, 2023, the Corporation entered into a credit agreement for a secured project financing facility with the European

Bank for Reconstruction and Development ("EBRD") (the "Facility") to provide financing for the Zgounder expansion of up to

$100,000.

The loan consists of a $92,000 loan provided by the EBRD ("EBRD Tranche") and an $8,000 tranche (pari-passu with the EBRD)

by the Climate Investment Funds ("CTF") ("CTF Tranche"), managed by the EBRD. Amounts borrowed under the loan incur

interest at a rate of SOFR plus 5% for the EBRD Tranche and 1% for the CTF Tranche. Payments are made bi-annually in

January 19 and July 19. The loan includes a two-year principal grace period.

All debt under the loan are guaranteed by the Corporation and its subsidiaries and secured by the assets of the Corporation

and pledges of the securities of the Corporation's subsidiary, ZMSM. The loan is subject to adherence to debt covenants. As at

September 30, 2025, ZMSM was in compliance with its financial covenants.

In addition, a cost overrun account of $18,000 is funded and included in restricted cash and has been since inception of loan.

Once the expansion has reached financial completion, as defined in the credit agreement, the cost overrun account will be

liberated and replaced with a Debt Service Reserve Account ("DSRA") and a balance up to $16,250 which will be considered

restricted cash.

***European Bank for Reconstruction and Development loan - Boumadine project***

On June 23, 2025, the Corporation entered into another separate credit agreement for a Corporate financing facility with EBRD

for up to $25,000 to fund the exploration and development activities at the Boumadine project. Amounts borrowed under the

loan incur interest at a rate of SOFR plus 5% per annum, with interest payable semi-annually on January 19 and July 19. The

loan is repayable in full on the second anniversary of the agreement date (June 23, 2027). The loan is subject to adherence to

debt covenants. As at September 30, 2025, the Corporation was in compliance with its financial covenants.

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>11</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**7. LONG-TERM DEBT** (continued)

As at September 30, 2025, the Corporation had drawn $15,000 on this loan. The Corporation paid a front-end commission, an

underwriting fee, commitment charges and related transaction costs for a total of $346 and $205 was recorded in transaction

costs and $141 was recorded as deferred financing fees, in proportion to the amount drawn on the facility to the total available

facility.

Both long-term debt has been recorded at amortized cost, net of transaction costs, and will be accreted to face value over the

life of the long-term debt using the effective interest rate method.

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
|  | **$** | **$** |
| Balance, beginning of the period | **99928** | 59622 |
| Drawdown in cash | **15000** | 40000 |
| Payments on interest and fees | **(9002)** | (6526) |
| Interest expense  | **8058** | 9456 |
| Gain resulting from the change in expected cash flows | **-** | (430) |
| Transaction costs | **(205)** | (2194) |
| Balance, end of the period | **113779** | 99928 |
| Current portion of long-term debt | **(28571)** | - |
| Interest payable and commitment charges, presented in accounts payable and <br>accrued liabilities<br>| **(2016)** | (4411) |
| Long-term debt | **83192** | 95517 |

---

The contractual repayments of principal related to the long-term debt for the forthcoming years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **2026** | **2028** | **2029** |
|  | **$** | **$** | $— | $— | **$** |
| Long-term debt (excluding interest)  | 111763 | 115000 | 28571 | 28571 | 14287 |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>12</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**8. SHARE CAPITAL**

***Authorized***

Unlimited number of common shares without par value.

***Common Shares***

As at September 30, 2025, the Corporation had 141,939,741 issued and outstanding common shares (December 31, 2024 -

130,770,053).

***Transactions during the nine-month period ended September 30, 2025:***

• A total of 20,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$29 ($20)

and ascribed value reclassification of C$23 ($16) from contributed surplus to share capital.

• A total of 324,202 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.96 for an ascribed value reclassification of C$2,904 ($2,073) from contributed surplus to share

capital.

• A total of 57,691 common shares were issued upon vesting of deferred share units during the period at an issued price

of C$10.47 for an ascribed value reclassification of C$604 ($435) from contributed surplus to share capital.

• On June 18, 2025, the Corporation closed its bought deal financing and issued 10,767,795 common shares at a price of

C$13.35 per share for total consideration of C$143,750 ($105,218).

During the period in which the options were exercised, the Corporation's minimum market share price was C$8.96 ($6.29)

while the maximum was C$15.11 ($10.93).

***Transactions during the nine-month period ended September 30, 2024:***

• On February 14, 2024 the Corporation closed its bought deal financing and issued 7,573,900 common shares at a price

of C$10.25 per share for total consideration of C$77,632 ($57,297).

• A total of 266,850 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$382

($280) and an ascribed value reclassification of C$313 ($231) from contributed surplus to share capital.

• A total of 245,100 share purchase options were exercised for a strike price of C$7.69 for total proceeds of C$1,885

($1,382) and an ascribed value reclassification of C$1,561 ($1,144) from contributed surplus to share capital.

• A total of 122,768 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.22 for an ascribed value reclassification of C$1,009 ($734) from contributed surplus to share

capital.

During the period in which the options were exercised, the Corporation's minimum market share price was C$9.75 ($7.20)

while the maximum was C$17.40 ($12.87).

**9. SHARE-BASED PAYMENTS**

***Share purchase options***

The Corporation's incentive share purchase option plan (the "Plan") which provides that the Board of Directors of the

Corporation may, from time to time, in its discretion, and in accordance with the TSX policies, grant to directors, officers,

employees and consultants to the Corporation, non-transferable share purchase options to purchase common shares of the

Corporation, provided that the number of common shares issuable under the Plan, combined with the number of common

shares issuable under all share compensation arrangements, shall not exceed 10% of the outstanding common shares as at

the date of any grant of options. The vesting period for the share purchase options is determined at the discretion of the

Corporation's Board of Directors at the time the share purchase options are granted. The stock options granted prior to 2024

were vested on an annual pro-rata basis over two years with one-third vesting on the date of grant for which accelerated

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>13</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

compensation expense was recorded. The stock options granted in 2024 are vested on an annual pro-rata basis evenly over

three years for which accelerated compensation expense is recorded.

The outstanding share purchase options and their exercise price in Canadian dollars as at September 30, 2025 and as at

December 31, 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine-month period ended** | **Nine-month period ended** | Year ended | Year ended |
|  | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$** <sup>(1)</sup> | Number | C$ <sup>(1)</sup> |
| Balance, beginning of the period | 9589451 | 9.02 | 5101401 | 2.07 |
| Granted | - | - | 5000000 | 15.63 |
| Exercised | (20000) | 1.43 | (511950) | 4.43 |
| **Balance, end of the period** | **9569451** | **9.03** | **9589451** | **9.02** |
| Exercisable | 6236118 | 5.51 | 4589451 | 1.81 |

---

<sup>(1)</sup> Weighted average exercise price in Canadian dollars.

The following table reflects the share purchase options that could be exercisable for an equal number of common shares:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4121484 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | 1666667 | 15.63 |
|  | 9569451 | 6236118 |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4141484 | 4141484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9589451 | 4589451 |  |

---

AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025<sub>14</sub>

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

The fair value of share purchase options granted was determined using the Black & Scholes valuation model based on the

following weighted average assumptions:

---

| | |
|:---|:---|
|  | **August 23, 2024** |
| Weighted average fair value of awards | 6.57 C$ |
| Market share price | 15.85 C$ |
| Grant option exercise price | 15.63 C$ |
| Volatility | 39.7% - 45.1% |
| Risk-free rate | 2.92% |
| Dividend yield | 0% |
| Expected life | 4.0 - 5.7 |

---

Share-based payments of $2,770 and $9,784 were recognized during the three and nine-month periods ended September 30,

2025, respectively ($1,560 during the three and nine-month periods ended September 30, 2024) included in the following line

items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| General and administrative expenses | **2454** | 1560 | **8671** | 1560 |
| Cost of sales | **152** | - | **536** | - |
| Property, plant and equipment | **46** | - | **161** | - |
| Exploration and evaluation assets | **118** | - | **416** | - |
|  | **2770** | 1560 | **9784** | 1560 |

---

***Restricted share units***

The RSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the DSU Plan.

The RSUs are time-based awards and all the amount of RSUs granted will vest upon the continuous employment of the

Participants on the third anniversaries of the RSU grant, starting from the date of the grant or such other period not exceeding

three years determined by the Board of Directors.

Pursuant to the terms of the RSU Plan, Participants will receive, upon vesting of the RSUs, either cash or common shares of the

Corporation issued from treasury. The outstanding RSUs as at September 30, 2025 and as at December 31, 2024 are as

follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine-month period ended** | **Nine-month period ended** | Year ended | Year ended |
|  | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(2)</sup> | Number | C$<sup>(2)</sup> |
| Balance, beginning of the period | 1120750 | 9.97 | 982328 | 9.52 |
| Granted | 400062 | 11.37 | 450006 | 10.13 |
| Settled | (324202) | 8.96 | (306500) | 8.77 |
| Forfeited | (22888) | 10.63 | (5084) | 10.19 |
| **Balance, end of the period** | **1173722** | **10.71** | **1120750** | **9.97** |
| Vested | - | - | - | - |

---

<sup>(2)</sup> Weighted average fair value in Canadian dollars at grant date.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **15** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**9. SHARE-BASED PAYMENTS** (continued)

Share-based payments of $788 and $2,502 were recognized during the three and nine-month periods ended September 30,

2025, respectively ($791 and $2,413 during the three and nine-month periods ended September 30, 2024, respectively) as

included in the following line items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| General and administrative expenses | **630** | 791 | **2054** | 2413 |
| Cost of sales | **110** | - | **301** | - |
| Property, plant and equipment | **10** | - | **31** | - |
| Exploration and evaluation assets | **38** | - | **116** | - |
|  | **788** | 791 | **2502** | 2413 |

---

***Deferred share units***

The DSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the RSU Plan.

The DSUs are time-based awards and all the amount of DSUs granted will be settled on termination of service.

Pursuant to the terms of the DSU Plan, Directors will receive, on the second December after the termination date, common

shares of the Corporation issued from treasury. The outstanding DSU's as at September 30, 2025 and as at December 31,

2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine-month period ended** | **Nine-month period ended** | Year ended | Year ended |
|  | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(3)</sup> | Number | C$<sup>(3)</sup> |
| Balance, beginning of the period | 457124 | 9.85 | 328512 | 8.41 |
| Granted | 81780 | 12.75 | 128612 | 13.53 |
| Settled | (57691) | 10.47 | - | - |
| **Balance, end of the period** | **481213** | **10.27** | **457124** | **9.85** |
| Exercisable | 74266 | 9.58 | 37503 | 9.50 |

---

<sup>(3)</sup> Weighted average fair value in Canadian dollars at grant date.

Share-based payments of $261 and $809 were recognized in general and administrative expenses during the three and nine-

month periods ended September 30, 2025, respectively ($316 and $891 during the three and nine-month periods ended

September 30, 2024, respectively).

**10. SEGMENTED INFORMATION**

All of the Corporation's operations are within the mining industry and its major products are precious metals ingots and

concentrate which are refined or smelted into pure silver and sold to global metal brokers. An operating segment is defined as

a component of the Corporation that:

• Engages in business activities from which it may earn revenues and incur expenses;

• Whose operating results are reviewed regularly by the entity's executive management; and

• For which discrete financial information is available.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **16** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**10. SEGMENTED INFORMATION** (continued)

For the three and nine-month periods ended September 30, 2025 and 2024 the Corporation's operating segments include the

production segment, with its Zgounder silver project in Morocco. All other properties are in the "non-producing properties"

segment (i.e. referred to as Exploration, evaluation and development segment) for the three and nine-month periods ended

September 30, 2025 and 2024.

Corporate consists primarily of the Corporation's corporate assets including cash and corporate expenses which are not

allocated to operating segments.

Management evaluates segment performance based on segment operating income (loss). Therefore, finance income and

expense items and income taxes are not allocated to the segments. Significant information relating to the Corporation's

operating segments is summarized in the tables below.

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 263325 | 353609 | 158876 |
| Exploration, evaluation, and development | 100005 | 105979 | 26172 |
| Corporate | 25211 | 125448 | 3226 |
| **Total per consolidated statement of financial position** | **388541** | **585036** | **188274** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production | 236733 | 282794 | 138968 |
| Exploration, evaluation, and development  | 68836 | 73370 | 10975 |
| Corporate | 17998 | 43943 | 3683 |
| **Total per consolidated statement of financial position** | **323567** | **400107** | **153626** |

---

As at September 30, 2025, all production and exploration, evaluation and development segments are located in Morocco,

except for one exploration, evaluation and development segment that is located in Mauritania, that has total assets of $2

(December 31, 2024 - $8) and total liabilities of $179 (December 31, 2024 - $166). Corporate is based in Canada.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three-month periods ended September 30, 2025 and** <br>**2024**<br>|  | **Revenue** | **Cost of** <br>**sales**<br>| **G&A** <br>**expenses**<br>| **Other** <br>**operating** <br>**income**<br>| **Operating** <br>**income** <br>**(loss)**<br>|
|  |  | **$** | **$** | **$** | **$** | **$** |
| **Production (**Zgounder Silver Mine**)** | **2025** | **54337** | **32971** | **841** | **-** | **20525** |
|  | 2024 | 11024 | 9146 | 522 | - | 1356 |
| **Exploration** | **2025** | **-** | **-** | **-** | **-** | **-** |
|  | 2024 | - | - | 177 | - | (177) |
| **Corporate unallocated costs** | **2025** | **-** | **-** | **5354** | **-** | **(5354)** |
|  | 2024 | - | - | 4241 | - | (4241) |
| **Consolidated** | **2025** | **54337** | **32971** | **6195** | **-** | **15171** |
|  | 2024 | 11024 | 9146 | 4940 | - | (3062) |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **17** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**10. SEGMENTED INFORMATION** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine-month periods ended September 30, 2025 and** <br>**2024**<br>|  | **Revenue** | **Cost of** <br>**sales**<br>| **G&A** <br>**expenses**<br>| **Other** <br>**operating** <br>**income**<br>| **Operating** <br>**income** <br>**(loss)** <br>|
|  |  | **$** | **$** | **$** | **$** | **$** |
| **Production (**Zgounder Silver Mine**)** | **2025** | **126783** | **86225** | **2543** | **-** | **38015** |
|  | 2024 | 29780 | 22652 | 1266 | - | 5862 |
| **Exploration** | **2025** | **-** | **-** | **50** | **(5815)** | **5765** |
|  | 2024 | - | - | 485 | - | (485) |
| **Corporate unallocated costs** | **2025** | **-** | **-** | **17613** | **-** | **(17613)** |
|  | 2024 | - | - | 9654 | - | (9654) |
| **Consolidated** | **2025** | **126783** | **86225** | **20206** | **(5815)** | **26167** |
|  | 2024 | 29780 | 22652 | 11405 | - | (4277) |

---

Corporate is mainly unallocated items from the Corporation's head office that comprises of corporate assets (mainly cash and

restricted cash), liabilities and expenses for the three and nine-month periods ended September 30, 2025 and 2024.

**11. ADDITIONAL INFORMATION ON THE NATURE OF REVENUE FROM SILVER SALES**

The following is a breakdown of the nature of revenue included in silver sales for the three and nine-month periods ended

September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Revenue from sales** | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Ingots | **54651** | 4109 | **122368** | 10339 |
| Silver concentrate | **-** | 7743 | **5410** | 21715 |
| Less: treatment, smelting, and refining costs | **(314)** | (828) | **(995)** | (2274) |
|  | **54337** | 11024 | **126783** | 29780 |

---

The Corporation's sales are with two clients (2024 – two clients) located in Switzerland.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **18** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**12. ADDITIONAL INFORMATION ON THE NATURE OF COST OF SALES**

The following is a breakdown of the nature of cost of sales for the three and nine-month periods ended September 30, 2025

and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Cost of sales** | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| $| $|
| Production costs | **25996** | 8160 | **66886** | 20052 |
| Share-based payments (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_61)</u> <u>9</u>) | **262** | - | **837** | - |
| Freight outbound | **406** | 160 | **1001** | 416 |
| Inventory write-down | **-** | - | **135** | - |
| Royalties | **1630** | 331 | **3803** | 890 |
| Depreciation and depletion | **4677** | 495 | **13563** | 1294 |
|  | **32971** | 9146 | **86225** | 22652 |

---

**13. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE INCOME COMPONENTS**

The following is a breakdown of the nature of expenses included in general and administrative expenses and finance expense

for the three and nine-month periods ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **General and administrative expenses** | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Salaries and benefits | **1137** | 707 | **3435** | 2303 |
| Share-based payments (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_61)</u> <u>9</u>) | **3345** | 2667 | **11534** | 4864 |
| Consulting fees | **570** | 557 | **1746** | 1644 |
| Investor relations | **388** | 341 | **1002** | 904 |
| Depreciation | **57** | 33 | **149** | 74 |
| Office | **289** | 304 | **883** | 801 |
| Professional fees | **346** | 284 | **1294** | 684 |
| Reporting issuer costs | **63** | 47 | **163** | 131 |
|  | **6195** | 4940 | **20206** | 11405 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **19** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**13. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE INCOME COMPONENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Finance income (expense)** | **2025** | 2024 | **2025** | 2024 |
|  | $ | $ | $ | $ |
| Change in fair value of options contracts | **89** | 13 | **181** | 104 |
| (Expense) interest income | **(1685)** | 1067 | **(6117)** | 3294 |
| Gain on foreign exchange | **3101** | 3584 | **17965** | 8081 |
| Accretion expense | **(61)** | (33) | **(147)** | (149) |
|  | **1444** | 4631 | **11882** | 11330 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Expenses recognized for employee benefits** <br>**(including capitalized amounts)**<br>| **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| $| $|
| Salaries and fringe benefits | **5287** | 3675 | **15521** | 10684 |
| Share-based payments (<u>[Note](#i27588d2cd97e4a67a441a188dad5b722_61)</u><u>9</u>) | **3558** | 2667 | **12286** | 4864 |
|  | **8845** | 6342 | **27807** | 15548 |

---

**14. CAPITAL MANAGEMENT** 

The Corporation defines capital as long-term debt and total equity. When managing capital, the Corporation's objectives are to:

• Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

• Ensure the externally imposed capital requirements relating to debt obligations are being met;

• Increase the value of the Corporation's assets; and

• Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at September 30, 2025, managed capital is $508,685 (December 31, 2024 - $341,993) representing long-term

debt and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **20** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**14. CAPITAL MANAGEMENT** (continued)

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025**<br>**$** | **December 31**<br>2024<br>$ |
| Long-term debt (including current portion) | **111763** | 95517 |
| Total equity before non-controlling interest | **396922** | 246476 |
|  | **508685** | 341993 |

---

**15. FINANCIAL RISK MANAGEMENT**

The Corporation is exposed to various financial risks resulting from both its operations and its investment activities. There

were no changes to the financial objectives, policies and processes during the three and nine-month periods ended September

30, 2025 and 2024. The Corporation's main financial risks exposure and its financial risks management policies are as follows:

***Credit risk***

Credit risk refers to the risk of an unexpected loss if a party to a financial instrument fails to meet its contractual obligations.

The Corporation's financial assets exposed to credit risk are primarily composed of cash, accounts receivable and restricted

cash. The Corporation's cash and restricted cash are mostly held with reputable Canadian or Moroccan banks.

Credit risk arises from the possibility that its customers may experience financial difficulties and be unable to fulfil their

obligations. The Corporation requires that it is paid the majority of what it is owed on transfer of property and deals with only

creditworthy counterparties to mitigate the risk of financial loss from defaults. The Corporation monitors the credit risk of

customers through credit rating reviews and constant communication with customers. The Corporation establishes an

allowance for expected credit losses taking into account the credit risk of specific customers, historical trends and other

information. As at September 30, 2025 and December 31, 2024, the Corporation sells its ingots and silver concentrated ore to

a limited number of large customers and has never experienced a credit loss. Consequently, credit risk is considered to be

limited. In management's opinion, the maximum credit risk exposure for all of the Corporation's current financial assets is the

carrying value of those assets.

***Commodity price risk***

The Corporation's profitability is exposed to commercial risks notably those linked to the price of silver. The Corporation does

not have financial instruments to hedge exposures to silver price fluctuations.

***Liquidity risk***

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. The organization has instituted a comprehensive planning and budgeting process designed to ascertain the

financial resources necessary to sustain its standard operational requirements and developmental initiatives. Over the years,

the Corporation generates cash flow from its financing activities.

As part of its $100,000 financing with EBRD (<u>N</u><u>[ote 7](#i27588d2cd97e4a67a441a188dad5b722_49)</u>)<u>,</u> the Corporation is required to maintain $18,000 in restricted cash for a

Cost Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, as defined in

the credit agreement, any unused portion of the COF may be reallocated to fund the $16,250 Debt Service Reserve Account

("DSRA").

With the start of commercial production phase of the new Zgounder mill effective at the end of 2024, the Corporation currently

intends to take into account the anticipated cash flows generated from operational activities to contribute to its business

commitments.

The following are the contractual maturities of financial liabilities and other liabilities, including interest that is included in

accounts payable as at September 30, 2025:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **21** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**15. FINANCIAL RISK MANAGEMENT** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities | 61426 | 61426 | 61426 | - | - |
| Long-term debt (excluding interest)  | 111763 | 115000 | 28571 | 43571 | 42858 |
| Balance of purchase price payable | 1649 | 1649 | 1649 | - | - |
| Lease liabilities | 1428 | 1648 | 422 | 342 | 884 |
|  | **176266** | **179723** | **92068** | **43913** | **43742** |

---

The following are the contractual maturities of financial liabilities as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Carrying**<br>**Amount**<br>**$** | **Contractual** <br>**cash flows**<br>**$** | **0-12**<br>**months**<br>**$** | **12-24**<br>**months**<br>**$** | **More than**<br>**24 months**<br>**$** |
| Accounts payable & accrued liabilities  | 51351 | 51351 | 51351 | - | - |
| Long-term debt (excluding interest)  | 95517 | 100000 | - | 28571 | 71429 |
| Balance of purchase price payable | 1483 | 1483 | 1483 | - | - |
| Lease liabilities | 1403 | 1650 | 356 | 330 | 964 |
|  | 149754 | 154484 | 53190 | 28901 | 72393 |

---

***Foreign currency risk***

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, BGM and AGS, for which the functional currency is

the Moroccan dirham. Transactions related to the Corporation's exploration and evaluation activities are mainly denominated

in Moroccan dirhams.

Foreign currency denominated financial assets and liabilities which expose the Corporation to currency risk are presented

below.

The Corporation enters into option contracts to mitigate some of the risk of fluctuations in the exchange rate of its holdings of

US dollars. 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.

The fair value of option contracts, which represents the amount that would be received/(paid) by the Corporation if the

contracts were terminated at September 30, 2025 was $59 (December 31, 2024 - $42).

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **22** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**15. FINANCIAL RISK MANAGEMENT** (continued)

Balances in the table below are dominated in US dollars, the presentation currency of the Corporation:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September 30, 2025**<br>| **USD**<br>**$** | **EUR**<br>**$** | **CAD**<br>**$** | **MAD**<br>**$** | **Total**<br>**$** |
| Cash | 37338 | 56 | - | - | 37394 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Accounts receivable | 14177 | - | - | - | 14177 |
| Current portion of long-term debt | (28571) | - | - | - | (28571) |
| Long-term debt | (86429) | - | - | - | (86429) |
| Accounts payable and accrued liabilities | (5556) | (1406) | (283) | - | (7245) |
| Balance of purchase price payable | - | - | - | (1649) | (1649) |
|  | **(51041)** | **(1350)** | **(283)** | **(1649)** | **(54323)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024**<br>| **USD**<br>**$** | **EUR**<br>**$** | **CAD**<br>**$** | **MAD**<br>**$** | **Total**<br>**$** |
| Cash | 7774 | 179 | - | - | 7953 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Accounts receivable | 1053 | - | - | - | 1053 |
| Long-term debt | (100000) | - | - | - | (100000) |
| Accounts payable and accrued liabilities | (5514) | (1060) | (666) | - | (7240) |
| Balance of purchase price payable | - | - | - | (1483) | (1483) |
|  | (78687) | (881) | (666) | (1483) | (81717) |

---

The impact on net income and equity of a 10% increase or decrease in foreign currencies on the Corporation's financial

instruments based on balances on September 30, 2025 would be approximately $5,432 (December 31, 2024 - $8,172).

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **23** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**16. FINANCIAL INSTRUMENTS**

The classification of financial instruments is summarized as follows, as at September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Financial Assets** | **Classification** | **September 30,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Cash | Financial assets at amortized cost | **129184** | 30944 |
| Accounts receivable | Financial assets at amortized cost | **14864** | 1827 |
| Deposit in trust | Financial assets at amortized cost | **-** | 695 |
| Restricted cash | Financial assets at amortized cost | **18163** | 18246 |
|  |  | **162211** | 51712 |
| **Financial Liabilities** | **Classification** | **September 30,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Current portion of long-term debt (<u>[Note 7](#i27588d2cd97e4a67a441a188dad5b722_49)</u>) | Financial liabilities at amortized cost | **28571** | - |
| Long-term debt (<u>[Note 7](#i27588d2cd97e4a67a441a188dad5b722_49)</u>) | Financial liabilities at amortized cost | **83192** | 95517 |
| Accounts payable and accrued liabilities | Financial liabilities at amortized cost | **61426** | 51351 |
| Balance of purchase price payable | Financial liabilities at amortized cost | **1649** | 1483 |
|  |  | **174838** | 148351 |
| **Financial Assets** | **Classification** | **September 30,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Option contracts | Fair value through profit & loss | **59** | 42 |
|  |  | **59** | 42 |

---

***Fair value of financial instruments***

Current financial instruments that are not measured at fair value consist of by cash, accounts receivable, restricted cash,

accounts payable and accrued liabilities, balance of purchase price payable and long-term debt. Their carrying values are

considered a reasonable approximation of their fair value because of their short-term maturity. The long-term debt is

predominantly subject to a variable interest rate. As a result, the carrying value is considered to be its fair value.

***Fair value hierarchy***

The following table classifies financial assets and liabilities that are recognized on the consolidated statement of financial

position at fair value in a hierarchy that is based on significance of the inputs used in making the measurements. The levels in

the hierarchy are:

Level 1:Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3:Inputs for the asset or liability that are not based on observable market data.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **24** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**16. FINANCIAL INSTRUMENTS** (continued)

As at September 30, 2025, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | 59 | - | **59** |

---

As at December 31, 2024, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | 42 | - | **42** |

---

The Corporation's foreign currency option contracts are not traded in active markets. The fair value of these instruments has

been determined using observable forward exchange rates. The effects of non-observable inputs are not significant for foreign

contract positions.

**17. SUPPLEMENTAL CASH FLOW INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Accounts receivable | **(3174)** | (3191) | **(12473)** | (5880) |
| Sales tax receivable | **(1847)** | (1883) | **(5767)** | 976 |
| Income tax receivable | **73** | 286 | **3670** | (1389) |
| Inventories | **2667** | (3767) | **(343)** | (9355) |
| Prepaid expenses and security deposits | **(209)** | (116) | **(1914)** | (376) |
| Accounts payable and accruals | **(3264)** | (2764) | **14203** | 7416 |
| Income tax payable | **2908** | - | **8131** | (3058) |
| **Changes in working capital items** | **(2846)** | (11435) | **5507** | (11666) |
| **Non-cash transactions** |  |  |  |  |
| Additions of new lease right-of-use assets  | **78** | 88 | **158** | 137 |
| Addition of new lease liabilities  | **(78)** | (88) | **(158)** | (137) |
| Net change in deposits to suppliers for capital expenditures | **1607** | 3531 | **3114** | 8012 |
| Change in accounts payable and accrued liabilities related <br>to PP&E<br>| **(3182)** | 1702 | **(10488)** | (9523) |
| Change in accounts payable and accrued liabilities related <br>to E&E assets<br>| **(4798)** | 4017 | **(1771)** | 7758 |
| Share-based compensation in PP&E additions | **56** | - | **192** | - |
| Share-based compensation in E&E additions | **156** | - | **532** | - |
| Investment in associate | **-** | - | **7931** | - |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **25** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**18. INCOME (LOSS) PER COMMON SHARE**

Basic income per share is the net income available to common shareholders divided by the weighted average number of

common shares outstanding during the period. Diluted net income per share adjusts basic net income per share for the effects

of potential dilutive common shares such as options, RSUs and DSUs.

The calculations for basic and diluted income per share for the three and nine-month periods ended September 30, 2025 and

2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Net income | **12422** | (263) | **27994** | 3959 |
| Weighted average number of shares – basic | **138547641** | 129727167 | **135073092** | 128969083 |
| Impact of dilutive securities |  |  |  |  |
| Stock options, RSUs and DSUs | **5363487** |  | **5094216** | 4731764 |
| Weighted average number of shares – diluted | **143911128** | 129727167 | **140167308** | 133700847 |
| Income per share - basic | **0.09** | (0.00) | **0.21** | 0.03 |
| Income per share - diluted | **0.09** | (0.00) | **0.20** | 0.03 |

---

Weighted average number of shares - diluted excludes the effects of 3,333,333 share purchase options as at September 30,

2025 as they were anti-dilutive. There were no anti-dilutive securities as at September 30, 2024.

**19. DEFERRED INCOME TAX**

During the nine-month period ended September 30, 2025, the Corporation recognized deferred tax assets of $4,757 in relation

to unrealized gains on foreign exchange in the current period that will be deductible against future taxable income in Morocco,

offset by a deferred tax liability of $457 in the Canadian entity.

The Corporation also recorded deferred tax assets of $1,120 recognized in equity for share issues costs incurred.

**20. CONTINGENT LIABILITY**

On August 5, 2025, the Corporation received net proceeds of $7,248 in connection with the enforcement of liquidated damages

against to Duro Felguera S.A. ("DF"), the contractor for the mine expansion. The amount received has been applied against

Mining assets in production. Subsequent to the disbursement of funds, DF sought to suspend the application and reverse the

underlying decision allowing the execution of the performance bonds in several jurisdictions in Spain. To that end, DF filed an

appeal seeking to overturn the judgment and recover the settlement amount which appeal has not yet been admitted by the

court. Their action seeking the suspension of the execution in another jurisdiction was rejected on October 22, 2025.

Management has reviewed the facts and circumstances of the case, together with external legal counsel, and believes that it is

not probable that the Corporation will be required to repay any portion of the funds received in the course of procedures in

Spain. Accordingly, no provision has been recognized in the consolidated financial statements as at September 30, 2025.

However, since the outcome of the appeal cannot be determined with certainty at this time, any potential repayment, if

required, would be recognized in the period in which the obligation becomes probable and can be reliably measured.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS / Q3 2025 | **26** |

---

**Notes to Condensed Interim Consolidated Financial Statements**

**September 30, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted - unaudited)

**21. RELATED PARTY TRANSACTIONS** 

During the three and nine-month periods ended September 30, 2025 and 2024 and the year ended December 31, 2024, the

following related party transaction occurred in the normal course of operations for management and consulting fees to

Groupe Conseils Grou, La Salle Inc., a company owned by the President and Chief Executive Officer, in the amount of $227 and

$676 for the three and nine-month periods ended September 30, 2025, respectively ($234 and $703 for the three and nine-

month periods ended September 30, 2024, respectively). As at September 30, 2025, $335 (December 31, 2024 - $370) was due

to that company.

***Remuneration of key management personnel of the Corporation*** 

Key management included members of the Board of Directors and executive officers of the Corporation. During the three and

nine-month periods ended September 30, 2025 and 2024 the remuneration awarded to key management personnel (including

the amounts above) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **$** | $| **$** | $|
| Salaries and benefits | **355** | 320 | **1177** | 981 |
| Management consulting and professional fees | **320** | 324 | **956** | 972 |
| Share-based compensation\* | **2661** | 1550 | **9271** | 3142 |
|  | **3336** | 2194 | **11404** | 5095 |

---

*\* Share-based payments represent a non-cash expense related to the vesting of equity-based awards granted to directors and* 

*executive officers, including stock options, restricted share units, and deferred share units.*

## Exhibit 99.78

![cover_mdaxq3-2025a.jpg](cover_mdaxq3-2025a.jpg)

**Exhibit 99.78**

**MANAGEMENT'S**

**DISCUSSION**

**AND ANALYSIS**

**For the three and nine-month periods**

**ended September 30, 2025 and 2024**

![cover_mdaxq3-2025xpage2a.jpg](cover_mdaxq3-2025xpage2a.jpg)

AYA GOLD & SILVER INC. INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-2025 2

**Management's Discussion and Analysis of Financial** 

**Condition and Results of Operations**

This Management's Discussion and Analysis ("MD&A") of the operations, results, and financial position of Aya Gold & Silver

Inc. (the "Corporation" or "Aya"), dated November 10, 2025, covers the three and nine-month periods ended September 30,

2025. This MD&A is prepared by management and should be read in conjunction with the Corporation's Unaudited Condensed

Interim Consolidated Financial Statements ("FS") and related notes for the three and nine-month periods ended September 30,

2025. The Corporation uses certain non-GAAP financial measures in this MD&A as described under "Non-GAAP Measures".

The Corporation's September 30, 2025 FS and the related financial information contained in this MD&A have been prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" of the IFRS Accounting Standards ("IFRS")

as issued by the International Accounting Standards Board ("IASB"), unless otherwise stated. All amounts are stated in

thousands of United States dollars ("US"), except for per share amounts, or unless otherwise indicated. References to "C$" are

to the Canadian dollar while "MAD" refers to the Moroccan Dirham.

This MD&A contains forward-looking information that is subject to risk factors set out in a cautionary note in this MD&A under

"Cautionary Statement Regarding Forward-Looking Information". All information contained in the FS and this MD&A has been

reviewed by the Audit Committee and approved by the Corporation's Board of Directors. This MD&A is current as of November

10, 2025, unless otherwise stated.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20253

**Contents**

---

| | |
|:---|:---|
| **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#iaffa184a94d24d869e07f70bede69573)** | **[2](#iaffa184a94d24d869e07f70bede69573)** |
| **[Contents](#i61ddce13596142f58255312bf2c34c5b)** | **[3](#i61ddce13596142f58255312bf2c34c5b)** |
| **[Business Overview](#i4c54992ea3204a9493d893abc4b2ef26)** | **[4](#i4c54992ea3204a9493d893abc4b2ef26)** |
| **[Q3-2025 and YTD-2025 Operational and Financial Highlights](#id321436060ae4d708c729f3f7fb779dd)** | **[6](#id321436060ae4d708c729f3f7fb779dd)** |
| **[Recent Developments](#i33b2ed3c7b574cf9b78d73ae4e15874a)** | **[8](#i33b2ed3c7b574cf9b78d73ae4e15874a)** |
| **[Operating Results](#i47b574135c054b95ade45893c719b3e5)** | **[9](#i47b574135c054b95ade45893c719b3e5)** |
| **[Development and Exploration](#ia56c5988134d414480e032325cfe836e)** | **[10](#ia56c5988134d414480e032325cfe836e)** |
| **[Sustainability](#ie4f2f16ad7ca4c749ebc544c8113bbdc)** | **[14](#ie4f2f16ad7ca4c749ebc544c8113bbdc)** |
| **[Transaction with Mx2 Mining](#ibd5bfd32e21347a090db926ee9ec4f63)** | **[15](#ibd5bfd32e21347a090db926ee9ec4f63)** |
| **[Overview of Financial Performance](#i8f5044bedf274d77b3f9ff960f4475d6)** | **[16](#i8f5044bedf274d77b3f9ff960f4475d6)** |
| **[Summary of Quarterly Results](#i52bdba35e8ce4fd5b324e2e8467f8e96)** | **[18](#i52bdba35e8ce4fd5b324e2e8467f8e96)** |
| **[Liquidity and Capital Resources](#i950b3a99b9da4408a3491722999893bd)** | **[19](#i950b3a99b9da4408a3491722999893bd)** |
| **[Financial Position](#i8a78c6dce0c64ec18c1d139c1715636a)** | **[22](#i8a78c6dce0c64ec18c1d139c1715636a)** |
| **[Capital Management](#i59cbf814c20b4de0afa8824845d07680)** | **[23](#i59cbf814c20b4de0afa8824845d07680)** |
| **[Commitments and Contingency](#i2401642a887d45dbb78b7f2fb090684a)** | **[24](#i2401642a887d45dbb78b7f2fb090684a)** |
| **[Non-GAAP Measures](#i58c7311e110f410b8d9af97f7440c823)** | **[25](#i58c7311e110f410b8d9af97f7440c823)** |
| **[Risks and Uncertainties](#ia95a47a9765d464faa6208e3f85fab4a)** | **[26](#ia95a47a9765d464faa6208e3f85fab4a)** |
| **[Other Financial Information](#i7c19eecedd474d78bb783e64e7cd5c62)** | **[26](#i7c19eecedd474d78bb783e64e7cd5c62)** |
| **[Accounting Policies, Judgements and Estimates](#i1a4f0ec722f64552899e5dfafb5399ea)** | **[27](#i1a4f0ec722f64552899e5dfafb5399ea)** |
| **[Proposed Transaction](#i0c9d0129111a4187921d9a5bfc695a0e)** | **[28](#i0c9d0129111a4187921d9a5bfc695a0e)** |
| **[Management's Report on Internal Controls and Financial Reporting](#iacc74fce1f0847e9ae5bc98d865b3c7a)** | **[29](#iacc74fce1f0847e9ae5bc98d865b3c7a)** |
| **[Additional Information and Continuous Disclosure](#i0ab4e48cef994ad3ac7a57a3e0c54833)** | **[29](#i0ab4e48cef994ad3ac7a57a3e0c54833)** |
| **[Technical Information](#i4a750e03c40d40939769e08f467ead6b)** | **[29](#i4a750e03c40d40939769e08f467ead6b)** |
| **[Cautionary Note Regarding Forward-Looking Information](#iab3ecd280d4449179a992845f4d4f6c1)** | **[30](#iab3ecd280d4449179a992845f4d4f6c1)** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20254

**Business Overview**

**General Information**

Aya Gold & Silver Inc. is a Canadian-based precious metals mining corporation active across the full mining lifecycle; from

discovery and development through to production. The Corporation operates in Morocco, a politically stable jurisdiction with

supportive regulatory environment, offering low operating costs and well-developed infrastructure.

Aya's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located

along the Anti-Atlas fault, one of North Africa's most geologically rich and underexplored regions, known for hosting world-

class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is

currently at the exploration and evaluation stage.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF". Aya's issued and outstanding

share capital totals 141,900,422 common shares on November 10, 2025.

**Geographic Overview** 

• The Zgounder mining permit covers 16 km², and 29 mining and exploration permits for Zgounder Regional cover an

additional 383 km².

• Boumadine's exploration portfolio includes 31 permits and licenses totaling 339 km², among which one 32 km² mining

license forms the basis of the Preliminary Economic Assessment (the "PEA" or the "Study") discussed further. The project

also benefits from an additional 600 km² of exploration authorization.

![map_operationsxworldxoctoba.jpg](map_operationsxworldxoctoba.jpg)

For details and history of permitting please refer to the Corporation's latest Annual Information Form available on SEDAR+

(www.sedarplus.ca).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20255

**Zgounder Silver Mine** 

Located in Morocco's central Anti-Atlas Mountains, the wholly owned Zgounder Mine is a rare, high-grade primary silver

operation, differentiating Aya from most producers that recover silver as a by-product. A 2022 feasibility study, supported by a

mineral reserve estimate, confirmed strong economics for a large expansion, for which commercial production was declared

on December 29, 2024.

**Ramp-Up of Commercial Operations**

In December 2024, the Corporation completed the construction of a new processing plant at the Zgounder Silver Mine, marking

a major milestone in its transition to a fully mechanized, high-capacity operation. The expansion increased processing

capacity approximately four-fold from prior levels; the nameplate processing capacity is currently estimated at 2,700 tonnes

per day. The project included new underground and open-pit mine development, upgraded tailings and water storage facilities,

and the construction of an on-site assay laboratory. Infrastructure improvements included a new electrical substation and

power line required to fulfill the power requirements of the new plant.

Silver is produced through cyanide leaching and refined into doré bars. All of the Corporation's revenue is derived from the

production and sale of silver, which is refined in Switzerland. Sales are made on a regular basis to achieve current market

prices. Until January 2025, the Corporation also operated a flotation circuit and sold silver concentrate in addition to doré

production.

**Near-Mine and Regional Exploration**

Exploration is a core part of Aya's growth strategy, focused on expanding its resource base, advancing priority targets, testing

new prospective zones, guiding future development decisions and enhancing overall geological understanding of the project

area. The 2025 exploration program is targeting 20,000 to 25,000 metres of Diamond Drill Holes ("DDH") of additional drilling.

**Mineral Reserve and Mineral Resource Estimate** 

On June 16, 2022, Aya published a NI 43-101 compliant, amended technical report and feasibility study available on SEDAR+

(www.sedarplus.ca). An updated NI 43-101 on the Zgounder Silver Mine is expected to be released in Q4-2025.

**Boumadine Polymetallic Project**

Located in the Anti-Atlas region of eastern Morocco, Boumadine is a polymetallic gold-silver-zinc-lead system owned 85% by

Aya and 15% by National Office of Hydrocarbons and Mines ("ONHYM").

**Exploration**

The Boumadine project is Aya's most advanced development-stage asset and a key pillar of its long-term growth strategy in

Morocco. Boumadine benefits from year-round access and supportive infrastructure, and remains open in all directions. The

2025 exploration program is targeting 100,000 to 140,000 metres of additional drilling to expand mineralization, test satellite

targets, and assess broader regional potential. Exploration is supported by Aya's strong balance sheet and disciplined capital

allocation.

Since 2022, Aya has completed nearly 308,000 metres of drilling at Boumadine, significantly advancing the geological model.

Metallurgical testwork conducted on Boumadine mineralization supports a two-stage processing flowsheet. Approximately

50% of the Inferred resource is pit-constrained, with the remainder amenable to underground development, offering

operational flexibility. Subsequent to quarter end, we announced the results of a Preliminary Economic Assessment ("PEA") for

the Boumadine project. Refer to the "Recent Developments" section for details.

**Mineral Resource Estimate**

On February 24, 2025, the Corporation published an updated NI 43-101 compliant Mineral Resource Estimate ("MRE"),

incorporating 2024 drill results; available on SEDAR+ (www.sedarplus.ca). See "Recent Developments" and "Development and

Exploration" sections. On November 4th, 2025 the Corporation published the results of its 2025 Boumadine Preliminary

Economic Assessment (the "PEA" or the "Study") for the Boumadine Project (the "Project" or "Boumadine") located in the

Kingdom of Morocco.

<sup>1</sup>Non-GAAP Measures, refer to page 25.

<sup>2</sup>Non-GAAP Measures, consisting of current assets of $196,495 less current liabilities of $100,348 (December 31, 2024, current assets of $76,540 less current

liabilities of $53,116).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20256

**Q3-2025 and YTD-2025 Operational and Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Operational for Zgounder** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Ore Mined (tonnes) | 215405 | 120985 | 78% | 651354 | 341890 | 91% |
| Average Grade Mined (g/t Ag)  | 142 | 148 | (4)% | 144 | 161 | (11)% |
| Ore Processed (tonnes) | 305964 | 83352 | 267% | 829178 | 245246 | 238% |
| Average Grade Processed (g/t Ag) | 146 | 161 | (9)% | 149 | 176 | (15)% |
| Combined Mill Recovery (%) | 92.5% | 83.0% | 9.5% | 87.4% | 83.3% | 4.1% |
| Milling Operations (tpd) | 3326 | 906 | 267% | 3037 | 895 | 239% |
| Silver Ingots Produced (oz) | 1346882 | 114825 | 1,073% | 3400372 | 357040 | 852% |
| Silver in Concentrate Produced (oz) |  | 241102 | (100)% | 57479 | 797914 | (93)% |
| **Total Silver Produced (oz)** | **1346882** | **355927** | **278%** | **3457851** | **1154954** | **199%** |
| Silver Ingots Sold (oz) | 1363511 | 137001 | 895% | 3464280 | 366726 | 845% |
| Silver in Concentrate Sold (oz) |  | 266956 | (100)% | 103044 | 797468 | (87)% |
| **Total Silver Sales (oz) (A)** | **1363511** | **403957** | **238%** | **3567325** | **1164194** | **206%** |
| Avg. Net Realized Silver ($/oz) (B/A) | 39.85 | 27.29 | 46% | 35.54 | 25.58 | 39% |
| Cash Costs per Silver Ounce Sold<sup>1</sup> | 20.79 | 23.47 | (11)% | 20.38 | 20.30 | —% |
| **Financial** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Revenues (B) | 54337 | 11024 | 393% | 126783 | 29780 | 326% |
| Cost of Sales | 32971 | 9146 | 260% | 86225 | 22652 | 281% |
| Gross Profit | 21366 | 1878 | 1,038% | 40558 | 7128 | 469% |
| Operating Income (Loss) | 15171 | (3062) | 595% | 26167 | (4277) | 712% |
| Net Income (Loss) | 12422 | (263) | 4,823% | 27994 | 3959 | 607% |
| Operating Cash Flows | 22390 | (11767) | 290% | 38099 | (9210) | 514% |
| **Shareholders** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Income (loss) per Share – basic | 0.09 | (0.00) | NM | 0.21 | 0.03 | NM |
| Income (loss) per Share – diluted | 0.09 | (0.00) | NM | 0.20 | 0.03 | NM |
|  | **September 30,** | **December 31,** |  |  |  |  |
| **Financial** | **2025** | **2024** | **Variance** |  |  |  |
| Working Capital<sup>2</sup> | 96147 | 23424 | 310% |  |  |  |
| Cash  | 129184 | 30944 | 317% |  |  |  |

---

<sup>3</sup> Non-GAAP Measures, refer to page 25.

<sup>4</sup> Non-GAAP Measures, refer to page 25.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20257

**Q3-2025 Operational Highlights:**

• Silver production of 1,346,882 oz in Q3-2025 compared to 355,927 oz in Q3-2024, an increase of 278%.

• Mill average feed grade of 146 g/t Ag was recorded in Q3-2025 compared to 161 g/t Ag in Q3-2024, a decrease of 9%.

• Milling operations reached 3,326 tpd in Q3-2025 compared to 906 tpd in Q3-2024.

• Average mill recovery of 92.5% in Q3-2025 compared to 83.0% in Q3-2024, an increase of 9.5%.

• Plant availability reached 96% in Q3-2025.

• The new plant is now running above nameplate capacity, with recoveries at or above feasibility study levels.

• 215,405 tonnes of ore were mined in Q3-2025 for an average of 2,341 tpd mined compared to 120,985 tonnes (1,315 tpd)

in Q3-2024.

• Both underground and open pit ramp up continue to plan and are expected to reach steady state production by year end.

For the third quarter of the year, underground mining rate averaged 1,276 tonnes of ore per day, on target. For the open pit,

total material moved continued to increase and averaged 34,050 tpd, for a total of 3,132,590 tonnes, out of which

1,142,101 tonnes of waste were capitalized and 98,027 tonnes of ore were extracted. The ore mining rate at the open pit

averaged 1,066 tonnes of ore per day.

• A total of 29,524 metres ("m") of drilling was completed at Boumadine, 7,664 m at Zgounder and 2,106 m on Zgounder

Regional permits.

• Improved TRIFR: Recordable Injury Frequency Rate decreased to 13.38 in Q3-2025, down from 16.24 in Q3-2024, reflecting

progress in incident prevention. 6,636 Hours of training delivered, including 5,040 hours in September alone, with 100% of

incidents analyzed and continued focus on leading indicators and contractor safety.

**Q3-2025 Financial Highlights:**

• Revenue from silver sales totaled $54,337 in Q3-2025 (Q3-2024 – $11,024), an increase of 393% representing an average

net realized silver price of $39.85 per oz (Q3-2024 - $27.29/oz).

• Cost of sales of $32,971 (Q3-2024 – $9,146) with an average cash cost per silver oz sold of $20.79 in Q3-2025 compared

to $23.47 oz in Q3-2024.<sup>3</sup>

• Operations generated a gross profit of $21,366 in Q3-2025 compared to a gross profit of $1,878 in Q3-2024, an increase

of 1,038%.

• Net income was $12,422 (diluted EPS of $0.09) in Q3-2025, compared to a net loss of $(263) (diluted EPS of $(0.00)) in

Q3-2024.

• Cash flow generated by operating activities of $22,390 in Q3-2025 compared to cash flow used of $(11,767) in Q3-2024.

**YTD-2025 Operational Highlights:**

• Silver production of 3,457,851 oz in YTD-2025 compared to 1,154,954 oz in YTD-2024, an increase of 199%.

• Mill average feed grade of 149 g/t Ag was recorded in YTD-2025 compared to 176 g/t Ag in YTD-2024, a decrease of 15%.

• Milling operations reached 3,037 tpd in YTD-2025 compared to 895 tpd in YTD-2024.

• Average combined mill recovery of 87.4% in YTD-2025 compared to 83.3% in YTD-2024, an increase of 4.1%.

• Combined plant availability reached 95% in YTD-2025.

• 651,354 tonnes of ore were mined in YTD-2025 for an average of 2,386 tpd mined compared to 341,890 tonnes (1,248 tpd)

in YTD-2024.

• A total of 109,240 m of drilling was completed at Boumadine, 15,283 m at Zgounder and 4,376 m on Zgounder Regional

permits.

**YTD-2025 Financial Highlights:**

• Revenue from silver sales totaled $126,783 in YTD-2025, (YTD-2024 – $29,780), an increase of 326% representing an

average net realized silver price of $35.54 per oz (YTD-2024 - $25.58).

• Cost of sales of $86,225 (YTD-2024 – $22,652) with an average cash cost per silver oz sold of $20.38 in YTD-2025

compared to $20.30 oz in YTD-2024.<sup>4</sup>

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20258

• Operations generated a gross profit of $40,558 in YTD-2025 compared to a gross profit of $7,128 in YTD-2024, an

increase of 469%.

• The closing of the Mx2 transaction generated a one-time gain of $1,828 and a net impairment recovery of $3,987.

• Net income was $27,994 (diluted EPS of $0.20) in YTD-2025, compared to $3,959 (diluted EPS of $0.03) in YTD-2024.

• Cash flow generated by operating activities of $38,099 in YTD-2025 compared to cash flow used of $(9,210) in YTD-2024.

• **Recent Developments**

• On November 4, 2025, Aya released the results of its Preliminary Economic Assessment for the Boumadine project (the

"Boumadine PEA"). The Boumadine PEA confirms the project's economic potential under our Base Case ($2,800/oz gold,

$30/oz silver), with an after-tax NPV5% of $1.5 billion, IRR of 47%, and a payback period of 2.1 years. The project includes

open pit and underground operations and a conventional 8,000 tonnes per day ("tpd") flotation plant. The flotation plant

will produce three salable gold- and silver-bearing concentrates – zinc, lead, and pyrite. The economic model is based on

an 11-year life of mine ("LOM") and average annual production of 328 thousand ounces ("koz") gold-equivalent, or 30.6

million ounces ("Moz") of silver-equivalent ("AgEq"). All-in sustaining costs are estimated at $1,021/oz Au. Initial Capital is

estimated at $446 million including a contingency of $96 million, as well as sustaining capital of $340 million over the

LOM. For further details, please refer to the "Boumadine Preliminary Economic Assessment" section of this document,

along with our press release dated November 4, 2025 and the Boumadine PEA presentation on our website at

**www.ayagoldsilver.com**.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-20259

**Operating Results**

**Q3-2025 Zgounder Silver Mine Operations**

In Q3-2025, 305,964 tonnes of ore was processed. Mill availability for the quarter was 96%. Average processed grade was

146 g/t Ag. Q3-2025 was highlighted by a continuous increase in mill tonnage while sustaining 92.5% recovery. Daily

throughput averaged 3,326 tpd, producing 1,346,882 oz of silver during the quarter. Throughput increased during the quarter

averaging 2,924 tpd in July, 3,489 tpd in August and 3,572 tpd in September.

The total mining rate for the quarter averaged 2,341 tpd, for a total of 215,405 tonnes of ore mined at a grade of 142 g/t, with

focus on open pit stripping in the north east sector, where 1.1Mt of waste was capitalized. The acceleration of the mining rate

is expected to continue throughout the year, to exceed 3,000 tpd by the end of 2025 for both mines.

In Q3-2025, 98,027 tonnes (1,066 tpd) of ore were mined from the open pit at an average grade of 123 g/t Ag. The open pit

mine had a strip ratio of 19 during Q3-2025. It should be noted that the 19 strip ratio excludes the capitalized waste of 1.1Mt

for the quarter. The open pit mining rate will continue to increase as more equipment will be mobilized through the rest of the

year. The open pit mining rate is expected to reach over 40,000 tpd of total material moved by year end. The open pit total

material movement averaged 34,049 tpd for the quarter.

In Q3-2025, 117,378 tonnes (1,276 tpd) was mined in the underground mine at an average grade of 159 g/t Ag. Steady state

mining was reached underground, and mined grade was according to plan.

At the end of the quarter, the stockpile stood at 158,546 tonnes of ore at a silver grade of 135 g/t, providing the necessary

cushion to progressively increase the mining rate.

![capturedecranle2025-10x22aa.jpg](capturedecranle2025-10x22aa.jpg)

Figure 1 - Zgounder Open Pit

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202510

**Capital Projects**

The "super pit" project is near completed, with main surface infrastructures (transformers, cement plant, emergency

underground raise and main fans) moved to allow for the larger footprint of the open pit.

Preparation for the phase two of the Tailing Storage Facility ("TSF") is ongoing, with mobilization for construction to start

before year-end. Extra milling capacity was unlocked in Q3-2025 by increasing tailing pumping capacity. The mill can now

sustain 3,700 tpd.

Underground development is progressing as planned, with new, deeper levels, being opened. The ramp is now lower than the

1,825 level. The decline design for lower level is near completed and will continue to reach 1,650 level in the coming years.

**Development and Exploration**

The Corporation's drilling program remains on schedule and is progressing according to plan, supporting its 2025 exploration

and resource development objectives.

**Zgounder Near-Mine Exploration**

In Q3-2025, the Corporation completed 7,664 m of DDH both underground and at surface on near-mine targets, focusing west

of the main ore body—near the major fault, at depth and to the north of the open-pit area. The program aimed to define both

lateral and vertical mineralization, with encouraging results outlining significant down-plunge extensions through thick high-

grade interceptions. Results from underground holes ZG-SF-25-641 and ZG-SF-25-648, which intersected 1,164 g/t Ag over 3.0

m and 1,080 g/t Ag over 3.0 m respectively, confirmed the continuity of high-grade mineralization beyond the current resource

boundary, supporting future resource growth. In addition, surface hole ZG-25-156 intercepted 167 g/t Ag over 2.0 m, included

into a broader anomalous interval of 19.0 m just north of the current open-pit.

**Zgounder Regional Exploration**

Drilling Activity

As part of the Corporation's 2025 regional exploration program, a total of 2,106 m of Reverse Circulation (''RC") drilling were

completed on the Zgounder Regional permits during Q3-2025. Following the identification of high-priority targets in the first

half of 2025, the RC drill exploration program at Zgounder Far East was completed, targeting several geochemically and

structurally defined anomalies. The drill program is on-track with the 2025 full year target of 20,000 to 25,000 meters for both

near-mine extensions and regional prospects on surrounding permits.

Mapping and Target Generation

Detailed geological mapping and prospecting are being carried out on both Tourchkal and Zgounder Far East permits. Several

drill targets have been identified on these permits supporting future phases of the 2025 drill program.

**Boumadine Exploration**

Drilling Activity

In Q3-2025, the Corporation completed 29,524 m of combined DDH and RC at Boumadine confirming continuity of the

Boumadine deposit and Tizi Zone as well as extending the strike length of the Imariren Zone to 1.2 km. Recent highlights

include high-grade silver-equivalent intercepts on the main trend (e.g., 369 g/t AgEq over 9.0 m), Tizi (e.g., 272 g/t AgEq over

4.6 m). These results confirm mineralization continuity and support the expansion of known zones. The main trend is the

backbone of the deposit and will form the foundation of our upcoming PEA. Further, targets identified by the 2024 mapping

and geophysical program were also drill tested, with preliminary results providing the discovery of the new Asirem gold zone

with drilling intersects of 1.52 g/t Au over 4.3 m in BOU-DD25-629 and 4.53 g/t Au in BOU-DD25-632. The Corporation has

completed 109,240 m in the first nine months of the year, exceeding the low end of its drilling program (100,000 to 140,000 m)

and drilling is continuing.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202511

Mapping and Target Generation

In Q3-2025, we identified the extension of the new prospective gold-copper zone, Asirem, within recently acquired western

permits and located at surface west of the Boumadine main trend. The mineralized structure is traceable over 9 km to the

west. Drill testing will continue in the fourth quarter of the year as part of the greenfield component of the current drill program.

For further details, refer to our press release dated September 15, 2025 on our website at **www.ayagoldsilver.com**.

Permit Expansion

In Q3-2025 the Corporation further expanded its Boumadine land holdings with the acquisition of two additional mining

licenses adding 25.1 km<sup>2</sup>, increasing the overall land package to 339.3 km<sup>2</sup>.

**Boumadine Preliminary Economic Assessment** 

On November 4, 2025, Aya announced the results of its 2025 Boumadine Preliminary Economic Assessment (the "Boumadine

PEA") for the Boumadine project located in the Kingdom of Morocco (the "Project"). The Boumadine PEA was prepared in

accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by independent

Qualified Persons, notably Lycopodium Minerals Canada Ltd and WSP Canada Inc.

Key highlights of the Boumadine PEA, including production profile, capital and operating costs, and expected economic

returns, are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Base Case** | **Base Case** | |
| <br>**Project Economics** | <br>**Units** | **Pre-tax** | **Post-tax** | **Spot Prices**<sup>2</sup><br>**Post-tax** |
| Gold Price | $/oz | 2800 | 2800 | 4000 |
| Silver Price | $/oz | 30 | 30 | 48 |
| Initial Capital Expenditures | $M | 446 | 446 | 446 |
| **AISC**<sup>1</sup> | **$/oz AuEq** | **1021** | **1021** | **1068** |
| Net Present Value (NPV5%)<sup>1</sup> | $B | 2.2 | 1.5 | 3.0 |
| Internal Rate of Return ("IRR") | % | 69% | 47% | 77% |
| Payback | Years | 1.3 | 2.1 | 1.2 |
| NPV:Capex<sup>3</sup> |  | 5.0 | 3.3 | 6.6 |
| Revenue | $B | 7.0 | 7.0 | 10.1 |
| Free Cash Flow<sup>1</sup> | $B | 2.8 | 2.0 | 3.8 |

---

1. AISC and FCF are non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards ("IFRS") and may not

be comparable to similar measures used by other issuers. Refer to "Non-IFRS and Other Financial Measures" section of the news

released published on November 4, 2025 for more information, including a detailed description of each measure.

2. Assumed Spot Prices as of 10/31/2025.

3. NPV:Capex ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditures.

**•The main Project highlights include:** 

• On a post-tax basis: NPV5% of $1.5 billion, an IRR of 47%, and a payback period of 2.1 years at Base Case prices.

• Attractive scale with average annual production of 401 koz AuEq in years 1 to 5 and 328 koz AuEq per year over the LOM.

This corresponds to an average annual production of approximately 37.5 Moz AgEq, in years 1 to 5 and 30.6 Moz AgEq

over the LOM.

• Low initial capital cost of $446 million, including $96 million in contingency.

• Highly efficient capital project with a post-tax NPV5% to Capex ratio of 3.3:1 (Base Case prices); and NPV5% to Capex ratio

of 6.6:1 at Spot Prices.

• LOM total cash costs of $928/oz AuEq and AISC of $1,021/oz AuEq.

• Processing: 8,000 tpd conventional flotation plant producing three gold- and silver-bearing concentrates – zinc, lead, and

pyrite.

• Year 1 to 5 average head grade of 4.76 g/t AuEq, or 443 g/t AgEq.

• LOM average head grade of 3.85 g/t AuEq, or 358 g/t AgEq.

• The Boumadine PEA does not include 140,000 m from the ongoing 2025 drilling campaign.

• Existing mining license on the property; feasibility study targeted for completion in late 2027.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202512

Mining and Processing

The Boumadine PEA envisions a combined open pit and underground mining operation. The Boumadine LOM plan will consist

of the simultaneous mining of several open pits in Central, North and South zones concurrent with underground operations

that are scheduled between Year 2 and Year 11. The overall strategy is to achieve an average production rate to maintain a

processing throughput of 8,000 tpd over the LOM, for an annual throughput capacity of 2.9 Mt per year. The mine plan

prioritizes strong feed grades to the mill during the initial years of production.

A conventional flotation plant is planned for processing, with crushing, grinding and three flotations circuits to produce

separate, salable concentrates of zinc, lead, and pyrite. All three concentrates contain payable silver and gold.

Metallurgy

Extensive metallurgical testwork, led by SGS Lakefield between 2018 and 2025, is the foundation of the Boumadine PEA and

confirms a conventional flotation-based flowsheet with excellent metallurgical performance. The metallurgical testwork

program was based on composite sampling, with locked-cycle flotation tests and comminution testwork that were used to

determine the proposed flowsheet. Total flotation recoveries are: 96.1% for gold, 96.4% for silver, 74.7% for zinc and 82.0% for

lead.

Additional Information

Initial capital expenditures of $446 million, including a contingency of $96M, as well as sustaining capital expenditures of $340

million over the LOM. The on-site infrastructure requirements include the processing plant, workshops, warehouses,

administrative buildings, tailings storage facility, and supporting infrastructure. Off-site infrastructure requirements include

concentrate storage at the port, the construction of a dedicated 72-km electrical power line, and pumping stations and water

pipelines for fresh water supply.

The PEA outlines an average cash cost of $109/t milled, or $928/oz AuEq produced. The AISC is estimated at $1,021/oz AuEq

produced, positioning the project competitively within the industry cost curve.

For further details, refer to the Boumadine **PEA** press release dated November 4, 2025 and the **Boumadine PEA** presentation

on the Corporation's website.

Technical Report

The complete NI 43-101 Technical Report pertaining to the Boumadine PEA will be filed within 45 days and will be available on

Aya's website and on www.sedarplus.ca.

The Boumadine PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative

geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves,

and there is no certainty that the Boumadine PEA will be realized.

Mineral Resource Estimate

An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24, 2025, consisting of an

Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag,

2.4Moz of Au, 615 kt of Zn and 237 kt of Pb. Representing 378Moz AgEq, an increase of 19%, and an Indicated Mineral

Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145

kt of Zn and 44 kt of Pb, representing 74.4Moz Silver equivalent ("AgEq"), an increase of 120%.

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR** <br>**US$/t**<br>| **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained Indicated** | 95 | 3920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | **476** | 5.30 | 11881 | 377 | 5 | 33 | 116 | **60051** | 667 |
| **Pit-constrained Inferred** | 95 | 14258 | 90 | 2.89 | 0.10 | 0.81 | 2.38 | **450** | 5.00 | 41135 | 1325 | 14 | 115 | 339 | **206293** | 2293 |
| **Out-of-pit Indicated** | 125 | 1249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | **358** | 3.98 | 3216 | 85 | 1 | 11 | 29 | **14382** | 160 |
| **Out-of-pit Inferred** | 125 | 14938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | **357** | 3.97 | 35669 | 1148 | 10 | 122 | 276 | **171393** | 1905 |
| **Total Indicated** | 95/ 125 | 5169 | 91 | 2.78 | 0.12 | 0.85 | 2.80 | **448** | 4.98 | 15097 | 462 | 6 | 44 | 145 | **74433** | 827 |
| **Total Inferred** | 95/ 125 | 29196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | **402** | 4.47 | 76804 | 2469 | 25 | 237 | 615 | **377686** | 4198 |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202513

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, sociopolitical, 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 in this MD&A 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, as may be amended from time to time.

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 in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/oz\*Ag

recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag

price/oz\*Ag recovery)\*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/oz\*Au

recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au

price/oz\*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 general and administrative expenses ("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.

![fig2forageregional_enga.jpg](fig2forageregional_enga.jpg)

Figure 2 - Plan View of Boumadine Property with Existing Permits and Drill Holes

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202514

**Sustainability**

**Q3-2025 Sustainability**

Health, Safety and Environment

The Corporation continued to track a range of leading indicators around critical risk management, contractor management,

and incident investigation quality. In particular, the Corporation continued solidifying health and safety ("H&S") processes

through preventive measures, 100% of incidents analyzed, and 6,636 hours of training, with 5,040 hours of training in

September alone. The Corporation's total Recordable Injury Frequency Rate ("TRIFR") for Q3-2025 was 13.4, compared to 16.2

in Q3-2024.

The Corporation remains committed to continuously improving its health and safety performance and management systems

("ESMS"). To that end, the Corporation will continue to strengthen its H&S programs through proactive risk management,

contractor engagement, and targeted training initiatives. By maintaining a focus on leading indicators and fostering a culture

of safety, the Corporation aims to further reduce incident rates and ensure the well-being of all personnel.

During Q3-2025, the Corporation continued to implement its ESMS and is working steadily towards ISO 14001 certification.

The Corporation did not report any significant environmental incidents for the three months ended on September 30, 2025.

Community Relations

The Corporation continued its implementation of the Zgounder Stakeholder Engagement Plan ("SEP") and organized new

rounds of community consultations to integrate comments into its 2026 Community Investment Strategy.

The Corporation continued to strengthen community engagement with its inaugural project proposal for local communities,

entrepreneurs and cooperatives. This initiative was developed in partnership with the National institute for human

development ("INDH").

![dscf9364_retouchea.jpg](dscf9364_retouchea.jpg)

Figure 3 - The literacy program from Askaoun, Morocco

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202515

Governance

The Corporation launched its first ever double materiality assessment ("DMA"), following international best practice and

engaging with both internal and external stakeholders. Results are expected during Q4-2025, and will appear in the 2025

Sustainability Report. The results of the DMA will be henceforth integrated into the Enterprise Risk Management ("ERM"),

strengthening the integration of sustainability into its risk management culture.

**Transaction with Mx2 Mining**

Effective April 15, 2025, the Corporation transferred its rights to the Amizmiz gold project by selling Amizmiz International

Holding and Mx2 Maroc SARLAU, wholly owned subsidiaries of the Corporation to Mx2 Mining Inc. ("Mx2"). As consideration

for the transaction, the Corporation received 20,000,000 shares of Mx2 priced at C$0.50 per share for a total of C$10,000

($7,210).

In conjunction with the transaction, Mx2 also completed a brokered private placement for gross proceeds of C$16,000 priced

at C$0.50 per unit of which the Corporation obtained of a total of 2,000,000 shares for a total of C$1,000 ($722).

As a result, the Corporation holds 22,000,000 common shares of Mx2's outstanding 52,000,001 shares, an interest of 42.3% in

Mx2. Management determined it has significant influence but not control over Mx2 and began to account for the investment

using the equity method from the date of the transaction (see Note 6 of the FS).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202516

**Overview of Financial Performance**

For the three and nine-month periods ended September 30, 2025 and 2024 (in thousands of dollars):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |  |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |  |
| | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |  |
| <br>**Revenues** | **54337** | **11024** | **393%** | **126783** | **29780** | **326%** | **(1)** |
| Cost of sales | 32971 | 9146 | 260% | 86225 | 22652 | 281% | (2) |
| **Gross profit** | **21366** | **1878** | **1,038%** | **40558** | **7128** | **469%** | **(3)** |
| General and administrative expenses | 6195 | 4940 | 25% | 20206 | 11405 | 77% | (4) |
| Other operating income |  |  | NM | 5815 |  | 100% | (5) |
| **Operating income (loss)** | **15171** | **(3062)** | **595%** | **26167** | **(4277)** | **712%** |  |
| Net finance income | 1444 | 4631 | (69)% | 11882 | 11330 | 5% | (6) |
| Share of loss in associate, net of tax  | (394) |  | NM | (720) |  | NM |  |
| **Net income before income taxes** | **16221** | **1569** | **934%** | **37329** | **7053** | **429%** |  |
| Income tax expense | 3799 | 1832 | 107% | 9335 | 3094 | 202% | (7) |
| **Net income (loss) for the period** | **12422** | **(263)** | **4,823%** | **27994** | **3959** | **607%** | **(8)** |
| Income (loss) per share (diluted) | 0.09 | (0.00) | NM | 0.20 | 0.03 | NM | (8) |

---

***\*NM*** *– Not Meaningful*

**Three-month period ended September 30, 2025, compared to the three-month period ended September 30, 2024**

1.**Revenues from silver sales** totaled $54,337 in Q3-2025 compared to $11,024 in Q3-2024, driven by a 238% increase in

ounces sold of 1,363,511 oz in Q3-2025 compared with 403,957 oz in Q3-2024 due to the continued ramp-up of the new

Zgounder plant, and a higher average net realized silver price per oz during the period. The average net realized silver price

per oz sold increased by 46% to $39.85 in Q3-2025 compared to $27.29 in Q3-2024.

2.**Cost of sales** in Q3-2025 increased by 260% compared to Q3-2024, driven by the increase in tonnes sold and depreciation

expense on a larger asset base, which rose by $4,182 compared to Q3-2024, reflecting the commissioning of the new

Zgounder plant. The higher processing volumes of ore from the new plant contributed to increased sales; however, the

reduction in processed grades in Q3-2025 compared to Q3-2024 partially offset the expected unit cost improvement from

the new plant, requiring greater tonnage to maintain output. Unit costs are expected to gradually decrease as the plant and

mine ramp-up stabilize in the coming quarters. In addition, royalties to ONHYM were $1,630 in Q3-2025 compared to $331

in Q3-2024.

3.**Gross profit** for the quarter was $21,366 compared to $1,878 in Q3-2024, representing an increase of 1,038%. The increase

reflects the impact of higher sales volumes and a higher average net realized silver price per oz. This is also favorably

impacted by the lower cash cost in Q3-2025 compared to Q3-2024.

4.**General and administrative expenses** increased by 25% or $1,255 in Q3-2025 compared with Q3-2024. This increase was

driven by a non-cash expense related to share-based compensation which increased by $678 in Q3-2025. The increase in

share-based compensation was largely attributable to the expense for the period related to a grant of five million share

purchase options granted in 2024 at an exercise price of C$15.63. In addition, the Corporation now has multiple projects in

Morocco and as such, G&A expenses increased to manage these projects. To support the continued growth of the

Corporation and ensure adequate resources for project execution and corporate functions, additional headcount was

added at the head office in Canada and in Morocco.

5.**Other operating income** of $nil in Q3-2025 and Q3-2024.

6.**Net finance income** decreased by $3,187 in Q3-2025 compared to Q3-2024 primarily due to the commencement of

commercial production at the end of Q4-2024. As a result, interest on the EBRD Zgounder loan was recognized in the

income statement, amounting to $2.8 million in Q3-2025 compared to $nil in Q3-2024. Interest income rose to $1.2 million

in Q3-2025 compared to $1.1 million in Q3-2024. This growth was primarily a result of increased account balances

subsequent to the equity raise on June 18, 2025, although it was partially counterbalanced by a reduction in interest rates.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202517

7.**Income tax expense** in Q3-2025 increased by $1,967 to $3,799 compared with Q3-2024, primarily due to higher net taxable

income of our Moroccan operating entity as well as our Canadian entity for a total of $2,786 and $1,013 in accrued

withholding taxes on interest on advances in Morocco in Q3-2025. The increase in taxable income in Morocco reflects the

ramp-up of the new plant.

8.**Net income** of $12,422 (diluted EPS of $0.09) was recorded in Q3-2025 compared to net loss of $(263) (diluted EPS of

$(0.00)) in Q3-2024.

**Nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024**

1.**Revenues from silver sales** totaled $126,783 in YTD-2025 compared to $29,780 in YTD-2024, driven by a 206% increase in

ounces sold of 3,567,325 oz in YTD-2025 compared with 1,164,194 oz in YTD-2024 due to the continued ramp-up of the

new Zgounder plant, for which commercial production was declared on December 29, 2024 and a higher average net

realized silver price per oz during the period. The average net realized silver price per oz sold increased by 39% to $35.54 in

YTD- 2025 compared to $25.58 in YTD-2024.

2.**Cost of sales** in 2025 increased by 281% compared to YTD-2024, driven by the increase in tonnes sold, including higher

depreciation expense on a larger asset base, which rose by $12,269 compared to YTD-2024, reflecting the commissioning

of the new Zgounder plant. The higher processing volumes of ore from the new plant contributed to increased sales;

however, the reduction in processed grades partially offset the expected unit cost improvements , requiring greater tonnage

to reach production objectives and resulting in slightly higher unit costs in YTD-2025 compared to YTD-2024. These cost

increases are expected to gradually decrease as the Zgounder plant ramp-up continues to progress and production

volumes increase in the coming quarters. In addition, royalties to ONHYM were $3,803 in YTD-2025 compared to $890 in

YTD-2024.

3.**Gross profit** was $40,558 in YTD-2025 compared to $7,128 in YTD-2024, representing an increase of 469%. The increase

reflects the impact of higher sales volumes, alongside the higher average net realized silver price per oz and partially offset

by higher unit production costs compared to YTD-2024 due to the processing of lower grade ore in YTD-2025.

4.**General and administrative expenses** increased by 77% or by $8,801 in YTD-2025 compared with YTD-2024. This increase

was driven by a non-cash expense related to share-based compensation which increased by $6,670 in YTD-2025. The

increase was largely attributable to the expense for the period related to 5 million share purchase options granted in 2024

at an exercise price of C$15.63. In addition, the Corporation has multiple projects in Morocco and as such, G&A expenses

increased to manage these projects. To support the continued growth of the Corporation and ensure adequate resources

for project execution and corporate functions, additional headcount was added at the head office in Canada and in

Morocco.

5.**Other operating Income** represents the sum of a net impairment recovery of $3,987 and a $1,828 gain on sale of assets,

mainly related to the Amizmiz property transaction completed in April 2025.

6.**Net finance income** increased by $552 in YTD-2025 compared to YTD-2024 primarily driven by a $9,884 increase in foreign

exchange gains. This reflects the 11% appreciation of the MAD against the U.S. dollar in YTD-2025. Intercompany advances

made to our Moroccan subsidiaries and the EBRD facility are in US dollars. This contributed to a total gain of approximately

$26 million in YTD-2025. The US dollar depreciated by 3% against the Canadian dollar during the YTD period resulting in an

$8 million foreign exchange loss. Following the commencement of commercial production at the end of Q4-2024, interest

on the EBRD facility is now recognized in the income statement, resulting in a $8.0 million interest expense in 2025

compared to $nil in 2024. Interest income decreased to $2.0 million in YTD-2025 from $3.3 million in YTD-2024, primarily

due to lower average account balances before the June 18, 2025, equity raise and reduced interest rates on cash held.

7.**Income tax expense** in YTD-2025 increased by $6,241 to $9,335 compared with YTD-2024, primarily due to higher net

taxable income of our Moroccan operating entity as well as our Canadian entity for a total of $7,566 and $1,767 in accrued

withholding taxes on interest on advances in Morocco in YTD-2025. The increase reflects the ramp-up of the new plant

during its first full three quarters of operations.

8.**Net income** of $27,994 (diluted EPS of $0.2) was recorded in YTD-2025 compared to net income of $3,959 (diluted EPS of

$0.03) in YTD-2024.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202518

**Summary of Quarterly Results**

Selected quarterly information

---

| | | | |
|:---|:---|:---|:---|
|  | **Revenues** | **Net income (loss)** | **Income (loss) per share (diluted)** |
| **Quarter ended** | **$** | **$** | **$** |
| September 30, 2025 | 54337 | 12422 | 0.09 |
| June 30, 2025 | 38615 | 8641 | 0.06 |
| March 31, 2025 | 33831 | 6930 | 0.05 |
| December 31, 2024 | 9338 | (29983) | (0.23) |
| September 30, 2024 | 11024 | (263) | (0.00) |
| June 30, 2024 | 13678 | 6813 | 0.05 |
| March 31, 2024 | 5077 | (2592) | (0.02) |
| December 31, 2023 | 11070 | 3590 | 0.03 |

---

Revenues in Q3-2025 were $54,337 compared to $38,615 in Q2-2025. The Corporation sold 1,363,511 oz of silver in Q3-2025

compared to 1,140,452 oz in Q2-2025. The average net realized price for silver also rose to $39.85 per ounce in Q3-2025, up

from $33.86 per ounce in Q2-2025, further supporting revenue growth. The rise in cost of sales was mainly attributed to the

increased volume of ore processed to support higher oz sold. The higher average grade of 146 g/t in Q3-2025 compared to

140 g/t in Q2-2025 contributed positively to operating performance, partially offsetting the impact of higher volumes on total

costs. As a result, cash costs decreased to $20.79/oz in Q3-2025 from $21.26/oz in Q2-2025, reflecting improved operating

efficiencies and stronger grades. Other operating income decreased to $nil in Q3-2025 compared to Q2-2025, which had

included a net impairment recovery of $3,987 and a $1,828 gain on sale of assets, primarily related to the Amizmiz property

transaction completed in April 2025.

Revenues in Q2-2025 were $38,615 compared to $33,831 in Q1-2025. The Corporation sold 1,140,452 oz of silver in Q2-2025

compared to 1,061,565 oz in Q1-2025. The average net realized price for silver also rose to $33.86 per ounce in Q2-2025, up

from $31.87 per ounce in Q1-2025, further supporting revenue growth. The rise in the cost of sales was mainly attributed to the

increased volume of ore that was mined and processed to produce the ounces sold given the lower ore grade which stood at

140 g/t in Q2-2025 compared to 163 g/t in Q1-2025. This consequently led to an increase in unit costs. A $1,611 increase in

depreciation expense in Q2-2025 compared to Q1-2025 is reflected by the 12% increase in ounces extracted and

approximately doubling the amount of additions, as well as, transfers from assets under construction to mining assets in

production in Q2-2025. Other operating Income increased by 100% in Q2-2025 compared to Q1-2025 as it includes a net

impairment recovery of $3,987 and a $1,828 gain on sale of assets, mainly related to the Amizmiz property transaction

completed in April 2025.

Revenues in Q1-2025 were $33,831 compared to $9,338 in Q4-2024. The Corporation sold 1,061,565 oz of silver in Q1-2025

compared to 337,733 oz in Q4-2024, benefiting from a full quarter of operational ramp-up at the new Zgounder plant, which

reached commercial production on December 29, 2024. Additionally, the average net realized silver price increased to $31.87

per ounce in Q1-2025, up from $27.65 per ounce in Q4-2024, further contributing to the increase in revenue. The cost of sales

increased primarily due to the higher volume of silver processed and sold and a $1,685 increase in depreciation expense in

Q1-2025 compared to Q4-2024, driven by the start of depreciation of the new Zgounder plant. In addition, tax expense rose

significantly to $3,734 in Q1-2025 compared to a tax recovery of $(1,867) in Q4-2024 reflecting the sharp increase in taxable

income generated by the Corporation's Moroccan subsidiary.

Revenues in Q4-2024 were $9,338 compared to $11,024 in Q3-2024. The Corporation sold 337,733 oz compared to 403,957 oz

of silver in Q3-2024. In addition, the cost of sales increased in proportion to the oz sold due to an increase in operational costs

associated with the finalization of the expansion, mine ramp-up, additional staff, training and health and safety activities that

have accelerated in Q4-2024 since the new Zgounder plant reached commercial production on December 29, 2024. In addition,

an impairment charge of $27,350 related to the Tijirit Project owned by the Corporation at 75% was taken in Q4-2024. (See

Note 7 of the Q4-2024 FS).

Revenues in Q3-2024 were $11,024 compared to $13,678 in Q2-2024. The Corporation sold 403,957 oz compared to 521,971

oz of silver in Q2-2024. The 23% reduction in oz sold is mainly explained by the average grade processed that came in lower at

161 g/t compared to 196 g/t in Q2-2024, partially offset by higher average selling prices. The cost of sales rose in line with the

increase in ounces sold due to higher operational costs from expansion preparation, mine ramp-up, and health and safety

activities in Q3-2024, as the new Zgounder plant neared completion.

<sup>5</sup>Non-GAAP Measures, refer to page 25.

<sup>6</sup> Non-GAAP Measures, consisting of current assets of $196,495 less current liabilities of $100,348 (December 31, 2024, current assets of $76,540 less current

liabilities of $53,116).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202519

Revenues in Q2-2024 were $13,678 compared to $5,077 in Q1-2024. The Corporation sold 521,971 oz of silver in Q2-2024

compared to 238,266 oz of silver in Q1-2024 since 157,457 oz of silver concentrate was held in inventory and was sold at a

higher price in Q2-2024. The average grade processed came in higher at 196 g/t in Q2-2024 compared to 173 g/t in Q1-2024,

resulting in a net income of $6,813 compared to a net loss of $(2,594) in Q1-2024.

Revenues in Q1-2024 were $5,077 compared to $11,070 in Q4-2023. The Corporation sold 238,266 oz of silver in Q1-2024

compared to 507,635 oz of silver in Q4-2023. The average grade processed came in lower at 173 g/t in Q1-2024 compared to

239 g/t in Q4-2023. The Corporation increased its inventory of silver in concentrate by $1,830 in Q1-2024, affecting sales

negatively during the quarter since fewer ounces were sold. As a result of lower revenues and higher G&A expenses, the

Corporation recorded a net loss of $(2,592) in Q1-2024 compared to a net income of $3,590 in Q4-2023.

The net income in Q4-2023 increased by 198% from Q3-2023 due to a net finance expense of $1,385 in Q3-2023 compared to a

net finance income of $2,885 in Q4-2023 and the recognition of a deferred tax asset of $1,765 in Q4-2023 compared to $(138)

in Q4-2022. The increase has been partially offset by the increase in cash cost per silver ounce sold<sup>5</sup> which went from $10.73

in Q3-2023 to $13.69 in Q4-2023.

**Liquidity and Capital Resources**

As at September 30, 2025, the Corporation had working capital of $96,147 compared to $23,424 as at December 31, 2024,<sup>6</sup>

including cash of $129,184 ($30,944 on December 31, 2024). The Corporation generated $38,099 in operating cash flow in

2025, principally from the Zgounder operation and the Corporation anticipates generating cash flow from the Zgounder mine

during the last quarter of 2025. The Corporation ensures that there is sufficient capital in order to meet short-term business

requirements, after taking into account cash flows from operations and the Corporation's holdings of cash. The Corporation

believes that these sources will be sufficient to cover the likely short-term and long-term cash requirements. The Corporation's

principal sources of financing in the past have been equity, debt financing and cash flows from operations. The success of

equity and debt financing is dependent on capital markets, the attractiveness of mining companies to investors, and metal

prices. To facilitate its growth and to continue its exploration, development, expansion activities and be able to support its

ongoing operations the Corporation may be required to raise further equity or debt financing in the capital markets. The

Corporation continues to assess financing alternatives, including equity or debt or a combination of both, to fund future

growth, including the development of the Boumadine project.

As part of its $100 million financing with EBRD, the Corporation is required to maintain $18 million in restricted cash as a Cost

Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Upon Project Completion, any unused

portion of the COF may be reallocated to fund the $16.25 million Debt Service Reserve Account ("DSRA"). Project Completion

is defined as achieving at least 90% of forecasted silver production over a 90-day period, with no month below 85%, based on

the banking base case model. While timing remains uncertain, the requirement to maintain the full COF, and eventually the

DSRA, limits the Corporation's accessible cash. As these funds are not available for general corporate use, these amounts are

recorded as restricted cash on the condensed interim consolidated statement of financial position.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202520

The following table summarizes the corporation's cash flow activity during the three and nine-month periods ended September

30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
| **(used in)** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Cash Flow** | **2025** | **2024** | **2025** | **2024** |
| Operating cash flow before changes in working capital | 25236 | (332) | 32592 | 2456 |
| Change in non-cash operating working capital items | (2846) | (11435) | 5507 | (11666) |
| Net cash flow from (used in) operating activities | 22390 | (11767) | 38099 | (9210) |
| Net cash flow used in investing activities | (17484) | (15958) | (46451) | (73301) |
| Net cash flow from (used in) financing activities | 10233 | (3631) | 105068 | 88867 |
| Effect of exchange rate changes on cash in foreign currencies | 213 | 1046 | 1524 | (1350) |
| **Net increase (decrease) in cash** | **15352** | **(30310)** | **98240** | **5006** |
| Cash beginning of the period | 113832 | 85146 | 30944 | 49830 |
| **Cash end of period** | **129184** | **54836** | **129184** | **54836** |

---

Operating

During the three-month period ended September 30, 2025, the Corporation generated operating cash flow before working

capital items of $25,236, compared to used operating cash flow before working capital items of $332 for the same prior-year

period. The increase was driven by higher net income and non-cash items, mainly from depreciation and depletion of property,

plant and equipment, share-based payments, gain on foreign currency translation and financing costs, which were previously

capitalized to property, plant and equipment prior to the commencement of commercial production on December 29, 2024.

See Overview of Financial Performance section.

The operating cash flow in Q3-2025 was negatively impacted by changes of $(2,846) in working capital items, mainly due to

lower accounts payable and higher sales tax receivable and accounts receivable offset by an increase in income tax payable

and by a decrease in inventories.

During the nine-month period ended September 30, 2025, the Corporation generated operating cash flow before working

capital items of $32,592, compared to $2,456 for the same prior-year period. The increase was primarily driven by higher net

income and non-cash items. See Overview of Financial Performance section.

The operating cash flow in YTD-2025 was positively impacted by changes of $5,507 in working capital items, mainly due to

higher accounts payable, higher income tax payable and lower income tax receivable offset by an increase in sales tax

receivable, in accounts receivable from silver sales, and prepaid expenses and security deposits.

Investing

During the three-month period ended September 30, 2025, the Corporation used cash of $17,484 in investing activities

compared to $15,958 in Q3-2024. The decrease of investing cash flow is largely due to higher investments in exploration and

evaluation assets investments mainly related to the Boumadine and Zgounder Regional projects, where $14,126 was invested

in Q3-2025 compared to $7,566 in Q3-2024. This was offset by a compensation of $7,248 received by the Corporation in

connection with the Zgounder expansion (see note 20 of the FS for details).

During the nine-month period ended September 30, 2025, the Corporation used cash of $46,451 in investing activities

compared to $73,301 in YTD-2024. The increase of investing cash flow is due to lower capital expenditures with $25,468 spent

in YTD-2025 compared to $56,371 in YTD-2024. This reflects the current stage of the Zgounder expansion compared to last

year as the project is now completed. Exploration and evaluation assets investments are mainly related to the Boumadine and

Zgounder Regional projects, where $25,445 was invested in YTD-2025 compared to $17,822 in YTD-2024. Increase in deposits

to suppliers of $2,475 were paid in YTD-2025 compared to $1,348 in YTD-2024. This was offset by a compensation of $7,248

received by the Corporation in connection with to the Zgounder expansion (see note 20 of the FS for details).

Financing

During the three-month periods ended September 30, 2025 and 2024:

• The Corporation drew down $15,000 from a financing facility with EBRD compared to $nil for the same prior-year period.

However, the Corporation incurred $268 in financing costs in Q3-2025 compared to $nil in Q3-2024. Interest payments on

long-term debt of $4,376 were made in Q3-2025 compared to $4,336 in Q3-2024.

<sup>7</sup> Includes $5.5 million in share issue costs related to the June 18, 2025 C$143.8 million financing.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202521

• No stock options were exercised in Q3-2025 resulting in nil proceeds compared to proceeds of $775 in Q3-2024.

During the nine-month periods ended September 30, 2025 and 2024:

• In 2025, the Corporation closed an equity financing and issued 10,767,795 common shares of the Corporation at C$13.35

per common share for gross proceeds of C$143,750 ($105,218) compared to C$77,632 ($57,297) for the same prior-year

period. The proceeds will be mainly used for the Boumadine project and general corporate purposes.

• Transaction costs related to the issuance of shares of $5,503 were paid in YTD-2025 compared to $3,316 in YTD-2024.

• The Corporation drew down $15,000 of an up to $25,000 EBRD corporate facility, the purpose of which is to fund the

exploration and development activities at the Boumadine project. For the same prior-year period, the Corporation drew

down $40,000 of the EBRD project finance facility. However, the Corporation incurred $353 in deferred financing costs in

YTD-2025. Payments related to long-term debt of $9,002 in relation to the EBRD loan in YTD-2025 compared to $6,526 in

YTD-2024.

• Stock options were exercised in YTD-2025 for proceeds of $20 compared to proceeds of $1,662 in YTD-2024.

**Financing Sources**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** |
| **Date** | **Type** | **Financings** | **Gross** <br>**Amounts** <br>**($)**<br>| **General description of the use of proceeds** |
| June 18, 2025 | Short Form <br>Prospectus<br>| Common <br>shares<br>| 105218 | The net proceeds of the financing after deductions of the financing <br>costs, will be used to advance its business objectives including for <br>the advancement of its exploration program at Boumadine, the <br>exploration program at Zgounder Regional, and for working capital <br>and general corporate purposes. <br>|
| February 14, <br>2024<br>| Short Form <br>Prospectus<br>| Common <br>shares<br>| 57297 | The net proceeds of the financing after financing costs are being <br>used for the exploration and development of Boumadine, for <br>Zgounder Regional exploration programs and for general <br>corporation purposes.<br>|
| From Jan 9, <br>2024 to Jan <br>21, 2025<br>| Options <br>exercised<br>| Common <br>shares<br>| 1682 | The net proceeds from the exercise of options are being used to <br>fund general administrative expenses, investing activities and other <br>working capital needs.<br>|

---

**Use of Proceeds**

June 18, 2025 Financing - US$105 million

On June 18, 2025, the Corporation closed a bought deal financing and issued 10,767,795 common shares of the Corporation at

a price of C$13.35 per common share for gross proceeds of approximately C$143.8 million (US$105 million).

Below is an update, in tabular form, reflecting the use of the funds as of September 30, 2025 compared to the budgeted

amounts initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 58.6 | 10.9 |
| Zgounder regional and other projects | 7.3 | 0.8 |
| General corporate purposes<sup>7</sup> | 39.3 | 5.5 |
| **Total** | **105.2** | **17.1** |

---

<sup>8</sup> Includes $3.2 million in share issue costs related to the February 14, 2024 C$77.6 million financing.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202522

February 14, 2024 Financing - US$57 million

On February 14, 2024, the Corporation closed a bought deal public financing and issued 7,573,900 common shares in the

capital of the Corporation at a price of C$10.25 per share for gross proceeds of approximately C$77.6 million ($57.3 million).

Below is an update, in tabular form, reflecting the use of the funds as of September 30, 2025, compared to the budgeted

amounts initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 36.9 | 36.9 |
| Zgounder regional and other projects | 4.4 | 4.4 |
| General corporate purposes<sup>8</sup> | 16.0 | 14.9 |
| **Total** | **57.3** | **56.2** |

---

**Financial Position**

The following table details the changes to the statements of financial position as at September 30, 2025, compared to

December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As at September 30, 2025** | **As at December 31, 2024** | **Variance** |
| Cash  | 129184 | 30944 | 317% |
| Accounts receivable | 14864 | 1827 | 714% |
| Sales taxes receivable | 17023 | 9979 | 71% |
| Income tax receivable |  | 3415 | (100)% |
| Inventories  | 30943 | 27389 | 13% |
| Deposit in trust |  | 695 | (100)% |
| Prepaid expenses and security deposits | 4422 | 2249 | 97% |
| Options contracts | 59 | 42 | NM |
| **Total current assets** | **196495** | **76540** | **157%** |
| Restricted cash  | 18163 | 18246 | —% |
| Non-refundable deposits to suppliers  | 2442 | 2787 | (12)% |
| Deferred tax assets | 8182 | 3425 | 139% |
| Deferred financing costs | 141 |  | NM |
| Investment in associate | 7211 |  | NM |
| Property, plant, and equipment  | 253933 | 231205 | 10% |
| Exploration and evaluation assets  | 98469 | 67904 | 45% |
| **Total assets** | **585036** | **400107** | 46% |
| **Total current liabilities** | **100348** | **53116** | 89% |
| Lease liabilities  | 1081 | 1121 | (4)% |
| Long-term debt  | 83192 | 95517 | (13)% |
| Asset retirement obligations  | 3316 | 2872 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 337 | 1000 | (66)% |
| **Total liabilities** | **188274** | **153626** | **23%** |
| **Total equity** | **396762** | **246481** | **61%** |
| **Total liabilities and equity** | **585036** | **400107** | **46%** |

---

***\*NM:*** *Not Meaningful*

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202523

Assets

The change in the Corporation's cash balance on September 30, 2025, compared to the amount held on December 31, 2024, is

detailed in the section Liquidity and Capital Resources.

In 2025, the increase in accounts receivable of $13,037 compared to December 31, 2024, was due to significant silver sales at

the end of the period for which cash had not yet been received. The cash was received at the beginning of Q4-2025.

The increase in sales tax receivable of $7,044 in 2025 compared to December 31, 2024, reflects the fact that the overall

operations have increased due to the ramp-up of production and only approximately $5,000 has been reimbursed in 2025 to

date.

The increase in inventory of $3,554 in 2025 was due to an increase in mining supplies from the ramp-up of production and a

decrease in ore stockpile as the Corporation is now in commercial production.

The decrease of $3,415 in income tax receivable reflects a significant increase in taxable income in the Moroccan subsidiaries

in 2025, compared to overpaid tax installments in 2024.

The change in non-current assets balance on September 30, 2025, compared to the amount held on December 31, 2024, is

detailed in the Liquidity and Capital Resources section.

Liabilities and Equity

The current liabilities increased by 89% between December 31, 2024 and September 30, 2025, mainly related to an increase of

$10,075 in accounts payable and accrued liabilities due to the Zgounder ramp-up and the increased exploration expenses at

Boumadine. In addition, there is a current portion of long-term debt of $28,571 due on January 19, 2026 and July 19, 2026, and

tax payable increased by $8,355 over the last nine months due to higher taxable income in Morocco.

The increase in the long-term debt is due to a drawdown of $15,000 from a loan with EBRD for the Boumadine project .

The change in total equity can be primarily attributed to the equity financing conducted on June 18, 2025, which involved the

issuance of 10,767,795 shares, at a price of C$13.35. Additionally, there was an impact of $13,095 related to share-based

compensation, alongside a net income of $27,994, predominantly derived from an increase in operating income. Moreover, a

currency translation adjustment amounting to $8,337 was recognized during the period ending September 30, 2025. The

increase in equity is offset by share issuance costs totaling $4,383 (net of tax of $1,120) which are associated with the June

18, 2025 equity financing.

**Capital Management**

The Corporation defines capital as long-term debt and equity. When managing capital, the Corporation's objectives are to:

1. Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

2. Ensure the externally imposed capital requirements relating to debt obligations are being met;

3. Increase the value of the Corporation's assets; and

4. Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at September 30, 2025, managed capital is $508,685 (December 31, 2024 - $341,993) representing long-term

debt and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202524

---

| | | |
|:---|:---|:---|
|  | **As at September 30, 2025** | **As at December 31, 2024** |
| Long-term debt (including current portion) | 111763 | 95517 |
| Total equity before non-controlling interests | 396922 | 246476 |
|  | **508685** | 341993 |

---

**Commitments and Contingency**

The Corporation had the following undiscounted contractual obligations at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments due by period** | **Less than 1** <br>**year**<br>| **1-3 Years** | **4-5 years** | **After 5 Years** | **Total** |
| **Contractual obligations** | **$** | **$** | **$** | **$** | **$** |
| Accounts payable and accrued liabilities\*  | 61426 |  |  |  | 61426 |
| Long-term debt | 28571 | 72143 | 14286 |  | 115000 |
| Interest on long-term debt\*\* | 8681 | 8791 | 315 |  | 17786 |
| Balance of purchase price payable  | 1649 |  |  |  | 1649 |
| Lease liabilities | 422 | 619 | 416 | 191 | 1648 |
| Asset retirement obligations |  |  |  | 3352 | 3352 |
|  | **79813** | **68317** | **30395** | **3629** | **182154** |

---

\* Includes interest on long-term debt of $2,016 payable on January 19, 2026.

\*\* The interest on the US$100 million long-term debt with EBRD has been calculated using the SOFR+5% (9.28%) rate as at September 30,

2025 for the $92 million EBRD Tranche and at 1% for the Climate Investment Funds tranche of $8 million.The interest on the additional US$15

million long-term debt with EBRD has been calculated using the same rate which is SOFR+5% (9.28%) rate as at September 30, 2025.

**Royalties**

As per the terms of the property purchase agreements, the Corporation is committed to pay the following royalties:

• 3.0% royalty to ONHYM on revenue from the Zgounder property or $1,630 and $3,803 for the three and nine-month periods

ended September 30, 2025 respectively ($331 and $890 for the three and nine-month periods ended September 30, 2024

respectively);

• 3.0% royalty to ONHYM on revenue from the Boumadine property;

• 2.5% royalty to Ouiselat Mines on revenue from the Azegour property.

All royalty agreements are payable in perpetuity.

<sup>9</sup> As per note 12 of the FS for the total cost of sales.

<sup>10</sup> As per note 11 of the FS for treatment, smelting and refining costs reported as net of sales.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202525

**Non-GAAP Measures**

The Corporation uses non-GAAP key performance metrics to monitor and assess the operational performance of each active

mining unit by calculating the operating cash cost per silver ounce sold to assess operating performance at the Corporation's

active mining unit of Zgounder. These indicators are commonly used as measures of performance in the mining sector, but

they are presented in addition to the IFRS indicators, although there is no consistent definition. These non-GAAP financial

measures are not standardized financial measure under IFRS used to prepare the financial statements of the Corporation to

which the measure relate.

These indicators are used by management to assess the cost of operations compared to peers and the performance of each

mine in the portfolio. The below indicators are non-GAAP performance indicators and were calculated using World Gold

Council ("WGC") guidelines. WGC is not an industry regulatory agency and therefore does not have the authority to develop

accounting standards for disclosure specifications. Due to differences in underlying accounting rules and procedures, the

different groupings used in the presentation on non-GAAP measures, other mining companies may calculate cash costs in a

variety of ways. This measure is used by management and investors to evaluate operating efficiency on a per-ounce basis and

to compare performance across periods and with other producers. The following table reconciles costs of sales, the closest

IFRS measure, and also provides the calculation of the non-GAAP ratios.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Zgounder Silver Mine – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales<sup>9</sup> | 32971 | 9146 | 86225 | 22652 |
| Share-based compensation | (262) |  | (837) |  |
| Depreciation | (4677) | (495) | (13563) | (1294) |
| Inventory write-down |  |  | (135) |  |
| Treatment, smelting and refining costs<sup>10</sup> | 314 | 828 | 995 | 2274 |
| **Operating cash costs (A)** | **28346** | **9479** | **72685** | **23632** |
| **Total silver sales (oz) (B)** | **1363511** | **403957** | **3567325** | **1164194** |
| **Cash cost per silver ounce sold (A/B)** | **20.79** | **23.47** | **20.38** | **20.30** |

---

**Available Liquidity**

Available liquidity is a new non-IFRS measure used by Management to monitor its cash. Available liquidity is comprised of

cash and undrawn amounts under available credit facilities. The Corporation uses available liquidity to measure the liquidity

required to satisfy its lenders, fund capital expenditures and support operations. This measure does not have any standardized

meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

---

| | | |
|:---|:---|:---|
|  | **As at September 30, 2025** | **As at December 31, 2024** |
| Cash  | 129,184 | 30,944 |
| Undrawn amount under long-term debt | 10,000 |  |
| **Available liquidity** | 139,184 | **30,944** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202526

**Risks and Uncertainties**

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 common

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 MD&A.

For a discussion of these risk factors, please refer to the **MD&A** for the year ended December 31, 2024 and for additional

information please refer to the **Annual Information Form** for the year ended December 31, 2024 located on the Corporation's

website at **www.ayagoldsilver.com**.

**Financial Risk Factors**

Disclosure and description of the Corporation's capital management, financial risk management and financial instruments,

including the risks pertaining to credit, commodity prices, liquidity and currencies, are in notes 14, 15 and 16 of the FS.

**Other Financial Information**

**Share Purchase Options**

The following table reflects the share purchase options issued and outstanding as at the date of this MD&A:

---

| | | |
|:---|:---|:---|
| **Expiry date** | **Number of options** | **Exercise Price** |
|  | **Number** | **C$** |
| July 1, 2030 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | 15.63 |
|  | **9569451** |  |

---

**Outstanding Share Data**

---

| | |
|:---|:---|
|  | **Number of shares outstanding (diluted)** |
| Outstanding as of November 10, 2025 | 141900422 |
| Shares reserved for issuance pursuant to share purchase options  | 9569451 |
| Shares reserved for issuance pursuant to deferred share units | 481213 |
| Shares reserved for issuance pursuant to restricted share units | 1173722 |
|  | **153124808** |

---

**Off-Balance Sheet Arrangements**

As at September 30, 2025, the Corporation had no material off-balance sheet arrangements such as contingent interest in

assets transferred to an entity, derivative instruments obligations or any obligations that generate financing, liquidity, market or

credit risk to the Corporation, other than commitments, contingent liabilities and interest, as disclosed in this MD&A and the

FS.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202527

**Related Party Disclosures**

During the three and nine-month periods ended September 30, 2025 and 2024 and the year ended December 31, 2024, the

following related party transaction occurred in the normal course of operations for management and consulting fees to

Groupe Conseils Grou, La Salle Inc., a company owned by the President and Chief Executive Officer, in the amount of $227 and

$676 for the three and nine-month periods ended September 30, 2025, respectively ($234 and $703 for the three and nine-

month periods ended September 30, 2024, respectively). As at September 30, 2025, $335 (December 31, 2024 - $370) was due

to that company.

**Remuneration of Key Management Personnel of the Corporation**

Key management included members of the Board of Directors and executive officers of the Corporation. During the three and

nine-month periods ended September 30, 2025 and 2024 the remuneration awarded to key management personnel (including

the amounts above) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | $| $| **$** | **$** |
| Salaries and benefits | **355** | 320 | **1177** | 981 |
| Management consulting and professional fees | **320** | 324 | **956** | 972 |
| Share-based payments\* | **2661** | 1550 | **9271** | 3142 |
|  | **3336** | 2194 | **11404** | 5095 |

---

\* Share-based payments represent a non-cash expense related to the vesting of equity-based awards granted to directors and executive

officers, including stock options, restricted share units, and deferred share units.

**Accounting Policies, Judgements and Estimates**

**Critical Accounting Judgements and Estimates**

The preparation of unaudited condensed interim consolidated financial statements in conformity with IFRS requires

management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets

and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting

year. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results

may differ from these estimates.

In preparing the Corporation's FS for the three and nine-month periods ended September 30, 2025 and 2024, the Corporation

applied the critical judgments and estimates disclosed in note 4 of its audited consolidated financial statements for the year

ended December 31, 2024 except for these accounting policies, estimates and judgements that were adopted during the nine-

month periods ended September 30, 2025:

***Investments in associate***

An associate is an entity over which the Corporation has significant influence. Significant influence is the power to participate

in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The

Corporation is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the

investee, unless it can be clearly demonstrated that the Corporation does not have significant influence.

The Corporation accounts for its investment in an associate using the equity method. Under the equity method, the

Corporation's investment is initially recognized at cost and subsequently increased or decreased to recognize the

Corporation's share of net earnings/loss and other comprehensive earnings/loss of the associate, after any adjustments

necessary to give effect to uniform accounting policies, any other movement in the associate's reserves, and for impairment

losses after the initial recognition date. The Corporation's share of the associate's losses that are in excess of its investment

are recognized only to the extent that the Corporation has incurred legal or constructive obligations or made payments on

behalf of the associate. The Corporation's share of earnings or losses of its associate are recognized in net earnings during

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202528

the period. Dividends and repayment of capital received from the associate are accounted for as a reduction in the carrying

amount of the Corporation's investment. Unrealized gains and losses between the Corporation and its associate are

recognized only to the extent of unrelated investors' interests in the associate. Intercompany balances and interest expense

and income arising on loans and borrowings between the Corporation and its associate are not eliminated.

In order to apply the equity method, management aligned Mx2's accounting policies with those of the Corporation, which

required among other things management to assess whether indicators of impairment related to the Mx2 exploration and

evaluation assets are present.

***Areas of judgement***

***Determination of control or significant influence over investee***

The assessment of whether the Corporation has a significant influence or control over an investee requires the application of

judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a

judgement of control or significant influence over an investee include, but are not limited to, ownership percentage,

representation on the board of directors, participation in the policy-making process, material transactions and contractual

arrangements between the Corporation and the investee, interchange of managerial personnel, provision of essential technical

information and potential voting rights. In evaluating these factors, the Corporation determines the level of influence over the

investee the Corporation has. Changes in the Corporation's assessment of the factors used in determining if control or

significant influence exists over an investee would impact the accounting treatment of the investment in the investee.

**Proposed Transaction**

As at September 30, 2025, and the date hereof, the Corporation had no disclosable proposed transaction.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202529

**Management's Report on Internal Controls and Financial** 

**Reporting**

**Disclosure Controls and Procedures**

The Corporation's board, officers and management are responsible for establishing and maintaining disclosure controls and

procedures (DC&P) for the Corporation. Disclosure controls and procedures are designed to provide reasonable assurance

that material information regarding our reports filed or submitted under securities legislation fairly presents the financial

information of Aya and its subsidiaries and to ensure that required information is gathered and communicated to the

Corporation's management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to

permit timely decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of

disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide

reasonable assurance of achieving their control objectives.

**Internal Controls over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") as

defined in NI 52-109. A Corporation's internal control over financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with applicable generally accepted accounting principles.

A Corporation's internal control over financial reporting includes those policies and procedures that (i) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets

of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii)

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

Corporation's assets that could have a material effect on the financial statements. It should be noted that a control system, no

matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of

the control system are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and

procedures may deteriorate.

**Changes in Internal Control over Financial Reporting**

There were no changes to the Corporation's ICFR for the quarter ended September 30, 2025, that have materially affected, or

are reasonably likely to materially affect, the Corporation's ICFR.

**Additional Information and Continuous Disclosure**

Additional information about the Corporation FS for the period ended September 30, 2025, will be available on SEDAR+ at

www.sedarplus.ca and on the Corporation's website at www.ayagoldsilver.com.

**Technical Information**

David Lalonde, B. Sc, Vice-President Exploration, designated as a Qualified Person under National Instrument 43-101 for Aya

Gold & Silver Inc. has reviewed and approved the technical content of this document.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202530

**Cautionary Note Regarding Forward-Looking Information** 

All statements, other than statements of historical fact, contained or incorporated by reference in this MD&A including, but not

limited to, any information as to the future financial or operating performance of the Corporation, constitute "forward-looking

information" or "forward-looking statements" within the meaning of certain securities laws and are based on expectations,

estimates and projections as of the date of this MD&A. 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 contained in this MD&A, include, but are not limited to, those under the headings

"Business Overview", "Q3-2025 Business Highlights", "Recent Developments", "Q3-2025 and YTD-2025 Operational and

Financial Highlights", "Operating Results", "Development and Exploration", "Sustainability", "Overview of Financial

Performance", "Liquidity and Capital Resources", and "Commitments and Contingency" and amongst others include, without

limitation, statements with respect to (1) the focus on expanding the resource base, advancing priority targets, testing new

prospective zones, guiding future development decisions, and enhancing geological understanding of the project area as part

of Aya's growth strategy; (2) the 2025 exploration program targeting 20,000 to 25,000 metres of Diamond Drill Holes of

additional drilling; (3) the expected release of an updated NI 43-101 on the Zgounder Silver Mine in Q4-2025; (4) the positioning

of the Boumadine project as a key pillar of Aya's long-term growth strategy in Morocco; (5) the 2025 exploration program

targeting 100,000 to 140,000 metres of additional drilling to expand mineralization, test satellite targets, and assess broader

regional potential; (6) the expectation that both underground and open pit operations will reach steady-state production by

year end; (7) the Corporation progressing toward ISO 14001 certification; (8) the expected release of the Double Materiality

Assessment (DMA) results in Q4-2025 and their planned integration into Enterprise Risk Management (ERM) and the 2025

Sustainability Report; (9) the after-tax NPV (5%, $2,800/oz gold, $30/oz silver) of $1.5 billion, IRR of 47%, and payback period of

2.1 years for the Boumadine project, as outlined in the Boumadine PEA; (10) the project's plan to include open-pit and

underground operations and a conventional 8,000 tonnes per day flotation plant; (11) the expected production of three

concentrates – a precious-metal-rich lead concentrate, a precious-metal-rich pyrite concentrate, and a zinc concentrate; (12)

the economic model assumptions, including an 11-year life of mine and annual silver-equivalent production of approximately

31.2 Moz (334 Koz AuEq); (13) the estimated all-in sustaining costs of approximately $1,021/oz Au; (14) the estimated initial

capital of $446 million, including a contingency of $96 million, and sustaining capital of $340 million over the life of mine; (15)

the expectation that the acceleration of the mining rate will continue throughout the year and exceed 3,000 tpd by the end of

2025 for both mines; (16) the continuation of the increase in the open pit mining rate as additional equipment is mobilized

through the rest of the year; (17) the expectation that the open pit mining rate will reach over 40,000 tonnes per day of total

material moved by year end; (18) timing for completion of the "super pit"; (19) the mobilization for construction of phase two

of the Tailing Storage Facility (TSF) to start before year-end; (20) the continuation of the decline development to reach the

1,650 level in the coming years; (21) timing for completion and progress of the Corporation drilling program, supporting the

Corporation's 2025 exploration and resource development objectives; (22) the potential for future resource growth supported

by the continuity of high-grade mineralization beyond the current resource boundary; (23) the 2025 full year drilling target of

20,000 to 25,000 meters for both near-mine extensions and regional prospects on surrounding permits; (24) the future phases

of the 2025 drill program supported by newly identified drill targets on the Tourchkal and Zgounder Far East permits; (25) the

potential expansion of known zones based on confirmed mineralization continuity; (26) the main trend forming the foundation

of the upcoming Preliminary Economic Assessment (PEA); (27) the continuation of drilling activities beyond the first nine

months of the year; (28) the continuation of drill testing in the fourth quarter of the year as part of the greenfield component of

the current drill program; (29) the reasonable potential for extraction of out-of-pit Mineral Resources by the long hole

underground mining method; (30) the continued strengthening of the Corporation's health and safety programs through

proactive risk management, contractor engagement, and targeted training initiatives; (31) the aim to further reduce incident

rates and ensure the well-being of all personnel through a sustained focus on leading indicators and a culture of safety; (32)

the integration of comments from community consultations into the Corporation's 2026 Community Investment Strategy; (33)

the expectation that results of the Double Materiality Assessment (DMA) will be available during Q4-2025 and included in the

2025 Sustainability Report; (34) the integration of the DMA results into the Enterprise Risk Management (ERM) framework to

strengthen the incorporation of sustainability into the Corporation's risk management culture; (35) the expectation that unit

costs will gradually decrease as the plant and mine ramp-up stabilize in the coming quarters; (36) the support of the

Corporation's continued growth through additional headcount at the head office in Canada and in Morocco to ensure adequate

resources for project execution and corporate functions; (37) the expectation that cost increases will gradually decrease as

the Zgounder plant ramp-up continues to progress and production volumes increase in the coming quarters; (38) the

anticipation of generating cash flow from the Zgounder mine during the last quarter of 2025; (39) the belief that existing cash

flows from operations and current cash holdings will be sufficient to meet the Corporation's likely short-term and long-term

cash requirements; (40) the possibility that the Corporation may be required to raise additional equity or debt financing in the

capital markets to facilitate growth, exploration, development, expansion activities, and ongoing operations; (41) the continued

assessment of financing alternatives, including equity, debt, or a combination of both, to fund future growth and the

development of the Boumadine project; (42) the intended use of proceeds from the February 14, 2024 financing; (43) the

Corporation's intention to use the net proceeds of the June 18, 2025, Short Form Prospectus equity financing of C$143,750

($105,218) to advance its business objectives, including for the advancement of its exploration program at Boumadine, the

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202531

exploration program at Zgounder Regional, and working capital and general corporate purposes; (44) timelines of certain

events and plans including timelines related to advancement of mining rates and milling rates; (45) nameplate capacities at

the mill; (46) processing capacities; (47) recoveries, average grades mined or processed; (48) exploration budget; (49)

identification of additional resources and reserves or the conversion of resources to reserves; (50) the Corporation's liquidity

and access to cash; (51) forecast for the Corporation's projects; (52) budgets and future prospects for exploration,

development and operation at the Corporation's operations and projects, including the Zgounder project; (53) potential mine

life extensions at the Corporation's operations; (54) the Corporation's balance sheet and liquidity outlook, as well as references

to other possible events including, the future price of silver; (55) the timing and amount of estimated future production, costs

of production, and operating costs; (56) price inflation; (57) capital expenditures; (58) costs and timing of the development of

projects and new deposits at Zgounder or Boumadine; (60) estimates and the realization of such estimates (such as mineral

or silver reserves and resources or mine life); (59) success of exploration; (61) development and mining; (62) currency

fluctuations; (63) capital requirements; (64) project studies; (65) government regulation; (66) permit applications; (67)

environmental risks and proceedings; (68) resolution of pending litigation; (69) the Boumadine PEA, and the results of the

Boumadine PEA discussed in this MD&A, including, without limitation, project economics, financial and operational parameters

such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital

expenditures, free cash flow, NPV, IRR, payback period and life of mine (LOM), opportunities for growth and expected next

steps in the development of the Project; the mine design; the timing of the feasibility study; the release date and content of the

technical report pertaining to the Boumadine PEA; the future price of commodities, including gold and silver; the estimation of

mineral resources and the realization of mineral resource estimates; and requirements for additional capital. Wherever

possible, words such as "aim", "anticipate","assume", "believe", "estimate", "expect", "intend", "objective", "plan", "strategy" and

similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to

be taken, occur or be achieved, have been used to identify such forward-looking information.

The estimates, models and assumptions of the Corporation referenced, contained or incorporated by reference in this MD&A,

which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our MD&A for

the year ended December 31, 2024, and the Annual Information Form dated March 31, 2025, as well as: (1) there being no

significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including, without

limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to strikes

or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2)

permitting, development, operations and production from the Corporation's operations and development projects being

consistent with current expectations including, without limitation: the maintenance of existing permits and approvals and the

timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of

exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in

any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation,

restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining

laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies,

including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently

expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or

resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being

approximately consistent with current levels; (6) certain price assumptions for commodity, including gold and silver; (7) prices

for diesel, fuel oil, electricity and other key supplies being approximately consistent with the Corporation's expectations; (8)

attributable production and cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current

mineral reserve and mineral resource estimates of the Corporation's analysis thereof being consistent with expectations

(including but not limited to grade, ore tonnage and ore grade estimates), future mineral resource and mineral reserve

estimates being consistent with preliminary work undertaken by the Corporation, mine plans for the Corporation's current and

future mining operations, and the Corporation's internal models; (10) labour and materials costs increasing on a basis

consistent with our current expectations; (11) the terms and conditions of the legal and fiscal stability in Morocco being

interpreted and applied in a manner consistent with their intent and our expectations; (12) asset impairment potential; (13) the

regulatory and legislative regime regarding mining in Morocco being consistent with our current expectations; (14) access to

capital markets; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16)

changes in national and local government legislation or other government actions, including new taxes, levies, royalties, or

government-imposed charges; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being

concluded in a manner consistent with the Corporation's expectations; (18) having and maintaining human and technical

capacities to execute on its plans to achieve the 2025 Guidance figures; (19) transactions announced by the Corporation

advancing and closing per the Corporation's timeline and expectations; (20) the Corporation's capacity to complete the post-

closing conditions related to the financing facility with EBRD for up to $25 million; and (21) governmental policies on

international trade and investment, including sanctions and actions in respect to global trade, tariffs, and trade agreement.

Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; inaccuracies of

mining reserve and resource calculations, challenges related to underground mining, fluctuations in the currency markets;

fluctuations in the spot and forward price of silver or certain other commodities; price inflation of goods and services; changes

in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted

average cost of capital; changes in the market valuations of peer group silver producers and the Corporation, and the resulting

impact on market price to net asset value multiples; risks arising from holding derivative instruments (such as credit risk,

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** Q3-202532

market liquidity risk and mark-to-market risk); risks arising from reliance on a single operating mine, risks arising from reliance

on contractors namely one EPC provider at the Zgounder expansion project and one open pit mining contractor, changes in

national and local government legislation, taxation (including but not limited to income tax, advance income tax, withholding

tax, capital tax, tariffs, value-added or sales tax, production royalties, excise tax, customs/import or export taxes/duties,

together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and

regulations; the security of personnel and assets; political or economic developments in Morocco or Mauritania; operating or

technical difficulties in connection with mining and milling notably improving recoveries, development or refining activities;

employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions,

administrative orders or sanctions in respect of the Corporation (and/or its directors, officers, or employees) including, but not

limited to, securities class action litigation in Canada, environmental litigation or regulatory proceedings or any investigations,

enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money

laundering laws and regulations or any other applicable jurisdiction; the speculative nature of silver or gold exploration and

development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing

quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition,

there are risks and hazards associated with the business of silver and gold exploration, development and mining, including

environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion

losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these

uncertainties and contingencies can directly or indirectly affect, and could cause, Aya's actual results to differ materially from

those expressed or implied in any forward-looking statements made by, or on behalf of, Aya, including but not limited to

resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Forward-looking statements are provided for the purpose of providing information about management's expectations and

plans relating to the future. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers

should not place undue reliance on forward-looking statements. All of the forward-looking statements made in this MD&A are

qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada including,

but not limited to, the "Risk Factors" set forth in the Corporation's Annual Information Form dated March 31, 2025. These

factors are not intended to represent a complete list of the factors that could affect Aya.

The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims any intention

or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent

actual events and such forward-looking statements, except to the extent required by applicable law.

## Exhibit 99.79

**Exhibit 99.79**

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, **Benoit La Salle, President and Chief Executive Officer of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the interim financial statements and interim MD&A (together, the "interim filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial interim period ended **September 30, 2025.**

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

------

5.2***ICFR – material weakness relating to design:*** N/A

5.3***Limitation on scope of design:*** N/A

6.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **July 1, 2025,** and ended on **September 30, 2025,** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Dated this 11<sup>th</sup> day of November, 2025. |
| *<u>//s// Benoit La Salle</u>* |
| [Signature] |
| Benoit La Salle, President and Chief Executive Officer |

---

## Exhibit 99.80

**Exhibit 99.80**

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, **Ugo Landry-Tolszczuk, Chief Financial Officer of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the interim financial statements and interim MD&A (together, the "interim filings") of Aya Gold & Silver Inc**.** (the "issuer") for the financial interim period ended **September 30, 2025.**

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013) issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

------

5.2***ICFR – material weakness relating to design:*** N/A

5.3***Limitation on scope of design:*** N/A

6.***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **July 1, 2025,** and ended on **September 30, 2025,** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| | |
|:---|:---|
| | Dated this 11th day of November, 2025. |
| *<u>//s// Ugo Landry-Tolszczuk</u>* | *<u>//s// Ugo Landry-Tolszczuk</u>* |
| | [Signature] |
| | Ugo Landry-Tolszczuk, Chief Financial Officer |

---

## Exhibit 99.81

**Exhibit 99.81**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo20.jpg](ayalogo20.jpg) |
| | ![ayalogo20.jpg](ayalogo20.jpg) |

---

Aya Gold & Silver Reports Record Revenue and Net Income for Q3-2025 on Record Production

**Montreal, Quebec, November 11, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") today announced third quarter financial and operational results for the three-month period ended September 30, 2025. *All amounts are in US dollars, unless otherwise stated*.

Q3-2025 Highlights

**Operational**

&nbsp;&nbsp;&nbsp;&nbsp;• Record silver production of 1.35 million ("M") ounces ("oz") up 278% vs. the prior year driven by the new Zgounder plant; and up 29% increase quarter-over-quarter ("QoQ"), driven by record throughput and improved grades.

&nbsp;&nbsp;&nbsp;&nbsp;• Ore processed averaged 3,326 tonnes per day (tpd), up 11% QoQ, with high mill availability of 96%.

&nbsp;&nbsp;&nbsp;&nbsp;• Mill average feed grade of 146 grams per tonne ("g/t") Ag, showing improvement QoQ driven by higher-grade underground ore.

&nbsp;&nbsp;&nbsp;&nbsp;• Silver recovery averaged 92.5% in Q3-2025.

**Financial**

&nbsp;&nbsp;&nbsp;&nbsp;• Record revenue of $54.3M, up five-fold driven by higher ounces sold from ramp-up and a higher average net realized silver price of $39.85/oz; revenue rose 41% QoQ, supported by increased silver sales and stronger pricing.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash costs<sup>(1)</sup> per silver ounce sold of $20.79.

&nbsp;&nbsp;&nbsp;&nbsp;• Record net income of $12.4M; diluted EPS of $0.09.

&nbsp;&nbsp;&nbsp;&nbsp;• Strong operating cash flow of $22.4M ($38.1M year-to-date) ending the quarter with $129M in cash providing the flexibility to advance our Boumadine development-stage asset.

------

**Development and Exploration**

&nbsp;&nbsp;&nbsp;&nbsp;• Announced positive Preliminary Economic Assessment ("PEA") results for Boumadine (November 4, 2025), demonstrating a robust, low-capital-intensity project with attractive scale and cost profile.

&nbsp;&nbsp;&nbsp;&nbsp;• Drilled 29,524 metres ("m") at Boumadine, confirming continuity of the Main and Tizi zones and extending Imariren to 1.2 kilometer ("km"). Results returned high-grade intercepts (up to 369 g/t) over 9.0 m) and confirmed a new gold discovery at Asirem.

&nbsp;&nbsp;&nbsp;&nbsp;• Drilled 9,770 m at Zgounder on near-mine and regional targets, confirming high-grade mineralization beyond the current resource boundary and advancing regional exploration.

**"We are executing on all fronts. The ramp-up at Zgounder is nearly complete, and the mill is now running at a steady state. We are seeing improvements and continue to make targeted improvements to the mine plan, with a focus on optimizing grade control and minimizing dilution. This quarter's strong cash flow reflects solid production volumes and robust margins,"** said Benoit La Salle, President & CEO.

**"We are equally excited about the significant potential of our Boumadine project, underscored by the recently announced PEA results. The study highlight industry-leading capital efficiency and operating costs. The scale of Boumadine, is expected to be about six times Zgounder's current silver-equivalent production run rate. Looking ahead, we are well positioned to deliver long-term value for our shareholders."** 

Operational Review

In Q3-2025, throughput ramped up to a record 3,326 tpd, up 11% QoQ, with mill availability of 96% driving silver production of 1.35 M oz. A total of 305,964 tonnes ("t") were processed during the quarter, up 12% QoQ, at an average grade of 146 g/t Ag and recovery of 92.5%. Record performance was achieved through optimized blending, circuit improvements, and increased tailings-pumping capacity.

In Q3-2025, underground mining reached steady-state operations, averaging 1,276 tpd at 159 g/t Ag, as mining accessed more continuous mineralized zones, improving overall mined grade. Open-pit activities focused on stripping in the northeast section, yielding 1,066 tpd of ore at 123 g/t Ag, positioning the mine for continued production growth. Total ore mined averaged 2,341 tpd. Additional mobile equipment arriving in Q4-2025 is expected to lift open-pit output above 2,000 tpd by Q1-2026, with enhanced grade control and ore recovery through blast-movement tracking and bench-by-bench modeling.

------

The operation continues to improve, with the mill currently running above 3,700 tpd and recoveries exceeding 90%. With 158,546 tonnes of stockpiled ore, Zgounder is well positioned for a strong finish to 2025.

**Operational Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Operational for Zgounder** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| &nbsp;&nbsp; Ore Mined (tonnes) | 215405 | 120985 | 78% | 651354 | 341890 | &nbsp;&nbsp;&nbsp;&nbsp;91&nbsp;&nbsp;&nbsp;&nbsp;% |
| Average Grade Mined (g/t Ag) | 142 | 148 | (4)% | 144 | 161 | &nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Ore Processed (tonnes) | 305964 | 83352 | 267% | 829178 | 245246 | &nbsp;&nbsp;&nbsp;&nbsp;238&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Average Grade Processed (g/t Ag) | 146 | 161 | (9)% | 149 | 176 | &nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Combined Mill Recovery (%) | 92.5% | 83.0% | 9.5% | 87.4% | 83.3% | 4.1% |
| Milling Operations (tpd) | 3326 | 906 | 267% | 3037 | 895 | &nbsp;&nbsp;&nbsp;&nbsp;239&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Silver Ingots Produced (oz) | 1346882 | 114825 | 1073% | 3400372 | 357040 | &nbsp;&nbsp;&nbsp;&nbsp;852&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Silver in Concentrate Produced (oz) |  | 241102 | (100)% | 57479 | 797914 | &nbsp;&nbsp;&nbsp;&nbsp;(93)&nbsp;&nbsp;&nbsp;&nbsp;% |
| **Total Silver Produced (oz)** | **1346882** | **355927** | **278%** | **3457851** | **1154954** | **&nbsp;&nbsp;&nbsp;&nbsp;199&nbsp;&nbsp;&nbsp;&nbsp;%** |
| &nbsp;&nbsp;Silver Ingots Sold (oz) | 1363511 | 137001 | 895% | 3464280 | 366726 | &nbsp;&nbsp;&nbsp;&nbsp;845&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;Silver in Concentrate Sold (oz) |  | 266956 | (100)% | 103044 | 797468 | &nbsp;&nbsp;&nbsp;&nbsp;(87)&nbsp;&nbsp;&nbsp;&nbsp;% |
| **Total Silver Sales (oz) (A)** | **1363511** | **403957** | **238%** | **3567325** | **1164194** | **&nbsp;&nbsp;&nbsp;&nbsp;206&nbsp;&nbsp;&nbsp;&nbsp;%** |
| &nbsp;&nbsp;Avg. Net Realized Silver ($/oz) (B/A) | 39.85 | 27.29 | 46% | 35.54 | 25.58 | 39% |
| &nbsp;&nbsp;Cash Costs per Silver Ounce Sold<sup>(1)</sup> | 20.79 | 23.47 | (11)% | 20.38 | 20.30 | —% |

---

Financial Review

Revenue from silver sales totaled $54.3M in Q3-2025, increasing 393% YoY, reflecting successful start of commercial production of the new Zgounder plant on December 29, 2024 and a higher average net realized silver price per oz of $39.85, up 46% vs. the prior year period. Sales rose 41% QoQ driven by higher volume (+20%) and net realized silver price (+18%).

Cash costs<sup>(1)</sup> per ounce sold decreased 11% YoY, and 2% QoQ reflecting the benefits of scale as production ramps up, alongside improving grade dilution as mining progresses into later-stage stopes and more advanced open-pit sequencing.

Record net income of $12.4M, or diluted EPS of $0.09, was recorded in Q3-2025 compared to a net loss of $0.3M or diluted EPS of $(0.00) in Q3-2024.

The Corporation generated $22.4M in cash flow from operating activities in Q3-2025. Capital expenditures during the quarter included $10.5M of investments mostly related to the Zgounder plant, advancing key growth initiatives, including near-completion of the 'Super Pit' project, progress on second phase of the TSF, increased milling capacity and continued underground development toward deeper levels. A total of $14.1M was directed toward exploration and evaluation assets.

------

As at November 10, 2025, the Corporation had common shares issued and outstanding of 141,900,422. We ended the quarter in a strong financial position, with $129.2 million in cash.

**Financial Highlights** *(in thousands of US$, except per share amounts)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** | **Nine-month periods ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Financial** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Revenues (B) | 54337 | 11024 | 393% | 126783 | 29780 | 326% |
| Cost of Sales | 32971 | 9146 | 260% | 86225 | 22652 | 281% |
| Gross Profit | 21366 | 1878 | 1038% | 40558 | 7128 | 469% |
| Operating Income (Loss) | 15171 | (3062) | 595% | 26167 | (4277) | 712% |
| Net Income (Loss) | 12422 | (263) | 4823% | 27994 | 3959 | 607% |
| Operating Cash Flows | 22390 | (11767) | 290% | 38099 | (9210) | 514% |
| **Shareholders** | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |
| Income (loss) per Share – basic | 0.09 | (0.00) | NM | 0.21 | 0.03 | NM |
| Income (loss) per Share – diluted | 0.09 | (0.00) | NM | 0.20 | 0.03 | NM |
|  | **September 30,** | **December 31,** |  |  |  |  |
| **Financial** | **2025** | **2024** | **Variance** |  |  |  |
| Working Capital<sup>2</sup> | 96147 | 23424 | 310% |  |  |  |
| Cash | 129184 | 30944 | 317% |  |  |  |

---

**Recent Developments**

In November 2025, Aya announced robust PEA results for its Boumadine project, highlighting a post-tax NPV5% of $1.5 billion, a 47% IRR, and a 2.1-year payback at Base Case prices ($2,800/oz Au and $30/oz Ag). At Spot Prices ($4,000/oz Au and $48/oz Ag), the project delivers a post-tax NPV5% of $3.0 billion, a 77% IRR, and a 1.2-year payback.

The study outlines a large-scale, capital-efficient operation with average annual production of 401 koz AuEq (37.5 Moz AgEq) over the first five years and low initial capital costs of $446 million, including $96 million in contingency. The project is expected to deliver industry-leading economics, with life-of-mine AISC of $1,021/oz AuEq and a post-tax NPV-to-Capex ratio of 3.3:1 at Base Case prices and 6.6:1 at Spot Prices. The PEA envisions a combined open pit and underground mining operation supported by an 8,000 tpd conventional flotation plant producing three silver- and gold-bearing payable concentrates. The Corporation holds an existing mining license for Boumadine and targets completion of a feasibility study by late 2027. For additional details, please see our press release dated November 4, 2025, and the replay of our Boumadine PEA webinar, available on our website at **www.ayagoldsilver.com**.

------

Exploration Review

**Zgounder Near Mine and Regional**

In Q3-2025, Zgounder exploration advanced both near-mine and regional programs, with 9,770 m of drilling in the quarter, bringing year-to-date totals to 19,659 m, on track to meet the full-year target of 20,000–25,000 m. Near-mine results confirmed continuity beyond the current resource, highlighted by high-grade intercepts of 1,164 g/t Ag over 3.0 m and 1,080 g/t Ag over 3.0 m, while exploration surface drilling returned 167 g/t Ag over 2.0 m within a broader 19.0 m anomalous zone north of the current open pit. Regional drilling targeted geochemical and structural anomalies at Zgounder Far East, and detailed mapping on the Tourchkal and Far East permits generated multiple new drill targets, supporting ongoing resource expansion.

**Boumadine**

In Q3-2025, Boumadine exploration progressed with 29,524 m of combined DDH and RC drilling, confirming continuity across the Boumadine deposit and Tizi Zone and extending the Imariren Zone strike to 1.2 km. Year-to-date drilling reached 109,240 m, already within the full-year 2025 program target of 100,000–140,000 m. High-grade silver-equivalent intercepts included 369 g/t AgEq over 9.0 m on the main trend and 272 g/t AgEq over 4.6 m in Tizi, supporting resource expansion. Drilling also tested 2024-mapped targets, leading to the discovery of the Asirem gold zone with significant gold intercepts, further underpinning the project's growth potential.

Environmental, Social and Governance

Aya continued to strengthen its health, safety, and environmental management systems during Q3 2025, delivering 6,636 hours of training and achieving a reduced TRIFR of 13.4, down from 16.2 in Q3 2024. No significant environmental incidents were reported, and the Corporation remains focused on proactive risk management, contractor engagement, and ongoing improvements to its Environmental and Social Management System "ESMS", including progress toward ISO 14001 certification.

Outlook

We continue to deliver strong operational execution with ramp-up near completion. Looking ahead, we expect milling throughput to remain strong with recoveries continuing to exceed feasibility study rate. We remain fully committed to achieving our 2025 production goals and continue to advance targeted initiatives to optimize grade control and our cost profile. Margins remain strong, above our plan, supporting healthy cash generation from operations. We look forward to providing an updated technical report on our Zgounder operation in our fourth

------

quarter. With Zgounder ramping up, Boumadine advancing, and district-scale exploration underway, Aya is executing on its strategy to grow production, expand resources, and deliver long-term value. Leveraging a strong balance sheet, positive cash flow, and a significant portfolio, we are well positioned to strengthen Aya's position as a leading high-grade silver producer.

Q3-2025 Conference Call Details

Aya will release its third quarter 2025 results on Tuesday, November 11, 2025 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows:

**Webcast link**: **https://edge.media-server.com/mmc/p/c3khz6ry/**

Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form.

**https://register-conf.media-server.com/register/BIf9827859fc9640068b33ea03e905c834**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya's website

Qualified Person

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are each a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), for accuracy and compliance with NI 43-101.

------

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

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Forward-Looking Statements

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "guidance", "intend", "objective", "plan", "strategy" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the PEA, notably as discussed under "Development and Exploration", "Recent Developments", and "Exploration Review"; the results of the PEA discussed in this press release, including, without limitation, project economics, financial and operational parameters such as NPV, IRR, payback period, production, capital costs, life of mine, AISC, project design, processing methods; the expected next steps in the development of the Boumadine project and the Zgounder project; the timing for production of the technical reports, including the Boumadine feasibility study and the Zgounder updated technical report; the future price of commodity, including gold and silver; the estimation of mineral resources and the realization of mineral resource estimates; the permitting, development, operations and production from the Corporation's projects; the Corporation's environmental, social and governance initiatives and framework; the advancement of the Corporation's certification objectives, including progress toward ISO 14001 certification; the 2025 guidance; the production goals; the Corporation's exploration program; the Corporation's outlook; the Corporation's expectations on operational improvement, optimization and growth initiatives; the Zgounder project economics, financial, operational and scheduling parameters, including the timing and completion of the Zgounder plant ramp-up; and the Corporation's future operating results, economic performance, and objectives.

Although the forward-looking information contained in this press release reflects management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered

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reasonable by the Corporation as of the date of such statements, are inherently subject to significant business, geological, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to Aya's capacity to execute on its plan, its capacity to achieve each item of its guidance, and those material factors and assumptions set forth in Corporation's management's discussion and analysis ("MD&A") and the Corporation's Annual Information Form for the year ended December 31, 2024 ("AIF"), available with Canadian securities regulators, as well as: (1) there being no significant disruptions affecting the operations of the Corporation, whether due to extreme weather events (including, without limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Corporation's operations and development projects being consistent with current expectations including, without limitation the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for the operation of our assets; and the successful completion of exploration consistent with the Corporation's expectations at the Corporation's projects; (3) political and legal developments in any jurisdiction in which the Corporation operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws in Morocco and Mauritania, potential third party legal challenges to existing permits; (4) the completion of studies, including scoping studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently expected and the results of those studies being consistent with our current expectations namely on the Boumadine project or resource updates on Zgounder; (5) the exchange rate between the Canadian dollar, the MAD, the Euro and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for commodity, including gold and silver; (7) prices for diesel, fuel oil, electricity and other key supplies being approximately consistent with the Corporation's expectations; (8) attributable production and cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Corporation's analysis thereof being consistent with expectations (including but not limited to grade, ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Corporation, mine plans for the Corporation's current and future mining operations, and the Corporation's internal models; (10) labour and materials costs increasing on a basis consistent with our current expectations; (11) the terms and conditions of the legal and fiscal stability in Morocco being interpreted and applied in a manner consistent with their intent and our expectations; (12) asset impairment potential; (13) the regulatory and

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legislative regime regarding mining in Morocco being consistent with our current expectations; (14) access to capital markets; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions, including new taxes, levies, royalties, or government-imposed charges; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Corporation's expectations, (18) having and maintaining human and technical capacities to execute on its plans to achieve the 2025 guidance figures; (19) transactions announced by the Corporation, including the Mx2 spinoff advancing and closing per the Corporation's timeline and expectations; (20) the Corporation's capacity to complete the post-closing conditions related to the financing facility with EBRD for up to $25 million; (21) governmental policies on international trade and investment, including sanctions and actions in respect to global trade, tariffs, and trade agreement. For a more detailed discussion of the risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, which discussions are incorporated by reference in this news release, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Notes to Investors Regarding the Use of Mineral Resources

Zgounder technical information on resources and reserve is based on 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 (the "Zgounder Report"), which was prepared under the supervision of Daniel M. Gagnon, DRA, with the participation of William Stone, Antoine Yassa, Jarita Barry, Fred Brown, Eugene Puritch, Daniel Morrison, André-François Gravel, Claude Bisaillon, Julie Gravel, Kathy Kalenchuk, Hugo Dello Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coatesall "Qualified Persons" as defined under NI 43-101 for the purpose of the Zgounder Report. The PEA and the Boumadine technical information included in this press release are based on the updated mineral resource estimate ("MRE") for the Boumadine project, effective as of February 24, 2025, disclosed in a technical report titled "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" dated as of March 31, 2025, and filed on SEDAR+ as of such date. The key assumptions, parameters and methods used to estimate the MRE and the identification of known legal, political,

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environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical report. The PEA is preliminary in nature, and 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, as such, there is no certainty that the PEA results will be realized. 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. Numbers may not add or multiply accurately due to rounding. Inferred mineral resources 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 therefore no certainty that the conclusions of the initial exploration drilling results will be realized.

Additionally, where the Corporation discusses exploration and expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated using industry-standard methods appropriate for each mineral project with support of various commercially available mining software packages. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of the Corporation's mineral properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com and the Corporation's website at www.ayagoldsilver.com.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

<sup>(1)</sup> See "Non-GAAP Measures" section on page 25 of Aya MD&A for the three and nine-month periods ended September 30, 2025 and 2024.

<sup>(2)</sup> Non-GAAP Measures, consisting of current assets of $196,495 less current liabilities of $100,348 (December 31, 2024, current assets of $76,540 less current liabilities of $53,116).

## Exhibit 99.82

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| | |
|:---|:---|
| | **Exhibit 99.82** |
| PRESS RELEASE | ![ayalogo22.jpg](ayalogo22.jpg) |

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**Aya Gold & Silver Unlocks Near-Term Value and Advances Environmental Remediation with Sale of Precious Metals from Legacy Boumadine Stockpile**

**Montreal, Quebec, November 19, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the start of commercial production from a historical flotation stockpile of precious metal rich pyrite concentrate, located within its Boumadine mining license. Recovering these metals will help reduce the environmental footprint of past operations, support rehabilitation of the area, and generate positive cash flow contributing to the Boumadine project. The stockpile was generated during legacy lead and zinc flotation operations in the late 1980s and early 1990s.

**Project Highlights**

**• Aya entered into an offtake agreement with an international buyer for the purchase of the legacy stockpile. ("Offtake Agreement")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Production volume:** Monthly production and shipment of the historical flotation product over the next 20 to 24 months, or until recoverable material is exhausted, estimated at a rate of **10,000 tonnes ("t")** per month<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** An estimated **2.5 million silver-equivalent ounces**<sup>2</sup> **("Moz AgEq")** to be produced and shipped over the above period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Average anticipated resource grades**<sup>1</sup> **of approximately 2.30 grams per tonne ("g/t")**<sup>1</sup> **Gold ("Au") and 14**4 g/t<sup>1</sup> **Silver ("Ag")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>*See first line of table 55 of NI 43-101 Technical Report Preliminary Economic Assessment Boumadine polymetallic deposit (Au, Ag, Zn, Pb, Ge) in the Kingdom of Morocco, issued on May 24, 2019 prepared by GoldMinds Geoservices Inc., which the Corporation's qualified persons have since verified.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>*Based on the anticipated resource grade of 2.30 g/t for gold, and 144 g/t for silver, and a gold price of 4000$/oz and a silver price of 50$/oz, which equates to a gold to silver ratio of 80.*

**"The commercialization of the historical Boumadine stockpiles offers two key benefits. We are cleaning up legacy operations by removing unwanted acid-generating material from the site near the planned open pit and establishing commercial relationships with future offtakers of our pyrite product," said Benoit La Salle, President & CEO. "Unlocking value from legacy pyrite concentrate highlights the commercial potential and marketability of the gold- and silver-rich pyrite concentrate that Boumadine will produce during operation."**

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**Project Overview**

As part of historical operations at the Boumadine property, approximately 260 thousand tonnes ("kt") of ore was mined, producing lead and zinc concentrates. Precious metal recoveries averaged approximately 30% for gold and 40% for silver, leaving by-products with commercially meaningful grades of both metals. The recoverable volume will be further refined during project execution.

Favourable market conditions, including precious metal prices, limited supply, and ongoing demand for sulfur, have created an opportunity to commercialize the historical flotation by-product. We have received interest from multiple offtakers, confirming market demand and commercially viable payable levels.

To support commercialization, Aya has mobilised a team, equipment and contractors for loading and handling and engaged surveying services to ensure precise tracking of operations. The logistics chain has been planned, with the product transported by truck from the site to an inland port, then by rail to the seaport, and finally shipped by container to offtakers. Sampling and analysis programs are in place to ensure quality and compliance throughout the shipment process.

![logo_02.jpg](logo_02.jpg)

As of the date of this press release, a total of 2,500t of product has already been loaded and shipped to the dry-port facility in Morocco, where it is being loaded in sea containers for final shipping to the client. The first payment from the offtaker is anticipated by year end. Cash generated by this operation will

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contribute to the development of the Boumadine project. The project seeks to limit environmental impact while maximizing recovery of marketable materials.

**Qualified Person**

The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, and by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, each a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding expected production volume, the effectiveness of known process and recovery methods, the logistics chain for transportation, the ability of the offtaker to meet its obligations under the Offtake Agreement, the environmental impact of the recovery process, grades, recoveries, and the timing and results of planned operational activities. Forward-looking information is based on a number of assumptions, including assumptions regarding commodity prices, recoveries, operational performance, timing, and general business and economic conditions. Forward-looking information is inherently subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied.

Such risks and uncertainties include, but are not limited to, operational risks, changes in project parameters, fluctuations in commodity prices, equipment performance, permitting timelines, and general economic conditions. Although the Company believes the assumptions and expectations reflected in

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such forward-looking information are reasonable, no assurance can be given that these expectations will prove correct. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. The operational forecasts contained in this release do not constitute an economic analysis of a mineral project under NI 43-101 and are limited to tailings-processing activities that do not form part of the Boumadine mineral resource or Boumadine PEA.

For a more detailed discussion of the risks and other factors that may affect the Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in this press release, see the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, which discussions are incorporated by reference in this news release, as well as the Corporation's other filings with the Canadian securities regulators.

Readers are advised and cautioned not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

## Exhibit 99.83

**Exhibit 99.83**

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| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo23.jpg](ayalogo23.jpg) |
| | ![ayalogo23.jpg](ayalogo23.jpg) |

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**Aya Gold & Silver Reports Best Ever Mineral Intercept at Boumadine and Identifies New High-Grade Parallel Structure** 

**Montreal, Quebec, November 26, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporatio**n") is pleased to announce its strongest mineralized intercept to date, featuring a long, high-grade interval that results in a record metal factor, alongside the identification of a new high-grade parallel structure, both from the ongoing 2025 drill program at Boumadine in the Kingdom of Morocco. The results, several of which sit outside the current PEA pit shell, confirm strong high-grade continuity along the Boumadine Main Trend and supports the potential for continued resource growth and the Project's emerging world-class scale.

**Highlights**<sup>1</sup>

**Boumadine Main Trend (5.4km)**

&nbsp;&nbsp;&nbsp;&nbsp;**• Best-ever mineralized intercept:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-MP25-087** intercepted **2,323 g/t silver equivalent ("AgEq")** over 15.0 metres ("m") (3.31 g/t Au, 1,900 g/t silver ("Ag"), 4.8% zinc ("Zn"), 1.8% lead ("Pb") and 0.03% copper ("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).

&nbsp;&nbsp;&nbsp;&nbsp;**• New high-grade parallel structure with a long, continuous mineralized interval:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-DD25-623** 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The newly identified parallel structure is significant due to its width and high-grade nature, opening further exploration potential. As a newly recognized zone within the Main Trend, it holds the potential to positively impact the overall resource.

&nbsp;&nbsp;&nbsp;&nbsp;**• Multiple additional high-grade intercepts:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-RC25-026** 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) – located approximately 75m south of the current Central pit shell.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-DD25-633** intercepted **862 g/t AgEq** over 3.1m (9.82 g/t Au, 51 g/t Ag, 1.2% Zn, 0.1% Pb and 0.2% Cu), including **1,983 g/t AgEq** over 1.2m (23.66 g/t Au, 82 g/t Ag, 1.2% Zn, 0.1% Pb and 0.3% Cu).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-RC25-043** intercepted **268 g/t AgEq** over 9.0m (2.69 g/t Au, 45 g/t Ag, 0.1% Zn, 0.1% Pb and 0.1% Cu), including **432 g/t AgEq** over 5.0m (4.44 g/t Au, 67 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu).

&nbsp;&nbsp;&nbsp;&nbsp;**• Exploration Update:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** 133,003m drilled at Boumadine year to date.

**"The new high-grade parallel structure in the southern portion of Boumadine's Main Trend with hole BOU-DD25-623, together with our best-ever mineralized intercept in hole BOU-MP25-087, a 15.0m interval of exceptionally high-grade 2,323 g/t AgEq, confirms that Boumadine still has substantial upside to unlock,"** said Benoit La Salle, President & CEO. **"These large, high-grade intervals – including the newly identified southern parallel structure and mineralization outside the current PEA pit shells, highlighted by the wide, high-grade BOU-RC25-026 intercept located 75 metres south of the current Central pit shell – all point to a growing resource, larger ultimate pit extents, and increasing scale. With nine drill rigs active, we are completing the 2025 exploration program and kicking off the 360,000-metre infill program outlined in the PEA, with up to 12 to 16 drill rigs expected to be operational in the first quarter, demonstrating Boumadine's world-class potential."** 

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Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **DDH No.** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD25-599 | 493.3 | 495.1 | 3.74 | 192 | 1.8 | 0.3 | 0.5 | 0.6 | 3 | 533 |
| BOU-DD25-602 | 280.2 | 286.2 | 2.22 | 30 | 6.0 | 0.1 | 0.2 | 0.7 | 18 | 236 |
| Including | 282.9 | 284.9 | 4.81 | 48 | 2.0 | 0.2 | 0.2 | 0.6 | 25 | 458 |
| BOU-DD25-602 | 304.9 | 305.9 | 2.20 | 408 | 1.0 | 0.4 | 0.3 | 0.1 | 11 | 623 |
| BOU-DD25-606 | 274.4 | 276.4 | 7.71 | 65 | 2.0 | 0.3 | 0.1 | 0.1 | 7 | 700 |
| BOU-DD25-608 | 384.5 | 386.5 | 5.21 | 244 | 2.0 | 0.2 | 0.7 | 0.7 | 8 | 704 |
| **BOU-DD25-613** | **170.0** | **173.1** | **9.82** | **51** | **3.1** | **0.2** | **0.1** | **1.2** | **5** | **862** |
| **Including** | **170.0** | **171.2** | **23.66** | **82** | **1.2** | **0.3** | **0.1** | **1.2** | **2** | **1983** |
| BOU-DD25-617 | 558.5 | 561.2 | 2.82 | 35 | 2.7 | 0.1 | 0.0 | 0.0 | 10 | 266 |
| BOU-DD25-622 | 248.0 | 249.0 | 0.03 | 114 | 1.0 | 0.2 | 5.7 | 10.7 | 23 | 535 |
| **BOU-DD25-623** | **182.9** | **230.2** | **0.94** | **399** | **47.3** | **0.0** | **1.2** | **1.4** | **44** | **540** |
| **Including** | **189.0** | **199.6** | **1.84** | **489** | **10.6** | **0.0** | **0.6** | **1.3** | **30** | **681** |
| **Including** | **216.5** | **228.2** | **1.55** | **1002** | **11.7** | **0.1** | **3.5** | **3.0** | **75** | **1286** |
| BOU-DD25-623 | 694.0 | 698.3 | 1.02 | 97 | 4.3 | 0.1 | 0.1 | 0.1 | 10 | 186 |
| BOU-DD25-627 | 776.1 | 777.5 | 4.60 | 36 | 1.4 | 0.3 | 0.1 | 0.0 | 5 | 424 |
| BOU-DD25-633 | 275.8 | 282.0 | 0.55 | 293 | 6.2 | 0.0 | 4.3 | 2.1 | 193 | 498 |
| BOU-DD25-633 | 314.3 | 319.0 | 1.45 | 69 | 4.7 | 0.1 | 0.8 | 5.3 | 77 | 339 |
| BOU-MP25-081 | 83.0 | 90.0 | 0.60 | 257 | 7.0 | 0.1 | 4.1 | 4.0 | 8 | 506 |
| BOU-MP25-081 | 145.0 | 151.0 | 0.73 | 57 | 6.0 | 0.1 | 1.0 | 1.7 | 89 | 188 |
| BOU-MP25-081 | 183.0 | 185.0 | 1.73 | 240 | 2.0 | 0.0 | 3.2 | 5.1 | 1127 | 602 |
| BOU-MP25-081 | 196.0 | 201.0 | 0.55 | 349 | 5.0 | 0.1 | 1.6 | 2.3 | 181 | 499 |
| BOU-MP25-086 | 352.4 | 356.0 | 0.95 | 44 | 3.6 | 0.0 | 0.9 | 2.0 | 22 | 191 |
| BOU-MP25-087 | 112.0 | 117.0 | 0.69 | 209 | 5.0 | 0.0 | 2.0 | 3.2 | 36 | 396 |
| **BOU-MP25-087** | **138.4** | **153.4** | **3.31** | **1900** | **15.0** | **0.0** | **1.8** | **4.8** | **126** | **2323** |
| **Including** | **142.0** | **150.7** | **5.37** | **3208** | **8.7** | **0.0** | **2.8** | **6.3** | **167** | **3858** |
| BOU-MP25-087 | 160.0 | 164.8 | 1.18 | 311 | 4.8 | 0.0 | 4.0 | 4.4 | 282 | 614 |
| BOU-MP25-088 | 539.5 | 543.5 | 1.24 | 57 | 4.0 | 0.1 | 0.5 | 3.6 | 15 | 261 |
| BOU-MP25-088 | 584.6 | 588.1 | 1.16 | 32 | 3.5 | 0.1 | 0.5 | 0.1 | 4 | 148 |
| BOU-MP25-092 | 320.0 | 322.3 | 0.78 | 361 | 2.3 | 0.0 | 3.1 | 3.6 | 1094 | 610 |
| **BOU-RC25-026** | **50.0** | **56.0** | **37.03** | **334** | **6.0** | **0.2** | **1.0** | **2.8** | **90** | **3336** |
| **Including** | **50.0** | **52.0** | **102.38** | **94** | **2.0** | **0.1** | **1.0** | **2.4** | **94** | **8163** |
| BOU-RC25-027 | 133.0 | 137.0 | 2.10 | 94 | 4.0 | 0.2 | 1.0 | 5.3 | 18 | 432 |
| BOU-RC25-039 | 166.0 | 168.0 | 1.39 | 74 | 2.0 | 0.1 | 3.3 | 7.1 | 30 | 448 |
| BOU-RC25-040 | 22.0 | 23.0 | 0.03 | 734 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 737 |
| BOU-RC25-043 | 146.0 | 149.0 | 2.30 | 17 | 3.0 | 0.0 | 0.1 | 0.1 | 10 | 203 |
| **BOU-RC25-043** | **152.0** | **161.0** | **2.69** | **45** | **9.0** | **0.1** | **0.1** | **0.1** | **13** | **268** |
| **Including** | **154.0** | **159.0** | **4.44** | **67** | **5.0** | **0.2** | **0.1** | **0.1** | **14** | **432** |

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\*&nbsp;&nbsp;&nbsp;&nbsp;True width remains undetermined at this stage; all values are uncut.

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag

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![image_1d.jpg](image_1d.jpg)

Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2025 Drill Holes

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![image_2c.jpg](image_2c.jpg)

Figure 2: Boumadine Property Surface Plan with New Permits and 2025 Drill Holes

**2025 Exploration Results**

This year, 408 diamond drill holes ("DDH"), 59 reverse circulation holes ("RC") and 20 multi-purpose drill holes ("MP") totaling 133,003m have been completed at Boumadine (Figure 1, Figure 2 and Appendix 2). Drilling was conducted on strike along the Main Trend, Tizi, Imariren as well as on some regional targets. Most results have been received for drill holes up to BOU-DD25-612 (Table 1, Figure 3, Figure 4 and Appendix 1).

Today's results highlight the best-ever mineralized interval received so far at Boumadine, with Hole BOU-MP25-087 returning a metal factor of 34,850 g\*m (AgEq). Results received so far in 2025, including Holes BOU-RC25-026, confirm the high-grade continuity of the Main Trend, which remains open in all directions. In addition, Hole BOU-DD25-623 in the South identified a new high-grade parallel structure (Figure 6) that will require follow-up drilling.

Many significant intervals also demonstrate the potential to increase the size of the open-pits reported in Boumadine's PEA earlier this year (Figures 3–6).

The main mineralization generally measures 1m to 4m wide (locally reaching over a 10m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins

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(>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

![image_3d.jpg](image_3d.jpg)

Figure 3 – Surface Plan of Boumadine North, Imariren and Tizi Zones with New DDH Results

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![image_4e.jpg](image_4e.jpg)

Figure 4 – Surface Plan of Boumadine South Zone with New DDH Results

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![image_5c.jpg](image_5c.jpg)

Figure 5 – Section 7975N with Drill Hole BOU-RC25-026 in the Central Area of Boumadine with New DDH Results

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![image_6.jpg](image_6.jpg)

Figure 6 – Section 6625N with Drill Hole BOU-DD25-623 in the South Area of Boumadine with New DDH Results

**Next Steps**

Infill drilling, following the positive PEA, will be ongoing for the next 24 months with a program of approximately 360,000m.

Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.4km, the Tizi Zone, which currently extends 2.0km and the Imariren Zone, with a current extension of 1.2km; the three trends remain open in all directions. In addition, follow up drilling will take place at the 8km Asirem trend. Aya is currently completing the 140,000m drilling program and is set to begin the 2026 program ahead of schedule. Half of the drilling is focused along the Main Trend, Imariren and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas advancing the project towards a preliminary economic assessment. The remaining 50% focus on greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. The results from ongoing geology work will determine additional development work.

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**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every meter in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco.

All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "discover", "identifies", "world-class", "confirms", "potential", "growth", "upside", "grow", "larger", "increase", "advancing", "expand", "promising", "expected", "significant", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to meaningfully grow resources and for all deposits grow in any direction, the potential for any drilling result to confirm the existence of a new zone, , the new Asirem zone to extend to 10km as indicated by the geophysics, the new corridors to translate into new exploration opportunities, the existence of a significant upside to expand the Boumadine Main Trend and all related resource growth at Boumadine, and to execute on planned drilling in the area through the remainder of 2025 and 2026. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise

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This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "anticipate", "expect", "plan", "believe", "objective", "estimate", "assume", "intend", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to statements with respect to opportunities for resource growth and expected next steps in the development of the Project.

Appendix 1 - Full Drill Results from Boumadine (core lengths)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **DDH No.** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD25-503 | 194.9 | 195.7 | 1.84 | 39 | 0.8 | 0.0 | 1.1 | 1.6 | 5 | 249 |
| BOU-DD25-503 | 206.6 | 207.9 | 0.66 | 7 | 1.3 | 0.0 | 0.1 | 0.3 | 5 | 68 |
| BOU-DD25-558 | 0.0 | 630.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-563 | 510.1 | 511.1 | 0.89 | 39 | 1.0 | 0.1 | 0.5 | 2.3 | 5 | 182 |
| BOU-DD25-564 | 48.5 | 49.2 | 2.21 | 1 | 0.7 | 0.0 | 0.0 | 0.0 | 2 | 176 |
| BOU-DD25-564 | 381.7 | 382.2 | 0.19 | 48 | 0.5 | 0.0 | 3.4 | 1.6 | 5 | 186 |
| BOU-DD25-564 | 489.0 | 490.0 | 0.03 | 154 | 1.0 | 0.1 | 0.0 | 0.0 | 9 | 161 |
| BOU-DD25-564 | 498.5 | 499.0 | 0.67 | 1 | 0.5 | 0.0 | 0.1 | 0.2 | 6 | 60 |
| BOU-DD25-584 | 504.7 | 505.3 | 3.40 | 251 | 0.6 | 1.2 | 1.3 | 0.6 | 18 | 669 |
| BOU-DD25-587 | 0.0 | 201.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-591 | 0.0 | 213.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-595 | 0.0 | 150.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-597 | 0.0 | 168.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-598 | 0.0 | 216.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-599 | 481.0 | 482.0 | 0.75 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 66 |
| BOU-DD25-599 | 493.3 | 495.1 | 3.74 | 192 | 1.8 | 0.3 | 0.5 | 0.6 | 3 | 533 |
| BOU-DD25-599 | 562.7 | 564.0 | 0.63 | 51 | 1.3 | 0.0 | 2.4 | 2.5 | 3 | 220 |
| BOU-DD25-599 | 602.7 | 603.2 | 2.00 | 29 | 0.5 | 0.1 | 0.8 | 0.2 | 4 | 220 |
| BOU-DD25-599 | 732.3 | 732.9 | 1.39 | 51 | 0.6 | 0.0 | 2.3 | 2.5 | 76 | 278 |
| BOU-DD25-601 | 47.0 | 48.0 | 0.49 | 8 | 1.0 | 0.0 | 0.0 | 0.0 | 14 | 48 |
| BOU-DD25-602 | 280.2 | 286.2 | 2.22 | 30 | 6.0 | 0.1 | 0.2 | 0.7 | 18 | 236 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Including | 282.9 | 284.9 | 4.81 | 48 | 2.0 | 0.2 | 0.2 | 0.6 | 25 | 458 |
| BOU-DD25-602 | 301.5 | 303.3 | 0.53 | 29 | 1.8 | 0.0 | 0.1 | 0.1 | 17 | 78 |
| BOU-DD25-602 | 304.9 | 305.9 | 2.20 | 408 | 1.0 | 0.4 | 0.3 | 0.1 | 11 | 623 |
| BOU-DD25-602 | 317.0 | 318.0 | 1.39 | 153 | 1.0 | 0.3 | 0.8 | 0.3 | 4 | 314 |
| BOU-DD25-602 | 345.4 | 346.2 | 0.30 | 76 | 0.8 | 0.1 | 3.5 | 3.4 | 32 | 276 |
| BOU-DD25-602 | 409.6 | 411.8 | 2.09 | 35 | 2.2 | 0.1 | 0.2 | 0.4 | 4 | 223 |
| BOU-DD25-602 | 686.9 | 687.7 | 0.51 | 59 | 0.8 | 0.0 | 0.8 | 1.4 | 3 | 155 |
| BOU-DD25-603 | 0.0 | 330.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-604 | 0.0 | 459.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-605 | 89.0 | 90.0 | 0.92 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 74 |
| BOU-DD25-605 | 712.0 | 713.0 | 1.10 | 6 | 1.0 | 0.0 | 0.1 | 0.1 | 1 | 100 |
| BOU-DD25-605 | 747.0 | 747.9 | 0.56 | 12 | 0.9 | 0.1 | 0.4 | 0.1 | 5 | 71 |
| BOU-DD25-605 | 1069.1 | 1070.1 | 0.80 | 7 | 1.0 | 0.1 | 0.4 | 0.6 | 2 | 103 |
| BOU-DD25-605 | 1137.9 | 1138.9 | 3.03 | 2 | 1.0 | 0.1 | 0.0 | 0.1 | 1 | 247 |
| BOU-DD25-605 | 1221.0 | 1232.0 | 1.35 | 4 | 11.0 | 0.2 | 0.0 | 0.1 | 4 | 125 |
| BOU-DD25-606 | 76.5 | 77.3 | 0.74 | 40 | 0.8 | 0.0 | 0.9 | 0.8 | 4 | 141 |
| BOU-DD25-606 | 81.6 | 82.2 | 0.63 | 14 | 0.6 | 0.0 | 0.3 | 0.5 | 1 | 84 |
| BOU-DD25-606 | 249.3 | 251.2 | 2.52 | 9 | 1.9 | 0.2 | 0.2 | 0.2 | 9 | 232 |
| BOU-DD25-606 | 274.4 | 276.4 | 7.71 | 65 | 2.0 | 0.3 | 0.1 | 0.1 | 7 | 700 |
| BOU-DD25-606 | 283.2 | 283.7 | 1.79 | 30 | 0.5 | 0.1 | 1.4 | 2.7 | 8 | 281 |
| BOU-DD25-606 | 373.0 | 373.5 | 0.07 | 157 | 0.5 | 0.6 | 11.3 | 7.2 | 12 | 660 |
| BOU-DD25-606 | 408.4 | 409.2 | 0.76 | 32 | 0.8 | 0.0 | 0.4 | 0.3 | 24 | 112 |
| BOU-DD25-606 | 438.6 | 439.4 | 1.76 | 7 | 0.8 | 0.0 | 0.0 | 0.0 | 29 | 147 |
| BOU-DD25-608 | 255.9 | 256.4 | 0.91 | 22 | 0.5 | 0.1 | 0.3 | 1.0 | 6 | 131 |
| BOU-DD25-608 | 384.5 | 386.5 | 5.21 | 244 | 2.0 | 0.2 | 0.7 | 0.7 | 8 | 704 |
| BOU-DD25-608 | 388.9 | 389.9 | 1.10 | 10 | 1.0 | 0.0 | 0.1 | 0.1 | 7 | 102 |
| BOU-DD25-608 | 391.2 | 393.8 | 1.09 | 12 | 2.6 | 0.1 | 0.1 | 0.1 | 8 | 110 |
| BOU-DD25-608 | 397.0 | 397.6 | 0.70 | 9 | 0.6 | 0.0 | 0.7 | 1.7 | 14 | 124 |
| BOU-DD25-608 | 510.8 | 511.4 | 0.55 | 23 | 0.6 | 0.2 | 0.5 | 3.0 | 27 | 165 |
| BOU-DD25-608 | 532.0 | 533.0 | 0.80 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 65 |
| BOU-DD25-609 | 200.9 | 201.7 | 0.58 | 13 | 0.8 | 0.1 | 0.3 | 7.3 | 3 | 253 |
| BOU-DD25-609 | 240.0 | 241.0 | 0.03 | 77 | 1.0 | 0.0 | 0.1 | 0.4 | 4 | 93 |
| BOU-DD25-609 | 267.1 | 268.0 | 3.97 | 80 | 0.9 | 0.3 | 0.1 | 0.0 | 5 | 416 |
| BOU-DD25-609 | 269.6 | 270.1 | 0.64 | 19 | 0.5 | 0.1 | 0.1 | 0.0 | 2 | 79 |
| BOU-DD25-609 | 271.6 | 273.6 | 0.57 | 113 | 2.0 | 0.0 | 0.1 | 0.0 | 5 | 162 |
| BOU-DD25-609 | 276.1 | 277.1 | 1.23 | 22 | 1.0 | 0.2 | 0.6 | 3.9 | 19 | 245 |
| BOU-DD25-609 | 348.7 | 349.9 | 0.44 | 16 | 1.2 | 0.0 | 0.9 | 1.5 | 4 | 112 |
| BOU-DD25-609 | 375.7 | 376.2 | 0.47 | 34 | 0.5 | 0.1 | 0.6 | 3.1 | 8 | 171 |
| BOU-DD25-609 | 376.9 | 377.9 | 0.51 | 35 | 1.0 | 0.1 | 0.7 | 3.2 | 7 | 179 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-610 | 275.0 | 275.5 | 0.26 | 45 | 0.5 | 0.1 | 0.7 | 1.1 | 8 | 116 |
| BOU-DD25-610 | 461.0 | 462.4 | 0.53 | 20 | 1.4 | 0.0 | 0.5 | 0.9 | 11 | 99 |
| BOU-DD25-610 | 465.1 | 465.6 | 3.36 | 67 | 0.5 | 0.1 | 1.2 | 0.8 | 16 | 390 |
| BOU-DD25-611 | 208.0 | 209.0 | 0.03 | 51 | 1.0 | 0.1 | 1.5 | 0.0 | 5 | 96 |
| BOU-DD25-611 | 210.0 | 211.0 | 0.03 | 51 | 1.0 | 0.1 | 1.6 | 0.1 | 7 | 99 |
| BOU-DD25-611 | 471.4 | 473.2 | 0.03 | 122 | 1.8 | 0.0 | 0.1 | 0.3 | 7 | 133 |
| BOU-DD25-611 | 788.0 | 789.0 | 0.03 | 104 | 1.0 | 0.0 | 0.3 | 0.0 | 5 | 118 |
| BOU-DD25-611 | 842.2 | 843.2 | 0.22 | 50 | 1.0 | 0.6 | 2.5 | 1.0 | 8 | 207 |
| BOU-DD25-611 | 844.1 | 845.0 | 0.07 | 42 | 0.9 | 0.3 | 1.3 | 1.1 | 4 | 130 |
| BOU-DD25-612 | 256.9 | 259.5 | 0.69 | 20 | 2.6 | 0.1 | 0.0 | 0.0 | 6 | 82 |
| BOU-DD25-612 | 271.0 | 271.7 | 0.07 | 53 | 0.7 | 0.2 | 0.1 | 0.0 | 7 | 80 |
| BOU-DD25-612 | 390.3 | 393.1 | 0.74 | 41 | 2.8 | 0.3 | 0.2 | 0.3 | 2 | 138 |
| BOU-DD25-612 | 420.9 | 421.6 | 0.42 | 16 | 0.7 | 0.1 | 1.8 | 4.0 | 11 | 198 |
| BOU-DD25-612 | 446.7 | 447.3 | 1.28 | 22 | 0.6 | 0.1 | 0.1 | 0.2 | 6 | 135 |
| BOU-DD25-612 | 471.4 | 472.0 | 0.18 | 39 | 0.6 | 0.1 | 0.3 | 0.5 | 4 | 81 |
| BOU-DD25-612 | 585.7 | 586.2 | 1.94 | 25 | 0.5 | 0.1 | 0.8 | 2.3 | 8 | 260 |
| BOU-DD25-613 | 170.0 | 173.1 | 9.82 | 51 | 3.1 | 0.2 | 0.1 | 1.2 | 5 | 862 |
| Including | 170.0 | 171.2 | 23.66 | 82 | 1.2 | 0.3 | 0.1 | 1.2 | 2 | 1983 |
| BOU-DD25-613 | 577.9 | 578.4 | 1.02 | 36 | 0.5 | 1.3 | 0.1 | 0.5 | 5 | 238 |
| BOU-DD25-613 | 616.8 | 618.2 | 0.89 | 45 | 1.4 | 0.7 | 0.1 | 0.2 | 5 | 179 |
| BOU-DD25-614 | 9.2 | 10.1 | 0.26 | 42 | 0.9 | 0.0 | 0.1 | 0.0 | 26 | 67 |
| BOU-DD25-614 | 99.5 | 100.0 | 0.35 | 19 | 0.5 | 0.0 | 0.6 | 2.1 | 5 | 116 |
| BOU-DD25-614 | 238.5 | 239.0 | 0.51 | 8 | 0.5 | 0.1 | 0.0 | 0.0 | 3 | 54 |
| BOU-DD25-614 | 252.2 | 252.7 | 1.55 | 18 | 0.5 | 0.1 | 0.6 | 0.2 | 4 | 167 |
| BOU-DD25-614 | 375.4 | 376.0 | 1.15 | 10 | 0.6 | 0.3 | 0.1 | 0.1 | 8 | 130 |
| BOU-DD25-614 | 377.8 | 378.5 | 1.13 | 10 | 0.7 | 0.3 | 0.1 | 0.1 | 7 | 128 |
| BOU-DD25-614 | 382.2 | 382.7 | 0.72 | 14 | 0.5 | 0.1 | 0.3 | 0.2 | 7 | 89 |
| BOU-DD25-614 | 389.5 | 390.4 | 1.11 | 127 | 0.9 | 0.6 | 1.0 | 1.1 | 7 | 318 |
| BOU-DD25-615 | 22.0 | 22.7 | 0.15 | 44 | 0.7 | 0.1 | 0.3 | 0.1 | 8 | 75 |
| BOU-DD25-615 | 294.6 | 295.4 | 1.20 | 32 | 0.8 | 0.1 | 0.1 | 0.5 | 4 | 150 |
| BOU-DD25-615 | 452.0 | 453.0 | 0.07 | 52 | 1.0 | 0.2 | 1.4 | 1.6 | 6 | 148 |
| BOU-DD25-615 | 488.5 | 490.6 | 0.21 | 63 | 2.1 | 0.1 | 0.1 | 0.4 | 15 | 98 |
| BOU-DD25-615 | 501.8 | 502.5 | 0.73 | 66 | 0.7 | 0.3 | 0.5 | 2.0 | 36 | 212 |
| BOU-DD25-615 | 504.8 | 505.6 | 0.03 | 277 | 0.8 | 0.0 | 0.0 | 0.1 | 4 | 282 |
| BOU-DD25-616 | 139.9 | 142.8 | 1.24 | 23 | 2.9 | 0.3 | 0.1 | 0.9 | 6 | 169 |
| BOU-DD25-616 | 434.0 | 436.0 | 0.03 | 198 | 2.0 | 0.0 | 0.2 | 0.1 | 16 | 211 |
| BOU-DD25-616 | 468.1 | 469.0 | 1.00 | 58 | 0.9 | 0.2 | 1.3 | 0.5 | 7 | 200 |
| BOU-DD25-616 | 480.9 | 481.7 | 1.13 | 9 | 0.8 | 0.0 | 0.1 | 0.1 | 15 | 104 |
| BOU-DD25-616 | 527.7 | 528.2 | 0.66 | 31 | 0.5 | 0.1 | 0.1 | 1.1 | 10 | 117 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-616 | 532.3 | 533.0 | 0.59 | 452 | 0.7 | 0.3 | 0.5 | 4.2 | 5 | 640 |
| BOU-DD25-616 | 606.3 | 606.8 | 0.91 | 55 | 0.5 | 0.3 | 0.0 | 0.0 | 9 | 153 |
| BOU-DD25-616 | 615.9 | 616.9 | 0.87 | 53 | 1.0 | 0.3 | 0.1 | 0.0 | 10 | 147 |
| BOU-DD25-617 | 164.0 | 165.0 | 0.58 | 13 | 1.0 | 0.0 | 0.1 | 0.2 | 12 | 68 |
| BOU-DD25-617 | 187.0 | 187.7 | 0.60 | 31 | 0.7 | 0.0 | 0.2 | 0.0 | 12 | 86 |
| BOU-DD25-617 | 190.0 | 190.5 | 0.35 | 248 | 0.5 | 1.3 | 0.6 | 1.9 | 10 | 454 |
| BOU-DD25-617 | 374.2 | 374.8 | 1.20 | 3 | 0.6 | 0.0 | 0.1 | 0.1 | 2 | 104 |
| BOU-DD25-617 | 497.3 | 498.8 | 1.27 | 48 | 1.5 | 0.3 | 0.1 | 0.1 | 11 | 172 |
| BOU-DD25-617 | 558.5 | 561.2 | 2.82 | 35 | 2.7 | 0.1 | 0.0 | 0.0 | 10 | 266 |
| BOU-DD25-618 | 411.7 | 412.2 | 0.51 | 13 | 0.5 | 0.1 | 0.1 | 0.4 | 30 | 74 |
| BOU-DD25-618 | 456.2 | 456.8 | 1.44 | 26 | 0.6 | 0.2 | 0.1 | 0.2 | 5 | 161 |
| BOU-DD25-618 | 459.4 | 460.9 | 1.23 | 44 | 1.5 | 0.7 | 0.1 | 0.1 | 6 | 201 |
| BOU-DD25-618 | 580.9 | 582.0 | 0.56 | 32 | 1.1 | 0.4 | 0.0 | 0.0 | 17 | 114 |
| BOU-DD25-619 | 127.8 | 128.7 | 0.53 | 0 | 0.9 | 0.0 | 0.0 | 0.0 | 4 | 42 |
| BOU-DD25-620 | 203.0 | 204.0 | 0.52 | 0 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 41 |
| BOU-DD25-621 | 387.6 | 388.1 | 0.62 | 21 | 0.5 | 0.1 | 1.0 | 0.6 | 5 | 117 |
| BOU-DD25-621 | 389.0 | 390.0 | 0.60 | 21 | 1.0 | 0.1 | 0.3 | 0.6 | 5 | 98 |
| BOU-DD25-621 | 561.4 | 562.4 | 0.05 | 64 | 1.0 | 0.0 | 1.2 | 0.1 | 2 | 99 |
| BOU-DD25-621 | 570.4 | 571.4 | 0.98 | 28 | 1.0 | 0.1 | 1.1 | 2.0 | 4 | 185 |
| BOU-DD25-622 | 248.0 | 249.0 | 0.03 | 114 | 1.0 | 0.2 | 5.7 | 10.7 | 23 | 535 |
| BOU-DD25-622 | 254.0 | 255.0 | 0.03 | 86 | 1.0 | 1.1 | 0.1 | 0.4 | 37 | 190 |
| BOU-DD25-623 | 182.9 | 230.2 | 0.94 | 399 | 47.3 | 0.0 | 1.2 | 1.4 | 44 | 540 |
| Including | 189.0 | 199.6 | 1.84 | 489 | 10.6 | 0.0 | 0.6 | 1.3 | 30 | 681 |
| Including | 216.5 | 228.2 | 1.55 | 1002 | 11.7 | 0.1 | 3.5 | 3.0 | 75 | 1286 |
| BOU-DD25-623 | 416.0 | 417.0 | 0.03 | 90 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 93 |
| BOU-DD25-623 | 470.4 | 471.2 | 0.69 | 104 | 0.8 | 0.1 | 0.1 | 0.1 | 37 | 171 |
| BOU-DD25-623 | 558.0 | 560.0 | 0.85 | 24 | 2.0 | 0.0 | 0.1 | 0.3 | 18 | 100 |
| BOU-DD25-623 | 614.2 | 615.0 | 0.35 | 104 | 0.8 | 0.3 | 0.8 | 0.3 | 89 | 181 |
| BOU-DD25-623 | 658.8 | 659.3 | 1.42 | 24 | 0.5 | 0.0 | 0.1 | 0.1 | 29 | 140 |
| BOU-DD25-623 | 676.1 | 676.7 | 0.30 | 59 | 0.6 | 0.0 | 0.2 | 5.1 | 11 | 216 |
| BOU-DD25-623 | 694.0 | 698.3 | 1.02 | 97 | 4.3 | 0.1 | 0.1 | 0.1 | 10 | 186 |
| BOU-DD25-623 | 744.1 | 744.6 | 0.39 | 145 | 0.5 | 0.7 | 0.3 | 0.2 | 40 | 248 |
| BOU-DD25-624 | 87.0 | 88.0 | 0.55 | 6 | 1.0 | 0.0 | 0.0 | 0.0 | 20 | 50 |
| BOU-DD25-624 | 439.9 | 441.4 | 1.90 | 65 | 1.5 | 0.2 | 0.3 | 0.3 | 21 | 241 |
| BOU-DD25-624 | 461.7 | 462.6 | 1.00 | 34 | 0.9 | 0.0 | 0.1 | 1.0 | 28 | 143 |
| BOU-DD25-624 | 591.4 | 593.8 | 0.24 | 47 | 2.4 | 0.0 | 1.0 | 1.5 | 0 | 129 |
| BOU-DD25-624 | 638.9 | 639.4 | 0.45 | 64 | 0.5 | 0.1 | 0.6 | 2.4 | 7 | 181 |
| BOU-DD25-624 | 692.1 | 693.8 | 0.03 | 42 | 1.7 | 0.0 | 1.5 | 3.9 | 11 | 181 |
| BOU-DD25-624 | 711.0 | 712.2 | 0.46 | 24 | 1.2 | 0.0 | 0.1 | 0.3 | 4 | 69 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-625 | 24.2 | 25.2 | 0.03 | 67 | 1.0 | 0.0 | 0.0 | 7 | 71 |
| BOU-DD25-626 | 0.0 | 197.5 |  |  |  |  |  |  | NSR |
| BOU-DD25-627 | 605.8 | 606.3 | 0.51 | 25 | 0.5 | 0.1 | 0.1 | 5 | 72 |
| BOU-DD25-627 | 672.0 | 674.9 | 0.83 | 17 | 2.9 | 0.1 | 0.3 | 12 | 96 |
| BOU-DD25-627 | 690.3 | 690.9 | 2.09 | 23 | 0.6 | 0.9 | 1.6 | 9 | 253 |
| BOU-DD25-627 | 691.7 | 692.2 | 0.55 | 15 | 0.5 | 1.0 | 0.8 | 7 | 106 |
| BOU-DD25-627 | 738.0 | 739.0 | 0.63 | 2 | 1.0 | 0.0 | 0.0 | 8 | 54 |
| BOU-DD25-627 | 744.0 | 745.0 | 0.63 | 3 | 1.0 | 0.0 | 0.0 | 6 | 54 |
| BOU-DD25-627 | 776.1 | 777.5 | 4.60 | 36 | 1.4 | 0.1 | 0.0 | 5 | 424 |
| BOU-DD25-627 | 791.8 | 793.4 | 0.54 | 5 | 1.6 | 0.1 | 0.1 | 7 | 52 |
| BOU-DD25-627 | 795.0 | 795.8 | 0.57 | 14 | 0.8 | 0.5 | 1.1 | 10 | 102 |
| BOU-DD25-630 | 167.0 | 168.0 | 0.63 | 0 | 1.0 | 0.0 | 0.0 | 10 | 50 |
| BOU-DD25-633 | 163.0 | 165.0 | 0.61 | 2 | 2.0 | 0.0 | 0.0 | 7 | 50 |
| BOU-DD25-633 | 239.7 | 240.6 | 0.51 | 5 | 0.9 | 0.0 | 0.0 | 17 | 46 |
| BOU-DD25-633 | 262.0 | 263.0 | 0.53 | 20 | 1.0 | 1.0 | 0.0 | 18 | 86 |
| BOU-DD25-633 | 275.8 | 282.0 | 0.55 | 293 | 6.2 | 4.3 | 2.1 | 193 | 498 |
| BOU-DD25-633 | 283.0 | 283.6 | 0.62 | 44 | 0.6 | 1.0 | 4.0 | 32 | 216 |
| BOU-DD25-633 | 286.0 | 287.0 | 0.34 | 18 | 1.0 | 0.0 | 1.0 | 12 | 70 |
| BOU-DD25-633 | 286.0 | 288.0 | 0.45 | 22 | 2.0 | 0.0 | 1.0 | 34 | 83 |
| BOU-DD25-633 | 286.0 | 289.0 | 0.43 | 25 | 3.0 | 0.0 | 1.0 | 40 | 84 |
| BOU-DD25-633 | 286.0 | 290.0 | 0.43 | 31 | 4.0 | 0.3 | 1.3 | 35 | 102 |
| BOU-DD25-633 | 297.0 | 297.8 | 0.60 | 47 | 0.8 | 1.0 | 5.0 | 32 | 242 |
| BOU-DD25-633 | 314.3 | 319.0 | 1.45 | 69 | 4.7 | 0.8 | 5.3 | 77 | 339 |
| BOU-DD25-633 | 449.0 | 450.0 | 0.74 | 7 | 1.0 | 0.0 | 0.0 | 13 | 68 |
| BOU-DD25-633 | 451.0 | 452.0 | 0.70 | 7 | 1.0 | 0.0 | 0.0 | 13 | 64 |
| BOU-DD25-633 | 460.0 | 461.0 | 0.66 | 6 | 1.0 | 0.0 | 0.0 | 8 | 59 |
| BOU-DD25-633 | 462.0 | 463.0 | 1.45 | 10 | 1.0 | 0.0 | 0.0 | 18 | 125 |
| BOU-DD25-633 | 467.0 | 468.0 | 0.79 | 6 | 1.0 | 0.0 | 0.0 | 8 | 69 |
| BOU-DD25-633 | 469.0 | 470.0 | 0.85 | 7 | 1.0 | 0.0 | 0.0 | 7 | 75 |
| BOU-DD25-633 | 474.0 | 478.0 | 1.19 | 9 | 4.0 | 0.0 | 0.0 | 7 | 103 |
| BOU-DD25-635 | 0.0 | 201.0 |  |  |  |  |  |  | NSR |
| BOU-DD25-637 | 0.0 | 515.4 |  |  |  |  |  |  | NSR |
| BOU-DD25-642 | 404.9 | 405.5 | 1.30 | 6 | 0.6 | 0.0 | 0.0 | 10 | 110 |
| BOU-MP25-027 | 0.0 | 198.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-029 | 111.0 | 112.0 | 0.48 | 16 | 1.0 | 0.1 | 2.2 | 23 | 116 |
| BOU-MP25-032 | 0.0 | 159.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-033 | 0.0 | 36.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-045 | 0.0 | 103.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-046 | 0.0 | 765.0 |  |  |  |  |  |  | NSR |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-047 | 0.0 | 537.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-048 | 0.0 | 477.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-049 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-050 | 0.0 | 204.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-051 | 0.0 | 252.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-052 | 0.0 | 156.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-053 | 2.0 | 252.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-054 | 0.0 | 204.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-055 | 0.0 | 66.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-056 | 0.0 | 250.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-057 | 0.0 | 250.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-058 | 0.0 | 204.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-059 | 0.0 | 108.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-060 | 0.0 | 250.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-061 | 0.0 | 156.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-062 | 0.0 | 250.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-063 | 0.0 | 108.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-064 | 0.0 | 126.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-065 | 0.0 | 160.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-066 | 0.0 | 156.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-070 | 0.0 | 102.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-071 | 0.0 | 126.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-072 | 268.8 | 269.3 | 0.03 | 76 | 0.5 | 0.1 | 10.9 | 5.2 | 2 | 477 |
| BOU-MP25-073 | 0.0 | 36.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-074 | 0.0 | 36.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-075 | 0.0 | 12.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-076 | 0.0 | 84.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-077 | 0.0 | 102.0 |  |  |  |  |  |  |  | NSR |
| BOU-MP25-079 | 18.0 | 19.0 | 0.86 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 44 | 71 |
| BOU-MP25-080 | 96.0 | 97.0 | 0.03 | 42 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 46 |
| BOU-MP25-081 | 83.0 | 90.0 | 0.60 | 257 | 7.0 | 0.1 | 4.1 | 4.0 | 8 | 506 |
| BOU-MP25-081 | 99.0 | 100.0 | 0.11 | 36 | 1.0 | 0.0 | 0.5 | 2.0 | 5 | 106 |
| BOU-MP25-081 | 140.0 | 141.0 | 0.80 | 11 | 1.0 | 0.0 | 0.1 | 0.1 | 17 | 80 |
| BOU-MP25-081 | 145.0 | 151.0 | 0.73 | 57 | 6.0 | 0.1 | 1.0 | 1.7 | 89 | 188 |
| BOU-MP25-081 | 183.0 | 185.0 | 1.73 | 240 | 2.0 | 0.0 | 3.2 | 5.1 | 1127 | 602 |
| BOU-MP25-081 | 196.0 | 201.0 | 0.55 | 349 | 5.0 | 0.1 | 1.6 | 2.3 | 181 | 499 |
| BOU-MP25-083 | 147.0 | 148.0 | 0.57 | 6 | 1.0 | 0.0 | 0.0 | 0.0 | 23 | 52 |
| BOU-MP25-083 | 149.0 | 150.0 | 0.58 | 6 | 1.0 | 0.0 | 0.0 | 0.0 | 22 | 53 |
| BOU-MP25-083 | 164.0 | 165.0 | 0.76 | 2 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 63 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-083 | 720.0 | 722.0 | 0.01 | 0 | 2.0 | 0.0 | 0.0 | 2 | 2 |
| BOU-MP25-084 | 0.0 | 150.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-085 | 0.0 | 120.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-086 | 240.2 | 241.0 | 0.92 | 16 | 0.8 | 0.1 | 0.1 | 19 | 92 |
| BOU-MP25-086 | 241.8 | 242.6 | 0.45 | 9 | 0.8 | 0.0 | 0.0 | 14 | 47 |
| BOU-MP25-086 | 287.4 | 289.8 | 0.71 | 31 | 2.4 | 0.4 | 3.1 | 97 | 182 |
| BOU-MP25-086 | 341.2 | 343.0 | 1.04 | 93 | 1.8 | 0.4 | 0.1 | 87 | 197 |
| BOU-MP25-086 | 347.0 | 348.0 | 0.53 | 27 | 1.0 | 0.4 | 0.5 | 20 | 92 |
| BOU-MP25-086 | 349.0 | 350.0 | 0.19 | 38 | 1.0 | 0.1 | 0.0 | 37 | 57 |
| BOU-MP25-086 | 352.4 | 356.0 | 0.95 | 44 | 3.6 | 0.9 | 2.0 | 22 | 191 |
| BOU-MP25-086 | 381.3 | 382.3 | 0.36 | 29 | 1.0 | 0.4 | 0.0 | 15 | 67 |
| BOU-MP25-087 | 112.0 | 117.0 | 0.69 | 209 | 5.0 | 2.0 | 3.2 | 36 | 396 |
| BOU-MP25-087 | 138.4 | 153.4 | 3.31 | 1900 | 15.0 | 1.8 | 4.8 | 126 | 2323 |
| Including | 142.0 | 150.7 | 5.37 | 3208 | 8.7 | 2.8 | 6.3 | 167 | 3858 |
| BOU-MP25-087 | 160.0 | 164.8 | 1.18 | 311 | 4.8 | 4.0 | 4.4 | 282 | 614 |
| BOU-MP25-087 | 256.8 | 257.3 | 0.68 | 45 | 0.5 | 0.4 | 2.0 | 19 | 160 |
| BOU-MP25-087 | 268.4 | 268.9 | 4.63 | 142 | 0.5 | 0.4 | 2.5 | 39 | 576 |
| BOU-MP25-087 | 276.2 | 276.7 | 0.18 | 45 | 0.5 | 1.1 | 3.1 | 6 | 163 |
| BOU-MP25-088 | 304.0 | 306.0 | 1.10 | 28 | 2.0 | 0.1 | 0.2 | 172 | 126 |
| BOU-MP25-088 | 368.4 | 369.0 | 0.29 | 66 | 0.6 | 0.2 | 0.1 | 12 | 99 |
| BOU-MP25-088 | 414.3 | 416.3 | 0.86 | 49 | 2.0 | 0.1 | 0.5 | 14 | 141 |
| BOU-MP25-088 | 539.5 | 543.5 | 1.24 | 57 | 4.0 | 0.5 | 3.6 | 15 | 261 |
| BOU-MP25-088 | 547.3 | 548.3 | 1.09 | 23 | 1.0 | 0.2 | 1.2 | 12 | 145 |
| BOU-MP25-088 | 584.6 | 588.1 | 1.16 | 32 | 3.5 | 0.5 | 0.1 | 4 | 148 |
| BOU-MP25-088 | 598.6 | 599.6 | 0.63 | 26 | 1.0 | 0.9 | 2.5 | 33 | 173 |
| BOU-MP25-088 | 603.2 | 604.1 | 0.59 | 6 | 0.9 | 0.1 | 0.1 | 6 | 55 |
| BOU-MP25-088 | 634.0 | 635.0 | 0.46 | 16 | 1.0 | 0.1 | 0.0 | 3 | 55 |
| BOU-MP25-090 | 0.0 | 36.0 |  |  |  |  |  |  | NSR |
| BOU-MP25-092 | 109.0 | 110.0 | 0.03 | 66 | 1.0 | 0.0 | 0.0 | 0 | 69 |
| BOU-MP25-092 | 114.0 | 115.0 | 0.03 | 65 | 1.0 | 0.4 | 0.7 | 1 | 94 |
| BOU-MP25-092 | 314.4 | 315.3 | 0.22 | 37 | 0.9 | 0.0 | 0.0 | 7 | 56 |
| BOU-MP25-092 | 320.0 | 322.3 | 0.78 | 361 | 2.3 | 3.1 | 3.6 | 1094 | 610 |
| BOU-MP25-092 | 326.2 | 327.6 | 1.01 | 98 | 1.4 | 1.0 | 1.9 | 107 | 252 |
| BOU-MP25-093 | 9.0 | 10.0 | 0.68 | 1 | 1.0 | 0.0 | 0.1 | 6 | 57 |
| BOU-MP25-093 | 434.9 | 435.8 | 0.84 | 28 | 0.9 | 0.3 | 0.1 | 97 | 107 |
| BOU-MP25-093 | 444.0 | 445.0 | 1.12 | 43 | 1.0 | 0.1 | 0.0 | 128 | 137 |
| BOU-MP25-093 | 463.1 | 464.0 | 0.24 | 40 | 0.9 | 0.1 | 0.4 | 15 | 95 |
| BOU-MP25-093 | 519.9 | 520.4 | 1.11 | 47 | 0.5 | 1.2 | 6.8 | 256 | 341 |
| BOU-MP25-094 | 258.0 | 259.0 | 0.87 | 2 | 1.0 | 0.0 | 0.0 | 1 | 72 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-094 | 481.0 | 482.0 | 1.20 | 10 | 1.0 | 0.0 | 0.2 | 0.0 | 12 | 110 |
| BOU-MP25-094 | 497.6 | 498.6 | 0.59 | 9 | 1.0 | 0.0 | 0.1 | 0.3 | 5 | 63 |
| BOU-MP25-094 | 657.0 | 659.0 | 0.19 | 68 | 2.0 | 0.2 | 0.3 | 0.0 | 24 | 103 |
| BOU-RC25-002 | 0.0 | 150.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-003 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-004 | 0.0 | 81.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-005 | 0.0 | 100.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-006 | 0.0 | 150.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-007 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-008 | 0.0 | 250.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-009 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-010 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-011 | 0.0 | 204.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-012 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-013 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-014 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-015 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-016 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-017 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-018 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-019 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-020 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-021 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-022 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-023 | 101.0 | 102.0 | 0.03 | 78 | 1.0 | 0.1 | 0.9 | 1.2 | 3 | 136 |
| BOU-RC25-026 | 50.0 | 56.0 | 37.03 | 334 | 6.0 | 0.2 | 1.0 | 2.8 | 90 | 3336 |
| Including | 50.0 | 52.0 | 102.38 | 94 | 2.0 | 0.1 | 1.0 | 2.4 | 94 | 8163 |
| BOU-RC25-027 | 133.0 | 137.0 | 2.10 | 94 | 4.0 | 0.2 | 1.0 | 5.3 | 18 | 432 |
| BOU-RC25-031 | 0.0 | 192.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-032 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-034 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-035 | 0.0 | 150.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-036 | 0.0 | 144.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-037 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-039 | 132.0 | 133.0 | 0.48 | 21 | 1.0 | 0.0 | 0.4 | 1.6 | 44 | 111 |
| BOU-RC25-039 | 146.0 | 149.0 | 1.44 | 31 | 3.0 | 0.0 | 0.1 | 0.5 | 17 | 161 |
| BOU-RC25-039 | 166.0 | 168.0 | 1.39 | 74 | 2.0 | 0.1 | 3.3 | 7.1 | 30 | 448 |
| BOU-RC25-040 | 22.0 | 23.0 | 0.03 | 734 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 737 |
| BOU-RC25-040 | 28.0 | 31.0 | 0.25 | 49 | 3.0 | 0.0 | 1.0 | 2.5 | 15 | 156 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-RC25-041 | 0.0 | 102.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-042 | 0.0 | 132.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-043 | 74.0 | 75.0 | 0.49 | 32 | 1.0 | 0.0 | 0.3 | 0.3 | 11 | 86 |
| BOU-RC25-043 | 132.0 | 140.0 | 0.99 | 44 | 8.0 | 0.0 | 0.0 | 0.1 | 32 | 129 |
| BOU-RC25-043 | 146.0 | 149.0 | 2.30 | 17 | 3.0 | 0.0 | 0.1 | 0.1 | 10 | 203 |
| BOU-RC25-043 | 152.0 | 161.0 | 2.69 | 45 | 9.0 | 0.1 | 0.1 | 0.1 | 13 | 268 |
| Including | 154.0 | 159.0 | 4.44 | 67 | 5.0 | 0.2 | 0.1 | 0.1 | 14 | 432 |
| BOU-RC25-044 | 42.0 | 43.0 | 0.03 | 297 | 1.0 | 0.0 | 0.0 | 0.0 | 3 | 300 |
| BOU-RC25-046 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |

---

\* True widths are undetermined; all values are uncut.

\*\* All intersections are in core lengths. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.

Appendix 2 – New Drillhole Coordinates of 2025 Boumadine Exploration Program (completed holes)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD25-645 | 299526 | 3472373 | 1278 | 180 | -50 | 228 |
| BOU-DD25-646 | 299526 | 3472407 | 1269 | 180 | -50 | 234 |
| BOU-DD25-647 | 318830 | 3473522 | 1279 | 250 | -50 | 714 |
| BOU-DD25-648 | 299526 | 3472555 | 1292 | 180 | -50 | 216 |
| BOU-DD25-649 | 299526 | 3472448 | 1268 | 180 | -50 | 228 |
| BOU-DD25-650 | 315736 | 3476809 | 1264 | 270 | -50 | 501 |
| BOU-DD25-651 | 299406 | 3472542 | 1316 | 180 | -50 | 216 |
| BOU-DD25-652 | 299406 | 3472623 | 1307 | 180 | -50 | 300 |
| BOU-DD25-653 | 299406 | 3472542 | 1316 | 180 | -50 | 270 |
| BOU-DD25-654 | 315607 | 3477210 | 1287 | 270 | -50 | 537 |
| BOU-DD25-655 | 299406 | 3472660 | 1301 | 180 | -50 | 315 |
| BOU-DD25-656 | 299925 | 3472325 | 1296 | 180 | -50 | 225 |
| BOU-DD25-657 | 318900 | 3473336 | 1271 | 250 | -50 | 702 |
| BOU-DD25-658 | 299925 | 3472325 | 1296 | 180 | -50 | 272 |
| BOU-DD25-659 | 315677 | 3477209 | 1272 | 270 | -50 | 501 |
| BOU-DD25-660 | 299925 | 3472391 | 1276 | 180 | -50 | 219 |
| BOU-DD25-661 | 319069 | 3473400 | 1286 | 250 | -50 | 900 |
| BOU-DD25-662 | 299925 | 3472431 | 1275 | 180 | -50 | 237 |
| BOU-DD25-663 | 300560 | 3472660 | 1270 | 180 | -50 | 234 |
| BOU-DD25-664 | 315771 | 3477209 | 1282 | 270 | -50 | 516 |
| BOU-DD25-665 | 300560 | 3472695 | 1259 | 180 | -50 | 225 |
| BOU-DD25-666 | 300560 | 3472732 | 1250 | 180 | -50 | 201 |
| BOU-DD25-667 | 315771 | 3477209 | 1282 | 270 | -50 | 516 |
| BOU-DD25-668 | 307406 | 3469017 | 1292 | 150 | -50 | 153 |
| BOU-DD25-669 | 307384 | 3469055 | 1292 | 150 | -50 | 207 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-670 | 315919 | 3477208 | 1257 | 270 | -50 | 567 |
| BOU-DD25-671 | 307193 | 3469384 | 1264 | 150 | -50 | 171 |
| BOU-DD25-672 | 317051 | 3474754 | 1271 | 70 | -50 | 237 |
| BOU-DD25-673 | 307177 | 3469413 | 1255 | 150 | -50 | 201 |
| BOU-DD25-674 | 315599 | 3477410 | 1308 | 270 | -50 | 39 |
| BOU-DD25-675 | 307086 | 3469570 | 1261 | 150 | -50 | 528 |
| BOU-DD25-676 | 315599 | 3477410 | 1308 | 270 | -50 | 540 |
| BOU-DD25-677 | 317005 | 3475328 | 1245 | 250 | -50 | 60 |
| BOU-DD25-678 | 319263 | 3473262 | 1281 | 250 | -50 | 1011 |
| BOU-DD25-679 | 306905 | 3469086 | 1330 | 150 | -50 | 150 |
| BOU-DD25-680 | 317273 | 3476550 | 1208 | 250 | -50 | 81 |
| BOU-DD25-681 | 315752 | 3477410 | 1291 | 270 | -50 | 588 |
| BOU-DD25-682 | 317089 | 3477200 | 1211 | 250 | -50 | 318 |
| BOU-DD25-683 | 319401 | 3473312 | 1254 | 250 | -50 | 648 |
| BOU-DD25-684 | 306884 | 3469121 | 1323 | 150 | -50 | 228 |
| BOU-DD25-685 | 315896 | 3477410 | 1266 | 270 | -50 | 516 |
| BOU-DD25-686 | 316045 | 3477410 | 1253 | 270 | -50 | 501 |
| BOU-DD25-687 | 306845 | 3469190 | 1312 | 150 | -50 | 339 |
| BOU-DD25-688 | 315396 | 3477107 | 1268 | 270 | -50 | 111 |
| BOU-DD25-689 | 306033 | 3468787 | 1308 | 150 | -50 | 276 |
| BOU-DD25-690 | 316195 | 3477410 | 1238 | 270 | -50 | 537 |
| BOU-DD25-691 | 315770 | 3477821 | 1256 | 90 | -50 | 36 |
| BOU-DD25-692 | 306052 | 3468753 | 1315 | 150 | -50 | 210 |
| BOU-DD25-693 | 317395 | 3476991 | 1198 | 250 | -50 | 813 |
| BOU-DD25-694 | 306289 | 3468750 | 1386 | 150 | -50 | 204 |
| BOU-DD25-695 | 316347 | 3477413 | 1228 | 270 | -50 | 541 |
| BOU-DD25-696 | 315675 | 3477756 | 1256 | 270 | -50 | 549 |
| BOU-DD25-697 | 315743 | 3477756 | 1241 | 270 | -50 | 618 |
| BOU-DD25-698 | 315623 | 3477907 | 1274 | 250 | -50 | 510 |
| BOU-DD25-699 | 306015 | 3468819 | 1296 | 150 | -50 | 324 |
| BOU-DD25-700 | 306271 | 3468781 | 1380 | 150 | -50 | 225 |
| BOU-DD25-702 | 306252 | 3468815 | 1373 | 150 | -50 | 282 |
| BOU-DD25-703 | 306235 | 3468845 | 1361 | 150 | -50 | 300 |
| BOU-RC25-047 | 315086 | 3460833 | 1026 | 0 | -50 | 165 |
| BOU-RC25-048 | 315080 | 3460804 | 1028 | 0 | -50 | 200 |
| BOU-RC25-049 | 315079 | 3460771 | 1026 | 0 | -50 | 200 |
| BOU-RC25-050 | 315084 | 3460747 | 1022 | 0 | -50 | 200 |
| BOU-RC25-051 | 314577 | 3460752 | 1054 | 315 | -50 | 200 |
| BOU-RC25-052 | 314598 | 3460727 | 1008 | 315 | -50 | 96 |
| BOU-RC25-053 | 314625 | 3460704 | 1047 | 315 | -50 | 200 |
| BOU-RC25-054 | 314645 | 3460675 | 1041 | 315 | -50 | 200 |
| BOU-RC25-055 | 314672 | 3460647 | 1034 | 315 | -50 | 200 |
| BOU-RC25-056 | 314443 | 3460347 | 1057 | 315 | -50 | 200 |
| BOU-RC25-057 | 314467 | 3460310 | 1048 | 315 | -50 | 180 |
| BOU-RC25-058 | 314497 | 3460295 | 1040 | 315 | -50 | 200 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-RC25-059 | 314520 | 3460281 | 1039 | 315 | -50 | 200 |
| BOU-RC25-060 | 314547 | 3460241 | 1033 | 315 | -50 | 192 |
| BOU-RC25-061 | 314569 | 3460220 | 1033 | 315 | -50 | 166 |
| BOU-RC25-062 | 314382 | 3459803 | 1033 | 295 | -50 | 188 |
| BOU-RC25-063 | 314347 | 3459810 | 1035 | 295 | -50 | 168 |
| BOU-RC25-064 | 314316 | 3459824 | 1040 | 295 | -50 | 180 |
| BOU-RC25-065 | 315178 | 3457448 | 967 | 130 | -50 | 200 |
| BOU-RC25-066 | 315178 | 3457448 | 967 | 130 | -50 | 200 |
| BOU-RC25-067 | 315394 | 3457600 | 1037 | 130 | -50 | 200 |
| BOU-RC25-068 | 315066 | 3457213 | 984 | 130 | -50 | 150 |
| BOU-RC25-069 | 315101 | 3457183 | 981 | 130 | -50 | 100 |

---

## Exhibit 99.84

---

| | |
|:---|:---|
| | **Exhibit 99.84** |
| **PRESS RELEASE** | ![ayalogo24.jpg](ayalogo24.jpg) |

---

**Aya Gold & Silver Reports High-Grade Silver Results at Zgounder**

**Montreal, Quebec, December 9, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporation**") is pleased to announce additional high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

**Highlights**

**(all intersections are in core lengths)**

&nbsp;&nbsp;&nbsp;&nbsp;**• Intersections in the open-pit area:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-25-478** intercepted 677 grams per tonne ("g/t") silver ("Ag") over 15.0 metres ("m"), including 2,138 g/t Ag over 3.0m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **DZG-SF-25-715** intercepted 1,972 g/t Ag over 3.2m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-RC-25-462** intercepted 502 g/t Ag over 11.0m

&nbsp;&nbsp;&nbsp;&nbsp;**• Intersections at Depth Near the Western Fault contact:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **ZG-SF-25-336** intercepted 2,718 g/t Ag over 1.3m

&nbsp;&nbsp;&nbsp;&nbsp;**• Intersections in the Central Area:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **T28-25-904** intercepted 1,631 g/t Ag over 7.2m, including 3,100 g/t Ag over 3.6m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **T28-25-942** intercepted 1,947 g/t Ag over 6.0m, including 2,359 g/t Ag over 4.8m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hole **T28-25-894** intercepted 1,339 g/t Ag over 6.0m

&nbsp;&nbsp;&nbsp;&nbsp;**• Exploration Update:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 21,314m or 85% of the 2025 exploration program has been drilled year to date.

**"Today's high-grade results once again confirm the strong continuity of silver mineralization both at depth and around the open-pit area,"** said Benoit La Salle, President & CEO. **"Moreover, the new intersection at depth near the Western Fault contact in hole ZG-SF-25-336 extends mineralization further west, continuing to push the limits of our current resource model."**

This release contains results from 169 holes, which include 54 underground diamond drill holes ("DDH"), five surface DDH, 48 reverse circulation drill hole ("RC"), 40 T28 and 22 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

------

Table 1 – Significant Intercepts from Drilling at Zgounder (Core Lengths)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length** | **Ag x width** |
| **Hole ID** | | | **(g/t)** | **(m)** | |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| **ZG-SF-25-336** | **389.0** | **390.3** | **2718** | **1.3** | **3533** |
| **DZG-SF-25-715** | **3.8** | **7.0** | **1972** | **3.2** | **6311** |
| DZG-SF-25-792 | 4.0 | 6.5 | 1449 | 2.5 | 3622 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| **ZG-RC-25-462** | **11.0** | **22.0** | **502** | **11.0** | **5527** |
| **ZG-RC-25-478** | **3.0** | **18.0** | **677** | **15.0** | **10155** |
| &nbsp;&nbsp;&nbsp;**Including** | **3.0** | **6.0** | **2138** | **3.0** | **6415** |
| ZG-RC-25-813 | 48.0 | 51.0 | 1500 | 3.0 | 4499 |
| ZG-RC-25-816 | 20.0 | 25.0 | 925 | 5.0 | 4627 |
| &nbsp;&nbsp;&nbsp;Including | 20.0 | 22.0 | 2188 | 2.0 | 4375 |
| ZG-RC-25-827 | 5.0 | 8.0 | 1386 | 3.0 | 4158 |
| ZG-RC-25-831 | 6.0 | 9.0 | 1537 | 3.0 | 4610 |
| ZG-RC-25-866 | 29.0 | 45.0 | 277 | 16.0 | 4428 |
| ZG-RC-25-867 | 9.0 | 23.0 | 340 | 14.0 | 4766 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-846 | 13.2 | 14.4 | 3870 | 1.2 | 4644 |
| T28-25-871 | 0.0 | 3.6 | 1010 | 3.6 | 3637 |
| **T28-25-894** | **7.2** | **13.2** | **1339** | **6.0** | **8035** |
| T28-25-899 | 8.4 | 14.4 | 885 | 6.0 | 5312 |
| &nbsp;&nbsp;&nbsp;Including | 12.0 | 14.4 | 1848 | 2.4 | 4434 |
| **T28-25-904** | **8.4** | **15.6** | **1631** | **7.2** | **11744** |
| &nbsp;&nbsp;&nbsp;**Including** | **8.4** | **12.0** | **3100** | **3.6** | **11160** |
| **T28-25-942** | **20.4** | **26.4** | **1947** | **6.0** | **11682** |
| &nbsp;&nbsp;&nbsp;**Including** | **21.6** | **26.4** | **2359** | **4.8** | **11324** |
| T28-25-946 | 12.0 | 21.6 | 561 | 9.6 | 5383 |
| &nbsp;&nbsp;&nbsp;Including | 12.0 | 14.4 | 1650 | 2.4 | 3960 |
| T28-25-961 | 9.6 | 12.0 | 2465 | 2.4 | 5916 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-384 | 10.8 | 24.0 | 400 | 13.2 | 5275 |
| &nbsp;&nbsp;&nbsp;Including | 10.8 | 13.2 | 1473 | 2.4 | 3534 |
| YAK-25-385 | 21.6 | 28.8 | 885 | 7.2 | 6372 |
| &nbsp;&nbsp;&nbsp;Including | 21.6 | 24.0 | 1693 | 2.4 | 4062 |
| YAK-25-386 | 9.6 | 15.6 | 2021 | 6.0 | 12127 |
| &nbsp;&nbsp;&nbsp;Including | 13.2 | 15.6 | 4880 | 2.4 | 11712 |
| YAK-25-392 | 10.8 | 16.8 | 738 | 6.0 | 4428 |
| YAK-25-393 | 20.4 | 30.0 | 458 | 9.6 | 4398 |

---

 *\* True width remains undetermined at this stage; all values are uncut.*

------

![locationofdrillresultsatzg.jpg](locationofdrillresultsatzg.jpg)

Figure 1: Location of Drill Results at Zgounder

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed by fire assay.

For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality controls (QaQc) are applied at both locations.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

------

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball**<br>VP, Corporate Development & IR<br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "potential", "plan", "additional", "grow", "significant", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the continuity of the mineralization and its grade, the potential to meaningfully grow near-mine resources, to follow up aggressively with additional drilling , to execute on planned drilling in the area through the remainder of 2025, the potential to significantly increase high-grade ounces within and near the open pit area, expanding open-pit operations in the near term, enhancing the resource and better understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that

------

may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length (m)\*** | **Ag x width** |
| **Hole ID** | **From** | **To** | **(g/t)** | **Length (m)\*** | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-25-159 | 300.5 | 301.0 | 84 | 0.5 | 42 |
| ZG-25-161 | 275.5 | 277.0 | 100 | 1.5 | 150 |
| ZG-25-162 | 235.7 | 236.7 | 95 | 1.0 | 95 |
| ZG-25-165 | 223.0 | 224.5 | 221 | 1.5 | 332 |
| ZG-25-167 | 373.8 | 374.5 | 608 | 0.7 | 426 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-199 | 129.5 | 131.5 | 395 | 2.0 | 790 |
| ZG-SF-25-321 | 224.5 | 226.0 | 931 | 1.5 | 1397 |
| ZG-SF-25-321 | 277.0 | 278.5 | 432 | 1.5 | 648 |
| ZG-SF-25-321 | 307.3 | 309.7 | 219 | 2.4 | 526 |
| ZG-SF-25-321 | 319.0 | 320.5 | 799 | 1.5 | 1199 |
| ZG-SF-25-321 | 330.5 | 331.5 | 542 | 1.0 | 542 |
| ZG-SF-25-321 | 344.2 | 345.2 | 443 | 1.0 | 443 |
| ZG-SF-25-321 | 388.6 | 392.3 | 199 | 3.7 | 736 |
| ZG-SF-25-324 | 226.4 | 227.5 | 210 | 1.1 | 231 |
| ZG-SF-25-324 | 268.0 | 270.3 | 1350 | 2.3 | 3106 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-SF-25-324 | 326.0 | 328.2 | 118 | 2.2 | 260 |
| ZG-SF-25-324 | 350.0 | 350.5 | 269 | 0.5 | 135 |
| ZG-SF-25-324 | 355.3 | 359.2 | 206 | 3.9 | 802 |
| ZG-SF-25-325 | 272.0 | 273.5 | 77 | 1.5 | 116 |
| ZG-SF-25-325 | 276.0 | 280.1 | 358 | 4.1 | 1469 |
| ZG-SF-25-325 | 295.0 | 296.0 | 110 | 1.0 | 110 |
| ZG-SF-25-325 | 302.0 | 306.0 | 127 | 4.0 | 508 |
| ZG-SF-25-325 | 335.0 | 336.5 | 86 | 1.5 | 129 |
| ZG-SF-25-328 | 121.0 | 122.0 | 1235 | 1.0 | 1235 |
| ZG-SF-25-330 | 82.8 | 84.0 | 183 | 1.2 | 220 |
| ZG-SF-25-330 | 125.0 | 126.0 | 166 | 1.0 | 166 |
| ZG-SF-25-335 | 122.0 | 122.5 | 306 | 0.5 | 153 |
| ZG-SF-25-335 | 122.0 | 123.0 | 285 | 1.0 | 285 |
| ZG-SF-25-335 | 218.5 | 220.0 | 922 | 1.5 | 1383 |
| ZG-SF-25-335 | 281.5 | 282.5 | 89 | 1.0 | 89 |
| ZG-SF-25-336 | 333.0 | 334.0 | 181 | 1.0 | 181 |
| ZG-SF-25-336 | 382.5 | 383.5 | 230 | 1.0 | 230 |
| **ZG-SF-25-336** | **389.0** | **390.3** | **2718** | **1.3** | **3533** |
| ZG-SF-25-337 | 321.7 | 323.7 | 98 | 2.0 | 196 |
| ZG-SF-25-338 | 260.1 | 261.2 | 92 | 1.1 | 101 |
| ZG-SF-25-338 | 265.5 | 267.0 | 92 | 1.5 | 138 |
| ZG-SF-25-339 | 250.5 | 253.0 | 988 | 2.5 | 2470 |
| ZG-SF-25-339 | 261.0 | 264.0 | 168 | 3.0 | 504 |
| ZG-SF-25-339 | 282.0 | 286.5 | 200 | 4.5 | 900 |
| ZG-SF-25-339 | 305.0 | 305.5 | 1536 | 0.5 | 768 |
| DZG-SF-25-634 | 37.5 | 39.0 | 174 | 1.5 | 261 |
| DZG-SF-25-636 | 24.5 | 25.2 | 126 | 0.7 | 88 |
| DZG-SF-25-636 | 55.0 | 55.5 | 170 | 0.5 | 85 |
| DZG-SF-25-636 | 56.5 | 59.0 | 334 | 2.5 | 835 |
| DZG-SF-25-668 | 36.4 | 37.5 | 94 | 1.1 | 103 |
| DZG-SF-25-669 | 35.1 | 37.5 | 440 | 2.4 | 1055 |
| DZG-SF-25-670 | 15.0 | 17.0 | 1400 | 2.0 | 2800 |
| DZG-SF-25-670 | 21.5 | 27.0 | 368 | 5.5 | 2022 |
| DZG-SF-25-671 | 39.0 | 40.0 | 142 | 1.0 | 142 |
| DZG-SF-25-674 | 13.5 | 16.0 | 656 | 2.5 | 1641 |
| DZG-SF-25-674 | 19.0 | 20.5 | 85 | 1.5 | 128 |
| DZG-SF-25-675 | 12.0 | 15.0 | 442 | 3.0 | 1326 |
| DZG-SF-25-675 | 22.0 | 22.5 | 160 | 0.5 | 80 |
| DZG-SF-25-676 | 27.0 | 30.0 | 212 | 3.0 | 635 |
| DZG-SF-25-676 | 38.0 | 39.0 | 223 | 1.0 | 223 |
| DZG-SF-25-678 | 8.9 | 19.8 | 125 | 10.9 | 1362 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-681 | 59.2 | 60.6 | 80 | 1.4 | 112 |
| DZG-SF-25-682 | 28.5 | 29.5 | 147 | 1.0 | 147 |
| DZG-SF-25-682 | 37.0 | 37.7 | 116 | 0.7 | 81 |
| DZG-SF-25-683 | 4.7 | 5.4 | 110 | 0.7 | 77 |
| DZG-SF-25-683 | 8.0 | 10.0 | 519 | 2.0 | 1038 |
| DZG-SF-25-684 | 40.0 | 41.0 | 608 | 1.0 | 608 |
| DZG-SF-25-684 | 45.0 | 47.0 | 152 | 2.0 | 304 |
| DZG-SF-25-688 | 14.0 | 15.0 | 1830 | 1.0 | 1830 |
| DZG-SF-25-688 | 18.0 | 19.5 | 151 | 1.5 | 227 |
| DZG-SF-25-710 | 8.2 | 9.0 | 180 | 0.8 | 144 |
| DZG-SF-25-710 | 36.0 | 37.5 | 150 | 1.5 | 225 |
| DZG-SF-25-711 | 6.6 | 7.2 | 152 | 0.6 | 91 |
| DZG-SF-25-711 | 13.9 | 14.5 | 84 | 0.6 | 50 |
| DZG-SF-25-712 | 4.3 | 5.5 | 183 | 1.2 | 220 |
| DZG-SF-25-713 | 13.5 | 19.2 | 159 | 5.7 | 906 |
| DZG-SF-25-713 | 30.2 | 30.4 | 150 | 0.2 | 30 |
| DZG-SF-25-714 | 16.7 | 19.0 | 257 | 2.3 | 592 |
| **DZG-SF-25-715** | **3.8** | **7.0** | **1972** | **3.2** | **6311** |
| DZG-SF-25-715 | 21.0 | 22.0 | 90 | 1.0 | 90 |
| DZG-SF-25-729 | 5.2 | 6.5 | 152 | 1.3 | 198 |
| DZG-SF-25-729 | 43.0 | 44.1 | 252 | 1.1 | 277 |
| DZG-SF-25-730 | 38.1 | 39.0 | 415 | 0.9 | 373 |
| DZG-SF-25-730 | 42.5 | 43.0 | 108 | 0.5 | 54 |
| DZG-SF-25-730 | 58.0 | 59.4 | 102 | 1.4 | 143 |
| DZG-SF-25-732 | 14.5 | 15.6 | 148 | 1.1 | 163 |
| DZG-SF-25-752 | 38.3 | 39.0 | 115 | 0.7 | 81 |
| DZG-SF-25-752 | 40.4 | 41.8 | 76 | 1.4 | 106 |
| DZG-SF-25-754 | 24.8 | 29.4 | 159 | 4.6 | 731 |
| DZG-SF-25-755 | 24.0 | 25.0 | 402 | 1.0 | 402 |
| DZG-SF-25-755 | 26.1 | 26.6 | 164 | 0.5 | 82 |
| DZG-SF-25-755 | 53.5 | 56.0 | 202 | 2.5 | 506 |
| DZG-SF-25-758 | 68.0 | 69.0 | 126 | 1.0 | 126 |
| DZG-SF-25-759 | 48.0 | 48.8 | 114 | 0.8 | 91 |
| DZG-SF-25-761 | 14.5 | 15.5 | 81 | 1.0 | 81 |
| DZG-SF-25-762 | 10.5 | 12.0 | 203 | 1.5 | 305 |
| DZG-SF-25-762 | 38.0 | 41.0 | 496 | 3.0 | 1488 |
| DZG-SF-25-765 | 44.0 | 45.0 | 1550 | 1.0 | 1550 |
| DZG-SF-25-782 | 30.0 | 31.5 | 94 | 1.5 | 141 |
| DZG-SF-25-783 | 6.0 | 7.5 | 148 | 1.5 | 222 |
| DZG-SF-25-786 | 64.0 | 67.2 | 935 | 3.2 | 2993 |
| DZG-SF-25-787 | 25.5 | 27.0 | 88 | 1.5 | 132 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-790 | 8.5 | 10.0 | 776 | 1.5 | 1164 |
| DZG-SF-25-790 | 31.1 | 31.6 | 144 | 0.5 | 72 |
| DZG-SF-25-790 | 59.5 | 62.0 | 163 | 2.5 | 408 |
| DZG-SF-25-790 | 83.5 | 86.5 | 122 | 3.0 | 366 |
| DZG-SF-25-791 | 7.5 | 8.0 | 131 | 0.5 | 66 |
| DZG-SF-25-791 | 90.0 | 91.0 | 532 | 1.0 | 532 |
| DZG-SF-25-792 | 4.0 | 6.5 | 1449 | 2.5 | 3622 |
| DZG-SF-25-793 | 4.5 | 6.0 | 112 | 1.5 | 168 |
| DZG-SF-25-799 | 51.0 | 54.0 | 118 | 3.0 | 354 |
| DZG-SF-25-819 | 26.8 | 29.3 | 280 | 2.5 | 700 |
| DZG-SF-25-838 | 11.0 | 13.0 | 278 | 2.0 | 555 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-25-458 | 3.0 | 4.0 | 133 | 1.0 | 133 |
| ZG-RC-25-458 | 37.0 | 38.0 | 95 | 1.0 | 95 |
| ZG-RC-25-460 | 25.0 | 26.0 | 118 | 1.0 | 118 |
| **ZG-RC-25-462** | **1.0** | **5.0** | **546** | **4.0** | **2185** |
| **ZG-RC-25-462** | **11.0** | **22.0** | **502** | **11.0** | **5527** |
| &nbsp;&nbsp;&nbsp;**Including** | **14.0** | **16.0** | **1105** | **2.0** | **2210** |
| ZG-RC-25-462 | 48.0 | 49.0 | 113 | 1.0 | 113 |
| ZG-RC-25-462 | 63.0 | 69.0 | 322 | 6.0 | 1930 |
| ZG-RC-25-474 | 47.0 | 57.0 | 190 | 10.0 | 1902 |
| **ZG-RC-25-478** | **3.0** | **18.0** | **677** | **15.0** | **10155** |
| &nbsp;&nbsp;&nbsp;**Including** | **3.0** | **6.0** | **2138** | **3.0** | **6415** |
| ZG-RC-25-478 | 51.0 | 54.0 | 402 | 3.0 | 1205 |
| ZG-RC-25-492 | 0.0 | 1.0 | 89 | 1.0 | 89 |
| ZG-RC-25-492 | 5.0 | 7.0 | 141 | 2.0 | 282 |
| ZG-RC-25-492 | 20.0 | 21.0 | 103 | 1.0 | 103 |
| ZG-RC-25-492 | 40.0 | 42.0 | 146 | 2.0 | 291 |
| ZG-RC-25-506 | 10.0 | 11.0 | 79 | 1.0 | 79 |
| ZG-RC-25-506 | 12.0 | 14.0 | 107 | 2.0 | 214 |
| ZG-RC-25-506 | 20.0 | 21.0 | 81 | 1.0 | 81 |
| ZG-RC-25-506 | 23.0 | 24.0 | 94 | 1.0 | 94 |
| ZG-RC-25-517 | 15.0 | 16.0 | 89 | 1.0 | 89 |
| ZG-RC-25-517 | 18.0 | 23.0 | 271 | 5.0 | 1357 |
| ZG-RC-25-558 | 0.0 | 3.0 | 167 | 3.0 | 501 |
| ZG-RC-25-558 | 13.0 | 14.0 | 256 | 1.0 | 256 |
| ZG-RC-25-714 | 4.0 | 5.0 | 185 | 1.0 | 185 |
| ZG-RC-25-726 | 0.0 | 2.0 | 126 | 2.0 | 252 |
| ZG-RC-25-745 | 1.0 | 4.0 | 308 | 3.0 | 924 |
| ZG-RC-25-746 | 5.0 | 6.0 | 397 | 1.0 | 397 |
| ZG-RC-25-746 | 47.0 | 48.0 | 133 | 1.0 | 133 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-25-757 | 3.0 | 4.0 | 198 | 1.0 | 198 |
| ZG-RC-25-757 | 16.0 | 17.0 | 362 | 1.0 | 362 |
| ZG-RC-25-758 | 2.0 | 5.0 | 97 | 3.0 | 290 |
| ZG-RC-25-758 | 24.0 | 26.0 | 1339 | 2.0 | 2678 |
| ZG-RC-25-759 | 0.0 | 1.0 | 101 | 1.0 | 101 |
| ZG-RC-25-759 | 3.0 | 4.0 | 142 | 1.0 | 142 |
| ZG-RC-25-759 | 29.0 | 31.0 | 358 | 2.0 | 715 |
| ZG-RC-25-759 | 39.0 | 40.0 | 77 | 1.0 | 77 |
| ZG-RC-25-759 | 46.0 | 47.0 | 156 | 1.0 | 156 |
| ZG-RC-25-759 | 56.0 | 59.0 | 257 | 3.0 | 772 |
| ZG-RC-25-760 | 11.0 | 12.0 | 289 | 1.0 | 289 |
| ZG-RC-25-760 | 23.0 | 24.0 | 84 | 1.0 | 84 |
| ZG-RC-25-772 | 1.0 | 2.0 | 381 | 1.0 | 381 |
| ZG-RC-25-801 | 4.0 | 6.0 | 566 | 2.0 | 1132 |
| ZG-RC-25-807 | 14.0 | 15.0 | 334 | 1.0 | 334 |
| ZG-RC-25-807 | 33.0 | 34.0 | 127 | 1.0 | 127 |
| ZG-RC-25-807 | 40.0 | 42.0 | 167 | 2.0 | 334 |
| ZG-RC-25-808 | 5.0 | 6.0 | 391 | 1.0 | 391 |
| ZG-RC-25-809 | 0.0 | 1.0 | 112 | 1.0 | 112 |
| ZG-RC-25-809 | 8.0 | 11.0 | 678 | 3.0 | 2035 |
| ZG-RC-25-813 | 42.0 | 43.0 | 779 | 1.0 | 779 |
| ZG-RC-25-813 | 48.0 | 51.0 | 1500 | 3.0 | 4499 |
| ZG-RC-25-814 | 5.0 | 6.0 | 1595 | 1.0 | 1595 |
| ZG-RC-25-814 | 22.0 | 24.0 | 259 | 2.0 | 517 |
| ZG-RC-25-814 | 31.0 | 33.0 | 116 | 2.0 | 231 |
| ZG-RC-25-815 | 52.0 | 53.0 | 90 | 1.0 | 90 |
| ZG-RC-25-816 | 3.0 | 4.0 | 99 | 1.0 | 99 |
| ZG-RC-25-816 | 20.0 | 25.0 | 925 | 5.0 | 4627 |
| &nbsp;&nbsp;&nbsp;Including | 20.0 | 22.0 | 2188 | 2.0 | 4375 |
| ZG-RC-25-816 | 48.0 | 50.0 | 564 | 2.0 | 1128 |
| ZG-RC-25-816 | 58.0 | 59.0 | 212 | 1.0 | 212 |
| ZG-RC-25-817 | 35.0 | 41.0 | 241 | 6.0 | 1444 |
| ZG-RC-25-817 | 64.0 | 65.0 | 433 | 1.0 | 433 |
| ZG-RC-25-818 | 57.0 | 58.0 | 755 | 1.0 | 755 |
| ZG-RC-25-819 | 14.0 | 15.0 | 247 | 1.0 | 247 |
| ZG-RC-25-819 | 42.0 | 45.0 | 290 | 3.0 | 870 |
| ZG-RC-25-819 | 49.0 | 51.0 | 109 | 2.0 | 217 |
| ZG-RC-25-820 | 51.0 | 52.0 | 614 | 1.0 | 614 |
| ZG-RC-25-823 | 15.0 | 16.0 | 698 | 1.0 | 698 |
| ZG-RC-25-824 | 38.0 | 40.0 | 222 | 2.0 | 443 |
| ZG-RC-25-825 | 3.0 | 5.0 | 941 | 2.0 | 1882 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-RC-25-826 | 3.0 | 4.0 | 469 | 1.0 | 469 |
| ZG-RC-25-827 | 5.0 | 8.0 | 1386 | 3.0 | 4158 |
| ZG-RC-25-828 | 14.0 | 15.0 | 78 | 1.0 | 78 |
| ZG-RC-25-830 | 34.0 | 35.0 | 432 | 1.0 | 432 |
| ZG-RC-25-831 | 0.0 | 1.0 | 1745 | 1.0 | 1745 |
| ZG-RC-25-831 | 6.0 | 9.0 | 1537 | 3.0 | 4610 |
| ZG-RC-25-831 | 27.0 | 28.0 | 119 | 1.0 | 119 |
| ZG-RC-25-832 | 30.0 | 31.0 | 87 | 1.0 | 87 |
| ZG-RC-25-833 | 52.0 | 56.0 | 656 | 4.0 | 2624 |
| ZG-RC-25-834 | 48.0 | 53.0 | 400 | 5.0 | 2001 |
| ZG-RC-25-836 | 28.0 | 29.0 | 146 | 1.0 | 146 |
| ZG-RC-25-836 | 49.0 | 50.0 | 742 | 1.0 | 742 |
| ZG-RC-25-836 | 66.0 | 67.0 | 558 | 1.0 | 558 |
| ZG-RC-25-837 | 9.0 | 11.0 | 936 | 2.0 | 1872 |
| ZG-RC-25-837 | 28.0 | 29.0 | 1345 | 1.0 | 1345 |
| ZG-RC-25-837 | 35.0 | 36.0 | 316 | 1.0 | 316 |
| ZG-RC-25-837 | 70.0 | 73.0 | 918 | 3.0 | 2754 |
| ZG-RC-25-838 | 22.0 | 23.0 | 137 | 1.0 | 137 |
| ZG-RC-25-838 | 63.0 | 64.0 | 474 | 1.0 | 474 |
| ZG-RC-25-864 | 39.0 | 40.0 | 76 | 1.0 | 76 |
| ZG-RC-25-866 | 18.0 | 20.0 | 183 | 2.0 | 365 |
| ZG-RC-25-866 | 29.0 | 45.0 | 277 | 16.0 | 4428 |
| &nbsp;&nbsp;&nbsp;Including | 29.0 | 31.0 | 921 | 2.0 | 1841 |
| ZG-RC-25-867 | 9.0 | 23.0 | 340 | 14.0 | 4766 |
| &nbsp;&nbsp;&nbsp;Including | 13.0 | 15.0 | 1566 | 2.0 | 3132 |
| ZG-RC-25-867 | 43.0 | 48.0 | 341 | 5.0 | 1703 |
| ZG-RC-25-869 | 27.0 | 28.0 | 282 | 1.0 | 282 |
| ZG-RC-25-869 | 32.0 | 33.0 | 77 | 1.0 | 77 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-763 | 6.0 | 7.2 | 88 | 1.2 | 106 |
| T28-25-763 | 8.4 | 9.6 | 132 | 1.2 | 158 |
| T28-25-780 | 4.8 | 6.0 | 84 | 1.2 | 101 |
| T28-25-780 | 9.6 | 10.8 | 102 | 1.2 | 122 |
| T28-25-781 | 3.6 | 4.8 | 175 | 1.2 | 210 |
| T28-25-781 | 8.4 | 9.6 | 213 | 1.2 | 256 |
| T28-25-830 | 20.4 | 26.4 | 541 | 6.0 | 3245 |
| &nbsp;&nbsp;&nbsp;Including | 20.4 | 24.0 | 835 | 3.6 | 3006 |
| T28-25-832 | 8.4 | 10.8 | 210 | 2.4 | 503 |
| T28-25-832 | 19.2 | 21.6 | 123 | 2.4 | 295 |
| T28-25-835 | 6.0 | 7.2 | 77 | 1.2 | 92 |
| T28-25-836 | 0.0 | 1.2 | 84 | 1.2 | 101 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| T28-25-836 | 8.4 | 15.6 | 133 | 7.2 | 960 |
| T28-25-841 | 0.0 | 3.6 | 941 | 3.6 | 3386 |
| T28-25-843 | 0.0 | 2.4 | 85 | 2.4 | 203 |
| T28-25-844 | 7.2 | 8.4 | 115 | 1.2 | 138 |
| T28-25-846 | 13.2 | 14.4 | 3870 | 1.2 | 4644 |
| T28-25-846 | 16.8 | 18.0 | 88 | 1.2 | 106 |
| T28-25-856 | 24.0 | 25.2 | 153 | 1.2 | 184 |
| T28-25-860 | 22.8 | 26.4 | 235 | 3.6 | 847 |
| T28-25-861 | 2.4 | 3.6 | 82 | 1.2 | 98 |
| T28-25-871 | 0.0 | 3.6 | 1010 | 3.6 | 3637 |
| T28-25-872 | 14.4 | 20.4 | 281 | 6.0 | 1686 |
| T28-25-874 | 9.6 | 16.8 | 481 | 7.2 | 3464 |
| T28-25-878 | 7.2 | 12.0 | 161 | 4.8 | 772 |
| T28-25-882 | 10.8 | 15.6 | 473 | 4.8 | 2272 |
| T28-25-893 | 8.4 | 12.0 | 120 | 3.6 | 432 |
| **T28-25-894** | **7.2** | **13.2** | **1339** | **6.0** | **8035** |
| T28-25-897 | 21.6 | 22.8 | 128 | 1.2 | 154 |
| T28-25-899 | 8.4 | 14.4 | 885 | 6.0 | 5312 |
| &nbsp;&nbsp;&nbsp;Including | 12.0 | 14.4 | 1848 | 2.4 | 4434 |
| T28-25-900 | 6.0 | 7.2 | 82 | 1.2 | 98 |
| **T28-25-904** | **8.4** | **15.6** | **1631** | **7.2** | **11744** |
| &nbsp;&nbsp;&nbsp;**Including** | **8.4** | **12.0** | **3100** | **3.6** | **11160** |
| T28-25-907 | 4.8 | 8.4 | 127 | 3.6 | 457 |
| T28-25-909 | 0.0 | 2.4 | 164 | 2.4 | 392 |
| T28-25-910 | 0.0 | 3.6 | 85 | 3.6 | 306 |
| T28-25-922 | 15.6 | 18.0 | 298 | 2.4 | 714 |
| T28-25-923 | 16.8 | 18.0 | 286 | 1.2 | 343 |
| T28-25-926 | 20.4 | 21.6 | 101 | 1.2 | 121 |
| T28-25-927 | 16.8 | 20.4 | 265 | 3.6 | 953 |
| T28-25-938 | 4.8 | 6.0 | 89 | 1.2 | 107 |
| T28-25-938 | 13.2 | 14.4 | 180 | 1.2 | 216 |
| T28-25-938 | 15.6 | 16.8 | 79 | 1.2 | 95 |
| T28-25-938 | 18.0 | 22.8 | 259 | 4.8 | 1244 |
| T28-25-939 | 0.0 | 2.4 | 85 | 2.4 | 204 |
| T28-25-942 | 10.8 | 13.2 | 514 | 2.4 | 1234 |
| **T28-25-942** | **20.4** | **26.4** | **1947** | **6.0** | **11682** |
| &nbsp;&nbsp;&nbsp;**Including** | **21.6** | **26.4** | **2359** | **4.8** | **11324** |
| T28-25-943 | 2.4 | 4.8 | 362 | 2.4 | 869 |
| T28-25-944 | 3.6 | 4.8 | 933 | 1.2 | 1120 |
| T28-25-944 | 13.2 | 21.6 | 114 | 8.4 | 955 |
| T28-25-944 | 25.2 | 26.4 | 79 | 1.2 | 95 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| T28-25-945 | 6.0 | 7.2 | 79 | 1.2 | 95 |
| T28-25-945 | 15.6 | 20.4 | 120 | 4.8 | 577 |
| T28-25-946 | 12.0 | 21.6 | 561 | 9.6 | 5383 |
| &nbsp;&nbsp;&nbsp;Including | 12.0 | 14.4 | 1650 | 2.4 | 3960 |
| T28-25-946 | 25.2 | 26.4 | 90 | 1.2 | 108 |
| T28-25-961 | 9.6 | 12.0 | 2465 | 2.4 | 5916 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-328 | 16.8 | 24.0 | 409 | 7.2 | 2947 |
| &nbsp;&nbsp;&nbsp;Including | 16.8 | 19.2 | 934 | 2.4 | 2242 |
| YAK-25-328 | 40.8 | 48.0 | 107 | 7.2 | 768 |
| YAK-25-328 | 49.2 | 50.4 | 76 | 1.2 | 91 |
| YAK-25-338 | 7.2 | 9.6 | 88 | 2.4 | 211 |
| YAK-25-367 | 20.4 | 21.6 | 2400 | 1.2 | 2880 |
| YAK-25-369 | 0.0 | 2.4 | 293 | 2.4 | 702 |
| YAK-25-375 | 38.4 | 39.6 | 488 | 1.2 | 586 |
| YAK-25-377 | 20.4 | 24.0 | 706 | 3.6 | 2542 |
| YAK-25-382 | 24.0 | 26.4 | 118 | 2.4 | 282 |
| YAK-25-382 | 34.8 | 36.0 | 88 | 1.2 | 106 |
| YAK-25-383 | 9.6 | 13.2 | 87 | 3.6 | 313 |
| YAK-25-383 | 24.0 | 25.2 | 118 | 1.2 | 142 |
| YAK-25-383 | 28.8 | 30.0 | 133 | 1.2 | 160 |
| YAK-25-384 | 4.8 | 6.0 | 81 | 1.2 | 97 |
| YAK-25-384 | 10.8 | 24.0 | 400 | 13.2 | 5275 |
| &nbsp;&nbsp;&nbsp;Including | 10.8 | 13.2 | 1473 | 2.4 | 3534 |
| YAK-25-384 | 32.4 | 34.8 | 97 | 2.4 | 233 |
| YAK-25-385 | 3.6 | 7.2 | 124 | 3.6 | 445 |
| YAK-25-385 | 10.8 | 12.0 | 119 | 1.2 | 143 |
| YAK-25-385 | 21.6 | 28.8 | 885 | 7.2 | 6372 |
| &nbsp;&nbsp;&nbsp;Including | 21.6 | 24.0 | 1693 | 2.4 | 4062 |
| YAK-25-386 | 9.6 | 15.6 | 2021 | 6.0 | 12127 |
| &nbsp;&nbsp;&nbsp;Including | 13.2 | 15.6 | 4880 | 2.4 | 11712 |
| YAK-25-386 | 31.2 | 33.6 | 800 | 2.4 | 1920 |
| YAK-25-386 | 42.0 | 48.0 | 128 | 6.0 | 766 |
| YAK-25-387 | 1.2 | 7.2 | 581 | 6.0 | 3488 |
| YAK-25-387 | 15.6 | 18.0 | 1343 | 2.4 | 3222 |
| YAK-25-387 | 25.2 | 26.4 | 83 | 1.2 | 100 |
| YAK-25-387 | 39.6 | 40.8 | 1995 | 1.2 | 2394 |
| YAK-25-387 | 44.4 | 46.8 | 109 | 2.4 | 262 |
| YAK-25-388 | 0.0 | 4.8 | 547 | 4.8 | 2626 |
| YAK-25-389 | 1.2 | 3.6 | 117 | 2.4 | 280 |
| YAK-25-389 | 9.6 | 10.8 | 129 | 1.2 | 155 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| YAK-25-392 | 10.8 | 16.8 | 738 | 6.0 | 4428 |
| &nbsp;&nbsp;&nbsp;Including | 13.2 | 14.4 | 2680 | 1.2 | 3216 |
| YAK-25-392 | 26.4 | 27.6 | 135 | 1.2 | 162 |
| YAK-25-392 | 32.4 | 33.6 | 124 | 1.2 | 149 |
| YAK-25-393 | 8.4 | 10.8 | 113 | 2.4 | 270 |
| YAK-25-393 | 20.4 | 30.0 | 458 | 9.6 | 4398 |
| &nbsp;&nbsp;&nbsp;Including | 20.4 | 22.8 | 1250 | 2.4 | 3000 |
| YAK-25-394 | 20.4 | 26.4 | 256 | 6.0 | 1536 |
| YAK-25-394 | 32.4 | 33.6 | 296 | 1.2 | 355 |
| YAK-25-395 | 12.0 | 19.2 | 311 | 7.2 | 2238 |
| YAK-25-396 | 9.6 | 10.8 | 84 | 1.2 | 101 |
| YAK-25-396 | 13.2 | 18.0 | 497 | 4.8 | 2387 |
| YAK-25-397 | 0.0 | 3.6 | 645 | 3.6 | 2321 |
| YAK-25-397 | 31.2 | 33.6 | 326 | 2.4 | 782 |
| YAK-25-398 | 0.0 | 3.6 | 143 | 3.6 | 515 |
| YAK-25-402 | 25.2 | 26.4 | 111 | 1.2 | 133 |

---

*\* True widths are undetermined; all values are uncut.*

Appendix 2 – Drillhole Coordinates of Zgounder Drill Hole with Significant Results

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-25-159 | 621103 | 3404398 | 2231 | 135 | -55 | 323 |
| ZG-25-161 | 621102 | 3404365 | 2234 | 135 | -55 | 297 |
| ZG-25-162 | 621187 | 3404406 | 2217 | 135 | -55 | 253 |
| ZG-25-165 | 621072 | 3404393 | 2234 | 135 | -55 | 329 |
| ZG-25-167 | 620424 | 3403631 | 2069 | 347 | -70 | 586 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-199 | 620910 | 3403989 | 1970 | 0 | -89 | 190 |
| ZG-SF-25-321 | 620382 | 3403898 | 1945 | 180 | -84 | 396 |
| ZG-SF-25-324 | 620379 | 3403901 | 1945 | 290 | -85 | 384 |
| ZG-SF-25-325 | 620334 | 3403899 | 1946 | 0 | -79 | 384 |
| ZG-SF-25-328 | 620334 | 3403900 | 1947 | 0 | -44 | 161 |
| ZG-SF-25-330 | 620334 | 3403900 | 1947 | 0 | -26 | 150 |
| ZG-SF-25-335 | 620455 | 3403914 | 1943 | 0 | -67 | 337 |
| **ZG-SF-25-336** | **620308** | **3403893** | **1946** | **0** | **-86** | **427** |
| ZG-SF-25-337 | 620455 | 3403914 | 1945 | 180 | -82 | 376 |
| ZG-SF-25-338 | 620333 | 3403897 | 1946 | 0 | -87 | 316 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ZG-SF-25-339 | 620455 | 3403914 | 1945 | 228 | -87 | 351 |
| DZG-SF-25-634 | 620989 | 3404037 | 1997 | 67 | 17 | 60 |
| DZG-SF-25-636 | 620987 | 3404050 | 1995 | 67 | -12 | 60 |
| DZG-SF-25-668 | 621125 | 3404056 | 2094 | 106 | 11 | 44 |
| DZG-SF-25-669 | 621125 | 3404056 | 2095 | 108 | 28 | 60 |
| DZG-SF-25-670 | 621126 | 3404063 | 2092 | 97 | -14 | 60 |
| DZG-SF-25-671 | 621127 | 3404063 | 2093 | 97 | -1 | 60 |
| DZG-SF-25-674 | 621127 | 3404066 | 2092 | 78 | -16 | 60 |
| DZG-SF-25-675 | 621127 | 3404066 | 2092 | 80 | -1 | 60 |
| DZG-SF-25-676 | 621127 | 3404066 | 2093 | 79 | 17 | 60 |
| DZG-SF-25-678 | 621124 | 3404084 | 2090 | 8 | -9 | 60 |
| DZG-SF-25-681 | 621198 | 3404032 | 2072 | 250 | -9 | 62 |
| DZG-SF-25-682 | 621202 | 3404040 | 2072 | 260 | -15 | 60 |
| DZG-SF-25-683 | 621202 | 3404040 | 2072 | 260 | 15 | 50 |
| DZG-SF-25-684 | 621202 | 3404040 | 2072 | 260 | 30 | 60 |
| DZG-SF-25-688 | 621203 | 3404043 | 2072 | 283 | 30 | 50 |
| DZG-SF-25-710 | 621212 | 3404040 | 2073 | 100 | 15 | 65 |
| DZG-SF-25-711 | 621212 | 3404040 | 2074 | 101 | 33 | 65 |
| DZG-SF-25-712 | 621210 | 3404038 | 2072 | 128 | -15 | 70 |
| DZG-SF-25-713 | 621210 | 3404038 | 2072 | 129 | 2 | 70 |
| DZG-SF-25-714 | 621210 | 3404038 | 2073 | 128 | 18 | 70 |
| **DZG-SF-25-715** | **621210** | **3404038** | **2074** | **125** | **31** | **70** |
| DZG-SF-25-729 | 620744 | 3404060 | 2051 | 28 | 17 | 60 |
| DZG-SF-25-730 | 620732 | 3404070 | 2049 | 20 | -8 | 60 |
| DZG-SF-25-732 | 620977 | 3404059 | 1968 | 321 | -10 | 60 |
| DZG-SF-25-752 | 621084 | 3404031 | 1972 | 350 | -15 | 110 |
| DZG-SF-25-754 | 621082 | 3404031 | 1972 | 335 | -30 | 100 |
| DZG-SF-25-755 | 621082 | 3404031 | 1972 | 335 | -15 | 100 |
| DZG-SF-25-758 | 621080 | 3404030 | 1972 | 320 | -20 | 80 |
| DZG-SF-25-759 | 621080 | 3404030 | 1972 | 320 | 0 | 80 |
| DZG-SF-25-761 | 620981 | 3404081 | 1994 | 359 | 0 | 60 |
| DZG-SF-25-762 | 620981 | 3404081 | 1995 | 359 | 29 | 60 |
| DZG-SF-25-765 | 620664 | 3404116 | 2048 | 298 | 13 | 60 |
| DZG-SF-25-782 | 620551 | 3404010 | 1917 | 3 | 15 | 75 |
| DZG-SF-25-783 | 620551 | 3404010 | 1908 | 3 | 10 | 70 |
| DZG-SF-25-786 | 620549 | 3404009 | 1908 | 338 | 15 | 80 |
| DZG-SF-25-787 | 620549 | 3404009 | 1908 | 338 | 0 | 80 |
| DZG-SF-25-790 | 620547 | 3404008 | 1908 | 315 | -15 | 88 |
| DZG-SF-25-791 | 620547 | 3404008 | 1908 | 315 | 0 | 97 |
| DZG-SF-25-792 | 620547 | 3404008 | 1908 | 315 | 15 | 97 |
| DZG-SF-25-793 | 620547 | 3404008 | 1908 | 315 | 27 | 97 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-799 | 620799 | 3404048 | 1936 | 46 | 0 | 59 |
| DZG-SF-25-819 | 620795 | 3404031 | 1938 | 306 | 0 | 60 |
| DZG-SF-25-838 | 620776 | 3404089 | 2069 | 75 | -20 | 60 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-25-458 | 620935 | 3404103 | 2206 | 135 | -70 | 45 |
| ZG-RC-25-460 | 620951 | 3404089 | 2216 | 135 | -70 | 28 |
| **ZG-RC-25-462** | **620963** | **3404075** | **2226** | **135** | **-70** | **70** |
| ZG-RC-25-474 | 620971 | 3404051 | 2236 | 135 | -70 | 65 |
| **ZG-RC-25-478** | **620911** | **3404094** | **2206** | **135** | **-70** | **55** |
| ZG-RC-25-492 | 620923 | 3404065 | 2221 | 135 | -70 | 45 |
| ZG-RC-25-506 | 620912 | 3404056 | 2222 | 135 | -70 | 30 |
| ZG-RC-25-517 | 620886 | 3404064 | 2212 | 135 | -60 | 40 |
| ZG-RC-25-558 | 620792 | 3404069 | 2180 | 135 | -70 | 20 |
| ZG-RC-25-714 | 621070 | 3404199 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-726 | 621076 | 3404171 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-745 | 621101 | 3404141 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-746 | 621110 | 3404149 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-757 | 621137 | 3404156 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-758 | 621127 | 3404148 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-759 | 621118 | 3404140 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-760 | 621109 | 3404132 | 2207 | 135 | -70 | 60 |
| ZG-RC-25-772 | 621163 | 3404162 | 2206 | 135 | -70 | 60 |
| ZG-RC-25-801 | 621189 | 3404151 | 2206 | 135 | -70 | 60 |
| ZG-RC-25-807 | 621335 | 3404249 | 2207 | 91 | -58 | 70 |
| ZG-RC-25-808 | 621330 | 3404237 | 2206 | 89 | -62 | 80 |
| ZG-RC-25-809 | 621324 | 3404228 | 2206 | 117 | -50 | 85 |
| ZG-RC-25-813 | 621312 | 3404210 | 2205 | 135 | -50 | 105 |
| ZG-RC-25-814 | 621311 | 3404228 | 2206 | 135 | -50 | 100 |
| ZG-RC-25-815 | 621304 | 3404200 | 2206 | 135 | -50 | 90 |
| ZG-RC-25-816 | 621303 | 3404219 | 2244 | 135 | -50 | 110 |
| ZG-RC-25-817 | 621296 | 3404190 | 2206 | 135 | -50 | 90 |
| ZG-RC-25-818 | 621296 | 3404208 | 2206 | 135 | -50 | 100 |
| ZG-RC-25-819 | 621289 | 3404180 | 2206 | 135 | -50 | 80 |
| ZG-RC-25-820 | 621288 | 3404198 | 2207 | 135 | -50 | 90 |
| ZG-RC-25-823 | 621275 | 3404161 | 2207 | 135 | -50 | 70 |
| ZG-RC-25-824 | 621273 | 3404179 | 2206 | 135 | -50 | 85 |
| ZG-RC-25-825 | 621268 | 3404151 | 2207 | 135 | -50 | 70 |
| ZG-RC-25-826 | 621266 | 3404170 | 2206 | 135 | -50 | 80 |
| ZG-RC-25-827 | 621260 | 3404141 | 2206 | 135 | -50 | 70 |
| ZG-RC-25-828 | 621258 | 3404160 | 2206 | 135 | -50 | 85 |
| ZG-RC-25-830 | 621241 | 3404160 | 2207 | 136 | -49 | 75 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ZG-RC-25-831 | 621249 | 3404169 | 2207 | 133 | -49 | 75 |
| ZG-RC-25-832 | 621257 | 3404179 | 2207 | 133 | -48 | 75 |
| ZG-RC-25-833 | 621264 | 3404187 | 2207 | 135 | -53 | 58 |
| ZG-RC-25-834 | 621271 | 3404197 | 2206 | 136 | -49 | 75 |
| ZG-RC-25-836 | 621287 | 3404216 | 2207 | 135 | -48 | 75 |
| ZG-RC-25-837 | 621295 | 3404227 | 2207 | 136 | -47 | 75 |
| ZG-RC-25-838 | 621303 | 3404236 | 2207 | 134 | -50 | 75 |
| ZG-RC-25-864 | 621323 | 3404262 | 2206 | 135 | -70 | 150 |
| ZG-RC-25-866 | 621338 | 3404262 | 2206 | 135 | -73 | 150 |
| ZG-RC-25-867 | 621331 | 3404272 | 2206 | 135 | -70 | 136 |
| ZG-RC-25-869 | 621346 | 3404273 | 2206 | 135 | -74 | 150 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-763 | 620938 | 3404049 | 2115 | 304 | 21 | 18 |
| T28-25-780 | 620737 | 3404016 | 1997 | 269 | 11 | 11 |
| T28-25-781 | 620738 | 3404017 | 1997 | 294 | 9 | 16 |
| T28-25-830 | 621176 | 3404050 | 2039 | 128 | 32 | 26 |
| T28-25-832 | 621177 | 3404057 | 2039 | 119 | 32 | 26 |
| T28-25-835 | 621178 | 3404072 | 2038 | 106 | 12 | 26 |
| T28-25-836 | 621177 | 3404072 | 2038 | 104 | 28 | 26 |
| T28-25-841 | 621146 | 3404087 | 2044 | 72 | 15 | 26 |
| T28-25-843 | 621144 | 3404095 | 2044 | 55 | 18 | 26 |
| T28-25-844 | 621144 | 3404095 | 2045 | 67 | 30 | 26 |
| T28-25-846 | 621137 | 3404103 | 2045 | 54 | 29 | 19 |
| T28-25-856 | 620695 | 3404079 | 2002 | 160 | 10 | 26 |
| T28-25-860 | 620913 | 3404126 | 2086 | 81 | 9 | 26 |
| T28-25-861 | 620912 | 3404132 | 2086 | 69 | 8 | 26 |
| T28-25-871 | 620862 | 3404124 | 2087 | 279 | 12 | 26 |
| T28-25-872 | 620866 | 3404123 | 2086 | 190 | 7 | 20 |
| T28-25-874 | 620876 | 3404117 | 2086 | 193 | 9 | 17 |
| T28-25-878 | 620904 | 3404099 | 2085 | 154 | 13 | 26 |
| T28-25-882 | 620934 | 3404104 | 2086 | 305 | 23 | 16 |
| T28-25-893 | 620951 | 3404076 | 2084 | 191 | 8 | 18 |
| **T28-25-894** | **620951** | **3404076** | **2085** | **191** | **17** | **13** |
| T28-25-897 | 620939 | 3404109 | 2086 | 40 | 10 | 25 |
| T28-25-899 | 620895 | 3404047 | 1999 | 355 | 12 | 14 |
| T28-25-900 | 620895 | 3404047 | 1999 | 358 | 22 | 23 |
| **T28-25-904** | **620917** | **3404054** | **2000** | **358** | **27** | **18** |
| T28-25-907 | 620933 | 3404063 | 2000 | 30 | 13 | 25 |
| T28-25-909 | 620934 | 3404061 | 2000 | 80 | 14 | 20 |
| T28-25-910 | 620934 | 3404061 | 2001 | 78 | 28 | 26 |
| T28-25-922 | 620711 | 3404103 | 2022 | 131 | 19 | 18 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| T28-25-923 | 620711 | 3404103 | 2022 | 132 | 27 | 23 |
| T28-25-926 | 620931 | 3404045 | 2016 | 93 | 11 | 24 |
| T28-25-927 | 620931 | 3404037 | 2017 | 98 | 12 | 20 |
| T28-25-938 | 620735 | 3404096 | 2013 | 210 | 20 | 26 |
| T28-25-939 | 620751 | 3404125 | 2014 | 120 | 7 | 26 |
| **T28-25-942** | **620745** | **3404108** | **2014** | **130** | **16** | **26** |
| T28-25-943 | 620745 | 3404108 | 2014 | 130 | 25 | 26 |
| T28-25-944 | 620742 | 3404101 | 2013 | 135 | 20 | 26 |
| T28-25-945 | 620741 | 3404101 | 2014 | 133 | 30 | 23 |
| T28-25-946 | 620739 | 3404091 | 2013 | 129 | 11 | 26 |
| T28-25-961 | 621191 | 3404026 | 2025 | 80 | 20 | 26 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-328 | 620978 | 3404046 | 2026 | 223 | 7 | 50 |
| YAK-25-338 | 620778 | 3404048 | 2068 | 297 | 11 | 50 |
| YAK-25-367 | 620838 | 3404117 | 2023 | 126 | 30 | 48 |
| YAK-25-369 | 620651 | 3404049 | 2022 | 41 | 14 | 50 |
| YAK-25-375 | 620659 | 3404092 | 1972 | 48 | 33 | 46 |
| YAK-25-377 | 620644 | 3404101 | 1972 | 48 | 23 | 43 |
| YAK-25-382 | 620730 | 3403997 | 1948 | 340 | 8 | 50 |
| YAK-25-383 | 620730 | 3403997 | 1948 | 339 | 21 | 50 |
| YAK-25-384 | 620721 | 3404000 | 1948 | 96 | 1 | 50 |
| YAK-25-385 | 620721 | 3404000 | 1948 | 336 | 11 | 46 |
| YAK-25-386 | 620705 | 3404001 | 1949 | 265 | 11 | 49 |
| YAK-25-387 | 620705 | 3404001 | 1949 | 264 | 27 | 47 |
| YAK-25-388 | 620698 | 3404008 | 1948 | 331 | 13 | 50 |
| YAK-25-389 | 620698 | 3404008 | 1949 | 330 | 26 | 42 |
| YAK-25-392 | 620691 | 3404007 | 1949 | 272 | 19 | 41 |
| YAK-25-393 | 620709 | 3404005 | 1948 | 335 | 7 | 30 |
| YAK-25-394 | 620709 | 3404004 | 1948 | 336 | 12 | 41 |
| YAK-25-395 | 620681 | 3404011 | 1948 | 261 | 9 | 50 |
| YAK-25-396 | 620680 | 3404011 | 1948 | 260 | 20 | 41 |
| YAK-25-397 | 620683 | 3404015 | 1948 | 301 | 10 | 34 |
| YAK-25-398 | 620683 | 3404015 | 1948 | 301 | 20 | 41 |
| YAK-25-402 | 620746 | 3404000 | 1949 | 60 | 38 | 41 |

---

## Exhibit 99.85

**Exhibit 99.85**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo25.jpg](ayalogo25.jpg) |
| | ![ayalogo25.jpg](ayalogo25.jpg) |

---

Aya Gold & Silver Files Updated Technical Report for the Zgounder Silver Mine

**Montreal, Quebec, December 16, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the filing of an updated NI 43-101 Technical Report for the Zgounder Deposit ("Zgounder") (the "Technical Report"). The Technical Report includes updated Proven & Probable Mineral Reserves ("P&P Reserves"), and Mineral Resource Estimate ("MRE" or "Mineral Resource Estimate"), along with an accompanying updated Life of Mine ("LOM") plan.

The Mineral Resource Estimate contained in the Technical Report was prepared by RSC Consulting Ltd. ("RSC"), while the remainder of the Technical Report, including the Mineral Reserve, was prepared by Aya. All financial figures in this press release are expressed in United States dollars unless otherwise noted.

**Key Highlights**

● &nbsp;&nbsp;&nbsp;&nbsp;**Updated LOM Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Average Annual Silver Production:** 6 million ounces ("Moz") of silver ("Ag") over the next 11 years, totaling ~66 Moz Ag over the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Average LOM Operating Costs:** Cash cost<sup>1</sup> of $16.26/oz and $69.47 per tonne of ore ("t") processed over the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Sustaining Capital Expenditures:** $71 million ("M") over the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Extended LOM to 2036**: The updated mine plan is based on a capital-efficient open-pit strategy, with targeted underground zones, extending the mine life to 2036 and supported by net reserve growth.

● &nbsp;&nbsp;&nbsp;&nbsp;**Net Reserve and Resource Growth**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**P&P Reserves:** 73 Moz Ag at 145 g/t (15.7 million tonnes ("Mt")), a 4% increase in Ag ounces from the prior estimate, net of depletion, with reserves estimated using a silver price assumption of $26 per oz ("oz").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Reserve Replacement:** P&P Reserves include additions of 13 Moz, exceeding the 11 Moz mined since the prior estimate (December 31, 2021), resulting in a reserve-replacement ratio of 120%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Open-Pit Weighted Reserves:** Reserves are now largely open-pit (78%), with underground reserves (22%) focused on deeper levels.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Measured & Indicated Resources ("M&I Resources")**<sup>2</sup>**:** 100 Moz Ag at 165 g/t Ag (18.9 Mt), a 5% increase in total Ag ounces from the prior estimate, net of depletion, with resources estimated using a silver price assumption of $28/oz.

● &nbsp;&nbsp;&nbsp;&nbsp;**Stronger Geological Model Supported by Extensive Drilling**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The updated interpretation incorporates ~275,000 metres ("m") of drilling since 2021 (64% of all drilling on the property), and structural studies of the deposit, enhancing confidence in the resource model and the mine plan.

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Cash-cost is non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of this measure.

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources are inclusive of Mineral Reserves.

**"The updated mine plan supports annual silver production of ~6 Moz over the next 11 years, with a disciplined, capital-efficient, open-pit focused strategy extending mine life to 2036**," said Benoit La Salle, President & CEO.

**"The update reinforces the resource model and strength of the project. Extensive drilling, operational experience, and a deeper geological understanding have improved the reliability of the model and mine plan. We are pleased that exploration over the past several years has replenished reserves and contributed to net growth, providing a solid foundation to advance execution. The reserve estimate includes mining dilution in line with current operations.**

**"With the ramp-up phase complete and a favorable market landscape, we are well positioned to execute the plan and support Aya's future growth. Zgounder remains open to the west, offering potential for long-term mine-life extension, and we will continue to evaluate opportunities for optimization and production increases as part of our commitment to long-term value creation."**

**Mineral Resources**

The June 30, 2025 Mineral Resource Estimate was prepared by RSC using Leapfrog Geo. Geological modelling was conducted using the interval selection and the vein system tools to create a geological model, consisting of a lithological model and a simplified structural model. Estimation domains using indicator radial basis function (RBF) interpolants 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). Grades were interpolated using ordinary kriging for the LG10 and MG60 domains and residual indicator kriging (RIK) for the HG150 domain.

The open pit Mineral Resource estimates are pit-constrained and reported above a 40 g/t Ag cut-off; the out-of-pit Mineral Resource estimates are reported above a 90 g/t Ag cut-off. The Mineral Resource estimates and metal content as of June 30, 2025, are detailed in Table 1.

------

**Table 1: Mineral Resource Estimate for Zgounder as of June 30, 2025**<sup>1</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RPEEE** | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Contained 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.&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimate for Zgounder as at June 30, 2025.

2.&nbsp;&nbsp;&nbsp;&nbsp;The Mineral Resource is reported in compliance with National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101") and CIM definition Standards (May 2014).

3.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources are reported inclusive of Mineral Reserves.

5.&nbsp;&nbsp;&nbsp;&nbsp;A silver price of $28/oz with a process recovery of 90%, and a rock processing cost of $25/t inclusive of G&A were assumed.

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

7.&nbsp;&nbsp;&nbsp;&nbsp;The out-of-pit Mineral Resource grade blocks were quantified above a 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.&nbsp;&nbsp;&nbsp;&nbsp;Mining costs are estimated at $2.00/t of waste and $6.80/t of ore, with a mining dilution factor of 5%.

9.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;A 3% royalty applies.

11.&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources have been rounded to reflect their confidence.

12.&nbsp;&nbsp;&nbsp;&nbsp;Totals may vary due to rounding.

**Mineral Reserves**

The Mineral Reserves are supported by LOM designs, underground development plans, production schedules, and cost estimates (including both operating and capital expenditures) prepared as part of Zgounder's LOM update. All Inferred Mineral Resources within the mine designs have been classified as waste.

The Mineral Reserves tonnes and grades are stated at mill feed reference point, accounting for dilution and mining recovery, and reflect mine depletion as of September 30, 2025. The estimated Mineral Reserves and contained metal for Zgounder as of September 30, 2025, are detailed in Table 2 below.

------

**Table 2: Mineral Reserve estimate for Zgounder, as of September 30, 2025**<sup>1</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Contained 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.&nbsp;&nbsp;&nbsp;&nbsp;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 conforms to the CIM Definition Standards for Mineral Resources and Mineral Reserves.

2.&nbsp;&nbsp;&nbsp;&nbsp;Mineral Reserves have been estimated using metal price assumption of $26/oz for silver.

3.&nbsp;&nbsp;&nbsp;&nbsp;Open-pit Mineral Reserves are reported at a cut-off grade of 40 g/t Ag, and underground Mineral Reserves are reported at a cut-off grade of 90 g/t Ag.

4.&nbsp;&nbsp;&nbsp;&nbsp;Cut-off calculations assume a processing and general & administration cost of $25.25/t, a metallurgical recovery of 90%, throughput of 1.4Mt per year, open-pit ore mining cost of $4.19/t, underground mining cost of $40/t, and an exchange rate of 9.5 MAD:US.

5.&nbsp;&nbsp;&nbsp;&nbsp;Numbers may not add-up due to rounding.

**Comparison with Previous Estimates** 

Table 3 provides a comparison between the previous MRE and P&P Reserves for the Zgounder Deposit, as reported in the Corporation's previous technical report originally dated March 31, 2022, and amended on June 16, 2022, with an effective date of December 31, 2021, and this updated Technical Report, respectively.

------

**Table 3: Zgounder Mineral Resources and Mineral Reserves**<sup>1</sup> **– Comparison Summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Updated Technical Report** | **Updated Technical Report** | **Updated Technical Report** | **December 31, 2021 <br>Technical Report** | **December 31, 2021 <br>Technical Report** | **December 31, 2021 <br>Technical Report** | |
| | **Tonnes (kt)** | **Grade (g/t Ag)** | **Contained Metal** <br>**(koz Ag)** | **Tonnes (kt)** | **Grade (g/t Ag)** | **Contained Metal** <br>**(koz Ag)** | **Change in Contained Metal<br>(koz Ag)** |
| P&P Reserves (open pit) | 12970 | 137 | 57000 | 2200 | 253 | 17800 | 39200 |
| P&P Reserves (underground) | 2570 | 190 | 15700 | 6100 | 267 | 52300 | (36600) |
| P&P Reserves (stockpile / tailings) | 160 | 134 | 690 | 300 | 77 | 800 | (110) |
| **Total P&P Reserves** | **15700** | **145** | **73390** | **8600** | **257** | **70900** | **2490** |
| M&I Resources (open pit) | 15970 | 143 | 73210 | 514 | 357 | 5898 | 67312 |
| M&I Resources (underground) | 2964 | 283 | 27012 | 8979 | 309 | 89337 | (62325) |
| **Total M&I Resources** | **18934** | **165** | **100222** | **9493** | **312** | **95235** | **4987** |
| Inferred Resources | 410 | 340 | 4500 | 542 | 367 | 6395 | (1895) |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;M&I Resources are inclusive of Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Updated Technical Report Mineral Resources are reported assuming a silver price of $28/oz, and Mineral Reserves are reported assuming a silver price of $26/oz, and accounting for mine depletion until September 30<sup>th</sup>, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021 Mineral Resources are reported assuming a silver price of $22.5/oz, and Mineral Reserves are reported assuming a silver price of $20/oz.

Compared with the previous estimate, the updated P&P Reserves show a net increase of approximately 2.5 Moz Ag, and the M&I Resources (inclusive of reserves) show an overall increase of 5.0 Moz, after accounting for all material mined from 2022 through Q3-2025. Open-pit Mineral Reserves have increased, while underground Reserves have decreased, reflecting Aya's strategy to expand the open-pit operation while focusing underground mining on deeper levels. Reported grades are lower, primarily due to the integration of extensive new drilling, improved geological interpretation, and updated estimation methods better suited to the deposit's complex ore distribution. The updated P&P Reserves also incorporate dilution assumptions informed by current mining practices and benefits from enhanced geological and structural interpretations resulting in a more accurate representation of the deposit's geometry and grade profile.

Approximately 275,000m of drilling have been completed since the previous estimate, representing 64% of all drilling conducted on the property to date. With this extensive drilling, enhanced understanding of the resource, and an independent third-party review, the updated MRE provides a clearer and more representative view of the deposit.

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![exhibitb.jpg](exhibitb.jpg)

**Figure 1: Mineral Reserves estimate comparison between 2021 and Q3-2025**

**Life of Mine Plan**

The LOM plan for Zgounder incorporates both open-pit and underground mining, alongside the reclamation of surface stockpiles, with all the ore processed at the Zgounder mill. Based on the 2025 Mineral Reserves, the mine life is projected to run until 2036, with average production of approximately 6.2 Moz from 2026 through 2036. Key aspects of the LOM plan include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Mining Methods**: A mix of cut-and-fill and longhole stope mining is planned though the LOM, with a gradual shift towards greater reliance on longhole mining and reduced cut-and-fill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Underground Sequencing**: Cut-and-fill mining will continue through 2031, while longhole mining will start in 2026 and run through 2032.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Open-Pit Mining**: Open-pit mining will continue until 2036, with mining rates averaging at 45 thousand tonnes per day ("ktpd") of material (ore and waste) until 2030, moderating to 22 ktpd until 2033, and 12-14 ktpd for the remainder of the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Processing**: The processing plant is expected to operate at a rate of 3,650 ktpd through 2026 and then at 3,850 ktpd through the end of the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Development**: A total of 8,340m of lateral development and 2,402m of vertical development are planned by 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Metallurgy**: Silver recovery is estimated at 91.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**LOM Operating Costs**: Average operating costs of $69.47/t processed for a cash cost of $16.26/oz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Sustaining Capital Expenditures:** $71M over the LOM.

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Table 4 provides a summary of the production profile, operating costs and capital costs from 2026 through the end of the LOM.

**Table 4: Zgounder LOM Plan Summary and Key Metrics**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **Operating costs** | **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 | 297 | 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** | **1067.5** |
| Cash cost<sup>1</sup> | $/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** |
| \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  | \*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.<br>Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37. Silver price of $28 was used for royalty calculation.  |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **Capital cost** | **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  | -  | **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  | **4.1**  |
| Process Plant | $M | 6.0  | 5.0  | -  | -  | -  | -  | -  | -  | -  | **11.0**  |
| **Total** | **$M** | **28.1**  | **12.3**  | **5.1**  | **10.6**  | **0.7**  | **7.1**  | **0.2**  | **3.1**  | **2.0**  | **71.4**  |

---

1.&nbsp;&nbsp;&nbsp;&nbsp;Cash-cost is non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of each measure.

**Qualified Persons**

The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with NI 43-101, and approved by Olivier Bertoli M.Eng, General Manager Resources &

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Reserves for RSC Consulting Ltd, Patrick Perez, P.Eng, Director Technical Services, Raphael Beaudoin, P. Eng, Vice-President, Operations, and by David Lalonde, B. Sc, P.Geo, Vice-President Exploration, each a Qualified Person as defined in NI 43-101.

The independent Qualified Persons for the Updated Technical Report, as defined by NI 43-101, are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Olivier Bertoli, M.Eng., Principal Geostatistician for RSC Consulting Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Abraham Whaanga, B.Sc., Sr Resource Geologist for RSC Consulting Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Honza Catchpole, PhD, P.Geo., Sr Exploration Geologist for RSC Consulting Ltd

**Technical Report**

The complete NI 43-101 Technical Report supporting the updated Mineral Resource and Mineral Reserve estimates has been filed today and is available on Aya's website and on SEDAR+.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development

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of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "guidance", "goal", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: certain results and interpretations derived from the technical report discussed in this press release including without limitation, Zgounder project economics, financial and operational parameters such as expected throughput, production, grade, sustaining capital expenditures and operating costs, allocation of production between open-pit and underground, production sequencing, mining rate, mine development activities, silver recovery, cash costs, mining costs, life of mine, updated mine plan, mine design, mining methods and mine sequencing, and processing rates of the processing plant; the future price of gold and silver; development opportunities; the estimation of mineral resources and mineral reserve and the realization of such estimates; and requirements for additional capital.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or mineral reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Corporation's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including (1) there being no significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Zgounder

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project being consistent with the Corporation's expectations; (3) political and legal developments in the Kingdom of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resources and mineral reserves estimates of the Corporation; (9) labour and materials costs increasing on a basis consistent with the Corporation's current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation's current expectations.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2024, filed on SEDAR+, which discussions are incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

**Notes to Investors Regarding the Use of Mineral Resources and Mineral Reserves**

The mineral resources estimate for Zgounder is effective as of June 30, 2025, as disclosed in a technical report titled "Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco" dated as of December 16, 2025, (the "**Technical Report**"), and filed on SEDAR+ as of such date. The mineral reserves estimate for Zgounder is effective as of September 30, 2025, as disclosed in the Technical Report. The key assumptions, parameters and

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methods used to estimate the mineral resources and mineral reserves for Zgounder and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources and mineral reserves are described in such Technical Report.

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.

**Non-IFRS and Other Financial Measures**

This press release includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in evaluating the Corporation's performance and should not be considered in isolation or as a substitute for IFRS measures.

The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry are defined below:

**Cash Costs**

Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, and direct site G&A, product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-ounce-of-silver produced basis is a non-IFRS financial ratio which is calculated as cash costs divided by anticipated production expressed in in ounces of silver. This measure captures the important components of the Corporation's anticipated production and related costs and are used to indicate anticipated cost performance of the Corporation's operations.

## Exhibit 99.87

**Exhibit 99.87**

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| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo26.jpg](ayalogo26.jpg) |
| | ![ayalogo26.jpg](ayalogo26.jpg) |

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Aya Gold & Silver Files Preliminary Economic Assessment Technical Report for Boumadine Project

**Montreal, Quebec, December 18, 2025 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce that it has filed a technical report presenting the Preliminary Economic Assessment ("PEA") for the Boumadine Polymetallic Project (the "Project" or "Boumadine"), located in the Kingdom of Morocco, with an effective date of November 4, 2025 (the "Report"). The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") by independent Qualified Persons, notably Lycopodium Minerals Canada Ltd and WSP Canada Inc. All financial figures in this press release are expressed in United States dollars, unless otherwise noted. The results of the PEA were reported in Aya's news release dated November 4, 2025, and there are no material differences between the Report and the results discussed in this news release.

**PEA Highlights**

Boumadine is Aya's development-stage polymetallic project. The PEA outlines a district-scale project with a flexible open-pit and underground mine plan and a conventional flotation plant producing three payable concentrates (zinc, lead and pyrite), with revenues largely driven by precious metals, and a mine life ("LOM") estimated at 11 years.

**Project Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Post-tax (Base Case**<sup>1</sup>**):** NPV5% of $1.5B, 47% IRR, 2.1-year payback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Post-tax (Spot Price**<sup>2</sup>**):** NPV5% of $3.0B, 77% IRR, 1.2-year payback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Average annual production:** 401 thousand ounces ("koz") gold-equivalent ("AuEq") years 1 to 5 (or 37.5 million ounces ("Moz") silver-equivalent ("AgEq")) and 328 koz AuEq per year over the LOM (or 30.6 Moz AgEq)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Low initial capital cost:** $446M, with NPV5% post-tax -to-capex ratio<sup>3</sup> of 3.3:1 (Base Case) and 6.6:1 (Spot).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **LOM cash costs:** $928/oz AuEq and AISC<sup>4</sup> of $1,021/oz AuEq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Average head grade:** 4.76 g/t AuEq (or 443 g/t AgEq) years 1 to 5 and 3.85 g/t AuEq (or 358 g/t AgEq) average head grade over the LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Permitting:** existing mining license; feasibility study targeted for completion in late 2027.

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1. Assumed Base Case metal prices are $2,800/oz gold, $30/oz silver, $1.20/lb zinc, and $1.00/lb lead.

2. Assumed Spot Prices as of 31/10/2025.

3. AISC is a non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. Refer to "Non-IFRS and Other Financial Measures" for more information, including a detailed description of each measure.

4. NPV:Capex ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure.

The table below presents an updated sensitivity analysis from Table 9 of Aya's November 4, 2025 press release, reflecting +/- 25% variations to the Base Case scenario, a Zero-NPV scenario, and a Spot Price scenario.

**Table 1: Project Economics Sensitivity – Gold and Silver Price**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Units** | **Zero-NPV**<sup>1</sup> | **-25%** | **Base Case** | **25%** | **Spot Price** |
| 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 |

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1. Gold and silver prices at which NPV5% - post-tax is equal to $0M.

2. Assumed Spot Prices as of 2025-10-31

**Qualified Persons**

The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with NI 43-101, and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, and by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, each a Qualified Person as defined in NI 43-101.

The independent Qualified Persons for the PEA, as defined by NI 43-101, are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preetham Nayak P.Eng,. Senior Study Manager for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ruan Venter, P.Eng., Principal Process Engineer for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zuned Shaikh P.Eng., Lead Mechanical Engineer for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Benjamin Berson, P.Eng, Lead Mining Engineer for WSP

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alex Pheiffer, PrSciNat, ESIA Lead, from SLR Consulting France SAS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• George Papageorgiou PrEng, PhD, MSc, BSc, Eng (Civil), Wits, from Epoch Resources (Pty) Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eugene Puritch, P.Eng, FEC, CET from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Antoine Yassa, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fred Brown, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jarita Barry, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• William Stone, PhD, P.Geo. from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cortney Palleske, M.A.Sc., P.Eng, Principal Geomechanics Consultant from RockEng

**Technical Report**

The complete Report dated December 18, 2025, entitled "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" is available on Aya's website and on SEDAR+ **(www.sedarplus.ca)**.

The PEA is preliminary in nature, and it includes inferred Mineral Resources that are considered too speculative geologically to have 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.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com** | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "guidance", "goal", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to statements with respect to: the PEA, notably those under the PEA Highlights, and the results of the PEA discussed in this press release, including, without limitation, project economics, financial and operational parameters such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, free cash flow, NPV, IRR, payback period, LOM, and grade; the mine plan; the timing of the feasibility study; the future price of gold, silver and other commodities; the taxation levels; the estimation of mineral resources and the realization of mineral resource estimates; and requirements for additional capital.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Corporation's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and

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development of mineral properties, including (1) there being no significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Project being consistent with the Corporation's expectations; (3) political and legal developments in the Kingdom of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resource estimates of the Corporation; (9) labour and materials costs increasing on a basis consistent with the Corporation's current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation's current expectations.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2024, filed on SEDAR+, which discussions are incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

**Notes to Investors Regarding the Use of Mineral Resources** 

The PEA is based on the updated Mineral Resource Estimate ("**MRE**") for the Project, effective as of February 24, 2025, disclosed in a technical report titled "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" dated as of March 31, 2025, and filed on SEDAR+ as of such date. The key assumptions, parameters and methods used to estimate the

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MRE and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical report.

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.

**Non-IFRS and Other Financial Measures**

This press release includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in evaluating the Corporation's performance and should not be considered in isolation or as a substitute for IFRS measures.

The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry are defined below:

**All-in Sustaining Costs and All-in Sustaining Costs Per Ounce-of-Gold-Equivalent Produced**

AISC is a non-IFRS financial measure. AISC reported in the PEA includes cash costs, sustaining capital, closure costs, and salvage, but excludes corporate general and administrative costs, income taxes, and financing costs. AISC presented on a per- ounce-of-gold-produced basis is a non-IFRS financial ratio and is based on the metal prices assumed in the PEA. These measures capture the important components of the Corporation's anticipated production and related costs and are used to indicate anticipated cost performance of the Corporation's operations.

**Cash Costs, Cash Costs Per Tonne Milled and Cash Costs Per Ounce-of-Gold-Equivalent Produced**

Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, and direct site G&A, product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-ounce-of-gold-equivalent produced basis is a non-IFRS financial ratio which is calculated as cash costs divided by anticipated production expressed in in ounces of gold equivalent. These measures capture the important components of the Corporation's anticipated production and related costs and are used to indicate anticipated cost performance of the Corporation's operations.

**EBITDA**

EBITDA is a non-IFRS financial measure which is calculated as net income before interest, taxes, depreciation, and amortization, and is an alternate measure of profitability to net income. This measure is used by the Corporation to show anticipated operating performance by eliminating the impact of non-operational or non-cash items.

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**Free Cash Flow**

FCF is a non-IFRS financial measured defined as cash from operating activities, less initial and sustaining capital expenditures, operating costs, royalties, and taxes. This measure is used by the Corporation to measure the anticipated cash flow available to the Corporation.

As the Project is not currently in production, the Corporation does not have historical equivalent measures to compare and cannot perform a reconciliation with historical measures.

## Exhibit 99.89

**Exhibit 99.89**

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| | | |
|:---|:---|:---|
| ![id154-cnflag.jpg](id154-cnflag.jpg) | Innovation, Science and<br>Economic Development Canada | Innovation, Sciences et<br>Développement économique Canada |
| | Corporations Canada | Corporations Canada |

---

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| | |
|:---|:---|
| **Certificate of Amalgamation** | **Certificat de fusion** |
| ***Canada Business Corporations Act*** | ***Loi canadienne sur les sociétés par actions*** |
| Aya Gold & Silver Inc. | Aya Gold & Silver Inc. |
| Aya Or & Argent Inc. | Aya Or & Argent Inc. |
| Corporate name / Dénomination sociale | Corporate name / Dénomination sociale |
| 1757930-6 | 1757930-6 |
| Corporation number / Numéro de société | Corporation number / Numéro de société |
| I HEREBY CERTIFY that the above-named corporation resulted from an amalgamation, under section 185 of the *Canada Business Corporations Act*, of the corporations set out in the attached articles of amalgamation. | JE CERTIFIE que la société susmentionnée est issue d'une fusion, en vertu de l'article 185 de la *Loi canadienne sur les sociétés par actions*, des sociétés dont les dénominations apparaissent dans les statuts de fusion ci-joints. |
| /s/ Hantz Prosper | /s/ Hantz Prosper |
| Hantz Prosper | Hantz Prosper |
| Director / Directeur | Director / Directeur |
| 2026-01-01 | 2026-01-01 |
| Date of Amalgamation (YYYY-MM-DD) | Date of Amalgamation (YYYY-MM-DD) |
| Date de fusion (AAAA-MM-JJ) | Date de fusion (AAAA-MM-JJ) |

---

![canada-wordmark.jpg](canada-wordmark.jpg)

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| | | |
|:---|:---|:---|
| ![flag.jpg](flag.jpg) | Innovation, Science and<br>Economic Development Canada | Innovation, Sciences et<br>Développement économique Canada |
| | Corporations Canada | Corporations Canada |

---

***Canada Business Corporations Act (CВСА)***

**FORM 9**

**ARTICLES OF AMALGAMATION**

**(Section 185)**

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| |
|:---|
| **1 - Corporate name of the amalgamated corporation** |
| Aya Gold & Silver Inc. |
| Aya Or & Argent Inc. |
| **2 - The province or territory in Canada where the registered office is situated** *(do not indicate the full address)* |
| Quebec |
| **3 - The classes and any maximum number of shares that the corporation is authorized to issue** |
| Unlimited number of common shares |
| See Schedule A annexed hereto and forming part of these articles. |
| **4 - Restrictions, if any, on share transfers** |
| No restrictions on the transfer of shares. |

---

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| | | | |
|:---|:---|:---|:---|
| **5 - Minimum and maximum number of directors** *(for a fixed number of directors, please indicate the same number in both boxes)* | **5 - Minimum and maximum number of directors** *(for a fixed number of directors, please indicate the same number in both boxes)* | **5 - Minimum and maximum number of directors** *(for a fixed number of directors, please indicate the same number in both boxes)* | **5 - Minimum and maximum number of directors** *(for a fixed number of directors, please indicate the same number in both boxes)* |
| Minimum number | 3 | Maximum number | 11 |

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**6 - Restrictions, if any, on the business the corporation may carry on**

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| |
|:---|
| **7 - Other provisions, if any** |
| See Schedule B annexed hereto and forming part of these articles. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows:** | **8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows:** | **8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows:** | **8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows:** | **8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows:** | **8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows:** |
| ![shape-1.jpg](shape-1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183- Long form:<br>approved by special<br>resolution of shareholders | ![shape.jpg](shape.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184(1) - Vertical short-form :<br>approved by resolution of<br>directors | ![shape-1.jpg](shape-1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184(2) - Horizontal short-form:<br>approved by resolution of<br>directors |

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| | | |
|:---|:---|:---|
| **9 - Declaration** | **9 - Declaration** | **9 - Declaration** |
| I hereby certify that I am a director or an authorized officer of the following corporation: | I hereby certify that I am a director or an authorized officer of the following corporation: | I hereby certify that I am a director or an authorized officer of the following corporation: |
| Name of the amalgamating corporations | Corporation number | Signature |
| Aya Gold & Silver Inc. / Aya Or & Argent Inc. | 689371- 6 | /s/ |
| Algold Resources Ltd, / Ressources Algold Ltee | 778618- 2 | /s/ |
| **Note**: Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CВСА). | **Note**: Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CВСА). | **Note**: Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CВСА). |

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ISED-ISDE 3190E (2020/01) Page 1 of 2 <br>

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**SCHEDULE A**

The company is authorized to issue the following shares:

Common Shares:

An unlimited number of common shares without par value, subject to the following rights, privileges, restrictions and conditions:

1.1Right to Vote

Holders of common shares are entitled to vote at all meetings of the shareholders.

1.2Dividends

Holders of common shares are entitled to receive and be paid in cash or shares by the company, out of the company's funds applicable to the declaration and payment of dividends, any amount of dividend declared, to the extend and on the date determined by the company's board of directors.

1.3Additional Participation

Holders of common shares are entitled to share in the remaining property of the company upon its liquidation, dissolution, winding-up or any other distribution of its assets.

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**SCHEDULE B** 

**BORROWING POWERS** 

Without limiting the scope of the Canada Business Corporations Act, the directors may, when they deem it appropriate and without authorization of the shareholders:

(a)borrow money on the credit of the company;

(b)issue, reissue, sell, pledge or hypothecate debt obligations of the company;

(c)give a guarantee on behalf of the company to secure performance of an obligation of any person;

(d)mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the company, owned or subsequently acquired, to secure any obligation of the company.

**DIRECTORS** 

The board of directors may, at its discretion, appoint one or more additional directors to hold office until no later than the close of the next annual general meeting, provided that the total number of directors so appointed does not exceed one-third of the number of directors elected at the last annual general meeting.

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| | | |
|:---|:---|:---|
| ![id154-cnflag.jpg](id154-cnflag.jpg) | Innovation, Science and<br>Economic Development Canada | Innovation, Sciences et<br>Développement économique Canada |
| | Corporations Canada | Corporations Canada |

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| | |
|:---|:---|
| **Form 2** | **Formulaire 2** |
| **Initial Registered Office Address and First Board of Directors** | **Siège social initial et premier conseil d'administration** |
| *Canada Business Corporations Act (CBCA) (s. 19 and 106)* | *Loi canadienne sur les sociétés par actions (LCSA) (art. 19 et 106)* |

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| | |
|:---|:---|
| 1 | Corporate name |
| 1 | Dénomination sociale |
| | Dénomination sociale |
| | Aya Gold & Silver Inc. |
| | Aya Or & Argent Inc. |

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| | |
|:---|:---|
| 2 | Address of registered office |
| 2 | Adresse du siège social |
| | Adresse du siège social |
| | 1320 Boulevard Graham, Bureau 132 |
| | Mont-Royal QC H3P 3C8 |

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| | |
|:---|:---|
| 3 | Additional address |
| 3 | Autre adresse |
| | Autre adresse |

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| | |
|:---|:---|
| 4 | Members of the board of directors |
| 4 | Membres du conseil d'administration |
| | Membres du conseil d'administration |
| | See attached schedule / Voir l'annexe ci-jointe |

---

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| | |
|:---|:---|
| 5 | Declaration: I certify that I have relevant knowledge and that I am authorized to sign this form. |
| 5 | Déclaration : J'atteste que je possède une connaissance suffisante et que je suis autorisé(e) à signer le présent formulaire. |
| | Déclaration : J'atteste que je possède une connaissance suffisante et que je suis autorisé(e) à signer le présent formulaire. |

---

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| |
|:---|
| Original signed by / Original signé par |
| Elias J. Elias |
| Elias J. Elias |
| 514-299-0644 |

---

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| |
|:---|
| Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250(1) of the CBCA). |
| Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA). |
| You are providing information required by the CBCA. Note that both the CBCA and the *Privacy Act* allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049. |
| Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la *Loi sur les renseignements personnels* permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049. |

---

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| | |
|:---|:---|
| ![canada-wordmark.jpg](canada-wordmark.jpg) | IC 2904 (2008/04) |

---

------

**Schedule / Annexe**

**Members of the board of directors / Membres du conseil d'administration**

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| | | |
|:---|:---|:---|
| | | Resident Canadian<br>Résident Canadien |
| Annie Torkia Lagacé | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | Yes / Oui |
| Ghislane Guedira Bennouna | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | No / Non |
| Eloise Martin | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | No / Non |
| Benoit La Salle | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | Yes / Oui |
| Robert Taub | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | No / Non |
| Jurgen Hambrecht | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | No / Non |
| John Burzynski | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | Yes / Oui |
| Yves Grou | 132-1320 Boulevard Graham, Mont-Royal<br>QC<br>H3P 3C8, Canada | Yes / Oui |

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## Exhibit 99.90

**Exhibit 99.90**

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| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo6a.jpg](ayalogo6a.jpg) |

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**Aya Gold & Silver Announces Record Q4 and Full Year 2025 Silver Production**

Production of 5 million silver equivalent ounces for the year, including the Boumadine tailings operation

Record production of 545,491ounces at Zgounder for the month of December

**Montreal, Quebec, January 13, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce record quarterly production, recoveries, and throughput at its Zgounder Silver Mine in the Kingdom of Morocco for the three-month period ended December 31<sup>st</sup>, 2025.

**Q4-2025 Operational Summary** 

**• Record silver production** of 1.37 million ("M") ounces ("oz") up 2% from Q3-2025.

&nbsp;&nbsp;&nbsp;&nbsp;**•** December 2025 record silver production at Zgounder of 545,491 oz with mill feed grade of 147g/t grams per tonne ("g/t") silver ("Ag").

**• Ore processed** averaged 3,796 tonnes per day ("tpd"), representing an 14% improvement over Q3-2025 and running 41% above nameplate capacity. This includes a record average milling rate of 4,107 tpd milling rate in the month of December.

**• Average head grade processed** of 134 g/t Ag for the quarter.

**• Sustained silver recovery** averaged 91.2%.

**• Sustained high mill availability** at 99.0%, underscoring consistent operational discipline and reliability.

**• Record underground mining rate** of 1,387 tpd at 161g/t, and 2,800 tpd of ore from the open pit at 115 g/t, for a total mining rate of 4,187 tpd at 130 g/t, increasing stockpiled ore quarter-on-quarter.

"**Zgounder delivered another strong quarter, with solid Q4 production, recoveries, mining rate and throughput"** said Benoit La Salle, President & CEO. **"The team's efforts throughout 2025 culminated in a record December, with a milling and mining rate of 4,107 tpd and 4,652 tpd, respectively, and an all-time high silver production of 545,491oz. We also published a new mine plan aligned with the current silver** 

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**price environment, positioning Zgounder to maximize cash flow. With the 2025 ramp-up complete, our focus now shifts to disciplined execution, continuous optimization, and consistent delivery into 2026 and beyond."**

Q4-2025 and 2025 Summary Production Results

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Production Metrics**  | **Q4-2025**  | **Q3-2025**  | **QoQ**<br>**Variance** | **2025** | **2024** | **YoY Variance** |
| **Silver production (oz)**  | 1371300 | 1346882 | 2% | 4829151 | 1646265 | 193% |
| **Ore processed (t)**  | 349242 | 305964 | 14% | 1178420 | 358919 | 228% |
| **Average head grade processed (g/t Ag)**  | 134 | 146 | (8%) | 145 | 171 | (15%) |
| **Silver recovery (%)**  | 91.2 | 92.5 | (1%) | 88.4 | 83.7 | 5% |
| **Mill availability (%)**  | 99.0 | 95.9 | 3% | 96.0 | 93.9 | 2% |
| **Mine production (t)**  | 385216 | 215405 | 79% | 1038132 | 444375 | 134% |

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**Q4-2025 Operational Update** 

Underground development and stope sequencing advanced during the quarter, supporting an average mining rate of 1,387 tpd at 161 g/t Ag. Underground tonnage and grade have now been on target for two consecutive quarters, positioning the mine to reach our 2026 objectives.

Open-pit operations during the quarter focused on finalising the ramp-up and reached 2,800 tpd of ore at a strip ratio of 13, for a total material movement rate of 38,814 tpd, near our long-term target of 45,000 tpd. With both mine ramp-ups completed, over 194,000 tonnes of stockpiled ore available, and record mill throughput, Zgounder is well positioned for 2026. Blast-movement control and bench-by-bench modeling were implemented in H2-2025 to maximise ore recovery and minimise external dilution. These aspects will continue to be the operational focus in 2026.

The mill processed an average of 3,796 tpd for the quarter and 3,229 tpd for the year, highlighting debottlenecking efforts at the Zgounder plant through the year. Recovery was sustained above 91% for H2-2025. Record throughput and recovery were achieved at the processing plant through improved blending, circuit optimization, and increased tailings-pumping capacity, allowing for steadier, higher-rate milling.

Finally, the Zgounder team efforts through 2025 culminated into a record month of December where the milling rate reached 4,107 tpd and the mining rate reached 4,652 tpd of ore, for an all-time high 545,491 oz of silver recovered at the plant in a single month.

**Boumadine historical pyrite stockpile commercialization**

In 2025, Aya started the reclaiming and sale of its historical pyrite stockpile at Boumadine. Operations started in Q4-2025 and 13,498 tonnes were reclaimed and crushed, at a grade of 192g/t Ag and 2.87 g/t Au. Total production of 1,245 oz of gold and 83,480 oz of silver was achieved, for a total of 172,129 oz of silver equivalent (AgEq<sup>1</sup>) for the year 2025.

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**2025 Total production Zgounder and Boumadine**

In 2025, the company produced 4,829,151 oz of silver at its Zgounder mine and 172,129 oz of silver equivalent at Boumadine for a total AgEq production of 5,001,280 oz for the Corporation.

**Qualified Person**

The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, who is a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established exploration leadership through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare primary silver mine, and produces silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, a large mineralized footprint and significant exploration potential.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "continue", "focused" "improving", "executing", "maximize", "minimize", "sustained", "position", "expect", "maximize", "plan", "strong", "solid", and similar expressions or

------

statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the capacity of the Corporation to achieve continued improved production results namely mining, milling, processing, recoveries and overall production, to optimize operations, to create momentum for 2026, to sustain production and feed rates, to increase production in the coming months, for the blast-movement control and bench-by-bench modeling to enhance grade control, and its capacity to maximize cash flows. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability of the plant to operate per its designed and intended purpose, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

<sup>1</sup> A ratio Ag/Au of 71.20 was used, reflecting an average of the ratio of silver and gold spot price for November and December 2025

## Exhibit 99.91

**Exhibit 99.91**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo2a.jpg](ayalogo2a.jpg) |
| | ![ayalogo2a.jpg](ayalogo2a.jpg) |

---

**Aya Announces Board Transition and Secondary Market Transaction by Insiders**

**Montreal, Quebec, January 14, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") today announced that two long-standing members of its Board of Directors, Robert Taub, Chair of the Board, and Dr. Jürgen Hambrecht, Lead Independent Director, will not stand for re-election at the Corporation's upcoming annual meeting, and will retire from the Board at the conclusion of their current terms.

Robert Taub has served on the Board for 10 years, including as Chair since 2020. As a founding member with a significant stake since the inception of the business, he has played a pivotal role in Aya's evolution and successful turnaround over the past five years, providing strategic leadership guided by innovation and an entrepreneurial mindset.

Dr. Jürgen Hambrecht has served on the Board since 2019 and has been instrumental in strengthening Aya's governance framework and advancing best-in-class Board practices.

**"Robert and Jürgen have been exceptional partners to management, and key contributors to value creation for Aya and its shareholders," said Benoit La Salle, President & CEO. "Their insight, leadership and governance discipline played a critical role in Aya's transformation. We are truly grateful for their contributions, which will have a lasting impact".**

In connection with this Board transition, Robert Taub and Dr. Jürgen Hambrecht each sold today, by way of a secondary market transaction, a portion of their holdings, together totaling 7.5 million shares, while remaining meaningful long-term shareholders of Aya. Furthermore, members of management have sold approximately 1.1 million shares, representing approximately 12% of the executive management team's holdings and, largely consisting of shares issued upon the exercise of long-term incentive plan options. The sale was conducted as part of the ordinary course of portfolio management, with Aya's management team remaining meaningfully invested, holding approximately 7.7 million securities, reflecting continued confidence in the Corporation's future growth prospects. These transactions will be conducted in accordance with applicable regulations and Aya's internal policies.

Aya thanks Robert and Dr. Jürgen Hambrecht for their years of dedicated service and looks forward to continuing to execute its strategy. Board nominees for election at the next annual general meeting will be announced in due course, as Aya remains committed to maintaining a Board that delivers strong independent oversight, disciplined governance, and alignment with the long-term interests of shareholders.

------

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established exploration leadership through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare primary silver mine, and produces silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, a large mineralized footprint and significant exploration potential.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

## Exhibit 99.92

---

| | |
|:---|:---|
| PRESS RELEASE | **Exhibit 99.92** |
| | ![ayalogo5a.jpg](ayalogo5a.jpg) |

---

**Aya Gold & Silver Achieves Financial Completion with EBRD for Zgounder Silver Mine Expansion**

**Montreal, Quebec, January 20, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporation**") is pleased to announce that it has achieved financial completion under its US$100 million project loan with the European Bank for Reconstruction and Development ("EBRD") for the expansion of the Zgounder Silver Mine ("Zgounder") in the Kingdom of Morocco.

Financial completion was achieved following a comprehensive technical and financial review conducted by the EBRD. This milestone demonstrates the mine's successful transition to commercial production, as well as material compliance with financial covenants and the Environmental and Social Action Plan (ESAP).

This achievement results in a reduction of the Corporation's security guarantees and a corresponding decrease in the debt service recovery account, which is recorded as restricted cash in the Corporation's financial statements, under the financing agreement.

**"Achieving financial completion marks a major milestone for Aya,"** said Benoit La Salle, President & CEO of Aya Gold & Silver. **"It validates the exceptional execution of our team, the robustness of our operations, and the confidence of our financial partners. With Zgounder now performing above design capacity, Aya is well-positioned to generate strong free cash flow and deliver on its next phase of growth."**

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established exploration leadership through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, a large mineralized footprint and significant exploration potential.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

------

For additional information, please visit Aya's website at **www.ayagoldsilver.com or contact:** 

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

---

**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "successful" "material", "robustness", "confidence", "strong", "deliver", "confirm", "belief", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Furthermore, Aya's corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.93

**Exhibit 99.93**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo8a.jpg](ayalogo8a.jpg) |
| | ![ayalogo8a.jpg](ayalogo8a.jpg) |

---

**Aya Gold & Silver Provides Year-End 2025 Exploration Update**

**Montreal, Quebec, January 21, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporatio**n") provides a full-year 2025 exploration update, summarizing the results of it drilling programs at the Zgounder Silver Mine and the Boumadine Project in the Kingdom of Morocco.

**"In 2025, our exploration programs at Zgounder and Boumadine demonstrated our exploration leadership, supported asset growth, produced outstanding intercepts, and underscored the potential to add significant high-grade ounces in the near term,"** said Benoit La Salle, President & CEO. **"Over 175,000 metres of drilling combined with advanced technology have been central to these results and to identifying new opportunities. With 16 new permits expanding our Moroccan footprint, we remain focused on creating shareholder value through the drill bit and building on this momentum into 2026."** 

**Highlights**

**Zgounder Mine Exploration**<sup>1</sup>

**• Significant mineralization confirmed at depth toward the granite contact, with extension of the open pit and to the west near the fault:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **DZG-SF-24-228** intercepted 3,794 grams per tonne ("g/t") silver ("Ag") over 10.0 metres ("m")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **DZG-SF-24-412** intercepted 3,279 g/t Ag over 8.0 m, including 6,425 g/t Ag over 4.0 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-SF-24-259** intercepted 1,082 g/t Ag over 8.5 m, including 2,133 g/t Ag over 2.7 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-SF-25-290** intercepted 823 g/t Ag over 10.0 m and 2,055 g/t Ag over 4.5 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-RC-24-413** intercepted 1,001 g/t Ag over 28.0 m, including 2,787 g/t Ag over 7.0 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-RC-24-452** intercepted 1,364 g/t Ag over 14.0 m, including 2,433 g/t Ag over 6.0 m.

**• Completed 28,495 m of drilling at Zgounder near-mine and regionally exceeding full-year target of <br>20,000–25,000 m.**

**• Six (6) exploration permits added expanding the Zgounder exploration footprint to 378.8 square kilometres ("km2")**

------

**• Net Reserve and Resource Growth – December 2025 update**<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• P&P Reserves**: 73 Moz Ag at 145 g/t (15.7 million tonnes ("Mt")), a 4% increase in silver ounces ("oz") from the prior estimate, net of depletion, with reserves estimated using a silver price assumption of $26/oz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Measure & Indicated Resources ("M&I Resources")**<sup>2</sup>: 100 Moz Ag at 165 g/t Ag (18.9 Mt), a 5% increase in total Ag ounces from the prior estimate, net of depletion.

**Boumadine Exploration**<sup>1,3,4</sup>

**• Significant mineralized intercepts in the Boumadine Main Trend:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-MP25-087** intercepted 2,323 g/t silver equivalent ("AgEq") over 15.0 m (3.31 g/t Au, 1,900 g/t Ag, 4.8% zinc ("Zn"), 1.8% lead ("Pb") and 0.03% copper ("Cu"), including 3,858 g/t AgEq over 8.7 m (5.37 g/t Au, 3,208 g/t Ag, 6.3% Zn, 2.8% Pb and 0.05% Cu).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-RC25-026** intercepted 3,336 g/t AgEq over 6.0 m (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 2.0 m (102.38 g/t Au, 94 g/t Ag, 2.4% Zn, 1.0% Pb and 0.1% Cu).

**• Extension of Tizi Zone to 2.2 km with intersection such as:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BOU-DD25-550** intercepted 272 g/t AgEq over 4.6 m (1.33 g/t Au, 101 g/t Ag, 1.6% Zn, 1.1% Pb and 0.03% Cu).

**• Updated Mineral Resources Estimate ("MRE")** <sup>2,3</sup> **– February 2025:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Indicated Mineral Resource**: 5.2 Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1 Moz of Ag, 449 thousand ounces ("koz") of Au, 145 thousand tonnes ("kt") of Zn and 44 kt of Pb, an increase of 19% from the prior estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Inferred Mineral Resource**: 29.2 Mt containing an estimated 76.8 Moz of Ag, 2.4 Moz of Au, 615 kt of Zn and 237 kt of Pb.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Upside Potential:** The updated MRE was effective February 24, 2025 and does not include most of the 2025 drilling campaign, highlighting potential for additional resources.

**• 10 exploration permits added, expanding the Boumadine exploration footprint to 340.7 km**<sup>2</sup>

**• Completion of 569 drillholes totalling 150,325 m within the Boumadine main trend and other targets**

1. All intersections are in core lengths.

2. Mineral Reserves as of September 30, 2025 were estimated using a silver price assumption of $26/oz. Mineral Resources are inclusive of Mineral Reserves. The Mineral Resource Estimate for Zgounder is effective June 30, 2025 and was estimated using a silver price assumption of $28/oz. See Aya's December 16, 2025 press release for additional information.

3. Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag.

4. As at February 24, 2025. Mineral Resources that are considered too speculative geologically to have 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.

------

**Summary of 2025 Exploration Results**

**Zgounder Exploration**

The Zgounder Mine is an Ag mineralization sediment hosted deposit, currently interpreted as epithermal, underground and open pit mine in the central Anti-Atlas Mountains of Morocco. Best intercepts for 2025 are shown in Table 1.

&nbsp;&nbsp;&nbsp;&nbsp;• For the period of January to December 2025, a total of 23,866 m was completed on the deposit. (Figure 1)

&nbsp;&nbsp;&nbsp;&nbsp;• Infill drilling, underground and surface, on the high-grade mineralization at the main orebody confirmed the mineralization and extended underground production zones. Results include: DZG-SF-24-228 with 3,794 g/t Ag over 10.0 m, DZG-SF-25-422 with 5,297 g/t Ag over 4.0 m, and DZG-SF-25-412 with 3,279 g/t Ag over 8.0 m with 6,425 g/t Ag over 4.0 m.

&nbsp;&nbsp;&nbsp;&nbsp;• Silver mineralization near the granite contact was confirmed and extended 250 m along strike in the west-extension and up to 400 m vertical depth with results including: ZG-SF-25-290 with 823 g/t Ag over 10.0m and 2,055 g/t Ag over 4.5 m, and ZG-SF-24-209 with 1,756 g/t Ag over 4.5m including 6,800 g/t Ag over 1.0 m.

&nbsp;&nbsp;&nbsp;&nbsp;• The open pit area is a key contributor to production, reverse circulation ("RC") drilling on the area, at east of the deposit confirmed the continuity of the mineralization at south and at north. Results include ZG-RC-24-413 with 1,001 g/t Ag over 28.0 m including 2,787 g/t Ag over 7.0 m, and ZG-RC-24-452 with 1,364 g/t Ag over 14.0 m, including 2,433 g/t Ag over 6.0 m.

**Table 1 – Best Intercepts at Zgounder in 2025 (core lengths)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **From** | **To** | **Ag** | **Length\*** | **Ag x width** |
| | **(m)** | **(m)** | **(g/t)** | **(m)** | |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-24-128 | 26.0 | 32.0 | 960 | 6.0 | 5 760 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-24-203 | 176.0 | 186.0 | 911 | 10.0 | 9 106 |
| Including | 180.5 | 182.0 | 4 855 | 1.5 | 7 282 |
| ZG-SF-24-209 | 299.0 | 303.5 | 1 756 | 4.5 | 7 900 |
| Including | 300.0 | 301.0 | 6 800 | 1.0 | 6 800 |
| ZG-SF-24-219 | 65.0 | 70.0 | 1 147 | 5.0 | 5 734 |
| Including | 65.0 | 67.5 | 2 174 | 2.5 | 5 434 |
| ZG-SF-24-259 | 66.0 | 74.5 | 1 082 | 8.5 | 9 197 |
| Including | 67.5 | 70.2 | 2 133 | 2.7 | 5 760 |
| ZG-SF-25-290 | 275.0 | 285.0 | 823 | 10.0 | 8 228 |
| ZG-SF-25-290 | 297.5 | 302.0 | 2 055 | 4.5 | 9 246 |
| DZG-SF-24-228 | 6.0 | 16.0 | 3 794 | 10.0 | 37 940 |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-24-325 | 52.0 | 58.0 | 1 113 | 6.0 | 6 675 |
| DZG-SF-24-353 | 46.5 | 59.5 | 572 | 13.0 | 7 430 |
| ZG-SF-24-123 | 276.5 | 289.1 | 1 640 | 12.6 | 20 660 |
| Including | 278.0 | 279.0 | 10 104 | 1.0 | 10 104 |
| Including | 277.5 | 284.5 | 2 747 | 7.0 | 19 230 |
| DZG-SF-25-409 | 23.0 | 26.0 | 3 042 | 3.0 | 9 125 |
| Including | 23.5 | 25.5 | 4 456 | 2.0 | 8 913 |
| DZG-SF-25-412 | 56.5 | 64.5 | 3 279 | 8.0 | 26 231 |
| Including | 56.5 | 60.5 | 6 425 | 4.0 | 25 700 |
| DZG-SF-25-422 | 48.0 | 52.0 | 5 297 | 4.0 | 21 188 |
| DZG-SF-25-465 | 35.5 | 36.5 | 7 220 | 1.0 | 7 220 |
| DZG-SF-25-557 | 35.7 | 40.0 | 1 534 | 4.3 | 6 597 |
| DZG-SF-25-715 | 3.8 | 7.0 | 1 972 | 3.2 | 6 311 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-24-155 | 0.0 | 13.0 | 755 | 13.0 | 9 812 |
| ZG-RC-24-169 | 0.0 | 17.0 | 484 | 17.0 | 8 220 |
| ZG-RC-24-232 | 0.0 | 11.0 | 1 054 | 11.0 | 11 596 |
| Including | 0.0 | 5.0 | 2 063 | 5.0 | 10 316 |
| ZG-RC-24-354 | 19.0 | 31.0 | 664 | 12.0 | 7 969 |
| Including | 22.0 | 25.0 | 1 793 | 3.0 | 5 380 |
| ZG-RC-24-399 | 63.0 | 70.0 | 1 298 | 7.0 | 9 085 |
| Including | 64.0 | 68.0 | 2 081 | 4.0 | 8 324 |
| ZG-RC-24-401 | 17.0 | 20.0 | 3 565 | 3.0 | 10 696 |
| ZG-RC-24-413 | 10.0 | 38.0 | 1 001 | 28.0 | 28 026 |
| Including | 26.0 | 33.0 | 2 787 | 7.0 | 19 512 |
| ZG-RC-24-424 | 42.0 | 44.0 | 3 733 | 2.0 | 7 466 |
| ZG-RC-24-452 | 39.0 | 53.0 | 1 364 | 14.0 | 19 100 |
| Including | 45.0 | 51.0 | 2 433 | 6.0 | 14 596 |
| ZG-RC-24-471 | 0.0 | 7.0 | 826 | 7.0 | 5 780 |
| ZG-RC-24-491 | 0.0 | 15.0 | 538 | 15.0 | 8 068 |
| Including | 4.0 | 10.0 | 949 | 6.0 | 5 692 |
| ZG-RC-25-412 | 27.0 | 37.0 | 745 | 10.0 | 7 452 |
| ZG-RC-25-449 | 11.0 | 15.0 | 1 347 | 4.0 | 5 388 |
| ZG-RC-24-593 | 0.0 | 6.0 | 1 123 | 6.0 | 6 740 |
| ZG-RC-24-303 | 22.0 | 28.0 | 1 970 | 6.0 | 11 820 |
| ZG-RC-25-462 | 11.0 | 22.0 | 502 | 11.0 | 5 527 |
| ZG-RC-25-478 | 3.0 | 18.0 | 677 | 15.0 | 10 155 |
| Including | 3.0 | 6.0 | 2 138 | 3.0 | 6 415 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-24-525 | 7.2 | 12.0 | 1 397 | 4.8 | 6 706 |
| T28-25-628 | 1.2 | 8.4 | 845 | 7.2 | 6 080 |
| T28-25-666 | 14.4 | 25.2 | 664 | 10.8 | 7 169 |
| Including | 14.4 | 19.2 | 1 344 | 4.8 | 6 450 |
| T28-25-671 | 12.0 | 25.2 | 751 | 13.2 | 9 910 |
| Including | 18.0 | 24.0 | 1 244 | 6.0 | 7 464 |
| T28-25-739 | 3.6 | 16.8 | 525 | 13.2 | 6 928 |
| T28-25-816 | 13.2 | 19.2 | 1 305 | 6.0 | 7 828 |
| T28-25-894 | 7.2 | 13.2 | 1 339 | 6.0 | 8 035 |
| T28-25-899 | 8.4 | 14.4 | 885 | 6.0 | 5 312 |
| T28-25-904 | 8.4 | 15.6 | 1 631 | 7.2 | 11 744 |
| Including | 8.4 | 12.0 | 3 100 | 3.6 | 11 160 |
| T28-25-942 | 20.4 | 26.4 | 1 947 | 6.0 | 11 682 |
| Including | 21.6 | 26.4 | 2 359 | 4.8 | 11 324 |
| T28-25-946 | 12.0 | 21.6 | 561 | 9.6 | 5 383 |
| T28-25-961 | 9.6 | 12.0 | 2 465 | 2.4 | 5 916 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-24-143 | 1.2 | 21.6 | 382 | 20.4 | 7 784 |
| YAK-24-144 | 13.2 | 25.2 | 520 | 12.0 | 6 238 |
| YAK-24-152 | 3.6 | 9.6 | 1 532 | 6.0 | 9 192 |
| YAK-25-332 | 8.4 | 10.8 | 2 380 | 2.4 | 5 712 |
| YAK-25-384 | 10.8 | 24.0 | 400 | 13.2 | 5 275 |
| YAK-25-385 | 21.6 | 28.8 | 885 | 7.2 | 6 372 |
| YAK-25-386 | 9.6 | 15.6 | 2 021 | 6.0 | 12 127 |
| Including | 13.2 | 15.6 | 4 880 | 2.4 | 11 712 |

---

\* True width remains undetermined at this stage; all values are uncut.

------

![locationofdrillholeatzgoun.jpg](locationofdrillholeatzgoun.jpg)

**Figure 1: Location of Drill Hole at Zgounder**

**Zgounder Regional Exploration**

Regional exploration drilling was conducted on four targets including one near-mine 500 m north of the Zgounder deposit with a total of 4,415 m drilled.

**Zgounder North Target**: Drilling targeted a rhyolite-sediment contact mapped on surface north of the Zgounder deposit. Drilling intersected the rhyolite up to 200 m depth; assay results are still pending for this area.

**Ait Nebdas East and Ait Nebdas West:** Drilling targeted NS mineralization trend hosted into a diorite porphyry intrusion. The surface Ag-Cu mineralization was identified by rock samples. Drill holes intercepted anomalous Ag intervals with lower grades than the ones in surface.

**Tachakchte:** Drilling targeted an ENE contact between a felsic intrusion and a volcanic unit aiming Ag-Cu anomalies shown by rock surface sampling. Assay results do not show continuity of mineralization at depth.

**Iriri:** Drilling targeted a N10 alteration corridor hosted in Proterozoic intermediate volcanic rocks. The alteration bears Au anomalies identified by surface rock sampling. Drill holes were realized in 2 phases; a RC campaign and a follow up DDH to better understand the continuity of the mineralization at depth. Assays results received by the end of 2025 intercepted anomalous Au intersections. Further follow up is planned for 2026.

Additional work includes:

&nbsp;&nbsp;&nbsp;&nbsp;• Geological mapping and prospecting, focusing on the Zgounder Far East, Touchkal and Zgounder Nord properties, the last acquired in 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;• A stream sediment campaign on Zgounder Nord, and follow-up on previous stream sediment results from Touchkal property.

&nbsp;&nbsp;&nbsp;&nbsp;• Geochemical campaign on outcrop samples over Zgounder deposit and Zgounder regional, coupled with core-samples from the deposit to better characterize alteration halo and compositions of intrusive units.

&nbsp;&nbsp;&nbsp;&nbsp;• Execution of a ground-geophysical survey (IP and MT) over the eastern Zgounder permit targeting the Zgounder sedimentary sequence underneath the Proterozoic sedimentary cover.

&nbsp;&nbsp;&nbsp;&nbsp;• Completion of a machine learning–based geoanalytics analysis across the Zgounder deposit and regional exploration permits within a 30 km radius of the deposit. Targets generated from the study will be followed up in 2026 (Figure 4).

&nbsp;&nbsp;&nbsp;&nbsp;• Calibration of previously acquired World-View 3 hyperspectral imagery using samples collected from the concerned areas.

&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition of 6 exploration permits (Zgounder Nord), expanding the Zgounder exploration footprint to 378.8 km<sup>2</sup>.

![figure2locationofdrillhole.jpg](figure2locationofdrillhole.jpg)

**Figure 2: Location of Drill Hole at Zgounder Surface**

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![figure3locationofdrillhole.jpg](figure3locationofdrillhole.jpg)

**Figure 3: Location of Drill Holes at Zgounder Regional Exploration.**

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![figure4aigeneratednear-min.jpg](figure4aigeneratednear-min.jpg)

**Figure 4: AI Generated Near-Mine Targets.**

**Boumadine Exploration**

Boumadine contains a large polymetallic deposit (Ag, Au, Pb, Zn) located in the Anti-Atlas Mountains, 80km south-west of the city of Errachidia. The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of arsenopyrite, sphalerite, galena, and chalcopyrite. The Tizi and Imarriren zones share the same characteristics as the main mineralization except for their N000 orientation. Best intercepts for 2025 are shown in Table 2.

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&nbsp;&nbsp;&nbsp;&nbsp;• **The updated estimated mineral resources, as published on March 31, 2025, contain**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An indicated Mineral Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145kt of Zn and 44kt of Pb, an increase of 19%, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An inferred Mineral Resource of 29.2Mt at 82 g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag, 2.4Moz of Au, 615kt of Zn and 237kt of Pb, an increase of 120%

&nbsp;&nbsp;&nbsp;&nbsp;• **In 2025, A total of 569 drillholes totaling 150 325 m were completed on the Boumadine project and satellite prospects** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 273 drillholes totaling 119,887 m were drilled on the deposit (Figure 5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 136 drillholes totaling 29,765 m were drilled on different regional exploration targets (Figure 6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 160 definition drillholes totaling 674 m were drilled on the two existing tailings.

&nbsp;&nbsp;&nbsp;&nbsp;• **Best mineralized intercept to date:** BOU-MP25-087 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 8.7 m (5.37 g/t Au, 3,208 g/t Ag, 6.3% Zn, 2.8% Pb and 0.05% Cu).

&nbsp;&nbsp;&nbsp;&nbsp;• **Polymetallic mineralization of the Tizi zone was extended to 2.2km in length.** BOU-DD25-547 intercepted 248 g/t AgEq over 9.0 m (0.42 g/t Au, 80 g/t Ag, 3.6% Zn, 1.8% Pb and 0.04% Cu); BOU-DD24-540 intercepted 480 g/t AgEq over 2.0 m (3.27 g/t Au, 53 g/t Ag, 1.1% Zn, 5.2% Pb and 0.2% Cu)

&nbsp;&nbsp;&nbsp;&nbsp;• **Increasing Imarriren strike length to 1.2 km.** BOU-DD25-503 intercepted 876 g/t AgEq over 1.0 m (9.92 g/t Au, 49 g/t Ag, 1.6% Zn, 0.2% Pb and 0.1% Cu); BOU-DD25-529 intercepted 365 g/t AgEq over 2.0 m (3.66 g/t Au, 52 g/t Ag, 0.5% Zn, 0.5% Pb and 0.1% Cu)

&nbsp;&nbsp;&nbsp;&nbsp;• **New high-grade parallel structure with a long, continuous mineralized interval**: BOU-DD25-623 intercepted 540 g/t AgEq over 47.3 m (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 10.6 m (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 11.7 m (1.55 g/t Au, 1,002 g/t Ag, 3.0% Zn, 3.5% Pb and 0.1% Cu).

&nbsp;&nbsp;&nbsp;&nbsp;• **Discovery of New Asirem Gold Zone:** BOU-DD25-629 intercepted 1.52 g/t Au over 4.3 m, 1.49 g/t Au over 1.0 m and 1.95 g/t over 1.0 m; BOU-DD25-632 intercepted 4.53 g/t Au over 1.0 m, 2.05 g/t Au over 1.0 m, 1.82 g/t Au over 1.0 m, 1.47 g/t Au over 1.0 m and 0.98 g/t Au over 2.0 m

&nbsp;&nbsp;&nbsp;&nbsp;• **10 additional exploration permits and a 600 km2 Exploration Authorization**, expanding the Boumadine exploration footprint to 340.74km2. (Figure 7)

&nbsp;&nbsp;&nbsp;&nbsp;• **Completion of a satellite mapping and spectral study** on Boumadine using WorldView-3 data over 1,500km2. Identification of numerous clay alteration halos similar to Boumadine.

&nbsp;&nbsp;&nbsp;&nbsp;• Over 22,000 assays are still pending at Boumadine.

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**Table 2 – Best Intercepts at Boumadine in 2025 (core lengths)**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Ag Eq\*\*** | **AgEq \*m** |
| **DDH No.** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | |
| BOU-DD24-387 | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 497 | 1 343 |
| BOU-DD24-392 | 465.0 | 466.7 | 1.50 | 1 123 | 1.7 | 0.1 | 5.3 | 6.9 | 1 551 | 2 637 |
| BOU-DD24-399 | 195.0 | 196.0 | 19.24 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 1 506 | 1 506 |
| BOU-DD24-413 | 190.4 | 191.4 | 16.72 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 1 305 | 1 305 |
| BOU-DD24-436 | 66.6 | 73.4 | 1.21 | 89 | 6.8 | 0.0 | 0.5 | 1.3 | 230 | 1 561 |
| BOU-DD24-436 | 92.0 | 101.3 | 0.51 | 50 | 9.3 | 0.1 | 1.7 | 4.4 | 252 | 2 342 |
| BOU-DD24-437 | 91.3 | 100.0 | 0.52 | 87 | 8.7 | 0.0 | 2.0 | 3.7 | 276 | 2 398 |
| BOU-DD24-440 | 135.3 | 152.1 | 1.39 | 98 | 16.8 | 0.0 | 1.8 | 3.2 | 334 | 5 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 148.0 | 152.1 | 2.93 | 157 | 4.1 | 0.0 | 0.8 | 2.6 | 476 | 1 951 |
| BOU-DD24-440 | 163.6 | 181.4 | 0.55 | 74 | 17.8 | 0.1 | 1.5 | 5.3 | 293 | 5 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 172.3 | 176.4 | 1.31 | 175 | 4.1 | 0.1 | 3.8 | 10.9 | 649 | 2 662 |
| BOU-DD24-450 | 94.8 | 105.4 | 3.76 | 35 | 10.6 | 0.2 | 0.1 | 0.1 | 349 | 3 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 94.8 | 101.4 | 5.57 | 51 | 6.6 | 0.3 | 0.1 | 0.1 | 512 | 3 378 |
| BOU-DD24-450 | 163.3 | 172.4 | 1.43 | 48 | 9.1 | 0.1 | 0.7 | 1.4 | 218 | 1 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 163.3 | 168.1 | 2.38 | 41 | 4.8 | 0.1 | 0.6 | 1.2 | 283 | 1 358 |
| BOU-MP24-015 | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 788 | 1 261 |
| BOU-DD24-387 | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 497 | 1 343 |
| BOU-DD24-442 | 173.7 | 178.3 | 0.20 | 73 | 4.6 | 0.1 | 1.3 | 4.9 | 248 | 1 141 |
| BOU-DD24-453 | 164.4 | 169.6 | 2.68 | 38 | 5.2 | 0.2 | 0.2 | 0.7 | 284 | 1 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 164.4 | 168.1 | 3.44 | 45 | 3.7 | 0.2 | 0.1 | 0.2 | 341 | 1 263 |
| BOU-DD24-472 | 125.8 | 128.7 | 3.78 | 29 | 2.9 | 0.1 | 0.7 | 1.8 | 394 | 1 143 |
| BOU-DD24-473 | 282.7 | 288.1 | 1.48 | 54 | 5.4 | 0.1 | 1.1 | 1.7 | 243 | 1 314 |
| BOU-DD24-474 | 48.0 | 52.0 | 2.38 | 37 | 4.0 | 0.0 | 0.6 | 2.5 | 302 | 1 208 |
| BOU-DD24-475 | 405.4 | 407.1 | 5.62 | 257 | 1.7 | 0.4 | 0.3 | 3.5 | 820 | 1 394 |
| BOU-DD24-478 | 459.4 | 462.7 | 4.61 | 75 | 3.3 | 0.1 | 0.1 | 0.5 | 460 | 1 517 |
| BOU-DD24-487 | 483.1 | 486.5 | 3.36 | 225 | 3.4 | 0.1 | 0.1 | 0.0 | 502 | 1 707 |
| BOU-MP24-015 | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 788 | 1 261 |
| BOU-DD25-497 | 184.6 | 190.8 | 1.93 | 18 | 6.2 | 0.1 | 0.1 | 0.9 | 201 | 1 244 |
| BOU-DD25-501 | 93.0 | 99.0 | 1.73 | 48 | 6.0 | 0.1 | 0.2 | 0.5 | 210 | 1 261 |
| BOU-DD25-504 | 141.0 | 147.6 | 3.69 | 46 | 6.6 | 0.0 | 0.2 | 0.3 | 349 | 2 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 141.0 | 142.2 | 10.34 | 37 | 1.2 | 0.0 | 0.1 | 0.1 | 851 | 1 022 |
| BOU-DD25-506 | 297.3 | 302.3 | 3.19 | 48 | 5.0 | 0.1 | 0.1 | 0.1 | 312 | 1 559 |
| BOU-DD25-509 | 282.1 | 291.4 | 2.18 | 62 | 9.3 | 0.1 | 0.7 | 1.5 | 296 | 2 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 289.8 | 291.4 | 7.16 | 215 | 1.6 | 0.5 | 0.2 | 3.2 | 897 | 1 436 |
| BOU-DD25-511 | 311.1 | 316.0 | 1.95 | 270 | 4.9 | 0.1 | 0.1 | 0.6 | 449 | 2 201 |
| BOU-DD25-512 | 338.0 | 339.0 | 15.86 | 1 | 1.0 | 0.0 | 0.1 | 0.3 | 1 247 | 1 247 |
| BOU-DD25-513 | 365.3 | 367.1 | 5.19 | 118 | 1.8 | 0.5 | 0.2 | 1.0 | 591 | 1 063 |
| BOU-DD25-513 | 374.8 | 377.7 | 5.52 | 109 | 2.9 | 0.3 | 0.2 | 5.2 | 698 | 2 025 |
| BOU-DD25-516 | 648.5 | 649.0 | 66.66 | 111 | 0.5 | 0.1 | 1.0 | 1.6 | 5 373 | 2 687 |
| BOU-DD25-547 | 117.0 | 126.0 | 0.42 | 80 | 9.0 | 0.0 | 1.8 | 3.6 | 248 | 2 233 |
| BOU-MP25-026 | 238.5 | 243.2 | 0.58 | 36 | 4.7 | 0.1 | 1.3 | 7.2 | 296 | 1 392 |
| BOU-MP25-028 | 392.1 | 396.4 | 3.27 | 19 | 4.3 | 0.1 | 0.1 | 0.3 | 286 | 1 232 |
| BOU-DD25-500 | 537.0 | 543.6 | 2.41 | 50 | 6.6 | 0.1 | 0.2 | 0.1 | 255 | 1 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 540.1 | 543.6 | 3.11 | 60 | 3.5 | 0.1 | 0.2 | 0.1 | 321 | 1 123 |
| BOU-DD25-550 | 54.9 | 59.5 | 1.33 | 101 | 4.6 | 0.0 | 1.1 | 1.6 | 272 | 1 253 |
| BOU-DD25-569 | 544.0 | 546.0 | 0.03 | 690 | 2.0 | 0.0 | 0.6 | 0.1 | 710 | 1 420 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-572 | 351.8 | 364.0 | 2.60 | 23 | 12.2 | 0.1 | 0.1 | 0.0 | 232 | 2 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 352.6 | 354.8 | 5.28 | 49 | 2.2 | 0.1 | 0.1 | 0.1 | 473 | 1 042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 359.3 | 361.7 | 6.29 | 48 | 2.4 | 0.1 | 0.1 | 0.0 | 551 | 1 323 |
| BOU-DD25-572 | 381.6 | 388.1 | 2.66 | 21 | 6.5 | 0.0 | 0.2 | 0.4 | 246 | 1 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 383.0 | 385.0 | 6.49 | 25 | 2.0 | 0.0 | 0.2 | 0.2 | 544 | 1 089 |
| BOU-DD25-572 | 573.0 | 574.8 | 9.77 | 65 | 1.8 | 0.2 | 0.7 | 2.8 | 929 | 1 673 |
| BOU-DD25-584 | 325.7 | 334.7 | 4.04 | 41 | 9.0 | 0.1 | 0.1 | 0.1 | 369 | 3 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 327.0 | 331.2 | 5.98 | 51 | 4.2 | 0.2 | 0.1 | 0.1 | 535 | 2 248 |
| BOU-DD25-589 | 341.0 | 351.2 | 2.90 | 29 | 10.2 | 0.1 | 0.1 | 0.1 | 271 | 2 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 345.4 | 348.0 | 7.46 | 71 | 2.6 | 0.4 | 0.1 | 0.1 | 692 | 1 799 |
| BOU-DD25-602 | 280.2 | 286.2 | 2.22 | 30 | 6.0 | 0.1 | 0.2 | 0.7 | 236 | 1 414 |
| BOU-DD25-606 | 274.4 | 276.4 | 7.71 | 65 | 2.0 | 0.3 | 0.1 | 0.1 | 700 | 1 399 |
| BOU-DD25-608 | 384.5 | 386.5 | 5.21 | 244 | 2.0 | 0.2 | 0.7 | 0.7 | 704 | 1 408 |
| BOU-DD25-613 | 170.0 | 173.1 | 9.82 | 51 | 3.1 | 0.2 | 0.1 | 1.2 | 862 | 2 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 170.0 | 171.2 | 23.66 | 82 | 1.2 | 0.3 | 0.1 | 1.2 | 1 983 | 2 379 |
| BOU-DD25-623 | 182.9 | 230.2 | 0.94 | 399 | 47.3 | 0.0 | 1.2 | 1.4 | 540 | 25 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 189.0 | 199.6 | 1.84 | 489 | 10.6 | 0.0 | 0.6 | 1.3 | 681 | 7 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 216.5 | 228.2 | 1.55 | 1 002 | 11.7 | 0.1 | 3.5 | 3.0 | 1 286 | 15 041 |
| BOU-DD25-633 | 275.8 | 282.0 | 0.55 | 293 | 6.2 | 0.0 | 4.3 | 2.1 | 498 | 3 090 |
| BOU-DD25-633 | 314.3 | 319.0 | 1.45 | 69 | 4.7 | 0.1 | 0.8 | 5.3 | 339 | 1 595 |
| BOU-MP25-081 | 83.0 | 90.0 | 0.60 | 257 | 7.0 | 0.1 | 4.1 | 4.0 | 506 | 3 541 |
| BOU-MP25-081 | 183.0 | 185.0 | 1.73 | 240 | 2.0 | 0.0 | 3.2 | 5.1 | 602 | 1 204 |
| BOU-MP25-081 | 196.0 | 201.0 | 0.55 | 349 | 5.0 | 0.1 | 1.6 | 2.3 | 499 | 2 494 |
| BOU-MP25-087 | 112.0 | 117.0 | 0.69 | 209 | 5.0 | 0.0 | 2.0 | 3.2 | 396 | 1 978 |
| BOU-MP25-087 | 138.4 | 153.4 | 3.31 | 1 900 | 15.0 | 0.0 | 1.8 | 4.8 | 2 323 | 34 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 142.0 | 150.7 | 5.37 | 3 208 | 8.7 | 0.0 | 2.8 | 6.3 | 3 858 | 33 564 |
| BOU-MP25-087 | 160.0 | 164.8 | 1.18 | 311 | 4.8 | 0.0 | 4.0 | 4.4 | 614 | 2 947 |
| BOU-MP25-088 | 539.5 | 543.5 | 1.24 | 57 | 4.0 | 0.1 | 0.5 | 3.6 | 261 | 1 044 |
| BOU-MP25-092 | 320.0 | 322.3 | 0.78 | 361 | 2.3 | 0.0 | 3.1 | 3.6 | 610 | 1 403 |
| BOU-RC25-026 | 50.0 | 56.0 | 37.03 | 334 | 6.0 | 0.2 | 1.0 | 2.8 | 3 336 | 20 019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 50.0 | 52.0 | 102.38 | 94 | 2.0 | 0.1 | 1.0 | 2.4 | 8 163 | 16 325 |
| BOU-RC25-027 | 133.0 | 137.0 | 2.10 | 94 | 4.0 | 0.2 | 1.0 | 5.3 | 432 | 1 726 |
| BOU-RC25-043 | 152.0 | 161.0 | 2.69 | 45 | 9.0 | 0.1 | 0.1 | 0.1 | 268 | 2 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Including | 154.0 | 159.0 | 4.44 | 67 | 5.0 | 0.2 | 0.1 | 0.1 | 432 | 2 158 |

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**\* True width remains undetermined at this stage; all values are uncut.**

\*\* Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 77.9 g/t Ag; 1% Cu: 85.4 g/t Ag; 1% Pb: 24.2 g/t Ag; and 1% Zn: 24.6 g/t Ag

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![figure5b.jpg](figure5b.jpg)

**Figure 5: Location of Drill Holes at Boumadine**

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![figure6a.jpg](figure6a.jpg)

**Figure 6: Location of Drill Holes at Boumadine regional exploration.**

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![figure7.jpg](figure7.jpg)

**Figure 7: Location of New Permits at Boumadine**

**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every metre in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco.

All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

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**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established exploration leadership through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, a large, mineralized footprint and significant exploration potential.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "demonstrate", "growth", "potential", "advance", "expand", "identifies", "confirms", "potential", "growth", "upside", "grow", "increase", "significant", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the potential to meaningfully grow resources and for all deposits grow in any direction, the potential for any drilling result to confirm the existence of a new zone, the existence of a significant upside to expand resources, and to execute on planned drilling in the area through 2026. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable

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assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "anticipate", "expect", "plan", "believe", "objective", "estimate", "assume", "intend", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to statements with respect to opportunities for resource growth and expected next steps in the development of the Project.

## Exhibit 99.94

**Exhibit 99.94**

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| | |
|:---|:---|
| PRESS RELEASE | ![ayalogo7a.jpg](ayalogo7a.jpg) |

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**Aya Gold & Silver Provides 2026 Outlook and Strategic Priorities**

**Focus on Optimizing Zgounder Silver Mine and Accelerating the Boumadine Polymetallic Project**

**Montreal, Quebec, January 27, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to provide its 2026 outlook and present the Corporation's key operational and strategic priorities that will guide execution in the coming year. All amounts are in U.S. dollars unless otherwise indicated.

**Highlights**

**• 2026 Outlook** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total production**: 6.2 to 6.8 million silver-equivalent<sup>1</sup> ounces ("Moz AgEq").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder production**: 5.2 to 5.8 million silver ounces ("Moz Ag" for 2026) at an average cost<sup>2,3</sup> of $21.50/oz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Boumadine pyrite stockpile reclaiming and commercialization:** approximately 1.0Moz AgEq<sup>1</sup> at $10.10/oz AgEq cash cost<sup>1,2,3</sup>.

**• Key 2026 Operational and Strategic Priorities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Optimize operations at our Zgounder silver mine** supported by sustaining and growth capital investments of $36 million allocated to key projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Evaluate potential to increase plant capacity beyond current levels.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerate development of the Boumadine polymetallic project** through extensive drilling program, feasibility fieldwork, ESIA, and flowsheet improvements, including additional roasting test work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Update Mineral Resource at Boumadine in H2-2026.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Execute a 230,000-metre ("m") drilling program in 2026, as part of a comprehensive 2026 exploration and development program**, including permit acquisition and prospection to expand resources and enhance long-term optionality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **U.S. listing expected in H1-2026** to broaden investor access, enhance liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.AgEq ounces are calculated at an 80:1 Au:Ag ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Cash costs are a non-IFRS measure with no standardized meaning under IFRS and may not be comparable to other issuers; see our latest MD&A for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Cash cost outlook is based on various assumptions; see "Outlook Assumptions" later in this release.

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**"2025 was a pivotal year for Aya, marked by the successful completion of key milestones across production, development, and exploration, positioning the company to deliver record financial results. Building on this strong foundation, our focus in 2026 shifts to disciplined execution across our portfolio," said Benoit La Salle, President & CEO.**

**"Our objectives center on continuous optimization at the Zgounder silver mine, including incremental throughput enhancements to maximize cash flow, fast-tracking feasibility work at Boumadine, and executing a bold exploration program. Together these initiatives span the full value chain and are designed to enhance scalability, expand resources, and advance development opportunities. We enter 2026 with strong momentum, a robust balance sheet, and a supportive market environment, positioning us well to deliver strong margins, generate free cash flow, and drive long-term value creation for all stakeholders."**

**Key 2026 Priorities**

Aya's 2026 priorities are focused on delivering strong performance at Zgounder, advancing growth at Boumadine, strengthening our development pipeline, expanding our resource base, and creating a clear path for long-term growth. We are providing additional detail on these plans, which have been reviewed and approved by our Board of Directors.

**ZGOUNDER SILVER MINE**

• **Optimize operations of our Zgounder silver mine,** ensuring mining and processing throughput are aligned to support production targets. Sustained capital investments of approximately $36 million will support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Open-pit development and underground development:** Mining, electrical and water pumping infrastructure, to open new levels below the 1900m level and continue the ramp to the granite contact. Enhanced grade control via blast-movement control and bench-by-bench modeling (implemented in H2-2025) to maximise ore recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Processing facilities:** execute capital projects to enable sustained processing rate of approximately 3,650 tpd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion of the tailings storage facility ("TSF") to support ongoing operations.

• **Evaluate potential to increase plant capacity beyond current levels.**

**BOUMADINE POLYMETALLIC PROJECT**

• **Accelerate development of the Boumadine polymetallic project** through feasibility-level fieldwork, trade-off studies and the ongoing ESIA, including metallurgical testwork, processing and mining studies, water management assessments and infrastructure design.

• **Deliver resource update** in H2-2026 and update PEA accordingly.

**EXPLORATION**

• **Execute a comprehensive 2026 exploration and development program** at Zgounder and Boumadine to expand resources and support long-term optionality.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder - Near-Mine Drilling (20,000 m):** Underground exploration west of the Zgounder Fault, pit-adjacent programs to confirm continuity, extend high-grade zones, and support production and resource updates. Activities leverage AI and remote sensing results from 2025 and include detailed near-mine mapping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder - Regional Exploration (10,000 m**): Targeting satellite deposits at Zgounder East, Iriri, Touchkal and Zgounder North. Greenfield drilling, target generation, and regional geological mapping aim to expand the resource base and identify long-term growth opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Boumadine drilling (200,000 m)**: Infill drilling (180,000 m - half of two-year 360,000 plan) to convert inferred resources into measured and indicated categories, plus regional drilling (20,000 m) on targets including follow-up on Asirem structures. Technical advancement includes geological mapping, detailed surface mapping, core scanning, core-shack upgrades, metallurgical testwork, and support to the feasibility study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Budget allocation:** Exploration initiatives supported by ~$60 million covering drilling and other exploration activities across all projects.

**OTHER STRATEGIC OBJECTIVES** 

• **Pursue a U.S. listing expected Q2 2026** to broaden investor access, enhance liquidity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aya is targeting a U.S. listing in mid 2026. The Corporation believes this step will broaden access to U.S. investors, enhance trading liquidity and better align Aya's market presence with the scale of its growth profile. Management intends to commence the necessary preparations, including engaging advisors, preparing required filings with the U.S. Securities and Exchange Commission, and satisfying applicable listing requirements. There can be no assurance that the U.S. listing will be completed or as to the timing of any such listing.

**2026 Operational Outlook** 

Building on the operational and exploration achievements of 2025, Aya expects 2026 to be a year of execution, focused on operations and advancing exploration and development initiatives.

**Based on the current mine plan and operating assumptions, the corporation expects the following in 2026:** 

• **Total Production:** between **6.2 and 6.8 Moz AgEq**.

• **Zgounder Silver Mine:** production of **5.2 to 5.8 million Moz Ag**, at an average cash cost of approximately **$21.50/oz Ag.** 

• **Boumadine pyrite stockpile reclaiming and commercialization:** production of approximately 1.0 Moz AgEq at a cash cost of approximately $10/oz AgEq.

• **Planned capital and exploration expenditures of respectively $36 and $60 million** subject to ongoing review and market conditions.

Looking ahead, we believe that the current industry landscape, together with expectations for a supportive silver price environment, is expected to support strong margins and free cash flow generation, providing

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confidence in our strategy to pursue opportunities across our portfolio. Following a positive Preliminary Economic Assessment, Aya remains focused on executing the Boumadine feasibility study and associated technical programs to advance the project toward development. Our results to date continue to demonstrate Boumadine's potential, characterized by meaningful scale, favorable geology, and significant resource expansion upside. Supported by a strong balance sheet, Aya is well positioned to invest in its future through disciplined capital allocation and continued exploration investment, with a continued focus on delivering long-term value for all stakeholders.

**Outlook Assumptions** 

**1.**AgEq ounces are at an 80:1 Au:Ag ratio

**2.**Cash costs are a non-IFRS financial measure and has no standardized meaning under IFRS Accounting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. Refer to our latest "MD&A" for a detailed description of the measure.

**3.**Cash cost outlook is based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 - Ag: $50.00/oz, Au: $4,000/oz) foreign currency exchange rates (2025 - CAD/USD:1.40, MAD/USD:9.00) and operating costs.

**Qualified Person**

The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established exploration leadership through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com** or contact:

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** <br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com** |

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**Forward-Looking Statements**

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "expect", "potential", "plan", "believe", "objective", "estimate", "assume", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements and information with respect to the Corporation's 2026 production outlook and key operational and strategic priorities, including continuous optimization at the Zgounder mine, sustaining steady-state production, advancing feasibility work at Boumadine, and executing a bold exploration program, the listing of the Corporation's shares in the U.S., the Corporation's capital and exploration expenditures and its margins and free cash flow generation.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include without limitation, the Corporation's ability to timely receive any requisite approvals, permits or licences; the Corporation's ability to import goods and machinery; the Corporation's ability to engage and retain all necessary personnel in order to operate its business properly and without interruption; the accuracy and reliability of estimates, projections, forecasts, studies and assessments, including the Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates); the Corporation's ability to meet or achieve estimates, projections and forecasts; assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such explorations activities; the price of silver; the price of gold; exchange rates; taxation levels; fuel and energy costs; future economic conditions; the Corporation's ability to meet current and future obligations; the Corporation's ability to obtain timely financing on reasonable terms when required; anticipated future estimates of free cash flow; estimate future production; the current and future social, economic and political conditions and environment in which the Corporation operates; and other assumptions and factors generally associated with the mining industry. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.

Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as

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project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at <u>www.sedarplus.ca</u>, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise. 

## Exhibit 99.95

**Exhibit 99.95**

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|:---|:---|
| **PRESS RELEASE** | ![ayalogo1a.jpg](ayalogo1a.jpg) |
| | ![ayalogo1a.jpg](ayalogo1a.jpg) |

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**Aya Gold & Silver Reports High-Grade Silver Results at Zgounder** Extends Mineralization Near Western Fault

**Montreal, Quebec, February 18, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporatio**n") is pleased to announce high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

**Highlights** *(all intersections are in core lengths)*

**• Intersections in the Open-Pit Area:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-RC-25-853** intercepted 781 grams per tonne ("g/t") silver ("Ag") over 9.0 metres ("m"), including 1,295 g/t Ag over 5.0m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-RC-25-855** intercepted 1,454 g/t Ag over 3.0m

**• Intersections at Depth Near the Western Fault contact:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-SF-25-340** intercepted 336 g/t Ag over 5.5m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-SF-25-350** intercepted 2,198 g/t Ag over 1.0m

**• Intersections in the Central Area:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-SF-25-347** intercepted 3,581 g/t Ag over 4.5m, including 5,893 g/t Ag over 2.5m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole **ZG-SF-25-347** intercepted 1,729 g/t Ag over 4.1m, including 4,480 g/t Ag over 1.5m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole T28-26-1072 intercepted 6,223 g/t Ag over 3.6m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Hole T28-26-1104 intercepted 4,489 g/t Ag over 6.0m

**• 3,117m or 10.3% of the 2026 exploration program has been drilled year to date.**

**"Today's high-grade results once again confirm the strong continuity of silver mineralization both at depth and around the open-pit area,"** said Benoit La Salle, President & CEO. **"Moreover, the new intersection at depth near the Western Fault contact in hole ZG-SF-25-340 extends mineralization further west, continuing to push the boundary of our current resource model."**

This release contains results from 256 holes, which include 13 surface diamond drill holes ("DDH"), 69 underground DDH, 41 reverse circulation drill hole ("RC"), 101 T28 and 32 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to Appendix 1.

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**Table 1 – Best Intercepts at Zgounder in 2025 (core lengths)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Ag** | **Length\*** | **Ag x width** |
| | | | **(g/t)** | **(m)** | |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-25-339 | 251.5 | 253.0 | 1 733 | 1.5 | 2 600 |
| ZG-SF-25-340 | 254.4 | 259.9 | 336 | 5.5 | 1 848 |
| ZG-SF-25-341 | 341.0 | 345.0 | 1 075 | 4.0 | 4 300 |
| Including | 342.0 | 344.0 | 1 928 | 2.0 | 3 856 |
| ZG-SF-25-342 | 282.5 | 286.0 | 652 | 3.5 | 2 282 |
| ZG-SF-25-343 | 284.5 | 289.0 | 3 581 | 4.5 | 16 116 |
| Including | 284.5 | 287.0 | 5 893 | 2.5 | 14 732 |
| ZG-SF-25-347 | 40.4 | 44.5 | 1 729 | 4.1 | 7 089 |
| Including | 43.0 | 44.5 | 4 480 | 1.5 | 6 720 |
| ZG-SF-25-347 | 65.0 | 66.5 | 1 535 | 1.5 | 2 302 |
| ZG-SF-25-347 | 127.0 | 128.5 | 1 228 | 1.5 | 1 842 |
| ZG-SF-26-348 | 63.5 | 65.0 | 2 025 | 1.5 | 3 038 |
| ZG-SF-26-348 | 129.0 | 133.5 | 1 366 | 4.5 | 6 149 |
| ZG-SF-26-350 | 257.5 | 258.5 | 2 198 | 1.0 | 2 198 |
| DZG-SF-25-776 | 43.0 | 48.5 | 1 138 | 5.5 | 6 260 |
| Including | 45.0 | 47.0 | 2 766 | 2.0 | 5 532 |
| DZG-SF-25-777 | 53.5 | 58.0 | 844 | 4.5 | 3 798 |
| Including | 53.5 | 55.5 | 1 597 | 2.0 | 3 194 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-25-853 | 103.0 | 112.0 | 781 | 9.0 | 7 029 |
| Including | 106.0 | 111.0 | 1 295 | 5.0 | 6 474 |
| ZG-RC-25-854 | 114.0 | 116.0 | 895 | 2.0 | 1 789 |
| ZG-RC-25-855 | 85.0 | 88.0 | 1 454 | 3.0 | 4 362 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-1047 | 0.0 | 12.0 | 155 | 12.0 | 1 865 |
| T28-25-1049 | 2.4 | 8.4 | 476 | 6.0 | 2 858 |
| T28-25-1059 | 22.8 | 26.4 | 6 223 | 3.6 | 22 404 |
| T28-26-1072 | 9.6 | 14.4 | 961 | 4.8 | 4 612 |
| Including | 9.6 | 12.0 | 1 790 | 2.4 | 4 296 |
| T28-26-1075 | 0.0 | 4.8 | 2 934 | 4.8 | 14 083 |
| Including | 0.0 | 2.4 | 5 725 | 2.4 | 13 740 |
| T28-26-1103 | 24.0 | 26.4 | 988 | 2.4 | 2 371 |
| T28-26-1104 | 19.2 | 25.2 | 4 489 | 6.0 | 26 933 |
| T28-26-1119 | 8.4 | 13.2 | 285 | 4.8 | 1 368 |
| T28-26-1127 | 19.2 | 25.2 | 273 | 6.0 | 1 637 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| T28-26-1130 | 7.2 | 12.0 | 373 | 4.8 | 1 790 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-408 | 3.6 | 4.8 | 6 060 | 1.2 | 7 272 |

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\* True widths are undetermined; all values are uncut.

![image_1e.jpg](image_1e.jpg)

**Figure 1: Location of Drill Results at Zgounder**

**Quality Assurance**

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed by fire assay.

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For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver's Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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**Forward-Looking Statements**

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect

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to the potential to confirm continuity of mineralization and extent mineralization to the west and other assumptions and factors generally associated with the mining industry..

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include without limitation, the Corporation's ability to timely receive any requisite approvals, permits or licences; the Corporation's ability to import goods and machinery; the Corporation's ability to engage and retain all necessary personnel in order to operate its business properly and without interruption; the accuracy and reliability of estimates, projections, forecasts, studies and assessments, including the Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates); the Corporation's ability to meet or achieve estimates, projections and forecasts; assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such explorations activities; the price of silver; the price of gold; exchange rates; taxation levels; fuel and energy costs; future economic conditions; the Corporation's ability to meet current and future obligations; the Corporation's ability to obtain timely financing on reasonable terms when required; anticipated future estimates of free cash flow; estimate future production; the current and future social, economic and political conditions and environment in which the Corporation operates; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including (1) there being no significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Project being consistent with the Corporation's expectations; (3) political and legal developments in the Kingdom of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resource estimates of the Corporation; (9) labour and materials costs increasing on a basis consistent with the Corporation's current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation's current expectations.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31,

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2024, filed on SEDAR+, which discussions are incorporated by reference in this presentation, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

**Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **From** | **To** | **To** | **Ag**<br>**(g/t)** | **Length (m)\*** | **Length (m)\*** | **Ag x width** | **Ag x width** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-25-167 | 520.2 | 520.2 | 521.2 | 521.2 | 212 | 1.0 | 1.0 | 212 | 212 |
| ZG-25-170 | 212.0 | 212.0 | 212.5 | 212.5 | 92 | 0.5 | 0.5 | 46 | 46 |
| ZG-25-170 | 216.0 | 216.0 | 216.5 | 216.5 | 128 | 0.5 | 0.5 | 64 | 64 |
| ZG-25-170 | 220.5 | 220.5 | 221.0 | 221.0 | 84 | 0.5 | 0.5 | 42 | 42 |
| ZG-25-172 | 181.0 | 181.0 | 182.5 | 182.5 | 177 | 1.5 | 1.5 | 266 | 266 |
| ZG-25-172 | 202.0 | 202.0 | 203.0 | 203.0 | 76 | 1.0 | 1.0 | 76 | 76 |
| ZG-25-173 | 23.5 | 23.5 | 29.5 | 29.5 | 101 | 6.0 | 6.0 | 606 | 606 |
| ZG-25-173 | 34.0 | 34.0 | 35.5 | 35.5 | 320 | 1.5 | 1.5 | 480 | 480 |
| ZG-25-178 | 229.5 | 229.5 | 230.2 | 230.2 | 86 | 0.7 | 0.7 | 60 | 60 |
| ZG-26-180 | 209.5 | 209.5 | 211.0 | 211.0 | 240 | 1.5 | 1.5 | 359 | 359 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-25-339 | 251.5 | 253.0 | 253.0 | 1 733 | 1 733 | 1 733 | 1.5 | 1.5 | 2 600 |
| ZG-SF-25-339 | 261.0 | 264.0 | 264.0 | 164 | 164 | 164 | 3.0 | 3.0 | 492 |
| ZG-SF-25-340 | 254.4 | 259.9 | 259.9 | 336 | 336 | 336 | 5.5 | 5.5 | 1 848 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ZG-SF-25-340 | 262.9 | 264.9 | 264 | 2.0 | 528 |
| ZG-SF-25-341 | 286.0 | 287.0 | 372 | 1.0 | 372 |
| ZG-SF-25-341 | 341.0 | 345.0 | 1 075 | 4.0 | 4 300 |
| Including | 342.0 | 344.0 | 1 928 | 2.0 | 3 856 |
| ZG-SF-25-342 | 260.0 | 262.0 | 133 | 2.0 | 267 |
| ZG-SF-25-342 | 282.5 | 286.0 | 652 | 3.5 | 2 282 |
| ZG-SF-25-342 | 360.5 | 362.0 | 76 | 1.5 | 114 |
| ZG-SF-25-342 | 366.0 | 370.0 | 77 | 4.0 | 308 |
| ZG-SF-25-342 | 381.0 | 382.5 | 92 | 1.5 | 138 |
| ZG-SF-25-342 | 391.0 | 392.5 | 156 | 1.5 | 234 |
| ZG-SF-25-343 | 284.5 | 289.0 | 3 581 | 4.5 | 16 116 |
| Including | 284.5 | 287.0 | 5 893 | 2.5 | 14 732 |
| ZG-SF-25-344 | 302.5 | 303.4 | 916 | 0.9 | 824 |
| ZG-SF-25-344 | 313.5 | 315.0 | 216 | 1.5 | 324 |
| ZG-SF-25-344 | 318.0 | 319.5 | 104 | 1.5 | 156 |
| ZG-SF-25-346 | 276.5 | 279.5 | 384 | 3.0 | 1 152 |
| ZG-SF-25-347 | 40.4 | 44.5 | 1 729 | 4.1 | 7 089 |
| Including | 43.0 | 44.5 | 4 480 | 1.5 | 6 720 |
| ZG-SF-25-347 | 65.0 | 66.5 | 1 535 | 1.5 | 2 302 |
| ZG-SF-25-347 | 119.5 | 121.0 | 152 | 1.5 | 228 |
| ZG-SF-25-347 | 127.0 | 128.5 | 1 228 | 1.5 | 1 842 |
| ZG-SF-26-348 | 63.5 | 65.0 | 2 025 | 1.5 | 3 038 |
| ZG-SF-26-348 | 129.0 | 133.5 | 1 366 | 4.5 | 6 149 |
| ZG-SF-26-349 | 143.0 | 144.0 | 89 | 1.0 | 89 |
| ZG-SF-26-349 | 157.0 | 158.0 | 76 | 1.0 | 76 |
| ZG-SF-26-349 | 186.0 | 188.5 | 215 | 2.5 | 538 |
| ZG-SF-26-350 | 257.5 | 258.5 | 2 198 | 1.0 | 2 198 |
| ZG-SF-26-350 | 308.2 | 309.2 | 88 | 1.0 | 88 |
| DZG-SF-25-747 | 85.0 | 85.6 | 272 | 0.6 | 163 |
| DZG-SF-25-772 | 12.5 | 14.0 | 240 | 1.5 | 360 |
| DZG-SF-25-772 | 51.5 | 52.0 | 2 000 | 0.5 | 1 000 |
| DZG-SF-25-776 | 43.0 | 48.5 | 1 138 | 5.5 | 6 260 |
| Including | 45.0 | 47.0 | 2 766 | 2.0 | 5 532 |
| DZG-SF-25-777 | 48.0 | 50.0 | 163 | 2.0 | 326 |
| DZG-SF-25-777 | 53.5 | 58.0 | 844 | 4.5 | 3 798 |
| Including | 53.5 | 55.5 | 1 597 | 2.0 | 3 194 |
| DZG-SF-25-778 | 7.5 | 11.3 | 310 | 3.8 | 1 178 |
| DZG-SF-25-780 | 48.0 | 49.0 | 175 | 1.0 | 175 |
| DZG-SF-25-780 | 59.0 | 60.5 | 82 | 1.5 | 123 |
| DZG-SF-25-828 | 3.7 | 5.7 | 92 | 2.0 | 184 |
| DZG-SF-25-840 | 32.0 | 35.5 | 143 | 3.5 | 499 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-844 | 12.0 | 13.5 | 76 | 1.5 | 114 |
| DZG-SF-26-832 | 18.9 | 20.5 | 146 | 1.6 | 234 |
| DZG-SF-26-833 | 13.0 | 15.0 | 112 | 2.0 | 224 |
| DZG-SF-26-858 | 102.0 | 103.5 | 155 | 1.5 | 232 |
| DZG-SF-26-858 | 134.5 | 136.0 | 96 | 1.5 | 144 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-25-849 | 104.0 | 105.0 | 503 | 1.0 | 503 |
| ZG-RC-25-850 | 113.0 | 114.0 | 87 | 1.0 | 87 |
| ZG-RC-25-852 | 98.0 | 99.0 | 95 | 1.0 | 95 |
| ZG-RC-25-853 | 92.0 | 95.0 | 332 | 3.0 | 995 |
| ZG-RC-25-853 | 101.0 | 102.0 | 124 | 1.0 | 124 |
| ZG-RC-25-853 | 103.0 | 112.0 | 781 | 9.0 | 7 029 |
| Including | 106.0 | 111.0 | 1 295 | 5.0 | 6 474 |
| ZG-RC-25-853 | 134.0 | 135.0 | 83 | 1.0 | 83 |
| ZG-RC-25-853 | 137.0 | 138.0 | 93 | 1.0 | 93 |
| ZG-RC-25-854 | 9.0 | 10.0 | 110 | 1.0 | 110 |
| ZG-RC-25-854 | 17.0 | 18.0 | 119 | 1.0 | 119 |
| ZG-RC-25-854 | 114.0 | 116.0 | 895 | 2.0 | 1 789 |
| ZG-RC-25-855 | 10.0 | 11.0 | 167 | 1.0 | 167 |
| ZG-RC-25-855 | 77.0 | 78.0 | 86 | 1.0 | 86 |
| ZG-RC-25-855 | 85.0 | 88.0 | 1 454 | 3.0 | 4 362 |
| ZG-RC-25-855 | 97.0 | 100.0 | 139 | 3.0 | 416 |
| ZG-RC-25-855 | 102.0 | 103.0 | 86 | 1.0 | 86 |
| ZG-RC-25-857 | 49.0 | 51.0 | 184 | 2.0 | 367 |
| ZG-RC-25-857 | 77.0 | 78.0 | 89 | 1.0 | 89 |
| ZG-RC-25-857 | 91.0 | 92.0 | 159 | 1.0 | 159 |
| ZG-RC-26-753 | 54.0 | 55.0 | 79 | 1.0 | 79 |
| ZG-RC-26-806 | 10.0 | 11.0 | 85 | 1.0 | 85 |
| ZG-RC-26-841 | 42.0 | 43.0 | 180 | 1.0 | 180 |
| ZG-RC-26-841 | 70.0 | 71.0 | 192 | 1.0 | 192 |
| ZG-RC-26-841 | 92.0 | 93.0 | 102 | 1.0 | 102 |
| ZG-RC-26-920 | 57.0 | 58.0 | 80 | 1.0 | 80 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-965 | 9.6 | 10.8 | 556 | 1.2 | 667 |
| T28-25-970 | 9.6 | 12.0 | 99 | 2.4 | 238 |
| T28-25-970 | 18.0 | 19.2 | 119 | 1.2 | 143 |
| T28-25-971 | 3.6 | 6.0 | 390 | 2.4 | 935 |
| T28-25-973 | 6.0 | 9.6 | 146 | 3.6 | 526 |
| T28-25-977 | 3.6 | 6.0 | 114 | 2.4 | 272 |
| T28-25-985 | 16.8 | 18.0 | 201 | 1.2 | 241 |
| T28-25-987 | 22.8 | 26.4 | 132 | 3.6 | 474 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| T28-25-991 | 24.0 | 26.4 | 142 | 2.4 | 341 |
| T28-25-998 | 2.4 | 3.6 | 93 | 1.2 | 112 |
| T28-25-1000 | 16.8 | 18.0 | 188 | 1.2 | 226 |
| T28-25-1001 | 2.4 | 3.6 | 94 | 1.2 | 113 |
| T28-25-1040 | 9.6 | 12.0 | 192 | 2.4 | 461 |
| T28-25-1046 | 10.8 | 12.0 | 82 | 1.2 | 98 |
| T28-25-1047 | 0.0 | 12.0 | 155 | 12.0 | 1 865 |
| T28-25-1047 | 14.4 | 15.6 | 113 | 1.2 | 136 |
| T28-25-1048 | 0.0 | 2.4 | 118 | 2.4 | 283 |
| T28-25-1048 | 7.2 | 8.4 | 91 | 1.2 | 109 |
| T28-25-1048 | 9.6 | 10.8 | 101 | 1.2 | 121 |
| T28-25-1049 | 2.4 | 8.4 | 476 | 6.0 | 2 858 |
| T28-25-1049 | 18.0 | 19.2 | 76 | 1.2 | 91 |
| T28-25-1050 | 20.4 | 22.8 | 211 | 2.4 | 505 |
| T28-25-1055 | 14.4 | 15.6 | 113 | 1.2 | 136 |
| T28-25-1057 | 10.8 | 12.0 | 216 | 1.2 | 259 |
| T28-25-1057 | 14.4 | 18.0 | 180 | 3.6 | 647 |
| T28-25-1059 | 22.8 | 26.4 | 6 223 | 3.6 | 22 404 |
| T28-25-1062 | 24.0 | 25.2 | 91 | 1.2 | 109 |
| T28-26-1066 | 3.6 | 4.8 | 203 | 1.2 | 244 |
| T28-26-1070 | 7.2 | 8.4 | 94 | 1.2 | 113 |
| T28-26-1072 | 9.6 | 14.4 | 961 | 4.8 | 4 612 |
| Including | 9.6 | 12.0 | 1 790 | 2.4 | 4 296 |
| T28-26-1074 | 0.0 | 2.4 | 108 | 2.4 | 259 |
| T28-26-1075 | 0.0 | 4.8 | 2 934 | 4.8 | 14 083 |
| Including | 0.0 | 2.4 | 5 725 | 2.4 | 13 740 |
| T28-26-1101 | 2.4 | 6.0 | 105 | 3.6 | 379 |
| T28-26-1103 | 24.0 | 26.4 | 988 | 2.4 | 2371 |
| T28-26-1104 | 19.2 | 25.2 | 4 489 | 6.0 | 26 933 |
| T28-26-1119 | 8.4 | 13.2 | 285 | 4.8 | 1 368 |
| T28-26-1127 | 19.2 | 25.2 | 273 | 6.0 | 1 637 |
| T28-26-1128 | 15.6 | 19.2 | 128 | 3.6 | 461 |
| T28-26-1130 | 7.2 | 12.0 | 373 | 4.8 | 1 790 |
| T28-26-1131 | 10.8 | 15.6 | 100 | 4.8 | 480 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-408 | 3.6 | 4.8 | 6 060 | 1.2 | 7 272 |
| YAK-25-408 | 27.6 | 28.8 | 146 | 1.2 | 175 |
| YAK-25-414 | 20.4 | 21.6 | 448 | 1.2 | 538 |
| YAK-25-414 | 36.0 | 37.2 | 488 | 1.2 | 586 |
| YAK-25-415 | 10.8 | 12.0 | 137 | 1.2 | 164 |
| YAK-25-415 | 15.6 | 18.0 | 262 | 2.4 | 629 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| YAK-25-415 | 27.6 | 28.8 | 177 | 1.2 | 212 |
| YAK-25-416 | 24.0 | 25.2 | 162 | 1.2 | 194 |
| YAK-25-417 | 4.8 | 7.2 | 94 | 2.4 | 226 |
| YAK-25-418 | 3.6 | 4.8 | 78 | 1.2 | 94 |
| YAK-25-419 | 2.4 | 3.6 | 159 | 1.2 | 191 |
| YAK-25-420 | 4.8 | 6.0 | 99 | 1.2 | 119 |
| YAK-25-436 | 45.6 | 46.8 | 108 | 1.2 | 130 |
| YAK-26-426 | 27.6 | 28.8 | 247 | 1.2 | 296 |
| YAK-26-433 | 20.4 | 21.6 | 152 | 1.2 | 182 |
| YAK-26-440 | 24.0 | 25.2 | 656 | 1.2 | 787 |

---

\* True widths are undetermined; all values are uncut.

**Appendix 2 – Drillhole Coordinates of Zgounder Drill Hole with Significant Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** | **Surface DDH** |
| ZG-25-167 | 620424 | 3403631 | 2069 | 347 | -70 | 586 |
| ZG-25-170 | 621141 | 3404366 | 2228 | 135 | -54 | 242 |
| ZG-25-172 | 621148 | 3404321 | 2216 | 135 | -55 | 229 |
| ZG-25-173 | 621274 | 3404365 | 2208 | 135 | -55 | 154 |
| ZG-25-178 | 621184 | 3404325 | 2206 | 135 | -55 | 258 |
| ZG-26-180 | 621099 | 3404223 | 2203 | 135 | -55 | 245 |
| **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** | **Underground DDH** |
| ZG-SF-25-339 | 620460 | 3403911 | 1944 | 228 | -87 | 351 |
| ZG-SF-25-340 | 620334 | 3403899 | 1947 | 5 | -75 | 420 |
| ZG-SF-25-341 | 620474 | 3403931 | 1944 | 180 | -79 | 359 |
| ZG-SF-25-342 | 620433 | 3403906 | 1944 | 180 | -80 | 396 |
| ZG-SF-25-343 | 620507 | 3403922 | 1943 | 180 | -80 | 338 |
| ZG-SF-25-344 | 620408 | 3403902 | 1945 | 180 | -78 | 408 |
| ZG-SF-25-346 | 620308 | 3403893 | 1946 | 0 | -83 | 450 |
| ZG-SF-25-347 | 620585 | 3403951 | 1943 | 8 | -45 | 291 |
| ZG-SF-26-348 | 620585 | 3403951 | 1943 | 10 | -54 | 251 |
| ZG-SF-26-349 | 620708 | 3403967 | 1946 | 18 | -60 | 200 |
| ZG-SF-26-350 | 620308 | 3403893 | 1946 | 0 | -80 | 459 |
| DZG-SF-25-747 | 621087 | 3404030 | 1972 | 20 | 0 | 120 |
| DZG-SF-25-772 | 620554 | 3404007 | 1909 | 72 | -15 | 90 |
| DZG-SF-25-776 | 620554 | 3404009 | 1908 | 50 | 0 | 80 |
| DZG-SF-25-777 | 620554 | 3404009 | 1908 | 50 | 18 | 65 |
| DZG-SF-25-778 | 620552 | 3404009 | 1908 | 26 | -30 | 70 |
| DZG-SF-25-780 | 620552 | 3404009 | 1908 | 26 | 0 | 70 |
| DZG-SF-25-828 | 621127 | 3404082 | 2018 | 30 | 10 | 60 |
| DZG-SF-25-840 | 620776 | 3404089 | 2069 | 75 | 20 | 60 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DZG-SF-25-844 | 620757 | 3404094 | 2070 | 332 | -30 | 60 |
| DZG-SF-26-832 | 621129 | 3404072 | 2019 | 80 | 10 | 60 |
| DZG-SF-26-833 | 621129 | 3404072 | 2019 | 80 | 20 | 30 |
| DZG-SF-26-858 | 620692 | 3403983 | 1886 | 290 | 0 | 150 |
| **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** | **Surface RC** |
| ZG-RC-25-849 | 621257 | 3404264 | 2207 | 135 | -70 | 105 |
| ZG-RC-25-850 | 621249 | 3404274 | 2207 | 135 | -70 | 115 |
| ZG-RC-25-852 | 621258 | 3404283 | 2207 | 135 | -70 | 120 |
| ZG-RC-25-853 | 621276 | 3404281 | 2206 | 131 | -68 | 150 |
| ZG-RC-25-854 | 621267 | 3404291 | 2207 | 135 | -70 | 120 |
| ZG-RC-25-855 | 621285 | 3404289 | 2208 | 135 | -70 | 123 |
| ZG-RC-25-857 | 621249 | 3404169 | 2207 | 135 | -69 | 116 |
| ZG-RC-26-753 | 621174 | 3404188 | 2205 | 135 | -70 | 60 |
| ZG-RC-26-806 | 621198 | 3404158 | 2206 | 135 | -70 | 60 |
| ZG-RC-26-841 | 621211 | 3404222 | 2206 | 134 | -69 | 108 |
| ZG-RC-26-920 | 621278 | 3404333 | 2206 | 135 | -70 | 80 |
| **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** | **Underground T28** |
| T28-25-965 | 621204 | 3404043 | 2027 | 57 | 26 | 25 |
| T28-25-970 | 621197 | 3404023 | 2025 | 37 | 13 | 26 |
| T28-25-971 | 621178 | 3404013 | 2025 | 17 | 28 | 25 |
| T28-25-973 | 620526 | 3404046 | 1936 | 60 | 22 | 25 |
| T28-25-977 | 620518 | 3404053 | 1935 | 353 | 16 | 26 |
| T28-25-985 | 620512 | 3404053 | 1936 | 176 | 25 | 23 |
| T28-25-987 | 620535 | 3404015 | 1935 | 60 | 12 | 26 |
| T28-25-991 | 620539 | 3404034 | 1935 | 55 | 12 | 26 |
| T28-25-998 | 620498 | 3404065 | 1936 | 209 | 26 | 26 |
| T28-25-1000 | 620517 | 3404036 | 1936 | 261 | 22 | 25 |
| T28-25-1001 | 620533 | 3404022 | 1935 | 284 | 11 | 26 |
| T28-25-1040 | 620528 | 3404000 | 1937 | 318 | 9 | 26 |
| T28-25-1046 | 620928 | 3404094 | 1997 | 230 | 12 | 17 |
| T28-25-1047 | 620928 | 3404094 | 1997 | 226 | 23 | 26 |
| T28-25-1048 | 620929 | 3404086 | 1997 | 230 | 11 | 20 |
| T28-25-1049 | 620929 | 3404086 | 1997 | 232 | 19 | 20 |
| T28-25-1050 | 620933 | 3404084 | 1997 | 55 | 13 | 23 |
| T28-25-1055 | 620932 | 3404100 | 1998 | 40 | 25 | 26 |
| T28-25-1057 | 620927 | 3404100 | 1997 | 23 | 24 | 26 |
| T28-25-1059 | 620925 | 3404100 | 1997 | 347 | 22 | 26 |
| T28-25-1062 | 620918 | 3404098 | 1997 | 275 | 14 | 26 |
| T28-26-1066 | 620681 | 3404109 | 2022 | 38 | 18 | 17 |
| T28-26-1070 | 620674 | 3404107 | 2021 | 344 | 15 | 26 |
| T28-26-1072 | 620671 | 3404106 | 2021 | 324 | 12 | 26 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| T28-26-1074 | 620666 | 3404104 | 2021 | 302 | 18 | 26 |
| T28-26-1075 | 620667 | 3404103 | 2022 | 301 | 16 | 26 |
| T28-26-1101 | 620624 | 3404039 | 1934 | 110 | 10 | 16 |
| T28-26-1103 | 620624 | 3404039 | 1934 | 50 | 10 | 26 |
| T28-26-1104 | 620624 | 3404039 | 1934 | 50 | 30 | 26 |
| T28-26-1119 | 620569 | 3404034 | 1934 | 320 | 10 | 26 |
| T28-26-1127 | 620587 | 3404017 | 1934 | 210 | 10 | 26 |
| T28-26-1128 | 620592 | 3404016 | 1934 | 210 | 30 | 22 |
| T28-26-1130 | 620592 | 3404016 | 1934 | 200 | 30 | 23 |
| T28-26-1131 | 620599 | 3404010 | 1934 | 190 | 10 | 26 |
| **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** | **Underground YAK** |
| YAK-25-408 | 620701 | 3404085 | 2023 | 17 | 24 | 50 |
| YAK-25-414 | 620878 | 3404049 | 2024 | 325 | 15 | 50 |
| YAK-25-415 | 620693 | 3404075 | 2003 | 214 | 13 | 50 |
| YAK-25-416 | 620693 | 3404075 | 2003 | 215 | 18 | 30 |
| YAK-25-417 | 620702 | 3404068 | 2004 | 214 | 14 | 50 |
| YAK-25-418 | 620702 | 3404068 | 2005 | 215 | 21 | 50 |
| YAK-25-419 | 620710 | 3404060 | 2006 | 213 | 10 | 50 |
| YAK-25-420 | 620710 | 3404060 | 2007 | 212 | 17 | 47 |
| YAK-25-436 | 620799 | 3404044 | 1938 | 51 | 38 | 48 |
| YAK-26-426 | 620795 | 3404050 | 1938 | 304 | 27 | 50 |
| YAK-26-433 | 620800 | 3404054 | 1937 | 40 | 10 | 30 |
| YAK-26-440 | 620701 | 3404092 | 2005 | 5 | 10 | 40 |

---

## Exhibit 99.96

**Exhibit 99.96**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo27.jpg](ayalogo27.jpg) |

---

**Aya Gold & Silver Identifies New Parallel Structure at Boumadine and Reports High-Grade Exploration Results**

Additional Boumadine Mining Licence Secured

**Montreal, Quebec, February 24, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporatio**n") is pleased to report new high-grade drill results and the identification of a new parallel structure approximately 500 metres ("m") east of the Boumadine Project ("Boumadine" or the "Project") from its ongoing drill program in the Kingdom of Morocco. These results confirm strong high-grade continuity along the Boumadine Main Trend and support the potential for continued resource growth and scale.

**Highlights**<sup>1</sup>

**Boumadine Main Trend (5.4km)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• New parallel structure identified 500m East of the Boumadine Main Trend:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-707** 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) both intervals are part of a wider massive sulfide interval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The newly identified parallel structure is significant due to the width of massive sulfide content, the presence of mineralization and distance from the Main Trend, opening further exploration potential. Follow up drilling toward surface and laterally will assess the potential impact on resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Multiple additional high-grade intercepts:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-728** intercepted **255 grams per tonne ("g/t") silver equivalent ("AgEq")** over 11.9m (1.55 g/t Au, 83 g/t silver ("Ag"), 1.7% zinc ("Zn"), 0.5% lead ("Pb") and 0.1% copper ("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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-742** 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-MP25-092** intercepted **296 g/t AgEq** over 9.5m (0.6 g/t Au, 113 g/t Ag, 4.6% Zn and 2.1% Pb).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-734** intercepted **446 g/t AgEq** over 6.0m (2.72 g/t Au, 144 g/t Ag, 3.3% Zn, 0.2% Pb and 0.3% Cu).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Additional mineralized intercepts at Asirem:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **BOU-DD25-653** intercepted **1.34 g/t Au** over 1.2m and **BOU-DD25-645** intercepted **1.28 g/t Au** over 0.9m; confirming the potential of this >8 km structural corridor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Exploration Update:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 28,904m drilled at Boumadine year to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New mining license added with an area of 14.2 km<sup>2</sup>.

**"These results — including a new southern parallel structure and mineralization more than 500 metres from any known zone — reinforce that the resource potential continues to grow. With ten rigs active, we're fast-tracking development and the 2026–2027 infill program, with two more rigs expected in March,"** said Benoit La Salle, President & CEO.

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Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | | | | | | | | | | |
| **DDH No.** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD25-599 | 493.3 | 495.1 | 3.74 | 192 | 1.8 | 0.3 | 0.5 | 0.6 | 3 | 533 |
| BOU-DD25-647 | 314.1 | 316.5 | 3.21 | 2 | 2.4 | 0.0 | 0.0 | 0.0 | 2 | 258 |
| BOU-DD25-647 | 334.5 | 338.8 | 1.76 | 2 | 4.3 | 0.0 | 0.0 | 0.0 | 1 | 142 |
| BOU-DD25-654 | 223.3 | 225.1 | 2.30 | 128 | 1.8 | 0.6 | 0.2 | 0.2 | 4 | 357 |
| BOU-DD25-659 | 253.4 | 261.3 | 1.06 | 93 | 7.9 | 0.3 | 0.4 | 0.6 | 11 | 215 |
| Including | 257.1 | 261.3 | 1.32 | 141 | 4.2 | 0.5 | 0.5 | 0.9 | 14 | 308 |
| BOU-DD25-676 | 357.1 | 360.0 | 1.87 | 49 | 2.9 | 0.1 | 1.6 | 1.9 | 16 | 270 |
| BOU-DD25-685 | 358.0 | 362.0 | 5.37 | 28 | 4.0 | 0.2 | 0.0 | 0.1 | 3 | 473 |
| BOU-DD25-693 | 608.1 | 611.7 | 1.62 | 22 | 3.6 | 0.2 | 0.2 | 0.4 | 3 | 175 |
| BOU-DD25-695 | 223.0 | 224.0 | 0.03 | 810 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 813 |
| BOU-DD25-697 | 82.3 | 87.0 | 2.45 | 31 | 4.7 | 0.0 | 0.1 | 0.0 | 4 | 228 |
| Including | 84.0 | 87.0 | 3.42 | 42 | 3.0 | 0.0 | 0.1 | 0.0 | 3 | 316 |
| BOU-DD25-709 | 109.0 | 112.6 | 1.89 | 45 | 3.6 | 0.2 | 0.1 | 0.2 | 10 | 213 |
| BOU-DD25-711 | 139.2 | 149.3 | 1.19 | 15 | 10.1 | 0.0 | 0.1 | 1.0 | 4 | 133 |
| Including | 144.6 | 147.7 | 2.12 | 26 | 3.1 | 0.0 | 0.2 | 1.2 | 4 | 226 |
| BOU-DD25-723 | 78.0 | 79.1 | 1.09 | 1566 | 1.1 | 0.3 | 0.7 | 1.6 | 171 | 1719 |
| BOU-DD25-728 | 121.6 | 123.0 | 2.28 | 179 | 1.4 | 0.5 | 0.3 | 1.7 | 10 | 429 |
| BOU-DD25-728 | 136.2 | 138.6 | 1.36 | 154 | 2.4 | 0.2 | 0.3 | 0.9 | 10 | 296 |
| BOU-DD25-728 | 210.0 | 221.9 | 1.55 | 83 | 11.9 | 0.1 | 0.5 | 1.7 | 26 | 255 |
| Including | 212.1 | 220.0 | 2.07 | 112 | 7.9 | 0.1 | 0.6 | 2.1 | 28 | 337 |
| BOU-DD25-730 | 343.1 | 348.6 | 1.81 | 104 | 5.5 | 0.3 | 0.1 | 0.3 | 1 | 275 |
| Including | 347.0 | 348.6 | 4.36 | 144 | 1.6 | 0.6 | 0.1 | 0.5 | 3 | 544 |
| BOU-DD25-733 | 192.8 | 195.6 | 2.00 | 35 | 2.8 | 0.0 | 0.4 | 2.4 | 11 | 251 |
| BOU-DD25-734 | 92.1 | 98.1 | 2.72 | 144 | 6.0 | 0.3 | 0.2 | 3.3 | 7 | 446 |
| BOU-DD25-736 | 501.0 | 506.6 | 0.56 | 136 | 5.6 | 0.0 | 1.4 | 2.5 | 133 | 260 |
| Including | 503.0 | 505.7 | 0.91 | 214 | 2.7 | 0.0 | 2.1 | 4.2 | 231 | 414 |
| BOU-DD25-737 | 44.6 | 51.0 | 0.46 | 97 | 6.4 | 0.0 | 1.1 | 1.5 | 119 | 189 |
| BOU-DD25-738 | 164.8 | 170.0 | 1.20 | 120 | 5.2 | 0.1 | 0.6 | 4.4 | 78 | 320 |
| BOU-DD25-740 | 224.1 | 232.3 | 0.69 | 54 | 8.2 | 0.1 | 0.9 | 4.4 | 36 | 220 |
| Including | 229.8 | 232.3 | 1.03 | 129 | 2.5 | 0.2 | 1.7 | 8.2 | 19 | 418 |
| BOU-DD25-742 | 287.6 | 304.7 | 1.34 | 25 | 17.1 | 0.0 | 0.5 | 1.2 | 19 | 166 |
| Including | 292.1 | 295.6 | 2.80 | 35 | 3.5 | 0.0 | 0.3 | 1.8 | 44 | 301 |
| BOU-DD25-744 | 312.0 | 314.5 | 3.06 | 76 | 2.5 | 0.1 | 2.8 | 1.6 | 8 | 409 |
| BOU-DD25-745 | 36.3 | 39.5 | 0.41 | 245 | 3.2 | 0.0 | 1.0 | 2.4 | 10 | 346 |
| BOU-DD25-746 | 277.2 | 278.8 | 1.22 | 231 | 1.6 | 0.1 | 2.7 | 3.7 | 21 | 457 |
| BOU-DD25-751 | 358.7 | 364.7 | 0.41 | 73 | 6.0 | 0.0 | 0.9 | 1.1 | 25 | 146 |
| BOU-MP25-092 | 370.5 | 380.0 | 0.60 | 113 | 9.5 | 0.0 | 2.1 | 4.6 | 95 | 296 |
| BOU-MP25-093 | 474.4 | 477.0 | 0.94 | 148 | 2.6 | 0.0 | 2.5 | 4.3 | 95 | 358 |

---

\*True width remains undetermined at this stage; all values are uncut.

1. Ag equivalent is based on a silver price of US$30/oz with a process recovery of 89%, a gold price of US$2,800/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

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85%, and a copper price of US$4.00/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 79.3g/t Ag; 1% Cu: 68.3 g/t Ag; 1% Pb: 19.4 g/t Ag; and 1% Zn: 19.7 g/t Ag

![kingdomofmorocco.jpg](kingdomofmorocco.jpg)

Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2026 Drill Holes

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![kingdomofmorocco1.jpg](kingdomofmorocco1.jpg)

Figure 2: Boumadine Property Surface Plan with New Permit

**2025 Exploration Results**

This year, 81diamond drill holes ("DDH"), totaling 28,904m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was done on strike along the Main Trend, Tizi and Imariren. Most results have been received for drill holes up to BOU-DD25-750 (Table 1, Figure 3, Figure 4 and Appendix 1).

Today's results confirm the high-grade nature and continuity of the Boumadine Main Trend, which remains open in all directions. In addition, hole BOU-DD25-707 to the south identified a new mineralized parallel structure 500m east of the Main Trend (Figure 5). This new structure is included in a wide massive sulfide vein and is very similar to mineralization within the Boumadine Main Trend. The zone was intersected at depth, 750m below surface, and requires follow-up drilling upward and laterally in order to fully assess its potential.

The Asirem structure also returned additional high-grade mineralized intercepts, including BOU-DD25-645 and BOU-DD25-653 (figure 6), which confirm the potential for resource growth within an 8km target at surface. Follow up drilling on Asirem is also planned this year.

Mineralization within this area measures up to 4m wide (locally reaching over a 10m width) and is N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins

------

(>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.

![kingdomofmorocco2.jpg](kingdomofmorocco2.jpg)

Figure 3 – Surface Plan of Boumadine North, Imariren and Tizi Zones with New DDH Results

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![kingdomofmorocco3.jpg](kingdomofmorocco3.jpg)

Figure 4 – Surface Plan of Boumadine South Zone with New DDH Results

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![kingdomofmorocco4.jpg](kingdomofmorocco4.jpg)

Figure 5 – Section 6100N with Drill Hole BOU-DD25-707 in the South Area of Boumadine with New Mineralized Structure

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![kingdomofmorocco5.jpg](kingdomofmorocco5.jpg)

Figure 6 – Regional Geology with Asirem results

**Next Steps**

Infill drilling, following the positive 2025 PEA, will be ongoing for the next 24 months with a drill program of approximately 360,000m.

Significant potential exists to expand the Boumadine Main Trend (currently 5.4 km), the Tizi Zone (2.0 km) and the Imariren Zone (1.2 km), with all three trends open in all directions. Follow-up drilling is also planned on the 8 km Asirem trend.

Most drilling will continue to focus on the Main Trend, Imariren and Tizi to extend known mineralization along strike and at depth, while infilling key areas to advance the Project toward a Feasibility Study. The balance of the 2026 program (~20,000 m) will target Asirem follow-up and greenfield exploration, testing geological hypotheses and targets generated over the past four years. Ongoing geological work will guide additional development priorities.

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**Technical Information**

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every metre in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco.

All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA** | **Alex Ball**  |
| President & CEO | VP, Corporate Development & IR |
| **Benoit.lasalle@ayagoldsilver.com** | **alex.ball@ayagoldsilver.com** |

---

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**Forward-Looking Statements**

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya Gold & Silver Inc.'s (the "Corporation") future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release. All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and resource potential of the Boumadine project, including of the new parallel structure identified 500m East of the Boumadine Main Trend and of the additional mineralized intercepts at Asirem; the anticipated strategic benefits of the newly identified structure on the Corporation's overall development plans; the Corporation's future drilling program; the expected scope, pace, placement, focus, and completion timing of drilling activities; the anticipated completion of the acquisition of the new Boumadine mining licence; the expected impact of geological interpretations on mine planning, resource modelling, and operational priorities; and other assumptions and factors generally associated with the mining industry.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward looking information is based include without limitation, the Corporation's ability to timely receive any requisite approvals, permits or licences; the Corporation's ability to complete the acquisition of the new Boumadine mining licence; the Corporation's ability to import goods and machinery; the Corporation's ability to engage and retain all necessary personnel in order to operate its business properly and without interruption; the accuracy and reliability of estimates, projections, forecasts, studies and assessments, including the mineral reserve and mineral resource estimates (including, but not limited to, ore tonnage and ore grade estimates); the Corporation's ability to meet or achieve estimates, projections and forecasts; assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such explorations activities; the price of silver; the price of gold; exchange rates; taxation levels; fuel and energy costs; future economic conditions; the Corporation's ability to meet current and future obligations; the Corporation's ability to obtain timely financing on reasonable terms when required; anticipated future estimates of free cash flow; estimate future production; the current and future social, economic and political conditions and environment in which the Corporation operates; and other assumptions and factors generally associated with the mining industry.

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Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including (1) there being no significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Project being consistent with the Corporation's expectations; (3) political and legal developments in the Kingdom of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resource estimates of the Corporation; (9) labour and materials costs increasing on a basis consistent with the Corporation's current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation's current expectations.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2024, filed on SEDAR+, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

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Appendix 1 - Full Drill Results from Boumadine (core lengths)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | | | | | | | | | | |
| **DDH No.** | **From**<br>**(m)** | **To**<br>**(m)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Length\***<br>**(m)** | **Cu**<br>**(%)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **Mo**<br>**(g/t)** | **Ag Eq\*\***<br>**(g/t)** |
| BOU-DD25-618 | 695.5 | 696.5 | 0.03 | 155 | 1.0 | 0.0 | 0.0 | 0.0 | 0 | 158 |
| BOU-DD25-618 | 699.5 | 700.0 | 0.31 | 22 | 0.5 | 0.1 | 0.1 | 0.5 | 0 | 63 |
| BOU-DD25-636 | 924.0 | 925.0 | 0.03 | 47 | 1.0 | 0.2 | 4.9 | 3.4 | 0 | 223 |
| BOU-DD25-636 | 1205.1 | 1206.0 | 0.08 | 67 | 0.9 | 0.6 | 0.1 | 0.1 | 0 | 122 |
| BOU-DD25-636 | 1267.6 | 1268.4 | 0.38 | 38 | 0.8 | 0.4 | 0.1 | 0.2 | 0 | 99 |
| BOU-DD25-642 | 438.3 | 439.0 | 0.49 | 19 | 0.7 | 0.0 | 0.0 | 0.0 | 250 | 63 |
| BOU-DD25-644 | 0.0 | 213.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-645 | 164.3 | 165.2 | 1.28 | 0 | 0.9 | 0.0 | 0.0 | 0.0 | 3 | 103 |
| BOU-DD25-646 | 0.0 | 234.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-647 | 314.1 | 316.5 | 3.21 | 2 | 2.4 | 0.0 | 0.0 | 0.0 | 2 | 258 |
| BOU-DD25-647 | 334.5 | 338.8 | 1.76 | 2 | 4.3 | 0.0 | 0.0 | 0.0 | 1 | 142 |
| Including | 336.4 | 338.8 | 2.48 | 3 | 2.4 | 0.0 | 0.0 | 0.0 | 1 | 201 |
| BOU-DD25-648 | 33.9 | 34.8 | 0.03 | 68 | 0.9 | 0.5 | 0.2 | 0.6 | 12 | 118 |
| BOU-DD25-649 | 0.0 | 228.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-650 | 331.2 | 332.0 | 0.28 | 32 | 0.8 | 0.2 | 0.6 | 0.2 | 40 | 83 |
| BOU-DD25-650 | 417.2 | 420.0 | 0.77 | 32 | 2.8 | 0.0 | 0.8 | 0.9 | 8 | 127 |
| BOU-DD25-651 | 68.6 | 69.2 | 0.52 | 12 | 0.6 | 0.3 | 2.8 | 0.1 | 13 | 128 |
| BOU-DD25-652 | 273.5 | 274.4 | 0.63 | 0 | 0.9 | 0.0 | 0.0 | 0.0 | 11 | 52 |
| BOU-DD25-653 | 4.9 | 6.1 | 1.34 | 7 | 1.2 | 0.0 | 1.2 | 3.0 | 7 | 198 |
| BOU-DD25-653 | 9.4 | 10.4 | 0.74 | 0 | 1.0 | 0.1 | 0.1 | 0.1 | 12 | 67 |
| BOU-DD25-653 | 12.2 | 13.0 | 0.74 | 22 | 0.8 | 0.5 | 0.8 | 0.2 | 18 | 137 |
| BOU-DD25-654 | 138.7 | 142.2 | 0.03 | 65 | 3.5 | 0.0 | 0.3 | 0.9 | 5 | 92 |
| BOU-DD25-654 | 223.3 | 225.1 | 2.30 | 128 | 1.8 | 0.6 | 0.2 | 0.2 | 4 | 357 |
| BOU-DD25-654 | 296.0 | 297.0 | 0.18 | 40 | 1.0 | 0.0 | 5.1 | 0.5 | 88 | 165 |
| BOU-DD25-654 | 299.0 | 301.0 | 0.03 | 53 | 2.0 | 0.0 | 0.3 | 0.1 | 5 | 65 |
| BOU-DD25-654 | 302.3 | 303.2 | 0.03 | 45 | 0.9 | 0.1 | 0.2 | 0.1 | 13 | 60 |
| BOU-DD25-654 | 339.5 | 340.4 | 0.34 | 30 | 0.9 | 0.1 | 0.8 | 2.8 | 21 | 133 |
| BOU-DD25-654 | 345.4 | 350.1 | 0.44 | 41 | 4.7 | 0.0 | 0.3 | 1.5 | 8 | 112 |
| BOU-DD25-655 | 0.0 | 315.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-656 | 0.0 | 225.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-657 | 477.0 | 478.0 | 0.49 | 16 | 1.0 | 0.0 | 0.0 | 0.0 | 8 | 56 |
| BOU-DD25-657 | 550.0 | 551.0 | 0.56 | 0 | 1.0 | 0.0 | 0.0 | 0.0 | 7 | 45 |
| BOU-DD25-659 | 33.0 | 33.8 | 1.08 | 95 | 0.8 | 0.1 | 0.6 | 2.3 | 7 | 242 |
| BOU-DD25-659 | 122.1 | 125.3 | 0.55 | 40 | 3.2 | 0.0 | 0.1 | 1.0 | 5 | 110 |
| BOU-DD25-659 | 253.4 | 261.3 | 1.06 | 93 | 7.9 | 0.3 | 0.4 | 0.6 | 11 | 215 |
| Including | 257.1 | 261.3 | 1.32 | 141 | 4.2 | 0.5 | 0.5 | 0.9 | 14 | 308 |
| BOU-DD25-659 | 262.0 | 262.8 | 0.52 | 33 | 0.8 | 0.1 | 0.1 | 0.6 | 14 | 97 |
| BOU-DD25-659 | 337.4 | 337.9 | 0.09 | 46 | 0.5 | 0.0 | 2.2 | 5.1 | 16 | 197 |
| BOU-DD25-659 | 409.0 | 410.0 | 0.75 | 19 | 1.0 | 0.0 | 0.9 | 0.7 | 6 | 111 |
| BOU-DD25-660 | 218.0 | 219.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-661 | 0.0 | 900.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-664 | 255.9 | 256.5 | 0.81 | 43 | 0.6 | 0.1 | 0.9 | 3.1 | 7 | 191 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-664 | 442.6 | 443.7 | 1.42 | 22 | 1.1 | 0.1 | 0.2 | 0.5 | 7 | 154 |
| BOU-DD25-664 | 469.4 | 470.8 | 2.29 | 40 | 1.4 | 0.1 | 0.3 | 0.3 | 4 | 237 |
| BOU-DD25-665 | 0.0 | 225.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-666 | 107.8 | 108.5 | 0.03 | 194 | 0.7 | 0.7 | 18.0 | 0.0 | 12 | 592 |
| BOU-DD25-667 | 181.2 | 181.8 | 0.55 | 45 | 0.6 | 0.0 | 0.1 | 0.4 | 0 | 99 |
| BOU-DD25-668 | 0.0 | 153.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-670 | 181.0 | 182.0 | 0.43 | 28 | 1.0 | 0.0 | 0.5 | 1.0 | 15 | 92 |
| BOU-DD25-670 | 216.7 | 217.2 | 0.11 | 62 | 0.5 | 0.0 | 1.5 | 3.7 | 4 | 174 |
| BOU-DD25-670 | 277.7 | 278.4 | 0.47 | 60 | 0.7 | 0.0 | 0.1 | 1.9 | 7 | 139 |
| BOU-DD25-670 | 294.4 | 296.0 | 0.50 | 13 | 1.6 | 0.0 | 0.2 | 1.3 | 5 | 82 |
| BOU-DD25-670 | 298.0 | 298.7 | 0.81 | 8 | 0.7 | 0.0 | 0.4 | 1.3 | 3 | 106 |
| BOU-DD25-670 | 509.1 | 509.7 | 0.80 | 29 | 0.6 | 0.1 | 0.3 | 1.6 | 9 | 135 |
| BOU-DD25-671 | 1.0 | 171.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-673 | 0.0 | 201.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-675 | 0.0 | 528.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-676 | 117.7 | 126.0 | 0.94 | 25 | 8.3 | 0.0 | 0.3 | 0.3 | 6 | 115 |
| BOU-DD25-676 | 357.1 | 360.0 | 1.87 | 49 | 2.9 | 0.1 | 1.6 | 1.9 | 16 | 270 |
| BOU-DD25-676 | 368.9 | 369.4 | 0.03 | 49 | 0.5 | 0.1 | 2.8 | 3.7 | 8 | 182 |
| BOU-DD25-679 | 0.0 | 150.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-681 | 535.9 | 536.6 | 5.98 | 120 | 0.7 | 0.1 | 0.4 | 4.8 | 2 | 704 |
| BOU-DD25-683 | 647.0 | 648.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-684 | 0.0 | 228.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-685 | 36.9 | 37.6 | 0.33 | 108 | 0.7 | 0.0 | 0.3 | 0.3 | 10 | 146 |
| BOU-DD25-685 | 40.9 | 41.5 | 0.30 | 67 | 0.6 | 0.0 | 0.9 | 1.5 | 3 | 139 |
| BOU-DD25-685 | 44.4 | 44.9 | 0.15 | 64 | 0.5 | 0.0 | 0.7 | 3.8 | 6 | 166 |
| BOU-DD25-685 | 47.8 | 48.3 | 0.12 | 47 | 0.5 | 0.0 | 0.2 | 0.3 | 7 | 68 |
| BOU-DD25-685 | 244.7 | 245.2 | 0.22 | 93 | 0.5 | 0.0 | 1.0 | 2.2 | 34 | 176 |
| BOU-DD25-685 | 255.5 | 256.3 | 0.62 | 13 | 0.8 | 0.0 | 0.6 | 0.4 | 18 | 83 |
| BOU-DD25-685 | 257.2 | 257.8 | 2.84 | 77 | 0.6 | 0.1 | 1.1 | 0.9 | 36 | 351 |
| BOU-DD25-685 | 358.0 | 362.0 | 5.37 | 28 | 4.0 | 0.2 | 0.0 | 0.1 | 3 | 473 |
| BOU-DD25-686 | 215.7 | 216.2 | 0.36 | 36 | 0.5 | 0.0 | 0.1 | 0.1 | 7 | 69 |
| BOU-DD25-686 | 217.2 | 217.8 | 0.40 | 58 | 0.6 | 0.0 | 0.1 | 0.1 | 13 | 93 |
| BOU-DD25-687 | 0.0 | 339.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-689 | 0.0 | 276.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-690 | 307.2 | 308.3 | 0.65 | 30 | 1.1 | 0.0 | 0.1 | 0.2 | 10 | 91 |
| BOU-DD25-690 | 408.3 | 409.2 | 2.41 | 21 | 0.9 | 0.0 | 0.6 | 1.6 | 13 | 255 |
| BOU-DD25-690 | 496.5 | 498.3 | 0.82 | 39 | 1.8 | 0.1 | 0.3 | 0.3 | 6 | 120 |
| BOU-DD25-690 | 502.4 | 503.4 | 0.53 | 21 | 1.0 | 0.1 | 0.4 | 1.4 | 8 | 100 |
| BOU-DD25-692 | 0.0 | 210.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-693 | 100.6 | 101.1 | 0.43 | 65 | 0.5 | 0.0 | 0.6 | 0.8 | 4 | 127 |
| BOU-DD25-693 | 302.0 | 302.5 | 0.25 | 57 | 0.5 | 0.1 | 3.9 | 1.9 | 24 | 195 |
| BOU-DD25-693 | 348.8 | 350.7 | 1.34 | 32 | 1.9 | 0.2 | 0.3 | 0.5 | 11 | 166 |
| BOU-DD25-693 | 351.5 | 352.3 | 0.94 | 3 | 0.8 | 0.0 | 0.1 | 0.1 | 9 | 82 |
| BOU-DD25-693 | 361.0 | 362.3 | 0.80 | 18 | 1.3 | 0.3 | 0.1 | 0.0 | 8 | 107 |
| BOU-DD25-693 | 366.7 | 367.2 | 3.17 | 36 | 0.5 | 0.1 | 0.3 | 0.2 | 6 | 307 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-693 | 608.1 | 611.7 | 1.62 | 22 | 3.6 | 0.2 | 0.4 | 3 | 175 |
| BOU-DD25-693 | 619.4 | 628.0 | 0.92 | 17 | 8.6 | 0.1 | 0.1 | 7 | 101 |
| Including | 621.9 | 623.4 | 1.28 | 12 | 1.5 | 0.0 | 0.0 | 8 | 126 |
| BOU-DD25-693 | 640.3 | 640.8 | 0.21 | 43 | 0.5 | 0.6 | 1.7 | 3 | 112 |
| BOU-DD25-693 | 641.8 | 647.3 | 0.94 | 19 | 5.5 | 0.2 | 0.3 | 3 | 112 |
| Including | 641.8 | 643.8 | 1.44 | 36 | 2.0 | 0.1 | 0.5 | 4 | 175 |
| BOU-DD25-693 | 669.5 | 670.0 | 1.28 | 59 | 0.5 | 0.3 | 1.4 | 7 | 202 |
| BOU-DD25-693 | 731.2 | 731.7 | 1.12 | 15 | 0.5 | 0.2 | 0.1 | 1 | 112 |
| BOU-DD25-693 | 737.7 | 738.2 | 0.69 | 9 | 0.5 | 0.1 | 0.4 | 7 | 74 |
| BOU-DD25-694 | 203.0 | 204.0 | 0.03 | 0 | 1.0 | 0.0 | 0.0 | 6 | 3 |
| BOU-DD25-695 | 223.0 | 224.0 | 0.03 | 810 | 1.0 | 0.0 | 0.0 | 2 | 813 |
| BOU-DD25-695 | 248.7 | 249.2 | 0.31 | 115 | 0.5 | 0.1 | 0.1 | 3 | 143 |
| BOU-DD25-695 | 252.7 | 253.2 | 0.92 | 37 | 0.5 | 0.2 | 0.1 | 12 | 118 |
| BOU-DD25-695 | 331.3 | 332.3 | 1.25 | 112 | 1.0 | 0.5 | 0.4 | 6 | 243 |
| BOU-DD25-695 | 395.8 | 396.3 | 0.31 | 56 | 0.5 | 3.2 | 5.1 | 3 | 251 |
| BOU-DD25-695 | 410.2 | 410.7 | 1.46 | 30 | 0.5 | 0.2 | 1.1 | 0 | 175 |
| BOU-DD25-695 | 444.5 | 445.1 | 0.28 | 29 | 0.6 | 0.4 | 0.5 | 7 | 69 |
| BOU-DD25-696 | 17.3 | 18.1 | 0.87 | 5 | 0.8 | 0.1 | 0.2 | 2 | 81 |
| BOU-DD25-696 | 33.1 | 33.6 | 0.58 | 16 | 0.5 | 1.2 | 2.2 | 6 | 136 |
| BOU-DD25-696 | 164.0 | 165.0 | 0.03 | 50 | 1.0 | 0.0 | 0.0 | 2 | 54 |
| BOU-DD25-696 | 390.7 | 391.6 | 2.41 | 29 | 0.9 | 0.1 | 0.5 | 9 | 236 |
| BOU-DD25-696 | 393.6 | 394.1 | 1.26 | 12 | 0.5 | 0.0 | 0.0 | 6 | 119 |
| BOU-DD25-696 | 395.0 | 396.0 | 0.61 | 10 | 1.0 | 0.0 | 0.0 | 4 | 60 |
| BOU-DD25-696 | 488.9 | 489.5 | 0.76 | 48 | 0.6 | 0.1 | 0.1 | 3 | 123 |
| BOU-DD25-697 | 75.5 | 76.0 | 1.26 | 14 | 0.5 | 0.1 | 0.1 | 6 | 123 |
| BOU-DD25-697 | 79.6 | 80.5 | 0.64 | 9 | 0.9 | 0.0 | 0.0 | 6 | 66 |
| BOU-DD25-697 | 82.3 | 87.0 | 2.45 | 31 | 4.7 | 0.1 | 0.0 | 4 | 228 |
| Including | 84.0 | 87.0 | 3.42 | 42 | 3.0 | 0.1 | 0.0 | 3 | 316 |
| BOU-DD25-697 | 493.4 | 494.3 | 3.92 | 3 | 0.9 | 0.2 | 0.2 | 4 | 321 |
| BOU-DD25-697 | 583.8 | 584.5 | 0.63 | 38 | 0.7 | 0.1 | 2.1 | 1 | 137 |
| BOU-DD25-698 | 133.5 | 134.0 | 1.07 | 27 | 0.5 | 2.0 | 2.4 | 8 | 199 |
| BOU-DD25-698 | 211.2 | 213.2 | 0.81 | 37 | 2.0 | 0.4 | 2.7 | 3 | 166 |
| BOU-DD25-698 | 221.0 | 221.5 | 0.24 | 42 | 0.5 | 0.9 | 3.4 | 3 | 150 |
| BOU-DD25-698 | 360.8 | 361.8 | 3.38 | 2 | 1.0 | 1.1 | 0.4 | 21 | 303 |
| BOU-DD25-699 | 0.0 | 324.0 |  |  |  |  |  |  | NSR |
| BOU-DD25-700 | 0.0 | 225.0 |  |  |  |  |  |  | NSR |
| BOU-DD25-701 | 0.0 | 609.0 |  |  |  |  |  |  | NSR |
| BOU-DD25-702 | 0.0 | 282.0 |  |  |  |  |  |  | NSR |
| BOU-DD25-703 | 0.0 | 300.0 |  |  |  |  |  |  | NSR |
| BOU-DD25-705 | 266.5 | 267.3 | 0.65 | 16 | 0.8 | 0.1 | 0.2 | 0 | 79 |
| BOU-DD25-705 | 269.5 | 270.3 | 0.58 | 11 | 0.8 | 0.1 | 0.0 | 1 | 60 |
| BOU-DD25-705 | 271.9 | 272.4 | 1.92 | 63 | 0.5 | 0.1 | 0.2 | 1 | 229 |
| BOU-DD25-705 | 285.0 | 286.0 | 1.15 | 20 | 1.0 | 0.1 | 0.3 | 4 | 121 |
| BOU-DD25-705 | 291.2 | 291.7 | 2.21 | 23 | 0.5 | 0.1 | 0.3 | 2 | 208 |
| BOU-DD25-705 | 314.6 | 315.1 | 1.73 | 0 | 0.5 | 0.1 | 0.1 | 5 | 143 |

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------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-705 | 318.3 | 319.6 | 1.50 | 2 | 1.3 | 0.0 | 0.0 | 0.0 | 5 | 125 |
| BOU-DD25-705 | 345.0 | 346.5 | 1.87 | 6 | 1.5 | 0.0 | 0.1 | 0.1 | 13 | 160 |
| BOU-DD25-705 | 358.1 | 359.0 | 0.72 | 5 | 0.9 | 0.0 | 0.0 | 0.0 | 1 | 65 |
| BOU-DD25-706 | 0.0 | 567.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-707 | 381.0 | 382.6 | 0.51 | 29 | 1.6 | 0.0 | 0.3 | 0.7 | 21 | 89 |
| BOU-DD25-707 | 400.0 | 401.0 | 0.03 | 206 | 1.0 | 0.0 | 0.0 | 0.0 | 4 | 209 |
| BOU-DD25-707 | 700.8 | 701.3 | 0.25 | 40 | 0.5 | 0.0 | 0.4 | 0.9 | 5 | 87 |
| BOU-DD25-707 | 772.5 | 773.4 | 0.59 | 3 | 0.9 | 0.0 | 0.0 | 0.0 | 13 | 51 |
| BOU-DD25-707 | 845.5 | 848.0 | 1.15 | 18 | 2.5 | 0.1 | 0.0 | 0.0 | 5 | 115 |
| BOU-DD25-707 | 854.9 | 855.7 | 3.68 | 27 | 0.8 | 0.2 | 0.1 | 0.1 | 8 | 331 |
| BOU-DD25-708 | 0.0 | 558.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-709 | 32.5 | 33.5 | 2.84 | 26 | 1.0 | 0.0 | 0.7 | 0.2 | 2 | 271 |
| BOU-DD25-709 | 109.0 | 112.6 | 1.89 | 45 | 3.6 | 0.2 | 0.1 | 0.2 | 10 | 213 |
| Including | 109.0 | 110.0 | 2.58 | 29 | 1.0 | 0.1 | 0.1 | 0.1 | 10 | 247 |
| BOU-DD25-709 | 364.7 | 365.3 | 0.91 | 296 | 0.6 | 1.3 | 3.5 | 2.6 | 3 | 578 |
| BOU-DD25-710 | 488.0 | 489.0 | 0.11 | 43 | 1.0 | 0.8 | 0.4 | 0.3 | 5 | 119 |
| BOU-DD25-710 | 542.1 | 542.6 | 0.86 | 78 | 0.5 | 0.1 | 0.2 | 0.2 | 3 | 157 |
| BOU-DD25-710 | 543.5 | 544.0 | 0.45 | 27 | 0.5 | 0.1 | 0.1 | 0.1 | 3 | 75 |
| BOU-DD25-711 | 139.2 | 149.3 | 1.19 | 15 | 10.1 | 0.0 | 0.1 | 1.0 | 4 | 133 |
| Including | 144.6 | 147.7 | 2.12 | 26 | 3.1 | 0.0 | 0.2 | 1.2 | 4 | 226 |
| BOU-DD25-711 | 172.0 | 176.9 | 0.98 | 11 | 4.9 | 0.0 | 0.1 | 0.1 | 7 | 96 |
| BOU-DD25-711 | 408.0 | 409.1 | 0.28 | 101 | 1.1 | 0.0 | 4.2 | 1.9 | 3 | 243 |
| BOU-DD25-711 | 423.8 | 424.3 | 0.60 | 0 | 0.5 | 0.1 | 0.0 | 0.1 | 1 | 53 |
| BOU-DD25-712 | 80.0 | 81.5 | 1.70 | 5 | 1.5 | 0.1 | 0.1 | 0.2 | 10 | 148 |
| BOU-DD25-712 | 394.9 | 396.2 | 1.22 | 115 | 1.3 | 0.3 | 0.1 | 0.6 | 0 | 244 |
| BOU-DD25-712 | 445.5 | 446.1 | 0.12 | 55 | 0.6 | 0.1 | 0.2 | 0.0 | 1 | 76 |
| BOU-DD25-713 | 0.0 | 600.3 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-714 | 0.0 | 159.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-716 | 0.0 | 165.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-717 | 0.0 | 234.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-718 | 326.0 | 326.5 | 0.76 | 22 | 0.5 | 0.1 | 0.2 | 0.5 | 14 | 98 |
| BOU-DD25-719 | 0.0 | 279.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-720 | 28.6 | 29.4 | 0.17 | 40 | 0.8 | 0.0 | 0.6 | 1.3 | 3 | 90 |
| BOU-DD25-720 | 34.3 | 34.8 | 1.43 | 33 | 0.5 | 0.0 | 0.4 | 1.4 | 9 | 184 |
| BOU-DD25-720 | 299.9 | 300.5 | 0.67 | 271 | 0.6 | 0.0 | 1.1 | 1.3 | 10 | 373 |
| BOU-DD25-720 | 317.7 | 318.9 | 0.67 | 46 | 1.2 | 0.7 | 2.6 | 5.8 | 13 | 314 |
| BOU-DD25-720 | 437.7 | 439.3 | 0.58 | 30 | 1.6 | 0.0 | 0.2 | 0.2 | 3 | 84 |
| BOU-DD25-721 | 113.0 | 113.5 | 0.03 | 142 | 0.5 | 0.0 | 1.4 | 0.0 | 11 | 173 |
| BOU-DD25-722 | 19.2 | 19.9 | 0.05 | 54 | 0.7 | 0.1 | 3.8 | 3.2 | 8 | 197 |
| BOU-DD25-722 | 96.8 | 98.9 | 1.24 | 22 | 2.1 | 0.0 | 1.1 | 0.1 | 3 | 144 |
| BOU-DD25-723 | 19.8 | 20.8 | 0.23 | 35 | 1.0 | 0.0 | 0.1 | 0.0 | 60 | 57 |
| BOU-DD25-723 | 24.6 | 25.1 | 0.46 | 34 | 0.5 | 0.0 | 0.1 | 0.0 | 94 | 75 |
| BOU-DD25-723 | 73.0 | 75.0 | 0.41 | 46 | 2.0 | 0.0 | 1.3 | 0.9 | 41 | 122 |
| BOU-DD25-723 | 78.0 | 79.1 | 1.09 | 1566 | 1.1 | 0.3 | 0.7 | 1.6 | 171 | 1719 |
| BOU-DD25-723 | 85.0 | 85.6 | 0.03 | 64 | 0.6 | 0.0 | 0.1 | 0.2 | 40 | 74 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-724 | 229.7 | 230.3 | 0.07 | 68 | 0.6 | 0.2 | 0.8 | 0.7 | 6 | 116 |
| BOU-DD25-724 | 232.8 | 233.6 | 0.55 | 12 | 0.8 | 0.1 | 0.0 | 0.0 | 15 | 63 |
| BOU-DD25-725 | 250.5 | 251.0 | 0.72 | 51 | 0.5 | 0.0 | 0.4 | 0.8 | 7 | 132 |
| BOU-DD25-726 | 0.0 | 342.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-727 | 0.0 | 387.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-728 | 121.6 | 123.0 | 2.28 | 179 | 1.4 | 0.5 | 0.3 | 1.7 | 10 | 429 |
| BOU-DD25-728 | 136.2 | 138.6 | 1.36 | 154 | 2.4 | 0.2 | 0.3 | 0.9 | 10 | 296 |
| BOU-DD25-728 | 143.7 | 144.2 | 0.38 | 49 | 0.5 | 0.0 | 0.7 | 1.6 | 11 | 126 |
| BOU-DD25-728 | 152.0 | 152.6 | 1.66 | 46 | 0.6 | 0.1 | 1.1 | 4.3 | 10 | 287 |
| BOU-DD25-728 | 208.4 | 208.9 | 0.52 | 15 | 0.5 | 0.0 | 0.1 | 1.7 | 9 | 93 |
| BOU-DD25-728 | 210.0 | 221.9 | 1.55 | 83 | 11.9 | 0.1 | 0.5 | 1.7 | 26 | 255 |
| Including | 212.1 | 220.0 | 2.07 | 112 | 7.9 | 0.1 | 0.6 | 2.1 | 28 | 337 |
| BOU-DD25-728 | 225.9 | 226.9 | 0.46 | 35 | 1.0 | 0.1 | 0.9 | 2.4 | 26 | 140 |
| BOU-DD25-728 | 235.0 | 236.0 | 0.57 | 14 | 1.0 | 0.0 | 0.5 | 1.2 | 4 | 94 |
| BOU-DD25-728 | 299.0 | 301.0 | 0.03 | 79 | 2.0 | 0.2 | 0.2 | 0.6 | 22 | 109 |
| BOU-DD25-729 | 202.0 | 202.5 | 0.55 | 12 | 0.5 | 0.0 | 0.1 | 0.0 | 5 | 58 |
| BOU-DD25-729 | 266.0 | 267.0 | 2.78 | 9 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 230 |
| BOU-DD25-729 | 308.0 | 308.7 | 0.06 | 118 | 0.7 | 0.3 | 0.8 | 0.7 | 65 | 174 |
| BOU-DD25-729 | 326.0 | 326.7 | 2.18 | 124 | 0.7 | 0.0 | 0.5 | 3.6 | 107 | 382 |
| BOU-DD25-729 | 353.0 | 354.5 | 0.19 | 38 | 1.5 | 0.0 | 0.1 | 0.5 | 166 | 69 |
| BOU-DD25-729 | 357.2 | 359.0 | 0.22 | 73 | 1.8 | 0.0 | 0.7 | 2.5 | 226 | 157 |
| BOU-DD25-730 | 343.1 | 348.6 | 1.81 | 104 | 5.5 | 0.3 | 0.1 | 0.3 | 1 | 275 |
| Including | 347.0 | 348.6 | 4.36 | 144 | 1.6 | 0.6 | 0.1 | 0.5 | 3 | 544 |
| BOU-DD25-730 | 359.0 | 361.3 | 1.07 | 94 | 2.3 | 0.1 | 0.1 | 1.5 | 2 | 218 |
| BOU-DD25-731 | 168.0 | 169.7 | 0.63 | 15 | 1.7 | 0.0 | 0.1 | 0.2 | 4 | 72 |
| BOU-DD25-732 | 449.4 | 449.9 | 0.58 | 18 | 0.5 | 0.1 | 0.0 | 1.5 | 5 | 101 |
| BOU-DD25-732 | 452.0 | 452.6 | 1.92 | 62 | 0.6 | 0.2 | 0.1 | 2.0 | 3 | 271 |
| BOU-DD25-732 | 453.6 | 454.1 | 0.77 | 10 | 0.5 | 0.2 | 0.0 | 0.7 | 3 | 96 |
| BOU-DD25-732 | 464.6 | 465.1 | 0.23 | 33 | 0.5 | 0.1 | 0.2 | 1.1 | 5 | 80 |
| BOU-DD25-733 | 32.4 | 33.0 | 0.93 | 43 | 0.6 | 0.0 | 1.0 | 1.4 | 9 | 164 |
| BOU-DD25-733 | 114.0 | 115.0 | 0.63 | 6 | 1.0 | 0.0 | 0.1 | 0.2 | 6 | 63 |
| BOU-DD25-733 | 192.8 | 195.6 | 2.00 | 35 | 2.8 | 0.0 | 0.4 | 2.4 | 11 | 251 |
| BOU-DD25-733 | 204.6 | 206.6 | 0.45 | 34 | 2.0 | 0.0 | 0.1 | 0.2 | 8 | 75 |
| BOU-DD25-733 | 209.6 | 210.1 | 0.26 | 75 | 0.5 | 0.4 | 0.1 | 0.1 | 5 | 128 |
| BOU-DD25-733 | 317.3 | 318.1 | 0.33 | 43 | 0.8 | 0.0 | 0.1 | 0.1 | 29 | 75 |
| BOU-DD25-734 | 80.6 | 81.6 | 0.91 | 41 | 1.0 | 0.0 | 0.8 | 2.5 | 77 | 182 |
| BOU-DD25-734 | 92.1 | 98.1 | 2.72 | 144 | 6.0 | 0.3 | 0.2 | 3.3 | 7 | 446 |
| BOU-DD25-734 | 213.0 | 213.5 | 1.00 | 4 | 0.5 | 0.0 | 0.2 | 0.1 | 9 | 89 |
| BOU-DD25-735 | 0.0 | 234.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-736 | 394.2 | 396.0 | 0.41 | 191 | 1.8 | 0.0 | 1.7 | 1.7 | 154 | 294 |
| BOU-DD25-736 | 501.0 | 506.6 | 0.56 | 136 | 5.6 | 0.0 | 1.4 | 2.5 | 133 | 260 |
| Including | 503.0 | 505.7 | 0.91 | 214 | 2.7 | 0.0 | 2.1 | 4.2 | 231 | 414 |
| BOU-DD25-736 | 514.5 | 515.0 | 0.55 | 87 | 0.5 | 0.0 | 0.9 | 2.0 | 1008 | 204 |
| BOU-DD25-737 | 8.3 | 9.3 | 0.44 | 22 | 1.0 | 0.0 | 0.3 | 0.0 | 11 | 64 |
| BOU-DD25-737 | 38.6 | 39.6 | 0.33 | 38 | 1.0 | 0.0 | 0.5 | 0.7 | 427 | 95 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-737 | 44.6 | 51.0 | 0.46 | 97 | 6.4 | 0.0 | 1.1 | 1.5 | 119 | 189 |
| Including | 47.6 | 48.8 | 1.15 | 228 | 1.2 | 0.0 | 2.2 | 4.3 | 151 | 451 |
| BOU-DD25-737 | 168.0 | 170.0 | 0.38 | 38 | 2.0 | 0.0 | 0.7 | 2.0 | 13 | 121 |
| BOU-DD25-737 | 199.0 | 200.0 | 0.34 | 25 | 1.0 | 0.0 | 0.4 | 1.2 | 7 | 85 |
| BOU-DD25-737 | 203.0 | 204.0 | 0.52 | 9 | 1.0 | 0.0 | 0.1 | 0.6 | 7 | 63 |
| BOU-DD25-737 | 249.0 | 250.5 | 0.74 | 25 | 1.5 | 0.0 | 0.2 | 0.4 | 51 | 98 |
| BOU-DD25-737 | 251.4 | 252.3 | 0.42 | 17 | 0.9 | 0.0 | 0.1 | 0.1 | 62 | 57 |
| BOU-DD25-737 | 270.5 | 271.3 | 0.64 | 19 | 0.8 | 0.1 | 0.1 | 0.1 | 22 | 76 |
| BOU-DD25-737 | 286.0 | 287.0 | 0.65 | 6 | 1.0 | 0.0 | 0.0 | 0.0 | 39 | 62 |
| BOU-DD25-737 | 288.0 | 290.6 | 0.71 | 17 | 2.6 | 0.2 | 0.1 | 0.0 | 92 | 91 |
| BOU-DD25-737 | 314.4 | 315.5 | 0.28 | 54 | 1.1 | 0.1 | 0.2 | 2.5 | 24 | 135 |
| BOU-DD25-737 | 317.0 | 318.0 | 0.27 | 38 | 1.0 | 0.0 | 0.4 | 1.0 | 17 | 89 |
| BOU-DD25-738 | 103.5 | 104.5 | 0.79 | 2 | 1.0 | 0.0 | 0.1 | 0.1 | 6 | 68 |
| BOU-DD25-738 | 130.0 | 130.7 | 0.29 | 55 | 0.7 | 0.0 | 0.1 | 0.4 | 58 | 90 |
| BOU-DD25-738 | 144.3 | 144.9 | 0.31 | 32 | 0.6 | 0.1 | 0.6 | 4.0 | 94 | 154 |
| BOU-DD25-738 | 148.0 | 149.7 | 1.03 | 69 | 1.7 | 0.1 | 0.8 | 3.9 | 117 | 248 |
| BOU-DD25-738 | 150.3 | 151.0 | 0.85 | 11 | 0.7 | 0.0 | 0.1 | 0.9 | 56 | 99 |
| BOU-DD25-738 | 157.8 | 158.5 | 0.36 | 23 | 0.7 | 0.0 | 0.5 | 0.7 | 35 | 75 |
| BOU-DD25-738 | 161.0 | 161.6 | 0.57 | 19 | 0.6 | 0.0 | 0.6 | 1.1 | 46 | 99 |
| BOU-DD25-738 | 164.8 | 170.0 | 1.20 | 120 | 5.2 | 0.1 | 0.6 | 4.4 | 78 | 320 |
| BOU-DD25-738 | 174.2 | 174.7 | 1.01 | 176 | 0.5 | 0.3 | 0.8 | 2.1 | 14 | 336 |
| BOU-DD25-738 | 176.8 | 177.3 | 0.57 | 105 | 0.5 | 0.1 | 1.5 | 1.9 | 14 | 223 |
| BOU-DD25-738 | 179.7 | 180.4 | 0.70 | 65 | 0.7 | 0.2 | 1.8 | 4.9 | 50 | 266 |
| BOU-DD25-738 | 203.1 | 204.0 | 0.88 | 188 | 0.9 | 0.1 | 1.6 | 2.5 | 33 | 346 |
| BOU-DD25-738 | 216.6 | 217.2 | 0.49 | 16 | 0.6 | 0.0 | 0.6 | 0.6 | 12 | 79 |
| BOU-DD25-738 | 358.6 | 359.2 | 1.26 | 46 | 0.6 | 0.0 | 2.2 | 7.5 | 9 | 339 |
| BOU-DD25-738 | 376.6 | 377.5 | 0.82 | 36 | 0.9 | 0.0 | 2.3 | 3.9 | 26 | 224 |
| BOU-DD25-738 | 379.9 | 380.6 | 0.62 | 28 | 0.7 | 0.0 | 0.1 | 0.2 | 32 | 84 |
| BOU-DD25-738 | 381.3 | 382.2 | 0.70 | 18 | 0.9 | 0.0 | 0.3 | 0.2 | 18 | 84 |
| BOU-DD25-738 | 389.0 | 389.9 | 0.38 | 76 | 0.9 | 0.0 | 6.0 | 4.4 | 14 | 313 |
| BOU-DD25-738 | 392.2 | 393.0 | 0.37 | 22 | 0.8 | 0.0 | 0.2 | 0.1 | 9 | 59 |
| BOU-DD25-738 | 399.2 | 400.7 | 0.63 | 42 | 1.5 | 0.0 | 0.3 | 0.9 | 8 | 116 |
| BOU-DD25-738 | 407.0 | 408.0 | 0.54 | 22 | 1.0 | 0.0 | 0.3 | 0.1 | 0 | 74 |
| BOU-DD25-739 | 463.5 | 464.1 | 0.66 | 117 | 0.6 | 0.0 | 0.7 | 3.0 | 356 | 248 |
| BOU-DD25-740 | 128.4 | 130.1 | 0.03 | 88 | 1.7 | 0.3 | 4.8 | 0.2 | 2 | 205 |
| BOU-DD25-740 | 210.8 | 211.8 | 0.23 | 62 | 1.0 | 0.0 | 1.0 | 3.6 | 15 | 172 |
| BOU-DD25-740 | 218.7 | 219.6 | 0.82 | 22 | 0.9 | 0.0 | 0.7 | 1.0 | 49 | 121 |
| BOU-DD25-740 | 224.1 | 232.3 | 0.69 | 54 | 8.2 | 0.1 | 0.9 | 4.4 | 36 | 220 |
| Including | 229.8 | 232.3 | 1.03 | 129 | 2.5 | 0.2 | 1.7 | 8.2 | 19 | 418 |
| BOU-DD25-740 | 234.8 | 235.8 | 0.40 | 34 | 1.0 | 0.0 | 1.3 | 1.8 | 12 | 127 |
| BOU-DD25-740 | 341.0 | 342.0 | 0.26 | 59 | 1.0 | 0.1 | 0.4 | 0.2 | 6 | 95 |
| BOU-DD25-741 | 114.0 | 115.0 | 0.83 | 4 | 1.0 | 0.0 | 0.2 | 0.5 | 31 | 85 |
| BOU-DD25-741 | 352.2 | 352.7 | 0.98 | 47 | 0.5 | 0.1 | 0.3 | 1.8 | 4 | 172 |
| BOU-DD25-742 | 287.6 | 304.7 | 1.34 | 25 | 17.1 | 0.0 | 0.5 | 1.2 | 19 | 166 |
| Including | 292.1 | 295.6 | 2.80 | 35 | 3.5 | 0.0 | 0.3 | 1.8 | 44 | 301 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-742 | 453.8 | 454.5 | 2.82 | 15 | 0.7 | 0.0 | 0.1 | 0.0 | 22 | 242 |
| BOU-DD25-743 | 243.9 | 244.6 | 0.61 | 42 | 0.7 | 0.0 | 0.7 | 1.1 | 8 | 128 |
| BOU-DD25-743 | 352.6 | 353.4 | 2.85 | 27 | 0.8 | 0.0 | 0.7 | 2.0 | 1 | 309 |
| BOU-DD25-744 | 120.5 | 121.0 | 1.51 | 24 | 0.5 | 0.1 | 0.3 | 0.5 | 3 | 169 |
| BOU-DD25-744 | 169.5 | 170.5 | 0.03 | 54 | 1.0 | 0.2 | 0.4 | 0.1 | 11 | 80 |
| BOU-DD25-744 | 312.0 | 314.5 | 3.06 | 76 | 2.5 | 0.1 | 2.8 | 1.6 | 8 | 409 |
| BOU-DD25-745 | 11.0 | 17.0 | 0.30 | 50 | 6.0 | 0.0 | 0.8 | 0.0 | 18 | 91 |
| BOU-DD25-745 | 32.0 | 32.8 | 0.13 | 53 | 0.8 | 0.0 | 0.2 | 0.7 | 9 | 80 |
| BOU-DD25-745 | 36.3 | 39.5 | 0.41 | 245 | 3.2 | 0.0 | 1.0 | 2.4 | 10 | 346 |
| BOU-DD25-745 | 42.5 | 45.0 | 0.10 | 43 | 2.5 | 0.0 | 0.6 | 1.4 | 11 | 92 |
| BOU-DD25-745 | 55.2 | 56.1 | 0.13 | 49 | 0.9 | 0.0 | 0.5 | 0.9 | 12 | 89 |
| BOU-DD25-745 | 124.3 | 128.1 | 0.13 | 53 | 3.8 | 0.0 | 0.6 | 2.3 | 12 | 122 |
| BOU-DD25-745 | 148.4 | 149.0 | 0.20 | 38 | 0.6 | 0.0 | 0.2 | 0.8 | 9 | 74 |
| BOU-DD25-745 | 178.0 | 179.0 | 0.39 | 21 | 1.0 | 0.0 | 0.1 | 0.0 | 20 | 54 |
| BOU-DD25-745 | 182.0 | 184.0 | 0.36 | 42 | 2.0 | 0.0 | 0.7 | 1.1 | 27 | 107 |
| BOU-DD25-745 | 192.1 | 193.0 | 0.72 | 9 | 0.9 | 0.0 | 0.1 | 0.1 | 5 | 71 |
| BOU-DD25-745 | 280.6 | 281.4 | 0.14 | 93 | 0.8 | 0.6 | 0.1 | 0.5 | 26 | 158 |
| BOU-DD25-745 | 292.8 | 293.6 | 0.46 | 22 | 0.8 | 0.0 | 0.1 | 0.0 | 61 | 65 |
| BOU-DD25-745 | 294.6 | 295.8 | 0.66 | 112 | 1.2 | 0.5 | 0.3 | 1.2 | 112 | 226 |
| BOU-DD25-746 | 4.5 | 6.7 | 0.48 | 141 | 2.2 | 0.0 | 0.3 | 0.0 | 30 | 187 |
| BOU-DD25-746 | 14.2 | 15.0 | 0.70 | 11 | 0.8 | 0.0 | 0.5 | 0.0 | 10 | 78 |
| BOU-DD25-746 | 77.0 | 78.0 | 0.53 | 8 | 1.0 | 0.1 | 0.3 | 0.6 | 32 | 74 |
| BOU-DD25-746 | 149.9 | 150.9 | 0.53 | 14 | 1.0 | 0.0 | 0.1 | 0.1 | 10 | 62 |
| BOU-DD25-746 | 152.7 | 153.6 | 0.59 | 9 | 0.9 | 0.0 | 0.1 | 0.0 | 9 | 58 |
| BOU-DD25-746 | 157.2 | 158.0 | 0.39 | 47 | 0.8 | 0.0 | 0.8 | 4.3 | 10 | 181 |
| BOU-DD25-746 | 189.0 | 190.0 | 0.76 | 21 | 1.0 | 0.0 | 0.2 | 0.8 | 10 | 102 |
| BOU-DD25-746 | 273.0 | 274.0 | 0.73 | 28 | 1.0 | 0.0 | 0.6 | 2.1 | 67 | 141 |
| BOU-DD25-746 | 277.2 | 278.8 | 1.22 | 231 | 1.6 | 0.1 | 2.7 | 3.7 | 21 | 457 |
| BOU-DD25-746 | 284.2 | 285.0 | 0.78 | 12 | 0.8 | 0.0 | 0.1 | 0.0 | 83 | 77 |
| BOU-DD25-746 | 341.7 | 343.5 | 0.45 | 27 | 1.8 | 0.0 | 0.1 | 1.1 | 16 | 87 |
| BOU-DD25-746 | 367.0 | 368.0 | 1.53 | 13 | 1.0 | 0.0 | 0.0 | 0.1 | 15 | 137 |
| BOU-DD25-746 | 369.9 | 370.5 | 0.74 | 44 | 0.6 | 0.1 | 0.2 | 0.3 | 14 | 118 |
| BOU-DD25-748 | 0.0 | 213.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-749 | 159.0 | 160.0 | 2.16 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 24 | 176 |
| BOU-DD25-749 | 320.0 | 321.0 | 1.17 | 6 | 1.0 | 0.0 | 0.2 | 0.2 | 12 | 108 |
| BOU-DD25-750 | 0.0 | 258.0 |  |  |  |  |  |  |  | NSR |
| BOU-DD25-751 | 50.5 | 51.1 | 0.63 | 55 | 0.6 | 0.1 | 1.1 | 0.9 | 274 | 155 |
| BOU-DD25-751 | 122.7 | 124.2 | 0.45 | 28 | 1.5 | 0.0 | 0.1 | 0.5 | 92 | 77 |
| BOU-DD25-751 | 147.1 | 147.6 | 1.07 | 69 | 0.5 | 0.0 | 0.3 | 5.6 | 67 | 274 |
| BOU-DD25-751 | 194.0 | 195.0 | 0.71 | 6 | 1.0 | 0.0 | 0.1 | 0.1 | 6 | 66 |
| BOU-DD25-751 | 336.0 | 337.0 | 0.63 | 4 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 55 |
| BOU-DD25-751 | 353.8 | 355.8 | 0.29 | 66 | 2.0 | 0.0 | 1.5 | 3.4 | 10 | 184 |
| BOU-DD25-751 | 358.7 | 364.7 | 0.41 | 73 | 6.0 | 0.0 | 0.9 | 1.1 | 25 | 146 |
| Including | 358.7 | 360.0 | 0.69 | 206 | 1.3 | 0.0 | 1.6 | 3.8 | 18 | 369 |
| BOU-DD25-751 | 372.7 | 374.7 | 1.02 | 14 | 2.0 | 0.0 | 0.4 | 0.7 | 14 | 115 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-MP25-083 | 496.9 | 497.5 | 0.68 | 87 | 0.6 | 0.1 | 0.2 | 0.2 | 19 | 153 |
| BOU-MP25-092 | 365.3 | 366.5 | 1.23 | 195 | 1.2 | 0.0 | 1.2 | 3.1 | 94 | 380 |
| BOU-MP25-092 | 370.5 | 380.0 | 0.60 | 113 | 9.5 | 0.0 | 2.1 | 4.6 | 95 | 296 |
| BOU-MP25-093 | 474.4 | 477.0 | 0.94 | 148 | 2.6 | 0.0 | 2.5 | 4.3 | 95 | 358 |
| BOU-RC25-045 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-047 | 0.0 | 165.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-048 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-049 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-050 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-051 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-052 | 0.0 | 96.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-053 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-054 | 149.0 | 150.0 | 0.03 | 109 | 1.0 | 0.0 | 0.0 | 0.0 | 2 | 112 |
| BOU-RC25-055 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-056 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-058 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-059 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-064 | 0.0 | 180.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-065 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-067 | 0.0 | 200.0 |  |  |  |  |  |  |  | NSR |
| BOU-RC25-068 | 0.0 | 150.0 |  |  |  |  |  |  |  | NSR |

---

\*True width remains undetermined at this stage; all values are uncut.

1. Ag equivalent is based on a silver price of US$30/oz with a process recovery of 89%, a gold price of US$2,800/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% resulting in the following ratios: 1g/t Au: 79.3g/t Ag; 1% Cu: 68.3 g/t Ag; 1% Pb: 19.4 g/t Ag; and 1% Zn: 19.7 g/t Ag.

Appendix 2 – New Drillhole Coordinates of 2025 and 2026 Boumadine Exploration Program (completed holes)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Easting** | **Northing** | **Elevation** | **Azimuth** | **Dip** | **Length (m)** |
| BOU-DD25-704 | 318245 | 3473083 | 1354 | 250 | -51 | 609 |
| BOU-DD25-705 | 315593 | 3477753 | 1255 | 270 | -50 | 531 |
| BOU-DD25-706 | 306152 | 3468989 | 1321 | 150 | -48 | 567 |
| BOU-DD25-707 | 317346 | 3474362 | 1294 | 70 | -50 | 906 |
| BOU-DD25-708 | 306047 | 3469167 | 1224 | 150 | -50 | 558 |
| BOU-DD25-709 | 315696 | 3477899 | 1283 | 270 | -50 | 459 |
| BOU-DD25-710 | 315772 | 3477903 | 1260 | 270 | -50 | 576 |
| BOU-DD25-711 | 315865 | 3477902 | 1271 | 270 | -50 | 516 |
| BOU-DD25-712 | 315727 | 3478105 | 1273 | 270 | -50 | 534 |
| BOU-DD25-713 | 318072 | 3473013 | 1336 | 250 | -50 | 600.3 |
| BOU-DD25-714 | 305776 | 3468631 | 1310 | 150 | -50 | 159 |
| BOU-DD25-715 | 317901 | 3472954 | 1326 | 249 | -50 | 606 |
| BOU-DD25-716 | 306071 | 3468719 | 1323 | 150 | -50 | 165 |
| BOU-DD25-717 | 305756 | 3468665 | 1305 | 150 | -50 | 234 |
| BOU-DD25-718 | 315806 | 3478104 | 1277 | 270 | -50 | 558 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-719 | 305734 | 3468704 | 1305 | 150 | -50 | 279 |
| BOU-DD25-720 | 315729 | 3478012 | 1282 | 270 | -50 | 531 |
| BOU-DD25-721 | 305712 | 3468742 | 1306 | 151 | -50 | 330 |
| BOU-DD25-722 | 315799 | 3478013 | 1265 | 270 | -50 | 552 |
| BOU-DD25-723 | 317132 | 3474697 | 1280 | 70 | -50 | 90 |
| BOU-DD25-724 | 315611 | 3478207 | 1254 | 270 | -50 | 510 |
| BOU-DD25-725 | 317720 | 3473647 | 1280 | 71 | -50 | 354 |
| BOU-DD25-726 | 305693 | 3468774 | 1296 | 151 | -51 | 342 |
| BOU-DD25-727 | 305673 | 3468809 | 1288 | 150 | -50 | 387 |
| BOU-DD25-728 | 317224 | 3476793 | 1210 | 250 | -50 | 354 |
| BOU-DD25-729 | 317638 | 3473618 | 1278 | 69 | -50 | 414 |
| BOU-DD25-730 | 315697 | 3478206 | 1247 | 270 | -50 | 504 |
| BOU-DD25-731 | 315531 | 3478398 | 1271 | 270 | -50 | 501 |
| BOU-DD25-732 | 315799 | 3478208 | 1269 | 270 | -50 | 534 |
| BOU-DD25-733 | 317110 | 3477043 | 1219 | 251 | -49 | 456 |
| BOU-DD25-734 | 315858 | 3477868 | 1265 | 250 | -50 | 225 |
| BOU-DD25-735 | 317201 | 3474724 | 1293 | 69 | -48 | 234 |
| BOU-DD25-736 | 317558 | 3473587 | 1282 | 70 | -50 | 522 |
| BOU-DD25-737 | 317168 | 3474712 | 1285 | 72 | -49 | 348 |
| BOU-DD25-738 | 317098 | 3474686 | 1275 | 69 | -50 | 474 |
| BOU-DD25-739 | 317474 | 3473557 | 1287 | 71 | -51 | 708 |
| BOU-DD25-740 | 317066 | 3474674 | 1269 | 72 | -50 | 453 |
| BOU-DD25-741 | 315643 | 3478055 | 1269 | 270 | -50 | 353 |
| BOU-DD25-742 | 317030 | 3474660 | 1261 | 68 | -50 | 549 |
| BOU-DD25-743 | 315683 | 3478404 | 1258 | 270 | -50 | 634.6 |
| BOU-DD25-744 | 315830 | 3478399 | 1239 | 270 | -50 | 711 |
| BOU-DD25-745 | 317169 | 3474804 | 1294 | 70 | -51 | 357 |
| BOU-DD25-746 | 317141 | 3474792 | 1285 | 70 | -50 | 393 |
| BOU-DD25-747 | 316025 | 3478409 | 1259 | 270 | -50 | 702 |
| BOU-DD25-748 | 317778 | 3473615 | 1285 | 70 | -50 | 213 |
| BOU-DD25-749 | 316172 | 3478404 | 1253 | 270 | -50 | 708 |
| BOU-DD25-750 | 317742 | 3473602 | 1284 | 70 | -50 | 258 |
| BOU-DD25-751 | 317108 | 3474785 | 1284 | 70 | -50 | 453 |
| BOU-DD25-752 | 315280 | 3478355 | 1277 | 270 | -50 | 102 |
| BOU-DD25-753 | 317703 | 3473588 | 1282 | 70 | -50 | 420 |
| BOU-DD25-754 | 317659 | 3473574 | 1282 | 70 | -50 | 450 |
| BOU-DD25-755 | 317624 | 3473563 | 1284 | 69 | -49 | 555 |
| BOU-DD25-756 | 315336 | 3478352 | 1295 | 270 | -50 | 240 |
| BOU-DD26-757 | 317710 | 3473692 | 1282 | 70 | -50 | 204 |
| BOU-DD26-758 | 317673 | 3473679 | 1280 | 69 | -50 | 258 |
| BOU-DD26-759 | 317636 | 3473673 | 1277 | 70 | -50 | 384 |
| BOU-DD26-760 | 316346 | 3478404 | 1251 | 270 | -50 | 702 |
| BOU-DD26-761 | 317605 | 3473657 | 1275 | 69 | -48 | 450 |
| BOU-DD26-762 | 317645 | 3473784 | 1284 | 72 | -50 | 201 |
| BOU-DD26-763 | 317606 | 3473769 | 1281 | 70 | -50 | 219 |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD26-764 | 315414 | 3478353 | 1268 | 270 | -50 | 279 |
| BOU-DD26-765 | 315381 | 3478353 | 1284 | 270 | -50 | 225 |
| BOU-DD26-766 | 317573 | 3473757 | 1275 | 70 | -50 | 309 |
| BOU-DD26-767 | 317534 | 3473743 | 1270 | 71 | -49 | 414 |
| BOU-DD26-768 | 317573 | 3473864 | 1281 | 70 | -50 | 204 |
| BOU-DD26-769 | 317536 | 3473850 | 1278 | 70 | -51 | 225 |
| BOU-DD26-770 | 315449 | 3478353 | 1258 | 270 | -50 | 351 |
| BOU-DD26-771 | 315501 | 3478353 | 1266 | 270 | -50 | 402 |
| BOU-DD26-772 | 315278 | 3478163 | 1260 | 270 | -50 | 108 |
| BOU-DD26-773 | 317497 | 3473836 | 1275 | 69 | -51 | 306 |
| BOU-DD26-774 | 315331 | 3478163 | 1272 | 270 | -50 | 150 |
| BOU-DD26-775 | 317464 | 3473824 | 1268 | 70 | -50 | 444 |
| BOU-DD26-776 | 317426 | 3473810 | 1263 | 70 | -50 | 492 |
| BOU-DD26-777 | 317386 | 3473795 | 1265 | 67 | -50 | 600 |
| BOU-DD26-778 | 317532 | 3473956 | 1281 | 69 | -50 | 210 |
| BOU-DD26-779 | 317494 | 3473942 | 1278 | 70 | -51 | 201 |
| BOU-DD26-780 | 315383 | 3478163 | 1281 | 270 | -50 | 204 |
| BOU-DD26-781 | 315549 | 3473824 | 1268 | 270 | -50 | 450 |
| BOU-DD26-782 | 317459 | 3473929 | 1272 | 71 | -50 | 252 |
| BOU-DD26-783 | 317420 | 3473915 | 1267 | 70 | -50 | 369 |
| BOU-DD26-784 | 315589 | 3478353 | 1263 | 270 | -50 | 507 |
| BOU-DD26-785 | 315632 | 3478353 | 1259 | 270 | -50 | 522 |
| BOU-DD26-786 | 317378 | 3473900 | 1267 | 70 | -50 | 477 |
| BOU-DD26-787 | 317494 | 3474048 | 1299 | 70 | -50 | 306 |
| BOU-DD26-788 | 315423 | 3478163 | 1279 | 270 | -50 | 282 |
| BOU-DD26-789 | 317459 | 3474035 | 1290 | 70 | -50 | 252 |
| BOU-DD26-790 | 317430 | 3474025 | 1282 | 70 | -50 | 288 |
| BOU-DD26-791 | 317393 | 3474011 | 1275 | 70 | -50 | 408 |
| BOU-DD26-792 | 317361 | 3474000 | 1266 | 70 | -50 | 405 |
| BOU-DD26-793 | 315673 | 3478353 | 1253 | 269 | -50 | 402 |
| BOU-DD26-794 | 317739 | 3473657 | 1282 | 70 | -50 | 204 |
| BOU-DD26-795 | 315455 | 3478163 | 1264 | 270 | -50 | 330 |
| BOU-DD26-796 | 317320 | 3473985 | 1263 | 70 | -50 | 603 |
| BOU-DD26-797 | 317700 | 3473643 | 1281 | 70 | -50 | 351 |
| BOU-DD26-798 | 315492 | 3478163 | 1261 | 270 | -50 | 351 |
| BOU-DD26-799 | 317660 | 3473628 | 1280 | 70 | -50 | 429 |
| BOU-DD26-800 | 317662 | 3473736 | 1282 | 70 | -50 | 225 |
| BOU-DD26-801 | 317578 | 3473598 | 1284 | 70 | -50 | 552 |
| BOU-DD26-803 | 315750 | 3478353 | 1239 | 270 | -50 | 528 |
| BOU-DD26-804 | 315809 | 3478350 | 1253 | 270 | -50 | 630 |
| BOU-DD26-805 | 317584 | 3473708 | 1276 | 70 | -50 | 414 |
| BOU-DD26-806 | 315533 | 3478163 | 1259 | 270 | -50 | 321 |
| BOU-DD26-808 | 317385 | 3474938 | 1295 | 250 | -50 | 474 |
| BOU-DD26-809 | 315572 | 3478163 | 1253 | 270 | -50 | 342 |
| BOU-DD26-810 | 317569 | 3473809 | 1278 | 73 | -50 | 210 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD26-811 | 317509 | 3473893 | 1274 | 71 | -50 | 252 |
| BOU-DD26-812 | 315611 | 3478148 | 1249 | 269 | -50 | 360 |
| BOU-DD26-813 | 317509 | 3474000 | 1293 | 70 | -50 | 117 |
| BOU-DD26-814 | 317554 | 3473805 | 1277 | 70 | -55 | 303 |
| BOU-DD26-815 | 317470 | 3474967 | 1229 | 253 | -50 | 426 |
| BOU-DD26-817 | 317471 | 3473879 | 1271 | 71 | -51 | 321 |
| BOU-DD26-818 | 317485 | 3473988 | 1284 | 70 | -54 | 270 |
| BOU-DD26-819 | 315904 | 3478349 | 1258 | 269 | -50 | 288 |
| BOU-DD26-820 | 315277 | 3478263 | 1260 | 270 | -50 | 102 |
| BOU-DD26-821 | 315656 | 3478163 | 1250 | 270 | -50 | 402 |
| BOU-DD26-822 | 317408 | 3473964 | 1270 | 70 | -50 | 360 |
| BOU-DD26-823 | 317390 | 3474064 | 1278 | 73 | -51 | 270 |
| BOU-DD26-824 | 315322 | 3478262 | 1272 | 269 | -50 | 153 |
| BOU-DD26-829 | 317372 | 3474109 | 1281 | 73 | -50 | 288 |

---

## Exhibit 99.97

**Exhibit 99.97**

---

| | |
|:---|:---|
| **PRESS RELEASE** | ![ayalogo4a.jpg](ayalogo4a.jpg) |

---

**Aya Gold & Silver Announces Commencement of Boumadine Feasibility Study and Accelerates Project Development**

Notice of Q4-2025 and Full Year 2025 Financial Release Date

**Montreal, Quebec, March 12, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("**Aya**" or the "**Corporatio**n") is pleased to announce the commencement of a work program designed to support a Feasibility-level Study ("FS") for the Boumadine Project ("Boumadine"), representing the next key milestone in advancing the Boumadine polymetallic project in the Kingdom of Morocco. This follows the positive Preliminary Economic Assessment ("PEA") announced on November 4, 2025, and the related technical report filed on December 18, 2025.

The feasibility-level work program is intended to optimize project design and refine capital and operating cost estimates. In addition to internal resources, the program is being advanced by a multidisciplinary team of Qualified Persons from established engineering and technical firms, including Lycopodium Minerals Canada ("Lycopodium"), SRK Consulting (UK) Limited ("SRK"), SGS Canada Inc. ("SGS"), Epoch Resources (Pty) Ltd ("Epoch") and SLR Consulting France SAS ("SLR"), which have been retained by the Corporation. Discussions are ongoing with additional expert firms to support other workstreams.

**"We are accelerating development at Boumadine as it enters the feasibility stage,"** said Benoit La Salle, President & CEO. **"With the mining permit in place, we are advancing multiple workstreams in parallel to fast-track the next phase of development while maintaining the highest technical standards, supported by leading engineering firms and specialists. In parallel, ten drill rigs are advancing an aggressive infill program, with nearly 20% of our 2026 drilling objective already completed."**

This next phase of analysis and review will build upon the development concept outlined in the 2025 PEA. Boumadine is a district-scale project combining open-pit and underground mining with a conventional flotation plant designed to produce separate zinc, lead and pyrite concentrates. Project revenues are largely driven by precious metals, with an estimated contribution of approximately 61% gold, 21% silver, 13% zinc and 5% lead. The 2025 PEA outlined a potential scalable 11-year mine plan, which the FS is intended to further optimize and de-risk. As part of our ongoing studies, and with potential resource growth, the Corporation will evaluate options that may support higher plant throughput.

The following provides an update on advancement on key workstreams. Based on the current work plan, the Corporation is planning to complete the FS by H2-2027.

------

**Feasibility-Study Update**

**Infill Drilling**

Approximately 38,000 metres ("m") have been completed to date as part of the Corporation's 360,000 m infill drilling campaign (as of March 10, 2026), which includes a targeted 180,000 m objective for the current year. The program supports mineral resource conversion and provides the geological confidence required for reserve estimation as part of the FS. Drilling includes infill work to convert inferred resources to indicated, alongside targeted step-out drilling to expand mineralization across the Main, Tizi and Imariren trends, all of which remain open in all directions. Supporting technical programs — including detailed geological mapping, core scanning and metallurgical sampling — are advancing in parallel to further refine the resource model and advance mine planning. Core scanning will also be used to analyze the presence of additional metals that are not typically assayed systematically, such as antimony, cobalt, and tin.

**Mineral Resource Estimate**

An updated technical report is targeted for the second half of 2026 and is expected to incorporate an updated mineral resource estimate ("MRE") informed by the 2025–2026 drilling program. **SRK** has been selected to update the MRE.

**Metallurgical Testwork**

**SGS** is retained to lead the metallurgical testwork program. The ongoing program is designed to further optimize process parameters, define variability within the deposit and support final process design criteria. Results will inform FS engineering, plant configuration and concentrate specifications.

**Process Engineering**

**Lycopodium** is retained to lead process engineering and plant design studies for Boumadine. Process engineering work includes flowsheet optimization, equipment sizing, trade-off studies, site layout and preparation of feasibility-level capital and operating cost estimates, building on the configuration outlined in the PEA.

**Geotechnical Studies**

**RockEng Inc. ("RockEng")** is retained to advance feasibility-level investigations supporting both open-pit and underground mine design. The program will include geotechnical drilling, structural mapping, laboratory testing and rock mass characterization to refine pit slope parameters across the six planned open pits and to confirm ground support and stope design criteria for the North, Central and South underground zones. This work should further de-risk mine design assumptions and optimize long-term stability.

**ESIA**

**SLR** is retained to lead the Environmental and Social Impact Assessment ("ESIA") process. The ESIA work completed to date forms the foundation for the detailed assessment being advanced in parallel with the FS. Ongoing baseline activities include environmental monitoring and seasonal field campaigns, including bird surveys, to inform impact assessment, mitigation planning and regulatory submissions.

------

**Hydrogeology**

**Capion Consulting ("Capion")** in collaboration with **SLR,** is retained to conduct hydrogeological investigations in support of the FS. Work in progress includes groundwater characterization, aquifer testing and modelling to assess dewatering requirements, potential operational impacts and long-term water management strategies, including interaction with the TSF.

**Water Supply**

Aya has retained **Groupement des Consultants et Ingenieurs du Maroc** ("**GCIM")** to advance water supply studies. Water sourcing is expected to include a combination of nearby municipal supply and local water wells, with treated city wastewater from regional treatment plants to be pumped to site for use in mineral processing. Several water dams are present in the region, and assessment has begun for the potential addition of a pipeline connection to one of these dams as a secondary supply source. Surface water assessments and hydrological studies are advancing to further define sustainable supply capacity and long-term water management requirements.

**TSF**

Aya is advancing feasibility-level engineering of the Tailings Storage Facility ("TSF") and has selected **Epoch** to begin this work by doing a site-and-technology selection study based on Global Industry Standard on Tailings Management ("GISTM") standards. As part of the 2025 PEA, the TSF has been designed as a fully lined valley-storage facility with downstream phased construction in accordance with the GISTM standards and is expected to accommodate approximately 18.5 million tones ("Mt") of flotation tailings over the life of mine. The phased design supports optimized capital deployment, operational flexibility and process water reclaim to reduce freshwater consumption. Ongoing studies will further refine the design as part of the FS.

**Access Road and Infrastructure**

Aya has initiated a bid process for detailed engineering of site access roads and supporting surface infrastructure. Work will refine road alignment, construction requirements and capital estimates in preparation for potential concentrate transport by road to port facilities. In parallel, the advancement of electrical infrastructure planning — including the proposed transmission line and substation connection — will support reliable grid power supply for the Project.

**Roaster Optionality**

**Hatch Ltd. ("Hatch")** is retained to evaluate the optionality of a roaster facility for further treatment of the pyrite concentrate, and to review metallurgical testwork for pyrite oxidative treatment as part of ongoing project optimization studies. Additional testwork will be performed in 2026 to optimize the circuit design.

------

**Technical Report**

**The complete NI 43-101 Technical Report pertaining to the PEA was filed on December 18, 2025 and is available on Aya's website and on SEDAR+ (www.sedarplus.ca).**

The PEA is preliminary in nature, and 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, as such, there is no certainty that the PEA results will be realized.

**Q4-2025 Earnings Notice**

Aya will release its fourth-quarter and full-year 2025 results on Tuesday, March 31, 2026 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows: **https://edge.media-server.com/mmc/p/qs9262uf**

**Webcast link**: Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**Click on the following call link and complete the online registration form

**https://register-conf.media-server.com/register/BId539ee66fcc640f9bc13771002b5fab5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya's website.

**Qualified Person**

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, P. Geo, Vice-President Exploration of Aya, and Raphaël Beaudoin, P.Eng, Vice-President, Operations of Aya, both "Qualified Persons" as defined under National Instrument 43-101 - *Standards of Disclosure for Mineral Projects*.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

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Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its newly expanded processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

Or contact

---

| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**Benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

---

**Forward-Looking Statements**

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya Gold & Silver Inc.'s (the "Corporation") future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release. All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward looking statements in this press release include, but are not limited to, statements and information with respect to the anticipated development, advancement, and growth of the Boumadine project; the expected completion of an updated MRE in 2026 and a FS in 2027, including the scope, timing, and anticipated outcomes thereof; the various ongoing and planned workstreams undertaken in connection with the foregoing objectives; and the anticipated results, benefits, and other consequences arising from or related to such activities and workstreams.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward looking information is based include, without limitation, the Corporation's ability to timely receive any requisite approvals, permits or licences; the Corporation's ability to import goods and machinery without material delay, restriction, or additional cost,

------

including as a result of changes in trade policies, tariffs, or customs regulations; the Corporation's ability to engage and retain all necessary personnel in order to operate its business properly and without interruption; the accuracy and reliability of estimates, projections, forecasts, studies and assessments, including the mineral reserve and mineral resource estimates (including, but not limited to, ore tonnage and ore grade estimates) prepared in accordance with NI 43-101; the accuracy and completeness of the information available to the Corporation in connection with the Boumadine project, including geological, hydrological, metallurgical, and geotechnical data; the Corporation's ability to meet or achieve estimates, projections and forecasts, including those relating to the updated MRE and FS; assumptions regarding development and exploration activities, including the availability and suitability of equipment, contractors, and infrastructure; the timing, extent, duration and economic viability of development and exploration activities; the price of silver, gold and of base metals and other commodities relevant to the Corporation's operations; exchange rates; taxation levels; fuel and energy costs; future economic conditions, including the absence of any material adverse change in general economic, market, or business conditions; the Corporation's ability to meet current and future obligations; the Corporation's ability to obtain timely financing on reasonable terms when required; anticipated future estimates of free cash flow; estimated future production; the current and future social, economic and political conditions and environment in which the Corporation operates; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including, but not limited to, (1) there being no significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Project being consistent with the Corporation's expectations; (3) political and legal developments in the Kingdom of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels, including the absence of material supply chain disruptions or inflationary pressures that could increase costs beyond budgeted levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resource estimates of the Corporation and the assumptions underlying such estimates with respect to geology, grade continuity, metallurgical recovery, and geotechnical conditions; (9) labour and materials costs increasing on a basis consistent with the Corporation's current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation's current expectations.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31,

------

2024, filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

## Exhibit 99.98

---

| | |
|:---|:---|
| ![tsxtrust.jpg](tsxtrust.jpg) | **Exhibit 99.98** |

---

**TSX TRUST COMPANY**

**VIA ELECTRONIC TRANSMISSION**

March 26, 2026

**TO ALL APPLICABLE EXCHANGES AND COMMISSIONS:**

---

| | |
|:---|:---|
| **RE:** | **AYA GOLD & SILVER INC.** |
| | **Confirmation of Notice of Record and Meeting Dates** |

---

We are pleased to confirm that the Notice of Record and Meeting Dates was sent to The Canadian Depository for Securities.

We advise the following with respect to the upcoming Annual Meeting of Security Holders for the subject issuer:

---

| | | |
|:---|:---|:---|
| 1 | ISIN: | CA05466C1095 |
|  | CUSIP: | 05466C109 |
| 2 | Date Fixed for the Meeting: | June 12, 2026 |
| 3 | Record Date for Notice: | April 23, 2026 |
| 4 | Record Date for Voting: | April 23, 2026 |
| 5 | Beneficial Ownership Determination Date: | April 23, 2026 |
| 6 | Classes or Series of Securities that entitle <br>the holder to receive Notice of the Meeting: | COMMON SHARES |
| 7 | Classes or Series of Securities that entitle <br>the holder to vote at the meeting: | COMMON SHARES |
| 8 | Business to be conducted at the meeting: | Annual |
| 9 | Notice-and-Access: |  |
|  | Registered Shareholders: | YES |
|  | Beneficial Holders: | YES |
|  | Stratification Level: | Not Applicable |
| 10 | Reporting issuer is sending proxy-related materials <br>directly to Non-Objecting Beneficial Owners: | YES |
| 11 | Issuer paying for delivery to Objecting Beneficial Owners: | YES |

---

Yours truly,

**TSX Trust Company**

---

| | | | |
|:---|:---|:---|:---|
| **VANCOUVER**<br>733 Seymour Street, <br>Suite #2310<br>Vancouver, BC V6B 0S6 | **CALGARY**<br>Telus Sky Building<br>2110, 685 Centre Street SW<br>Calgary Alberta T2G 1S5 | **TORONTO**<br>301 - 100 Adelaide Street West <br>Toronto ON M5H 4H1 | **MONTRÉAL**<br>1701 - 1190, avenue des <br>Canadiens-de-Montréal, C. P. 37<br>Montréal (Québec) H3B 0G7 |
| **T** 604 689-3334 | **T** 403 218-2800 | **Toll Free** 1-866-600-5869<br>**T** 416 361-0930 | **T** 514 395-5964 |

---

## Exhibit 99.99

**Exhibit 99.99**

---

| | |
|:---|:---|
| PRESS RELEASE | &nbsp;&nbsp;&nbsp;![ayalogo3a.jpg](ayalogo3a.jpg) |

---

Aya Gold & Silver Reports Record Results for Q4-2025 and Full Year 2025

Record Revenue, Net Income and Cash Flow from Operations

**Montreal, Quebec, March 31, 2026 - Aya Gold & Silver Inc.** (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") today announced its financial and operational results for the fourth quarter and full year ended December 31, 2025. All amounts are in U.S. dollars unless otherwise noted.

Full Year and Q4 2025 Highlights

**Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Full-year revenue** of $202M in 2025, up five-fold, year-over-year ("YoY"), on 4.9 million silver equivalent ounces ("Moz AgEq") sold, (up 223%), at a higher average net realized AgEq price of $41.61/oz (up 60%).

&nbsp;&nbsp;&nbsp;&nbsp;• **Q4-2025 revenue** of $75M, up 39% quarter-over-quarter ("QoQ"), driven by a higher average net realized AgEq price of $58.39/oz (up 47% QoQ and 111% YoY), as well as initial sales of the Boumadine pyrite reclaim operation<sup>(1)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;• **Net income** of $46M in 2025, including $18M from Q4-2025. Diluted EPS of $0.32 in 2025 (up 288% YoY), including $0.12 in Q4-2025 (up 160% YoY).

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating cash flow** of $72M for the full year, with $136M in cash and cash equivalents at year-end, supporting the development of the Boumadine Project ("Boumadine")<sup>(2)</sup>.

**Operational Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• **Full-year consolidated production** of 5.0 Moz AgEq in 2025, tripled YoY, driven by the successful ramp-up of the Zgounder Silver Mine ("Zgounder"). Q4-2025 accounted for 1.54 Moz AgEq, of which 0.17 Moz<sup>(3)</sup> came from the Boumadine pyrite reclaim operation. Cash costs<sup>(4)</sup> of $20.25/oz and $19.91/oz AgEq sold for full-year 2025 and Q4-2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• **Full-year Zgounder production** of 4.83 Moz Ag in 2025, including 1.37 Moz Ag in Q4-2025, up 2% QoQ, driven by record milling throughput.

&nbsp;&nbsp;&nbsp;&nbsp;• **Q4-2025 mining rate** of 4,187 tonnes per day ("tpd") exceeding milling throughput of 3,796 tpd, positioning the operation to meet or exceed 2026 processing targets of 3,650 tpd and sustain steady-state performance.

------

 **Development and Exploration** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Boumadine Project**: Delivered a Preliminary Economic Assessment<sup>(5)</sup> ("PEA") outlining district-scale potential, with a base-case (assuming $2,800/oz gold and $30/oz silver)<sup>(6)</sup> post-tax net present value<sup>(7)</sup> ("NPV5%") and internal rate of return<sup>(7)</sup> ("IRR") of $1.5 B and 47%, respectively, and estimated total production of 340 Moz AgEq, over an 11-year life of mine ("LOM").

&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder Silver Mine**: Updated post-construction technical report estimating Measured and Indicated ("M&I") resources of 100 Moz Ag at 165 g/t and an extended LOM to 2036 with 6 Moz Ag/year at $16.26/oz cash cost<sup>(8)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;• **2025 Drilling Above Plan:** Exceeded the high-end of drilling targets at Boumadine and Zgounder, completing 150,325 metres ("m") and 28,281 m, respectively, with results at Boumadine extending mineralization across the Tizi and Imariren zones, confirming continuity and identifying a new parallel structure east of the Main Trend, while at Zgounder confirming high-grade silver mineralization at depth and along strike and reinforcing continuity in the open pit.

**"2025 was a defining year for Aya, with record financial performance driven by strong execution at Zgounder and continued advancement at Boumadine,"** said Benoit La Salle, President & CEO. **"With Zgounder now operating at steady state, we are entering a phase of significant cash flow generation, further supported by a strong silver price environment. Cash flow underpinned by the newly extended mine plan, is driving meaningful cash accumulation and providing the financial flexibility to accelerate development at Boumadine. We thank our team, our local partners and communities for their continued support and commitment to Aya's success."**

Financial Review

Revenues totaled $202M in 2025, up 417% YoY, driven by increased consolidated AgEq ounces sold, of 4.9 Moz, up 223%, and higher average net realized price of $41.61/oz up 60% YoY. In Q4-2025, revenue totaled $75.3M, up 39% QoQ, driven by higher net realized price of $58.39/oz AgEq, up 47%, and the contribution of ounces sold from the start of the Boumadine pyrite reclaim operation.

Net income for 2025 was $46M (diluted EPS of $0.32) including a gain and impairment recovery of $5.8M from the Mx2 Mining Inc. transaction. In Q4-2025, net income was $18M (diluted EPS of $0.12). This compares to 2024 full-year net loss of $26M (diluted loss per share of $0.17)<sup>(9)</sup> for the year and $30M (diluted loss per share of $0.20)<sup>(9)</sup> in Q4-2024, both primarily due to the Tijirit project write-down of $27M. Aya's successful Zgounder ramp-up, strong operational performance, and higher average net realized prices all contributed to achieving profitability.

The Corporation generated $72M in cash flow from operating activities in 2025, and $34M from Q4-2025. In 2025, capital expenditures of $33M were invested to complete the Zgounder mine expansion and $42M on exploration and evaluation, mainly at Boumadine.

The quarter ended in a strong financial position, with $136.3 million in cash and cash equivalents and total debt of $112M.

------

**Financial Highlights** *(in thousands of US$, except per share amounts)* 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4-2025** | **Q4-2024** | **Variance** | **2025** | **2024** | **Variance** |
| **Financial** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues  | 75320 | 9338 | 707% | 202102 | 39117 | 417% |
| &nbsp;&nbsp;&nbsp;Cost of Sales | 32706 | 11084 | 195% | 118935 | 33735 | 253% |
| &nbsp;&nbsp;&nbsp;Gross Profit | 42614 | (1746) | 2,541% | 83167 | 5382 | 1,445% |
| &nbsp;&nbsp;&nbsp;Operating Income (Loss) | 36354 | (34469) | 205% | 62517 | (38747) | 261% |
| &nbsp;&nbsp;&nbsp;Income (Loss) before Income Taxes | 32799 | (31850) | 203% | 70125 | (24800) | 383% |
| &nbsp;&nbsp;&nbsp;Net Income (Loss) | 18287 | (29983) | 161% | 46280 | (26027) | 278% |
| &nbsp;&nbsp;&nbsp;Operating Cash Flows | 33854 | 2355 | 1,338% | 71948 | (8615) | 935% |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 136322 | 30944 | 341% | 136322 | 30944 | 341% |
| &nbsp;&nbsp;&nbsp;Total Assets | 631733 | 400107 | 58% | 631733 | 400107 | 58% |
| &nbsp;&nbsp;&nbsp;Total Non-Current Financial Liabilities | 84615 | 97638 | (13)% | 84615 | 97638 | (13)% |
| &nbsp;&nbsp;Working Capital<sup>(10)</sup> | 112400 | 23424 | 380% | 112400 | 23424 | 380% |
| **EPS** |  |  |  |  |  |  |
| &nbsp;&nbsp;Income (Loss) per Share (EPS) - Basic<sup>(9)</sup> | 0.13 | (0.20) | 165% | 0.33 | (0.17) | 294% |
| &nbsp;&nbsp;Income (Loss) per Share (EPS) - Diluted<sup>(9)</sup> | 0.12 | (0.20) | 160% | 0.32 | (0.17) | 288% |

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Operational Review

2025 consolidated production reached 5.0 Moz AgEq, including 1.54 Moz AgEq in Q4-2025, of which 0.17 Moz came from Boumadine stockpile reclaim launched in the fourth quarter. Full-year cash costs<sup>(4)</sup> of $20.25/oz AgEq sold, reflect the ramp-up of Zgounder through the year and the addition of ounces from Boumadine in the final quarter.

**Zgounder Silver Mine**

In 2025, Zgounder produced a total of 4.83 Moz of silver, a significant increase from 2024, reflecting the expansion of mining and milling operations. Production increased steadily through the year, with cash costs<sup>(4)</sup> averaging $20.41/oz AgEq sold, benefiting from higher scale and plant efficiencies, while depreciation rose in line with expanded operations. During Q4 2025, Zgounder produced 1.37 Moz of silver, a 2% QoQ increase, reflecting the completion of ramp-up. Cash costs<sup>(4)</sup> in Q4 were $20.50/oz AgEq sold, slightly below $20.79/oz in Q3 2025. For reference, the cash cost<sup>(4)</sup> in Q4 2024 was $26.57/oz AgEq, or $21.51/oz on an adjusted basis excluding ramp-up costs; the 2024 figures for the full year and quarter are not directly comparable due to difference in production scale.

The mill processed 1.18 million tonnes ("Mt") of ore (3,229 tpd) in 2025, up 228% YoY, at an average grade of 145 g/t Ag, supported by strong recoveries and process improvements allowing for steadier, higher-rate milling as the year progressed. Over the year, mining activities averaged 2,840 tpd<sup>(11)</sup> at an average grade of 139 g/t Ag, with 62% of production from open-pit operations, in line with the strategy announced in March 2025. As such, Aya's latest mine plan targets a one-third underground / two-thirds open-pit split, expanding the open-pit operation while focusing underground mining on deeper levels. This approach aims to improve ore recovery and grade predictability. In addition, several initiatives were implemented in H2-2025 to maximize ore recovery and minimize external dilution.

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In Q4-2025, the mill processed 349,242t of ore at an average grade of 134 g/t Ag, with throughput averaging 3,796 tpd, mill availability of 99%, and silver recovery of 91.2%. Mining activities averaged 4,187 tpd during the quarter, at an average grade of 130 g/t Ag. This exceeded milling capacity, marking a key milestone in the transition to steady-state operations, positioning the operation to sustain a processing target of approximately 3,650 tpd going forward. As a result, the stockpile increased by 24% QoQ to 194,521t, in line with the Corporation's objective to build inventory ahead of 2026 throughput.

**Operational Highlights**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q4-2025** | **Q4-2024** | **Variance** | **2025** | **2024** | **Variance** |
| **Operational Zgounder** |  |  |  |  |  |  |
| &nbsp;&nbsp;Ore Mined (tonnes)<sup>11</sup> | 385216 | 102485 | 276% | 1036570 | 444375 | 133% |
| &nbsp;&nbsp;&nbsp;Average Grade Mined (g/t Ag)  | 130 | 168 | (23)% | 139 | 162 | (14)% |
| &nbsp;&nbsp;&nbsp;Ore Processed (tonnes) | 349242 | 113674 | 207% | 1178420 | 358919 | 228% |
| &nbsp;&nbsp;&nbsp;Average Grade Processed (g/t Ag) | 134 | 159 | (16)% | 145 | 171 | (15)% |
| &nbsp;&nbsp;&nbsp;Combined Mill Recovery (%) | 91.2% | 84.8% | 6.4% | 88.4% | 83.7% | 4.7% |
| &nbsp;&nbsp;&nbsp;Milling Operations (tpd) | 3796 | 1236 | 207% | 3229 | 981 | 229% |
| &nbsp;&nbsp;&nbsp;Silver Equivalent Produced (oz) | 1371300 | 491310 | 179% | 4829151 | 1646265 | 193% |
| &nbsp;&nbsp;&nbsp;Silver Equivalent Sold (oz) | 1234551 | 337733 | 266% | 4801876 | 1501927 | 220% |
| &nbsp;&nbsp;Cash Costs per Silver Equivalent Ounce Sold<sup>4</sup> | 20.50 | 26.57 | (23)% | 20.41 | 21.71 | (6)% |
| &nbsp;&nbsp;Adjusted Cash Costs per Silver Equivalent Ounce Sold<sup>4</sup> | 20.50 | 21.51 | (5)% | 20.41 | 19.62 | 4% |
| &nbsp;&nbsp;Production Cost per Tonne<sup>4</sup> | 84 | 108 | (22)% | 114 | 76 | 51% |
| **Boumadine Reclaim Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ore Processed (tonnes) | 13498 | -  | NM | 13498 | -  | NM |
| &nbsp;&nbsp;&nbsp;Average Grade Processed (g/t Ag) | 192 | -  | NM | 192 | -  | NM |
| &nbsp;&nbsp;&nbsp;Average Grade Processed (g/t Au) | 2.87 | -  | NM | 2.87 | -  | NM |
| &nbsp;&nbsp;&nbsp;Silver Equivalent Produced (oz) | 172129 | -  | NM | 172129 | -  | NM |
| &nbsp;&nbsp;&nbsp;Silver Equivalent Sold (oz) | 55471 | -  | NM | 55471 | -  | NM |
| &nbsp;&nbsp;Cash Costs per Silver Equivalent Ounce Sold<sup>4</sup> | 6.59 | -  | NM | 6.59 | -  | NM |
| **Consolidated Zgounder and Boumadine** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Silver Equivalent Produced Consolidated (oz)** | **1543429** | **491310** | **214%** | **5001280** | **1646265** | **204%** |
| &nbsp;&nbsp;**Silver Equivalent Sold Consolidated (oz)**  | **1290023** | **337733** | **282%** | **4857347** | **1501927** | **223%** |
| &nbsp;&nbsp;&nbsp;Average Net Realized Silver Equivalent ($/oz) \* | 58.39 | 27.65 | 111% | 41.61 | 26.04 | 60% |
| &nbsp;&nbsp;Cash Costs per Silver Equivalent Ounce Sold<sup>4</sup> | 19.91 | 26.57 | (25)% | 20.25 | 21.71 | (7)% |
| &nbsp;&nbsp;Adjusted Cash Costs per Silver Equivalent Ounce Sold<sup>4</sup> | 19.91 | 21.51 | (7)% | 20.25 | 19.62 | 3% |

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\* Revenues / Silver Equivalent Sold Consolidated (oz)

2025 Development and Exploration

**Zgounder**

&nbsp;&nbsp;&nbsp;&nbsp;• **Drilling**: Aya completed 28,281 m of drilling at Zgounder in 2025, exceeding the upper end of its 25,000-metre target. Near-mine drilling confirmed high-grade silver mineralization at depth and along strike, while drilling in the open-pit area reinforced mineralization continuity.

&nbsp;&nbsp;&nbsp;&nbsp;• **Expanded Footprint:** Aya also expanded its regional footprint with six new exploration permits, increasing the total land package to 378 km² and supporting its strategy to grow resources and advance long-term development.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Net Reserve and Resource growth**: Following a multi-year drilling program, the Corporation updated its Mineral Resource and Reserve estimates, incorporating approximately 275,000 m of drilling since 2021. Proven and Probable ("P&P") reserves increased 4% to 73 Moz Ag at 145 g/t Ag, and M&I resources (inclusive of reserves) increased 5% to 100 Moz Ag at 165 g/t Ag. Note that silver prices of $26/oz and $28/oz were assumed for Reserves and Resources, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• **Updated Mine Plan with LOM Extending to 2036**: Average annual production of 6 Moz Ag, or an estimated total of 66 Moz Ag over the 11-year LOM with an average cash cost of $16.26/oz Ag.

**Boumadine**

&nbsp;&nbsp;&nbsp;&nbsp;• **Drilling**: In 2025, the Corporation completed 150,325 m of drilling at Boumadine, exceeding its annual target and extending mineralization across the Tizi and Imariren zones. Drilling results confirmed continuity of the deposit and identified new parallel structure east of the Main Trend, highlighting the project's strong expansion potential.

&nbsp;&nbsp;&nbsp;&nbsp;• **Expanded Footprint:** The Corporation continued to expand its regional footprint, adding new permits and increasing the exploration area to 341 km², with further targets identified for 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• **Updated Resources**: The February 2025 Mineral Resource Estimate outlined Indicated resources of 74 Moz AgEq<sup>12</sup> at 448 g/t and Inferred resources of 378 Moz AgEq<sup>12</sup> at 402 g/t, up 120% and 19%, respectively, excluding most of the 2025 drilling, underscoring additional upside potential.

&nbsp;&nbsp;&nbsp;&nbsp;• **Preliminary Economic Assessment:** During the year, Aya completed a PEA for Boumadine, outlining a district-scale, precious metals-rich project with mineralization open in all directions. The PEA's base-case (assuming $2,800/oz gold and $30/oz silver)<sup>6</sup> economic analysis estimates a post-tax NPV5% and IRR of $1.5 B and 47%, respectively, potential total production of 340 Moz AgEq over an 11-year mine life (average annual production 30.6 Moz AgEq). The project includes the production of three marketable concentrates: zinc, lead, and pyrite, with revenue largely driven by precious metals, low capital intensity, competitive operating costs and a flexible open-pit and underground mining design. The associated NI 43-101 technical report was filed on Sedar+ on December 18, 2025, and feasibility-level work is currently underway.

Environmental, Social and Governance

The Corporation continued to advance its sustainability and health and safety performance in 2025, with a focus on proactive risk management, contractor engagement, and training, totaling 21,240 hours. Total Recordable Injury Frequency Rate ("TRIFR") improved to 11.24 in Q4-2025 from 19.56 in Q4-2024. In Q4-2025, Aya continued to support local communities through education, health, and cultural programs, while continuing to implement its ESMS and working towards ISO 14001 certification. The Corporation did not report any significant environmental incidents for the three months ended on December 31, 2025.

2025 Guidance Review

Aya met its overall 2025 production guidance (5.0-5.3 Moz Ag), delivering 5.0 Moz AgEq, including 0.17 Moz AgEq from the Boumadine pyrite reclaim operation (not included in original guidance). The average

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processed grade of 145 g/t Ag was below guidance (170-200 g/t Ag), reflecting the ramp-up blend of open-pit, underground, and stockpiled ore, as well as higher-than-expected dilution. The technical report filed on December 16, 2025, includes an updated mine plan and updated Mineral Reserve and Resource Estimate, incorporating revised grade expectations based on extensive drilling, refined geological interpretation, and current mining practices. Metallurgical performance slightly above the upper end of the guided range (84-88%), with 88.4% silver recovery for the year, including a 91.8% average in the second half. These strong throughput and recovery levels partially offset the impact of lower grades on cash costs per AgEq oz, which averaged $20.41 at Zgounder ($20.25/oz AgEq on a consolidated basis), above guidance ($15.00-$17.50/oz). In 2025, total exploration and development expenditures across the Corporation's projects reached approximately $41 million, exceeding the guidance range of $25-30 million, reflecting the extended scope of work at Boumadine.

2026 Operation Outlook

Building on the operational and exploration achievements of 2025, Aya expects 2026 to be a year of strong execution, focused on operations and advancing exploration and development initiatives. Based on the current mine plan and operating assumptions, the Corporation reiterates the following 2026 outlook as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• **Total Production:** between 6.2 and 6.8 Moz AgEq.

&nbsp;&nbsp;&nbsp;&nbsp;• **Zgounder Silver Mine:** production of 5.2 to 5.8 Moz Ag, at an average cash cost<sup>(4)</sup> of approximately $21.50/oz AgEq.

&nbsp;&nbsp;&nbsp;&nbsp;• **Boumadine pyrite stockpile reclaim operation:** production of approximately 1.0 Moz AgEq at a cash cost of approximately $10/oz AgEq.

&nbsp;&nbsp;&nbsp;&nbsp;• **Planned capital and exploration expenditures** are $36M and $60M, respectively, and remain subject to ongoing review and market conditions.

Looking ahead, management believes that the current industry landscape, together with expectations for a supportive silver price environment, is expected to support strong margins and operating cash flow, providing confidence in Aya's strategy to pursue opportunities across its portfolio. Following a positive Preliminary Economic Assessment, Aya remains focused on executing the Boumadine feasibility-level study and associated technical programs to advance the project toward development. The PEA and Aya's work to date, highlights Boumadine's potential for meaningful scale with significant resource expansion upside. Supported by a strong balance sheet, Aya is well positioned to invest in its future through disciplined capital allocation and continued exploration investment, with a continued focus on delivering long-term value for all stakeholders.

**Outlook Assumptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.AgEq ounces are at an 80:1 Au:Ag ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Cash costs per silver equivalent outlook is based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 - Ag: $50.00/oz, Au: $4,000/oz) foreign currency exchange rates (2025 - CAD/USD:1.40, MAD/USD:9.00) and operating costs.

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Q4-2025 Conference Call Details

Aya will release its fourth-quarter and full-year 2025 results on Tuesday, March 31, 2026 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation's financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows: **https://edge.media-server.com/mmc/p/qs9262uf**

Webcast link: Instructions for obtaining conference call dial-in numbers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Click on the following call link and complete the online registration form

**https://register-conf.media-server.com/register/BId539ee66fcc640f9bc13771002b5fab5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.

Qualified Person

The technical information contained in this press release has been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are each a "Qualified Person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), for accuracy and compliance with NI 43-101.

The NI 43-101 technical reports referenced herein are available under the Corporation's profile on SEDAR+ and on the Corporation's website.

**About Aya Gold & Silver Inc.**

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa's most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya's website at **www.ayagoldsilver.com**.

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Or contact

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| | |
|:---|:---|
| **Benoit La Salle, FCPA, MBA**<br>President & CEO<br>**benoit.lasalle@ayagoldsilver.com**  | **Alex Ball** <br>VP, Corporate Development & IR <br>**alex.ball@ayagoldsilver.com**  |

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Forward-Looking Statements

This press release contains "forward-looking statements" or "forward looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding Aya's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "guidance", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Corporation's 2026 guidance, processing targets and throughput; the Preliminary Economic Assessment for the Boumadine project (PEA) including without limitation, project economics, financial and operational parameters such as NPV, IRR, and life of mine (LOM); timeline for completion of the Boumadine feasibility study; the advancement toward development of the Boumadine project; the Zgounder mine plan targets, expected ore recovery, grade predictability, and external dilution; the Corporation's strategy, objectives and projections with regards to Zgounder, including to grow resources and advance long-term development at Zgounder Near Mine and Regional, annual production levels, life of mine (LOM), and operating cost profile; the Boumadine asset development and expansion potential; the Corporation's expected expansion of its Boumadine land position and advancement of new targets identified; the 2026 Corporation's operation outlook, including the focus on operations, advancing exploration, development initiatives, total production, and planned capital and operational expenditures; the commodities price environment, including silver price; allocation of the Corporation's capital; and the Corporation's future operating results, economic performance, and objectives.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation's forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Corporation's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on

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reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation's business, any of which could have a material adverse effect on the Corporation's business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: 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; 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; asset impairment (or reversal) potential, being consistent with the Corporation's current expectations; the inherent risks involved in exploration and development of mineral properties; and other risks described in the Corporation's documents filed with Canadian securities regulatory authorities.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Corporation's business and operations.

Although the Corporation 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

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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 the Corporation'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. The Corporation 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. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Technical Reports

The complete NI 43-101 Technical Report pertaining to the Boumadine Project titled "Preliminary Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco" (the "PEA") was filed on December 18, 2025, and is available on Aya's website and on www.sedarplus.ca.

The complete NI 43-101 Technical Report pertaining to the Zgounder Project titled "Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco" (the "Zgounder Technical Report") was filed on December 16, 2025, and is available on Aya's website and on www.sedarplus.ca.

Qualified Persons

The independent Qualified Persons for the PEA, as defined by NI 43-101, are:

&nbsp;&nbsp;&nbsp;&nbsp;• Preetham Nayak P.Eng., Senior Study Manager for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;• Ruan Venter, Principal Process Engineer for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;• Zuned Shaikh P.Eng., Lead Mechanical Engineer for Lycopodium Minerals Canada Ltd

&nbsp;&nbsp;&nbsp;&nbsp;• Benjamin Berson, P.Eng., Lead Mining Engineer for WSP

&nbsp;&nbsp;&nbsp;&nbsp;• Alex Pheiffer, from SLR Consulting France SAS

&nbsp;&nbsp;&nbsp;&nbsp;• George Papageorgiou from Epoch

&nbsp;&nbsp;&nbsp;&nbsp;• Eugene Puritch from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• Antoine Yassa from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• Fred Brown from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• Jarita Barry from P&E Consultants Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• William Stone from P&E Consultants Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;• Cortney Palleske, P.Eng., Principal Geomechanics Consultant from RockEng

The independent Qualified Persons for the Zgounder Technical Report, as defined by NI 43-101, are:

&nbsp;&nbsp;&nbsp;&nbsp;• Olivier Bertoli, M.Eng., Principal Geostatistician for RSC Consulting Ltd

&nbsp;&nbsp;&nbsp;&nbsp;• Abraham Whaanga, B.Sc., Sr Resource Geologist for RSC Consulting Ltd

&nbsp;&nbsp;&nbsp;&nbsp;• Honza Catchpole, PhD, P.Geo., Sr Exploration Geologist for RSC Consulting Ltd

Notes to Investors Regarding the Use of Mineral Resources and Mineral Reserves

The mineral resources estimate for Zgounder is effective as of June 30, 2025, as disclosed in a technical report titled "Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco" dated as of December 16, 2025, and filed on SEDAR+ as of such date. The mineral reserves estimate for the Zgounder Technical Report is effective as of September 30, 2025, as disclosed in the Zgounder Technical Report. The key assumptions, parameters and methods used to estimate the mineral resources and mineral reserves for Zgounder and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources and mineral reserves are described in such Zgounder Technical Report.

The PEA is based on the updated mineral resource estimate ("MRE") for the Boumadine Project, effective as of February 24, 2025, disclosed in a technical report titled "Preliminary Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco" dated as of December 18, 2025, and filed on SEDAR+ as of such date. The key assumptions, parameters and methods used to estimate the MRE and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such PEA.

The PEA is preliminary in nature, and 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, as such, there is no certainty that the PEA results will be realized.

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.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

Additionally, where the Corporation discusses exploration and expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated

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using industry-standard methods appropriate for each mineral project with support of various commercially available mining software packages. Additional details regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of the Corporation's mineral properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.ca and the Corporation's website at **www.ayagoldsilver.com**.

Numbers may not add or multiply accurately due to rounding.

Non-GAAP Measures

The following tables present certain non-GAAP measures, as discussed in our press release. Reconciliations to the most directly comparable GAAP measures are provided below.

The Corporation has included certain non-GAAP financial measures and non-GAAP ratios in this press release, including "Cash costs per silver equivalent ounce sold" ("AgEq ounce"), "Adjusted cash cost per silver equivalent ounce sold" ("AgEq ounce"), "Production cost per tonne", and "Available liquidity", to supplement its consolidated financial statements, which are prepared in accordance with IFRS. The terms IFRS and generally accepted accounting principles ("GAAP") are used interchangeably throughout this document.

The Corporation believes that these measures, together with IFRS measures, provide investors with enhanced transparency and a better ability to evaluate the Corporation's underlying operating performance and liquidity. Cash cost per silver equivalent ounce sold and Production cost per tonne are widely used in the mining industry as performance benchmarks. However, our non-GAAP measures do not have standardized meanings prescribed under IFRS and may not be comparable to similar measures reported by other companies. Accordingly, they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**Silver Equivalent Ounces Sold ("AgEq")**

Silver equivalent ounces are calculated by converting gold production into silver ounces using relative metal prices for the applicable reporting year. AgEq ounces allow the Corporation to present consolidated production and cost metrics on a comparable basis, as its operations may produce more than one metal. Silver equivalent ounces sold has been introduced in fiscal 2025 due to pyrite concentrate sales at Boumadine.

AgEq ounces are provided for additional information purposes only.

**Cash Costs per AgEq Ounce Sold and Production Cost per Tonne**

Cash costs per AgEq ounce sold, Adjusted cash cost per AgEq ounce sold and production cost per tonne are non-GAAP measures used by management to monitor and evaluate operating performance at both the mine and consolidated levels, in conjunction with the most directly comparable IFRS measures where applicable.

These metrics are widely reported in the mining industry as benchmarks for cost performance. Management and investors use them to assess the Corporation's cost structure and operating efficiency,

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to compare operating performance with industry peers, and to evaluate the performance of individual mining operations within the Corporation's portfolio.

Where applicable, cost metrics are calculated in a manner consistent with the guidelines published by the World Gold Council ("WGC").

**Cash Costs per AgEq Ounce Sold and Adjusted Cash Cost per AgEq Ounce Sold**

Cash costs per AgEq ounce sold are calculated by:

&nbsp;&nbsp;&nbsp;&nbsp;• Starting with cost of sales as reported in the consolidated statements of comprehensive income (IFRS measure):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding non-cash items of share-based compensation expense, depreciation and depletion and inventory write-down included in cost of sales as these items do not reflect current year cash expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adding treatment, smelting and refining costs as management believes these costs provide a more comprehensive representation of total cash costs associated with production; and

&nbsp;&nbsp;&nbsp;&nbsp;• Dividing the resulting amount by the total AgEq ounces sold during the period.

Cash costs per AgEq ounce sold are intended to reflect the cash expenditures directly associated with production during the year and are used by management to evaluate the Corporation's operating efficiency and cost performance.

Adjusted cash cost per AqEq reflects cash cost per AqEq further adjusted to exclude ramp-up costs as explained below the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Zgounder Silver Mine – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales ("COS")<sup>13</sup> | 32340  | 11084  | 118569  | 33735  |
| &nbsp;&nbsp;Share-based compensation | (439) | (580) | (1275) | (580) |
| &nbsp;&nbsp;Depreciation and depletion | (6784) | (1953) | (20347) | (3246) |
| &nbsp;&nbsp;Inventory write-down | (62) | (294) | (197) | (294) |
| &nbsp;&nbsp;Treatment, smelting and refining costs<sup>14</sup> | 259  | 718  | 1254  | 2992  |
| **Operating cash costs (A)** | **25314**  | **8975**  | **98004**  | **32607**  |
| **Total silver sales (oz) (B)** | **1234551**  | **337733**  | **4801876**  | **1501927**  |
| **Cash cost per silver ounce sold (A/B)** | **20.50**  | **26.57**  | **20.41**  | **21.71**  |
| &nbsp;&nbsp;Additional COS due to ramp-up (C)  | -  | (1710) | -  | (3137) |
| &nbsp;&nbsp;**Adjusted operating cash costs (A+C)** | **25314**  | **7265**  | **98004**  | **29470**  |
| &nbsp;&nbsp;**Adjusted cash cost per silver ounce sold (A+C)/(B)** | **20.50**  | **21.51**  | **20.41**  | **19.62**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| &nbsp;&nbsp;**Boumadine Pyrite Stockpile Project – Morocco** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Cost of sales<sup>13</sup> | 366  | -  | 366  | -  |
| &nbsp;&nbsp;**Operating cash costs (D)** | **366**  | **-**  | **366**  | **-**  |
| &nbsp;&nbsp;**Total silver equivalent sales (oz of AgEq) (E)** | **55471**  | **-**  | **55471**  | **-**  |
| &nbsp;&nbsp;**Cash cost per AgEq ounce sold (D/E)** | **6.59**  | **-**  | **6.59**  | **-**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Combined projects – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales<sup>13</sup> | 32706  | 11084  | 118935  | 33735  |
| &nbsp;&nbsp;Share-based compensation | (439) | (580) | (1275) | (580) |
| &nbsp;&nbsp;Depreciation and depletion | (6784) | (1953) | (20347) | (3246) |
| &nbsp;&nbsp;Inventory write-down | (62) | (294) | (197) | (294) |
| &nbsp;&nbsp;Treatment, smelting and refining costs<sup>14</sup> | 259  | 718  | 1254  | 2992  |
| **Operating cash costs (F)** | **25680**  | **8975**  | **98370**  | **32607**  |
| **Total silver equivalent sales (oz of AgEq) (G)** | **1290022**  | **337733**  | **4857347**  | **1501927**  |
| **Cash cost per AgEq ounce sold (F/G)** | **19.91**  | **26.57**  | **20.25**  | **21.71**  |
| Additional COS due to ramp-up (H) | -  | (1710) | -  | (3137) |
| &nbsp;&nbsp;**Adjusted operating cash costs (F+H)** | **25680**  | **7265**  | **98370**  | **29470**  |
| &nbsp;&nbsp;**Adjusted cash cost per AgEq ounce sold (F+H)/(G)** | **19.91**  | **21.51**  | **20.25**  | **19.62**  |

---

In H2-2024 additional operational costs for expansion preparations, mine ramp-up, health and safety activities, hiring of new staff, training and the two-month delay in the expansion of the Zgounder Mine. Underground mining costs also increased in the quarter as we used our mining contractor to increase the rate of stope development and catch up on bolting and screening. In aggregate these additional costs totaled approximately $3.1 million for the year ($1.7 million for Q4-2024). The additional costs represented $5.06 per oz sold in Q4-2024 and $2.09 per oz sold for fiscal 2024. Excluding these costs, the adjusted cash cost per silver ounce sold is $21.51 in Q4-2024 and $19.62 for fiscal 2024.

Production Cost per Tonne

Production cost per tonne is calculated by:

&nbsp;&nbsp;&nbsp;&nbsp;• Starting with cost of sales (IFRS measure), less cost of sales of Boumadine since no ore mined; and

&nbsp;&nbsp;&nbsp;&nbsp;• Dividing total production costs by the total tonnes mined during the period.

Production cost per tonne is used by management to assess processing efficiency, cost control relative to throughput levels, and overall operational performance.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Cost of sales ("COS")<sup>13</sup> | 32706  | 11084  | 118935  | 33735  |
| &nbsp;&nbsp;Less: COS Boumadine | 366  | —  | 366  | —  |
| &nbsp;&nbsp;COS Zgounder | 32340  | 11084  | 118569  | 33735  |
| &nbsp;&nbsp;Ore mined (tonnes) | 385216  | 102485  | 1036570  | 444375  |
| &nbsp;&nbsp;**Production Cost per Tonne** | **84**  | **108**  | **114**  | **76**  |

---

1. Announced on November 19, 2025, this initiative is expected to be a limited duration of 20 to 24 months.

2. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production.

3. Silver-to-gold ratio of 71.

4. Cash cost per silver ounce sold, cash cost per AgEq ounce sold, adjusted cash cost per silver equivalent ounce sold, and production cost per tonne are non-IFRS financial measures and do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers. Refer to the "Non-GAAP Measures" section in this press release for reconciliations and detailed descriptions of these measures.

5. For additional details, including definitions, refer to the Corporation's press releases dated November 4, 2025 and December 18, 2025 relating to the Boumadine PEA.

6. Assumed Base Case prices of $2,800/oz gold, $30/oz silver, $1.20/lb zinc, and $1.00/lb lead.

7. Net Present Value ("NPV") represents the discounted value of future cash flows from the project after tax, using a 5% discount rate, based on the assumptions in the Preliminary Economic Assessment. Internal Rate of Return (IRR) is the discount rate at which the net present value (NPV) of a project's future cash flows equals zero.

8. Non-GAAP Measure. For cash cost definition for Zgounder, refer to Aya's press release announcing filing of the updated technical report (Dec 16, 2025.)

9. In the year and quarter ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The comparative EPS amounts have been adjusted from previously reported $(0.20) to $(0.17) for the year and from $(0.23) to $(0.20) for the quarter to reflect net loss attributable to Aya shareholders. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or financial position.

10. Working capital: Non-GAAP Measures, consisting of current assets of $232,450 less current liabilities of $120,050 (December 31, 2024, current assets of $76,540 less current liabilities of $53,116).

11. Ore Mined: Includes an adjustment of 1,562 tonnes to correct an error in previously reported ore mined related to the depletion of historical underground ore inventory. The error relates to ore mined in Q1-2025 and was identified and corrected as part of the year-end reconciliation process.

12. Boumadine Mineral Resource Estimate silver-to-gold ratio 80:1.

13. Refer to Note 16 (cost of sales) to the audited Financial Statements for the year ended December 31, 2025.

14. Refer to Note 15 to the audited Financial Statements for the year ended December 31, 2025, where treatment, smelting and refining costs are presented net of sales.

## Exhibit 99.100

**Exhibit 99.100**

**FORM 52-109F1**

***CERTIFICATION OF ANNUAL FILINGS***

***FULL CERTIFICATE***

I, **Benoit La Salle, President and Chief Executive Officer of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Aya Gold & Silver Inc. (the "issuer") for the financial year ended **December 31, 2025.**

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings (c. V-1.1, r. 27), for the issuer

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013)

------

issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2N/A

5.3N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2025,** and ended on **December 31, 2025,** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.**Reporting to the issuer's auditors and board of directors or audit committee:** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

Date: March 31, 2026

---

| |
|:---|
| *<u>//s// Benoit La Salle</u>* |
| [Signature] |
| Benoit La Salle, President and Chief Executive Officer |

---

## Exhibit 99.101

**Exhibit 99.101**

**FORM 52-109F1**

***CERTIFICATION OF ANNUAL FILINGS***

***FULL CERTIFICATE***

I, **Ugo Landry-Tolszczuk, Chief Financial Officer of Aya Gold & Silver Inc.,** certify the following:

1.***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual filings") of Aya Gold & Silver Inc. (the "issuer") for the financial year ended **December 31, 2025.**

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings (c. V-1.1, r. 27), for the issuer

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on Internal Control – Integrated Framework (2013)

------

issued by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2N/A

5.3N/A

6.***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)N/A

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2025,** and ended on **December 31, 2025,** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.**Reporting to the issuer's auditors and board of directors or audit committee:** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

Date: March 31, 2026

---

| |
|:---|
| *<u>//s// Ugo Landry-Tolszczuk</u>* |
| [Signature] |
| Ugo Landry-Tolszczuk, Chief Financial Officer |

---

## Exhibit 99.103

![cover_mdaxq4-2025.jpg](cover_mdaxq4-2025.jpg)

**Exhibit 99.103**

**MANAGEMENT'S**

**DISCUSSION**

**AND ANALYSIS**

**For the year and quarter ended**

**December 31, 2025**

![intro_mdaxq4-2025.jpg](intro_mdaxq4-2025.jpg)

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20252

**Management's Discussion and Analysis of Financial** 

**Condition and Results of Operations**

This Management's Discussion and Analysis ("MD&A") of the operations, results, and financial position of Aya Gold & Silver

Inc. (the "Corporation" or "Aya"), dated March 30, 2026, covers the three-month period ("Q4-2025" or the "Quarter") and the year

ended December 31, 2025. This MD&A is prepared by management and should be read in conjunction with the Corporation's

Audited Consolidated Financial Statements ("FS") and related notes for the years ended December 31, 2025 and 2024. The

Corporation uses certain non-GAAP financial measures in this MD&A as described under "Non-GAAP Measures". Additional

information relating to the Corporation, including the most recent Annual Information Form (the "AIF"), is available on SEDAR+.

The Corporation's December 31, 2025 FS and the related financial information contained in this MD&A have been prepared in

accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards

Board ("IASB"), unless otherwise stated. All amounts are stated in thousands of United States dollars ("US"), except for share

and per share amounts, or unless otherwise indicated. References to "C$" are to the Canadian dollar while "MAD" refers to the

Moroccan Dirham.

This MD&A contains forward-looking information that is subject to risk factors set out in a cautionary note in this MD&A under

"Cautionary Note Regarding Forward-Looking Information". All information contained in the FS and this MD&A has been

reviewed by the Audit Committee and approved by the Corporation's Board of Directors. This MD&A is current as of March 30,

2026 unless otherwise stated.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20253

**Contents**

---

| | |
|:---|:---|
| **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i866f5ccd654744a3840fce4473b4b082)** | **[2](#i866f5ccd654744a3840fce4473b4b082)** |
| **[Contents](#ia0f9122d8cec45c4a215082eed080864)** | **[3](#ia0f9122d8cec45c4a215082eed080864)** |
| **[Business Overview](#ia5d9968847f8458aa950f2e7070e0159)** | **[4](#ia5d9968847f8458aa950f2e7070e0159)** |
| **[2025 Annual Highlights](#icdad577c63f340fe8d088af0a4c6f5c5)** | **[7](#icdad577c63f340fe8d088af0a4c6f5c5)** |
| **[Q4-2025 Highlights](#i4ac3c6a9cc1648199227f7f77cd905ad)** | **[9](#i4ac3c6a9cc1648199227f7f77cd905ad)** |
| **[Silver Equivalent Production Chart](#i72bae79e19dc442faf0e2726c6e4dd60)** | **[11](#i72bae79e19dc442faf0e2726c6e4dd60)** |
| **[Recent Developments](#if9139efdc0124a83bf1fa9bf62aad18a)** | **[11](#if9139efdc0124a83bf1fa9bf62aad18a)** |
| **[Operating Results](#i7ed844470a3f44eab05118c58a1d2851)** | **[12](#i7ed844470a3f44eab05118c58a1d2851)** |
| **[Development and Exploration](#i50ee972796534bfa9b97359c35fb08dd)** | **[13](#i50ee972796534bfa9b97359c35fb08dd)** |
| **[Sustainability](#ie02f2c48fdb740f38f3aee11848d622d)** | **[19](#ie02f2c48fdb740f38f3aee11848d622d)** |
| **[2025 Guidance Review](#i8ef8c491ae82499481e8512ea3058680)** | **[21](#i8ef8c491ae82499481e8512ea3058680)** |
| **[2026 Outlook](#i0cba5ffce8bd43ee94695e344ff5c462)** | **[21](#i0cba5ffce8bd43ee94695e344ff5c462)** |
| **[Transaction with Mx2 Mining](#i571a82f7e86545e282b58c5bba75853d)** | **[23](#i571a82f7e86545e282b58c5bba75853d)** |
| **[Overview of Financial Performance](#i88e937901d8c408cae3415a7618819f5)** | **[24](#i88e937901d8c408cae3415a7618819f5)** |
| **[Selected Annual Information](#i37c1fc8562f24c5eb4d12ed6fb9c87be)** | **[26](#i37c1fc8562f24c5eb4d12ed6fb9c87be)** |
| **[Summary of Quarterly Results](#ibebc777513fd4dd6929e6c40a01b860d)** | **[26](#ibebc777513fd4dd6929e6c40a01b860d)** |
| **[Liquidity and Capital Resources](#i1ef7945400ca485fb08dd2d8a0b1a73f)** | **[28](#i1ef7945400ca485fb08dd2d8a0b1a73f)** |
| **[Financial Position](#i1aee5465a3764d189cbbd8267c80e04a)** | **[31](#i1aee5465a3764d189cbbd8267c80e04a)** |
| **[Capital Management](#ic82d885d47524547a954c4843b59b045)** | **[32](#ic82d885d47524547a954c4843b59b045)** |
| **[Commitments and Contingency](#ied7d222627a440c2bf104cbfdb71af29)** | **[33](#ied7d222627a440c2bf104cbfdb71af29)** |
| **[Non-GAAP Measures](#i65a2b6068d2942f693b0b2588cb2168b)** | **[34](#i65a2b6068d2942f693b0b2588cb2168b)** |
| **[Risks and Uncertainties](#i8b4e5538ecae499db67a703a9d71aec9)** | **[37](#i8b4e5538ecae499db67a703a9d71aec9)** |
| **[Other Financial Information](#i8ee6b84b2fff4fed817e7427f70f7b2b)** | **[53](#i8ee6b84b2fff4fed817e7427f70f7b2b)** |
| **[Accounting Policies, Judgements and Estimates](#i200c075ba9de421ea8e5799ab7633c58)** | **[54](#i200c075ba9de421ea8e5799ab7633c58)** |
| **[Proposed Transaction](#i1b2540bd2d5541f5ba96015c82a086e6)** | **[54](#i1b2540bd2d5541f5ba96015c82a086e6)** |
| **[Management's Report on Internal Controls and Financial Reporting](#i3f623b35b0384a0188d34430325c8583)** | **[55](#i3f623b35b0384a0188d34430325c8583)** |
| **[Additional Information and Continuous Disclosure](#i9cdc38fa68eb460fb3d7d619a91f8eb3)** | **[55](#i9cdc38fa68eb460fb3d7d619a91f8eb3)** |
| **[Technical Information](#i7758b3c8f8974421b35cb0a869fbe28d)** | **[56](#i7758b3c8f8974421b35cb0a869fbe28d)** |
| **[Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Resources](#i70830bb6c7614ec8bd772087714e3290)** | **[56](#i70830bb6c7614ec8bd772087714e3290)** |
| **[Cautionary Note Regarding Forward-Looking Information](#i4647e3f7260d4b3991266d6f69d61964)** | **[56](#i4647e3f7260d4b3991266d6f69d61964)** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20254

**Business Overview**

**General Information**

Aya is a Canadian-based precious metals mining corporation active across the full mining lifecycle; from discovery and

development through to production. The Corporation operates in Morocco, a politically stable jurisdiction with supportive

regulatory environment, offering low operating costs and well-developed infrastructure.

Aya's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located

along the Anti-Atlas fault, one of North Africa's most geologically rich and underexplored regions, known for hosting world-

class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is

currently in the development evaluation phase, with a Preliminary Economic Assessment ("PEA") completed and feasibility

study work underway.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF". Aya's issued and outstanding

share capital totals 142,986,547 common shares on March 30, 2026.

**Geographic Overview** 

• The Zgounder mining permit covers 16 km², while the 23 mining and exploration permits within the Zgounder Regional

area encompass an additional 362km<sup>2</sup>, bringing the total package at and around Zgounder to 378 km².

• Boumadine's exploration portfolio includes 31 permits and licenses totaling 341 km², including a 32 km² mining license

that forms the basis of the PEA discussed below. The project also benefits from an additional 600 km² of exploration

authorization.

![map_operationsxworldxmarch.jpg](map_operationsxworldxmarch.jpg)

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20255

For details and history of permitting please refer to the Corporation's latest Annual Information Form available on SEDAR+.

**Zgounder Silver Mine** 

Located in Morocco's central Anti-Atlas Mountains, the wholly owned Zgounder Mine is a rare, silver-only operation that

differentiates Aya from producers that recover silver primarily as a by-product. The mine is supported by proven and probable

mineral reserves of 73 million ounces ("Moz") of silver.

**Commercial Operations**

Following a major expansion completed in 2024, production ramp-up progressed through 2025 and was completed by year-

end, positioning Zgounder toward steady-state, commercial operations. The recently updated mine plan extends the

operation's life to 2036, supporting an average annual production profile of approximately 6 Moz of silver over the life of mine

("LOM"). Mining is conducted using a combination of open-pit and underground mining methods. The expansion included new

mine development, plant, tailings and water storage facilities, and supporting infrastructure improvements. Silver is produced

through cyanide leaching and refined into doré bars. All of the revenue from the Zgounder Mine is derived from the production

and sale of silver, which is refined in Switzerland and sold on a regular basis at prevailing market prices.

**Near-Mine and Regional Exploration**

Exploration is a core part of Aya's growth strategy, focused on expanding the resource base, advancing priority targets, testing

new prospective zones, guiding future development decisions, and enhancing overall geological understanding of the project

area. The 2026 exploration program is targeting approximately 30,000 metres of Diamond Drill Holes ("DDH").

**Technical Report and Mineral Reserves and Resources** 

An updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report with an

effective date of September 30, 2025, was filed on SEDAR+ on December 15, 2025. The report is based on a Mineral Resource

Estimate for Zgounder as of June 30, 2025, and a Mineral Reserve Estimate as of September 30, 2025. Additional details are

provided in the "Development and Exploration" section.

**Boumadine Polymetallic Project**

Located in the Anti-Atlas region of eastern Morocco, Boumadine is a polymetallic gold-silver-zinc-lead system owned 85% by

Aya and 15% by National Office of Hydrocarbons and Mines ("ONHYM"). The Boumadine project is Aya's most advanced

development-stage asset and a key pillar of its long-term growth strategy in Morocco. The project hosts a substantial mineral

resource and an extensive mineralized footprint. The Boumadine PEA recently completed, outlines a combined open-pit and

underground mining operation with a processing capacity of approximately 2.9 million tonnes per year. The project is expected

to produce three marketable concentrates (zinc, lead, and pyrite), with revenue largely derived from precious metals.

Boumadine benefits from year-round access and existing regional infrastructure, which would require enhancements to

support full-scale operations. Feasibility study work is currently underway to advance development planning and optimize the

project's economics. Refer to the "Boumadine Preliminary Assessment" section.

Aya initiated the reclaiming and commercialization of a historical pyrite stockpile at Boumadine in Q4-2025. This legacy

flotation by-product from past lead and zinc operations contains commercially meaningful grades of gold and silver

(approximately 2.30 g/t Au and 144 g/t Ag) and is expected to yield approximately 2.5 million silver-equivalent ounces.

Announced on November 19, 2025, the initiative is expected to be of limited duration, lasting approximately 20 to 24 months

from that date. The program is designed to generate near-term cash flow, demonstrate the marketability of Boumadine's gold-

and silver-rich pyrite concentrate, and align with Aya's commitment to responsible environmental management.

**Exploration**

Since 2022, Aya has completed 353,055 metres ("m") of drilling at Boumadine, significantly advancing the geological model.

The 2026 exploration program is targeting 200,000 m, including infill drilling (180,000 m – representing half of the planned

two-year 360,000 m program) to convert inferred resources to the indicated and measured categories, as well as expanding

the resource at depth and along strike. The program also includes 20,000 m of regional exploration drilling on new targets and

for some follow-up on the Asirem structures.

**Technical Report and Mineral Resource Estimate**

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20256

An updated NI 43-101 technical report incorporating the results of the Boumadine PEA with an effective date of November 4,

2025 was filed on SEDAR+ on December 18, 2025. The report is based on a Mineral Resource Estimate for Boumadine as of

February 24, 2025. Additional details are provided in the Development and Exploration section.

<sup>1</sup> Includes an adjustment of 1,562 tonnes to correct an error in previously reported ore mined related to the depletion of historical underground ore inventory. The error

relates to ore mined in Q1-2025 and was identified and corrected as part of the year-end reconciliation process.

<sup>2</sup> Non-GAAP Measures, refer to page 33.

<sup>3</sup> Non-GAAP Measures, consisting of current assets of $232,450 less current liabilities of $120,050 (December 31, 2024, current assets of $76,540 less current

liabilities of $53,116).

<sup>4</sup> In the year ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.20) to $(0.17) to reflect the net loss attributable to Aya shareholders in the year ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the year.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20257

**2025 Annual Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Key performance metrics** | **2025** | **2024** | **Variance** |
| **Operational Zgounder** |  |  |  |
| Ore Mined (tonnes)<sup>1</sup> | 1036570 | 444375 | 133% |
| Average Grade Mined (g/t Ag)  | 139 | 162 | (14)% |
| Ore Processed (tonnes) | 1178420 | 358919 | 228% |
| Average Grade Processed (g/t Ag) | 145 | 171 | (15)% |
| Combined Mill Recovery (%) | 88.4% | 83.7% | 4.7% |
| Milling Operations (tpd) | 3229 | 981 | 229% |
| Silver Equivalent Produced (oz) | 4829151 | 1646265 | 193% |
| Silver Equivalent Sold (oz)  | 4801876 | 1501927 | 220% |
| Cash Costs per Silver Equivalent Ounce Sold<sup>2</sup> | 20.41 | 21.71 | (6)% |
| Adjusted Cash Costs per Silver Equivalent Ounce Sold<sup>2</sup> | 20.41 | 19.62 | 4% |
| Production Cost per Tonne<sup>2</sup> | 114 | 76 | 51% |
| **Boumadine Reclaim Operations** |  |  |  |
| Ore Processed (tonnes) | 13498 | - | NM |
| Average Grade Processed (g/t Ag) | 192 | - | NM |
| Average Grade Processed (g/t Au) | 2.87 | - | NM |
| Silver Equivalent Produced (oz) | 172129 | - | NM |
| Silver Equivalent Sold (oz)  | 55471 | - | NM |
| Cash Costs per Silver Equivalent Ounce Sold<sup>2</sup> | 6.59 | - | NM |
| **Consolidated Zgounder and Boumadine** |  |  |  |
| **Silver Equivalent Produced Consolidated (oz)** | **5001280** | **1646265** | **204%** |
| **Silver Equivalent Sold Consolidated (oz) (A)** | **4857347** | **1501927** | **223%** |
| Average Net Realized Silver Equivalent ($/oz) (B/A) | 41.61 | 26.04 | 60% |
| Cash Costs per Silver Equivalent Ounce Sold<sup>2</sup> | 20.25 | 21.71 | (7)% |
| Adjusted Cash Costs per Silver Equivalent Ounce Sold<sup>2</sup> | 20.25 | 19.62 | 3% |
| **Financial** |  |  |  |
| Revenues (B) | 202102 | 39117 | 417% |
| Cost of Sales | 118935 | 33735 | 253% |
| Gross Profit | 83167 | 5382 | 1,445% |
| Operating Income (Loss) | 62517 | (38747) | 261% |
| Income (Loss) before Income Taxes | 70125 | (24800) | 383% |
| Net Income (Loss) | 46280 | (26027) | 278% |
| Operating Cash Flows | 71948 | (8615) | 935% |
| Cash and cash equivalents | 136322 | 30944 | 341% |
| Total Assets | 631733 | 400107 | 58% |
| Total Non-Current Financial Liabilities | 84615 | 97638 | (13)% |
| Working Capital<sup>3</sup> | 112400 | 23424 | 380% |
| **EPS** |  |  |  |
| Income (Loss) per Share (EPS) - Basic<sup>4</sup> | 0.33 | (0.17) | 294% |
| Income (Loss) per Share (EPS) - Diluted<sup>4</sup> | 0.32 | (0.17) | 288% |

---

***\*NM*** *– Not Meaningful*

<sup>5</sup> Includes an adjustment of 1,562 tonnes to correct an error in previously reported ore mined related to the depletion of historical underground ore inventory. The error

relates to ore mined in Q1-2025 and was identified and corrected as part of the year-end reconciliation process.

<sup>6</sup> Non-GAAP Measures, refer to page 33.

<sup>7</sup> In the year ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.20) to $(0.17) to reflect the net loss attributable to Aya shareholders in the year ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the year.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20258

**2025 Operational Highlights:**

• Silver equivalent production of 5,001,280 oz, including 172,129 oz from Boumadine, compared to 1,646,265 oz in 2024, an

increase of 204%.

**Zgounder Silver Mine**

• Silver production of 4,829,151 oz, an increase of 193% from 2024.

• Mill average feed grade of 145 g/t Ag down from 171 g/t Ag in 2024, a decrease of 15%.

• Milling operations averaged 3,229 tpd, for a total of 1,178,420t, compared to 981 tpd in 2024; combined mill recovery

averaged 88.4%, compared to 83.7% in 2024, representing an improvement of 4.7%, while overall plant availability reached

96%.

• Mined tonnage of 1,036,570<sup>5</sup> tonnes (2,840 tpd), compared to 444,375 tonnes (1,214 tpd) in 2024.

**•Boumadine Pyrite Reclaim** 

• 13,498 tonnes from the pyrite historical stockpiles were reclaimed and crushed at a grade of 2.87 g/t Au and 192 g/t Ag.

• 172,129 oz of silver equivalent were produced at a Ag/Au ratio of 71.

**Exploration**

• Exploration drilling totaled 150,325 meters ("m") of drilling at Boumadine, 23,866 m at Zgounder and 4,415 m on Zgounder

Regional permits.

**Health and Safety**

• The Corporation's Total Recordable Injury Frequency Rate ("TRIFR") for 2025 was 14.22, compared to 14.05 in 2024.

• During the year, 21,240 hours of training were delivered, 100% of safety incidents were analyzed, and the Corporation

maintained a continued focus on leading indicators and contractor safety.

**2025 Financial Highlights:**

• Revenues totaled $202,102 compared to $39,117 in 2024, an increase of 417% representing an average net realized silver

equivalent price of $41.61 per oz up from $26.04 in 2024.

• Cost of sales of $118,935 with an average cash cost per silver equivalent oz sold<sup>6</sup> of $20.25, compared to $21.71 in 2024

($19.62 on an adjusted basis). Royalty payments accounted for $6,085 in 2025 compared to $1,170 in 2024.

• Gross profit of $83,167 in 2025 up from $5,382 in 2024, an increase of 1,445%.

• The closing of the Mx2 transaction generated a non-recurring gain of $1,828 and a net impairment recovery of $3,987.

• Net income was $46,280 (diluted EPS of $0.32) in 2025, compared to a net loss of $26,027 (diluted loss per share of

$0.17)<sup>7</sup> in 2024.

• Cash flow generated by operating activities of $71,948 in 2025 compared to cash flow used of $8,615 in 2024.

<sup>8</sup> Non-GAAP Measures, refer to page 33.

<sup>9</sup> Non-GAAP Measures, consisting of current assets of $232,450 less current liabilities of $120,050 (December 31, 2024, current assets of $76,540 less current

liabilities of $53,116).

<sup>10</sup> In the quarter ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.23) to $(0.20) to reflect the net loss attributable to Aya shareholders in the quarter ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the quarter.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 20259

**Q4-2025 Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Operational Zgounder** | **Q4-2025**<br>| **Q3-2025**<br>| **Change**<br>**Q4 vs Q3**<br>| **Q4-2024**<br>| **Change** <br>**Q4 vs Q4**<br>|
| Ore Mined (tonnes) | 385216 | 215485 | 79% | 102485 | 276% |
| Average Grade Mined (g/t Ag)  | 130 | 142 | (8)% | 168 | (23)% |
| Ore Processed (tonnes) | 349242 | 305964 | 14% | 113674 | 207% |
| Average Grade Processed (g/t Ag) | 134 | 146 | (8)% | 159 | (16)% |
| Combined Mill Recovery (%) | 91.2% | 92.5% | (1.3)% | 84.8% | 6.4% |
| Milling Operations (tpd) | 3796 | 3326 | 14% | 1236 | 207% |
| Silver Equivalent Produced (oz) | 1371300 | 1346882 | 2% | 491310 | 179% |
| Silver Equivalent Sold (oz) | 1234551 | 1363511 | (9)% | 337733 | 266% |
| Cash Costs per Silver Equivalent Ounce Sold<sup>8</sup> | 20.50 | 20.79 | (1)% | 26.57 | (23)% |
| Adjusted Cash Costs per Silver Equivalent Ounce Sold<sup>8</sup> | 20.50 | 20.79 | (1)% | 21.51 | (5)% |
| Production Cost per Tonne<sup>8</sup> | 84 | 153 | (45)% | 108 | (22)% |
| **Boumadine Reclaim Operations** |  |  |  |  |  |
| Ore Processed (tonnes) | 13498 | - | NM | - | NM |
| Average Grade Processed (g/t Ag) | 192 | - | NM | - | NM |
| Average Grade Processed (g/t Au) | 2.87 | - | NM | - | NM |
| Silver Equivalent Produced (oz) | 172129 | - | NM | - | NM |
| Silver Equivalent Sold (oz) | 55471 | - | NM | - | NM |
| Cash Costs per Silver Equivalent Ounce Sold<sup>8</sup> | 6.59 | - | NM | - | NM |
| **Consolidated Zgounder and Boumadine** |  |  |  |  |  |
| **Silver Equivalent Produced Consolidated (oz)** | **1543429** | **1346882** | **15%** | **491310** | **214%** |
| **Silver Equivalent Sold Consolidated (oz) (A)** | **1290023** | **1363511** | **(5)%** | **337733** | **282%** |
| Average Net Realized Silver Equivalent ($/oz) (B/A) | 58.39 | 39.85 | 47% | 27.65 | 111% |
| Cash Costs per Silver Equivalent Ounce Sold<sup>8</sup> | 19.91 | 20.79 | (4)% | 26.57 | (25)% |
| Adjusted Cash Costs per Silver Equivalent Ounce Sold<sup>8</sup> | 19.91 | 20.79 | (4)% | 21.51 | (7)% |
| **Financial** |  |  |  |  |  |
| Revenues (B) | 75320 | 54337 | 39% | 9338 | 707% |
| Cost of Sales | 32706 | 32971 | (1)% | 11084 | 195% |
| Gross Profit | 42614 | 21366 | 99% | (1746) | 2,541% |
| Operating Income (Loss) | 36354 | 15171 | 140% | (34469) | 205% |
| Income (Loss) before Income Taxes | 32799 | 16221 | 102% | (31850) | 203% |
| Net Income (Loss) | 18287 | 12422 | 47% | (29983) | 161% |
| Operating Cash Flows | 33854 | 22390 | 51% | 2355 | 1,338% |
| Cash and cash equivalents | 136322 | 129184 | 6% | 30944 | 341% |
| Total Assets | 631733 | 585036 | 8% | 400107 | 58% |
| Total Non-Current Financial Liabilities | 84615 | 83192 | 2% | 97638 | (13)% |
| Working Capital<sup>9</sup> | 112400 | 96147 | 17% | 23424 | 380% |
| **EPS** |  |  |  |  |  |
| Income (Loss) per Share (EPS) - Basic<sup>10</sup> | 0.13 | 0.09 | 44% | (0.20) | 165% |
| Income (Loss) per Share (EPS) - Diluted<sup>10</sup> | 0.12 | 0.09 | 33% | (0.20) | 160% |

---

***NM*** *– Not Meaningful*

<sup>11</sup> Non-GAAP Measures, refer to page 33.

<sup>12</sup> In the quarter ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.23) to $(0.20) to reflect the net loss attributable to Aya shareholders in the quarter ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the quarter.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202510

**Q4-2025 Operational Highlights:**

• Consolidated silver equivalent production of 1,543,429 oz including 172,129 oz from Boumadine; a 15% increase

compared to Q3-2025 and a 214% increase compared to Q4-2024, supported by fully ramped operations at Zgounder.

**Zgounder Silver Mine**

• Silver production of 1,371,300 oz, an increase of 179% from Q4-2024.

• Mill feed grade of 134 g/t Ag, compared to 146 g/t Ag in Q3-2025, a decrease of 7% and compared to 159 g/t Ag in

Q4-2024, a decrease of 16%.

• Milled tonnage of 3,796 tpd above expectations for a fully ramped operation; 91.2% mill recovery and 99% plant

availability.

• Mined tonnage of 385,216 tonnes (4,187 tpd) at 130 g/t Ag, compared to 102,485 tonnes (1,114 tpd) in Q4-2024 at 168 g/t

Ag.

• Underground development and stope sequencing supported an average mining rate of 1,387 tpd at 161 g/t Ag, while open-

pit operations reached 2,800 tpd of ore at 115 g/t Ag with a strip ratio of 13, for a total material movement rate of 38,814

tpd, approaching our long-term target of 45,000 tpd.

**Boumadine Pyrite Reclaim** 

• 13,498 tonnes were reclaimed from the pyrite historical stockpiles at a grade of 2.87 g/t Au and 192 g/t Ag.

• 172,129 oz of silver equivalent were produced at a Ag/Au ratio of 71.

**Exploration** 

• Exploration drilling of 41,084m at Boumadine, 8,582m at Zgounder near-mine.

**Health and Safety**

• The Corporation's TRIFR was 11.24 in Q4-2025, compared to 19.56 in Q4-2024, reflecting continued progress in incident

prevention.

• 8,119 hours of training delivered, with 100% of incidents analyzed and continued focus on leading indicators and

contractor safety.

**Q4-2025 Financial Highlights:**

• Revenue of $75,320, up 39% from Q3-2025 and up 707% from Q4-2024, reflecting average net realized silver equivalent

prices of $58.39/oz (Q4-2025), 39.85/oz (Q3-2025), and $27.65/oz (Q4-2024).

• Cost of sales of $32,706 with a cash cost per silver equivalent oz sold<sup>11</sup> of $19.91 down from $26.57 in Q4-2024 ($21.51

on an adjusted basis). Royalty payments accounted for $2,282 in Q4-2025 compared to $280 in Q4-2024.

• Gross profit of $42,614 compared to a gross loss of $1,746 in Q4-2024.

• Net income of $18,287 (diluted EPS of $0.13), compared to a net loss of $29,983 (diluted loss per share of $0.20)<sup>12</sup> in

Q4-2024.

• Cash flow from operations of $33,854 compared to $2,355 in Q4-2024.

• AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202511

• • **Silver Equivalent Production Chart**

![chart-b5ec1e89d1984c488c8.gif](chart-b5ec1e89d1984c488c8.gif)

**Recent Developments**

On January 20, 2026, Aya announced the financial completion under its $100,000 project loan with the European Bank for

Reconstruction and Development ("EBRD") for the expansion of the Zgounder Silver Mine in Morocco. The achievement

followed a comprehensive technical and financial review by the EBRD, confirming the mine's successful transition to

commercial production and material compliance with financial covenants and the Environmental and Social Action Plan

("ESAP").

• • AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202512

**Operating Results**

**Q4-2025 Zgounder Silver Mine Operations**

In Q4-2025, 349,242 tonnes of ore was processed. Mill availability for the quarter was 99%. The average processed grade was

134 g/t Ag. Q4-2025 was highlighted by a continuous increase in mill tonnage while sustaining a recovery rate of 91.2%. Daily

throughput averaged 3,796 tpd, producing 1,371,300 oz of silver during the quarter. Throughput increased throughout the

quarter, averaging 3,639 tpd in October, 3,638 tpd in November and 4,107 tpd in December.

The total mining rate for the quarter averaged 4,187 tpd, for a total of 385,216 tonnes of ore mined at a grade of 130 g/t Ag,

with a focus on completing the open-pit ramp-up. Both open-pit and underground mine ramp-ups are now complete, with

mining rates exceeding the milling rate for the first time since mill commissioning in late 2024.

In Q4-2025, 257,600 tonnes (2,800 tpd) of ore were mined from the open pit at an average grade of 115 g/t Ag. The open pit

mine had a strip ratio of 13 during Q4-2025. The open-pit mining rate averaged 38,814 tonnes per day of total material moved,

near the long-term target of 45,000 tpd, and an increase over the previous quarter, which averaged 34,049 tpd.

In Q4-2025, 127,616 tonnes (1,387 tpd) were mined from the underground mine at an average grade of 161 g/t Ag. Mining

rates and grades were in line with plan.

At the end of the quarter, the stockpile stood at 194,521 tonnes of ore at an average grade of 118 g/t Ag, increasing compared

to the previous quarter.

![a7401041_retouche.jpg](a7401041_retouche.jpg)

Figure 1 - Zgounder Open Pit

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202513

**Capital Projects**

Key surface infrastructure supporting the "Super Pit" project (including transformers, cement plant, emergency underground

raise and main fans) was completed in 2025 to accommodate the expanded open pit footprint. Additional pushback activities

are planned later in the year as part of the ongoing development of the pit.

Preparation for the phase two of the Tailings Storage Facility ("TSF") is ongoing, with earthwork contractor mobilized and

construction ongoing for target completion in H2-2026.

Underground development is progressing as planned, with new deeper levels being opened. The ramp is now below the 1825

level. The decline design for lower levels is near complete and will reach the 1650 level in the coming years. Underground mine

development now focuses on level below the 1900 level, and new galleries are planned to support exploration efforts near the

granite contact and west of the Zgounder river.

**Q4-2025 Boumadine Reclaim Operations**

In late 2025, Aya commenced the reclaiming, crushing and sale of its historical pyrite stockpile at the Boumadine project.

These activities began in Q4-2025 with 13,498 tonnes reclaimed and crushed, at grades of 192 g/t Ag and 2.87 g/t Au. A total

of 1,245 oz of gold and 83,480 oz of silver was recovered, representing 172,129 oz of silver equivalent for 2025. Announced on

November 19, 2025, this initiative is expected to be of limited duration of 20 to 24 months. The overall Boumadine Polymetallic

Project remains at the exploration and evaluation stage and is not in commercial production.

**Development and Exploration**

In 2025, the Corporation completed an extensive drilling program that exceeded exploration objectives at both Zgounder and

Boumadine. At Zgounder, drilling contributed to ongoing reserve and resource growth, building on cumulative work and

structural studies since the prior estimate. At Boumadine, drilling reinforced the main trend, identified new high-grade zones,

and supported an updated Mineral Resource Estimate. These results underscore Boumadine as a cornerstone asset and

provide a strong foundation for ongoing feasibility and development work.

**Zgounder Silver Mine** 

**Drilling Activity**

**Near-Mine:** In Q4-2025, the Corporation completed 8,582 m of DDH both underground and at surface on near-mine targets,

focusing west of the main ore body, near the major fault, at depth and to the north of the open-pit area. The program aimed to

define both lateral and vertical mineralization, with encouraging results outlining significant down-plunge extensions through

thick high-grade interceptions. Q4-2025 results from underground holes ZG-SF-25-715 and ZG-SF-25-336, which intersected

1,972 g/t Ag over 3.2 m and 2,718 g/t Ag over 1.3 m respectively, confirmed the continuity of high-grade mineralization beyond

the current resource boundary, supporting future resource growth. In addition, surface hole ZG-RC25-478 intercepted 677 g/t

Ag over 15.0 m, in the open-pit area.

In 2025, the Corporation completed an extensive near-mine drilling program at Zgounder, targeting extensions of known high-

grade mineralization and improving confidence in the geological and structural model. For full-year intercept highlights see the

January 21 press release.

**Regional:** As part of its 2025 regional exploration program, the Corporation completed its drill program on the Zgounder

Regional permits during Q4-2025. Following the identification of targets earlier in the year, drilling at Zgounder Far East

focused on several geochemically and structurally defined anomalies.

Overall, with 28,281 m completed at Zgounder in 2025, the program surpassed the upper end of its 25,000 meters full-year

drilling target for both near-mine extensions and regional prospects on surrounding permits.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202514

**Permit Expansion, Mapping and Target Generation**

In 2025, the Corporation expanded its regional exploration footprint at Zgounder through the addition of new exploration

permits north of the mine, supporting longer-term optionality beyond the current mine area. The regional land position

(including Zgounder mining license) now totals 378 km². In addition, detailed geological mapping and prospecting are being

carried out on both Tourchkal and Zgounder Far East permits. Several drill targets have been identified on these permits

supporting future phases of the 2026 drill program.

**Technical Report** 

On December 15, 2025, the Corporation filed an NI 43-101 Technical Report for Zgounder, which is available on Aya's website

and SEDAR+. The report incorporates updated mineral resource and reserve estimates as well as a revised life-of-mine plan

extending to 2036.

Updated Mine Plan Highlights:

• **Mine Life & Production:** Average annual silver production of approximately 6 Moz from 2026 to 2036.

• **Mining Methods and Sequencing:** The life-of-mine plan is open-pit focused, complemented by underground mining,

combining cut-and-fill (through 2031) and longhole stope mining (2026–2032), with open-pit material movement

averaging 45,000 tpd until 2030, 22,000 tpd through 2033, and 12,000-14,000 tpd for the remainder of the LOM.

• **Processing Plant:** Throughput of 3,650 tpd in 2026, increasing to 3,850 tpd for the remainder of the LOM; estimated silver

recovery of 91.5%.

• **Operating Costs:** Average cash cost of $16.26/oz and $69.47 per tonne processed over the LOM.

• **Sustaining Capital:** $71 million over the LOM.

Updated Mineral Resource and Mineral Reserve Estimate

The updated Mineral Resource and Reserve Estimate at Zgounder reflects additional drilling, sampling, and structural analysis

completed since the previous estimate (effective December 31, 2021). Key highlights from the update are summarized below:

• P&P Reserves increased by approximately 2.5 Moz Ag, while M&I Resources, inclusive of reserves, grew by 5.0 Moz Ag

after accounting for material mined through Q3-2025.

• Open-pit Reserves rose, while underground Reserves decreased, consistent with Aya's strategy to expand open-pit

operations and focus deeper underground.

• Reported grades are lower, primarily due to the integration of extensive new drilling, improved geological interpretation,

and updated estimation methods better suited to the deposit's complex ore distribution. The updated P&P Reserves also

incorporate dilution assumptions informed by mining practices and benefits from enhanced geological and structural

interpretations resulting in a more accurate representation of the deposit's geometry and grade profile.

• The update reinforces the resource model, incorporating approximately 275,000 m of drilling since 2021 (64% of all drilling

on the property), along with independent review, enhancing confidence in the resource model and the mine plan.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202515

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025** | **Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025** | **Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025** | **Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025** | **Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025** | **Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025** |
| **Reasonable Prospects for Eventual** <br>**Economic Extraction ("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 |

---

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 US$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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Reserve estimate for Zgounder operation, as of September 30th 2025** | **Mineral Reserve estimate for Zgounder operation, as of September 30th 2025** | **Mineral Reserve estimate for Zgounder operation, as of September 30th 2025** | **Mineral Reserve estimate for Zgounder operation, as of September 30th 2025** | **Mineral Reserve estimate for Zgounder operation, as of September 30th 2025** | **Mineral 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 |

---

1. Mineral Reserves have been estimated by Aya technical service team, under the supervision of Patrick Pérez, P.Eng, full-time employee of

Aya and Qualified Person as defined by NI 43-101. The estimate is in conformance with the CIM Definition Standards for Mineral

Resources and Mineral Reserves.

2. Mineral Reserves have been estimated using metal price assumption of US$26/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.

<sup>13</sup> 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+**.

<sup>14</sup> Assumed Spot Prices as of 2025-10-31.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202516

**Boumadine** 

**Drilling Activity**

In Q4-2025, the Corporation completed 41,084 meters of combined DDH and Reverse Circulation ("RC") at Boumadine

confirming continuity of the Boumadine deposit and Tizi Zone as well as identifying a new high-grade parallel structure east of

Boumadine Main Trend. Recent highlights include best-ever mineralized intercept on the main trend (BOU-MP25-087; 2,323 g/t

AgEq over 15.0 m), and newly identified parallel structure (BOU-DD25-623; 540 g/t AgEq over 47.3 m). These results confirm

mineralization continuity and support the expansion of known zones. The main Trend is the backbone of the deposit as

confirmed in the recently published PEA. Further, targets through the 2024 mapping and geophysical program were also drill

tested during the quarter, with results pending.

The Corporation completed 150,325 m of drilling in 2025, exceeding the upper end of the annual drilling target of 140,000 m.

**Permit Expansion, Mapping and Target** 

In Q4-2025, the Corporation continued mapping and prospecting, developing with new targets which will be tested in 2026. In

2025, the Corporation added 10 exploration permits, expanding the Boumadine exploration footprint to 341 km² and secured a

600 km² Exploration Authorization.

**Boumadine Preliminary Economic Assessment**

On November 4, 2025, Aya announced the results of the Boumadine PEA which was prepared in accordance with NI 43-101 by

independent Qualified Persons, notably Lycopodium Minerals Canada Ltd and WSP Canada Inc.

An updated NI 43-101 technical report incorporating the results of the Boumadine PEA with an effective date of November 4,

2025 was filed on December 18, 2025 and is available on Aya's website and on SEDAR+.

The PEA is preliminary in nature and 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 that are not mineral reserves do not have demonstrated economic

viability.

**Project Economics Sensitivity - Gold and Silver Price**<sup>13</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Units** | **Zero-NPV** | **(25)%** | **Base Case** | **25%** | **Upside Case**<sup>14</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 |

---

The main Project highlights include:

• On a post-tax basis: NPV5% of $1.5 billion, an IRR of 47%, and a payback period of 2.1 years at Base Case prices.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202517

• Attractive scale with average annual production of 401 koz AuEq in years 1 to 5 and 328 koz AuEq per year over the LOM.

This corresponds to an average annual production of approximately 37.5 Moz AgEq, in years 1 to 5 and 30.6 Moz AgEq

over the LOM.

• Low initial capital cost of $446 million, including $96 million in contingency.

• Highly efficient capital project with a post-tax NPV5% to Capex ratio of 3.3:1 (Base Case prices); and NPV5% to Capex ratio

of 6.6:1 at Spot Prices.

• LOM total cash costs of $928/oz AuEq and AISC of $1,021/oz AuEq.

• Processing: 8,000 tpd conventional flotation plant producing three gold- and silver-bearing concentrates – zinc, lead, and

pyrite.

• Year 1 to 5 average head grade of 4.76 g/t AuEq, or 443 g/t AgEq.

• LOM average head grade of 3.85 g/t AuEq, or 358 g/t AgEq.

• The Mineral Resource Estimate in the PEA is based on the technical report published on March 31, 2025, which includes

142,268 m of drilling and does not include the extensive drilling completed during the 2025 campaign.

• Existing mining license on the property; feasibility study targeted for completion in late 2027.

Mining and Processing

The Boumadine PEA envisions a combined open-pit and underground mining operation. The Boumadine LOM plan will consist

of the simultaneous mining of several open pits in Central, North and South zones concurrent with underground operations

that are scheduled between Year 2 and Year 11. The overall strategy is to achieve an average production rate to maintain a

processing throughput of 8,000 tpd over the LOM, for an annual throughput capacity of 2.9 Mt per year. The mine plan

prioritizes strong feed grades to the mill during the initial years of production.

A conventional flotation plant is planned for processing, with crushing, grinding and three flotation circuits to produce

separate, salable concentrates of zinc, lead, and pyrite. All three concentrates contain payable silver and gold.

Metallurgy

Extensive metallurgical testwork, led by SGS Lakefield between 2018 and 2025, is the foundation of the Boumadine PEA and

confirms a conventional flotation-based flowsheet with excellent metallurgical performance. The metallurgical testwork

program was based on composite sampling, with locked-cycle flotation tests and comminution testwork that were used to

determine the proposed flowsheet. Total flotation recoveries are: 96.1% for gold, 96.4% for silver, 74.7% for zinc and 82.0% for

lead.

Additional Information

Initial capital expenditures of $446 million, including a contingency of $96 million, as well as sustaining capital expenditures of

$340 million over the LOM. The on-site infrastructure requirements include the processing plant, workshops, warehouses,

administrative buildings, tailings storage facility, and supporting infrastructure. Off-site infrastructure requirements include

concentrate storage at the port, the construction of a dedicated 72-km electrical power line, and pumping stations and water

pipelines for fresh water supply.

The Boumadine PEA outlines an average cash cost of $109/t milled, or $928/oz AuEq produced. The AISC is estimated at

$1,021/oz AuEq produced, positioning the project competitively within the industry cost curve.

For further details, refer to Corporation's press release announcing the PEA results, the related investor presentation and the

NI 43-101 Technical Report.

Mineral Resource Estimate

An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24, 2025, consisting of an

Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb containing an estimated 76.8Moz of Ag,

2.4Moz of Au, 615 kt of Zn and 237 kt of Pb. Representing 378Moz AgEq, an increase of 19%, and an Indicated Mineral

Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145

kt of Zn and 44 kt of Pb, representing 74.4Moz Silver equivalent ("AgEq"), an increase of 120%.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202518

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| | **NSR** <br>**US$/t**<br>| **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-constrained Indicated** | 95 | 3920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | **476** | 5.30 | 11881 | 377 | 5 | 33 | 116 | **60051** | 667 |
| **Pit-constrained Inferred** | 95 | 14258 | 90 | 2.89 | 0.10 | 0.81 | 2.38 | **450** | 5.00 | 41135 | 1325 | 14 | 115 | 339 | **206293** | 2293 |
| **Out-of-pit Indicated** | 125 | 1249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | **358** | 3.98 | 3216 | 85 | 1 | 11 | 29 | **14382** | 160 |
| **Out-of-pit Inferred** | 125 | 14938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | **357** | 3.97 | 35669 | 1148 | 10 | 122 | 276 | **171393** | 1905 |
| **Total Indicated** | 95/ 125 | 5169 | 91 | 2.78 | 0.12 | 0.85 | 2.80 | **448** | 4.98 | 15097 | 462 | 6 | 44 | 145 | **74433** | 827 |
| **Total Inferred** | 95/ 125 | 29196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | **402** | 4.47 | 76804 | 2469 | 25 | 237 | 615 | **377686** | 4198 |

---

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, sociopolitical, 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 in this MD&A 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, as may be amended from time to time.

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 in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/oz\*Ag

recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag

price/oz\*Ag recovery)\*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/oz\*Au

recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au

price/oz\*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 general and administrative expenses ("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. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202519

![foragergional_eng.jpg](foragergional_eng.jpg)

Figure 2 - Plan View of Boumadine Property with Existing Permits and Drill Holes

**Sustainability**

**Q4-2025 Activities**

**Health, Safety and Environment**

The Corporation continued to track a range of leading indicators around critical risk management, contractor management,

and incident investigation quality. In particular, the Corporation continued solidifying health and safety ("H&S") processes

through preventive measures, 100% of incidents analyzed, and 8,119 hours of training. 21,240 training hours were conducted in

2025. The Corporation's Total Recordable Injury Frequency Rate ("TRIFR") for Q4-2025 was 11.24, compared to 19.56 in

Q4-2024. The yearly TRIFR was 14.22 in 2025 compared to 14.05 in 2024.

The Corporation remains committed to continuously improving its health and safety performance and management systems

("ESMS"). To that end, the Corporation will continue to strengthen its H&S programs through proactive risk management,

contractor engagement, and targeted training initiatives. By maintaining a focus on leading indicators and fostering a culture

of safety, the Corporation aims to further reduce incident rates and ensure the well-being of all personnel.

During Q4-2025, the Corporation continued to implement its ESMS and is working steadily towards ISO 14001 certification.

The Corporation did not report any significant environmental incidents for the three months ended on December 31, 2025.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202520

**Community Relations**

The Corporation continued its implementation of its CSR program and notably advanced the following projects:

• Safran harvest at its Safran Experimental Farm and participation and sponsoring at the Talouine Safran Festival.

• Kick-off the tutoring program for the 2025-2026 school year at the Askaoun and Taouyalte secondary schools.

• Distribution of glasses at the primary and secondary schools of Askaoun and Taouyalte.

![img_9460xretouche.jpg](img_9460xretouche.jpg)

Figure 3 - Distribution of glasses at the primary and secondary schools of Askaoun and Taouyalte

**Governance**

The Corporation launched its first ever double materiality assessment ("DMA") in Q3-2025, following international best practice

and engaging with both internal and external stakeholders. Results are expected during Q1-2026, and will appear in the 2025

Sustainability Report. The results of the DMA will be henceforth integrated into the Enterprise Risk Management ("ERM"),

strengthening the integration of sustainability into its risk management culture.

<sup>15</sup> Non-GAAP Measures, refer to page 33.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202521

**2025 Guidance Review**

This section provides a review of 2025 guidance provided on March 28, 2025 in Q4-2024 Management's Discussion and

Analysis.

---

| | | |
|:---|:---|:---|
| **Zgounder** | **2025 Actuals** | **2025 Guidance** |
| Total Silver Equivalent production (M oz) | 5.0 |  |
| Total Silver production Zgounder Mine (M oz) | 4.8 | 5.0 - 5.3 |
| Silver cash cost ($/oz)<sup>15</sup> | 20.41 | 15.00 - 17.50 |
| Recovery (%) | 88.4 | 84 - 88 |
| Average grade processed (g/t Ag) | 145 | 170 - 200 |
| Exploration and development for all Moroccan projects ($M) | 41.2 | 25-30 |

---

While Zgounder production came in below guidance at 4.8 million ounces of silver, the Corporation met its overall 2025

production objective, with total consolidated output of 5.0 million silver equivalent ("AgEq") ounces, including approximately

0.2 million AgEq ounces from Boumadine stockpile commercialization, which was not included in the original guidance. Ramp-

up progressed successfully, with the mill averaging 3,229 tpd for the year (3,796 tpd in Q4-2025), and metallurgical

performance exceeded expectations, with 88.4% silver recovery for the year and 91% in the second half of the year. The

average head grade of 145 g/t Ag was below guidance, reflecting the ramp-up blend of open-pit, underground, and stockpile

ore, as well as higher dilution, which is being addressed through targeted initiatives. The recently filed Updated Mineral

Reserve and Resource (see "Development and Exploration" section) provides a revised estimate of expected grades based on

extensive drilling and updated geological interpretation. Strong mill throughput and recoveries in 2025 partially mitigated the

impact of lower grade on production, while costs applied over fewer ounces sold contributed to cash costs of $20.41/oz,

above original guidance.

In 2025, total exploration and development expenditures across the Corporation's projects reached approximately $41.2

million. Drilling programs at both Boumadine and Zgounder exceeded the upper end of their respective annual targets. At

Boumadine, 150,325 m were drilled compared to a target of 100,000–140,000m, while 28,281m were completed at Zgounder,

exceeding the 20,000–25,000 m target.

**2026 Outlook**

**Operational Outlook**

This section provides management's production outlook and cost guidance for 2026. These are forward-looking estimates and

are subject to the cautionary note regarding the risks associated with relying on forward-looking statements at the end of this

MD&A. Actual results may vary based on internal and/or external factors, including operational performance, commodity

prices, foreign exchange fluctuations, regulatory matters, and market conditions.

Building on 2025 operational and exploration achievements, Aya expects 2026 production at the Zgounder Silver Mine to

reflect steady-state operations following the completion of the ramp-up phase and continued optimization of mining and

processing activities. These operations will be supported by sustaining and growth capital investments allocated to key

projects. At Boumadine, production related to the reclaiming and commercialization of the pyrite stockpile initiated in 2025 is

expected to continue in 2026.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202522

**The Corporation expects the following for 2026:**

---

| | | | |
|:---|:---|:---|:---|
|  | **2026 Guidance** | **Zgounder** | **Boumadine** |
| Silver equivalent production (Moz AgEq) | 6.2 – 6.8 | 5.2 – 5.8 | 1.0 |
| Cash cost per silver equivalent ($/oz) | - | 21.50 | 10.00 |
| Capital expenditures ($M) | 36 | - | - |
| Exploration & development ($M) | 60 | - | - |

---

Further, we believe that the current industry landscape, together with expectations for a supportive silver price environment, is

expected to support strong margins and operating cash flow, providing confidence in our strategy to pursue opportunities

across our portfolio.

The following assumptions underpin our 2026 operational guidance:

• AgEq ounces are at an 80:1 Au:Ag ratio.

• Cash cost per silver equivalent outlook is based on various assumptions and estimates, including, but not limited to:

production volumes, commodity prices (2026 - Ag: $50.00/oz, Au: $4,000/oz) foreign currency exchange rates (2026 -

CAD/USD:1.40, MAD/USD:9.00) and operating costs.

• Cash costs per silver equivalent are a non-IFRS financial measure and have no standardized meaning under IFRS and may

not be comparable to similar measures used by other issuers. Refer to "Non-GAAP Measures" section of this MD&A for a

detailed description of the measure.

The Corporation notes that silver prices during the first quarter of 2026 have been materially higher than the $50.00/oz

assumption used for guidance. As the Corporation pays a 3.0% royalty to ONHYM on revenue generated from the Zgounder

and Boumadine properties, sustained precious metal prices above the assumptions used would increase royalty payments and

would result in higher cash costs than those presented in the current guidance. By way of illustration, every $10/oz increase in

the silver price would increase cash costs by approximately $0.30/oz due to the royalty.

The Corporation may revise its 2026 guidance during the year to reflect changes in expected results, commodity prices,

foreign exchange rates, and other relevant factors.

**Other Key Strategic Priorities**

Development of the Boumadine polymetallic project

Following the positive Boumadine PEA, Aya is accelerating the development of the Boumadine polymetallic project and

advancing it through the feasibility study and related technical programs. This includes drilling, feasibility fieldwork, ESIA,

flowsheet optimization, metallurgical testwork, processing and mining evaluations, water management, and infrastructure

design. Aya also plans to update the Mineral Resource and update the Boumadine PEA in H2-2026.

U.S. listing

Aya is targeting a U.S. listing in Q2-2026 to broaden access to U.S. investors and enhance trading liquidity. Aya will begin

preparations, including engaging advisors and preparing required filings. There can be no assurance that the U.S. listing will be

completed or as to its timing.

Planned Exploration

In 2026, the Corporation plans to execute a comprehensive exploration and development program at Zgounder and

Boumadine, with the objective of expanding mineral resources, improving resource confidence, and supporting long-term

operational optionality. At Zgounder, near-mine and regional drilling (approximately 30,000 metres) will test high-grade zones

and satellite targets. At Boumadine, a multi-phase infill and regional drilling program (approximately 200,000 metres total) is

expected to convert inferred resources to measured and indicated categories and support ongoing feasibility work. The

program is supported by an exploration budget of approximately $60 million, with scope and timing subject to results, market

conditions, and strategic priorities.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202523

**Transaction with Mx2 Mining**

Effective April 15, 2025, the Corporation transferred its rights to the Amizmiz gold project by selling Amizmiz International

Holding and Mx2 Maroc SARLAU, wholly owned subsidiaries of the Corporation to Mx2 Mining Inc. ("Mx2"). As consideration

for the transaction, the Corporation received 20,000,000 shares of Mx2 priced at C$0.50 per share for a total of C$10,000

($7,210).

In conjunction with the transaction, Mx2 also completed a brokered private placement for gross proceeds of C$16,000 priced

at C$0.50 per unit of which the Corporation obtained of a total of 2,000,000 shares for a total of C$1,000 ($721).

As a result, the Corporation holds 22,000,000 common shares of Mx2's outstanding 52,000,001 shares, an interest of 42.3% in

Mx2. Management determined it has significant influence but not control over Mx2 and began to account for the investment

using the equity method from the date of the transaction (see Note 7 of the FS).

<sup>16</sup> In the quarter ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.23) to $(0.20) to reflect the net loss attributable to Aya shareholders in the quarter ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the quarter.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202524

**Overview of Financial Performance**

For the three and twelve-month periods ended December 31, 2025 and 2024 (in thousands of dollars):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three-month periods ended** | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** | |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |  |
| | **2025** | **2024** | **Variance** | **2025** | **2024** | **Variance** |  |
| <br>**Revenues** | **75320** | **9338** | **707%** | **202102** | **39117** | **417%** | **(1)** |
| Cost of sales | 32706 | 11084 | 195% | 118935 | 33735 | 253% | (2) |
| **Gross profit (loss)** | **42614** | **(1746)** | **2,541%** | **83167** | **5382** | **1,445%** | **(3)** |
| General and administrative expenses - Other <br>expenses<br>| 3893 | 2296 | 70% | 12564 | 8837 | 42% | (4) |
| General and administrative expenses - Share-<br>based payments expense<br>| 2367 | 2786 | (15)% | 13901 | 7651 | 82% | (5) |
| **Other operating expense (income)** | **-** | **27641** | &nbsp;&nbsp;&nbsp;&nbsp;**NM** | **(5815)** | **27641** | **121%** | **(6)** |
| **Operating income (loss)** | **36354** | **(34469)** | **205%** | **62517** | **(38747)** | **261%** |  |
| Net finance (expense) income | (3312) | 2619 | (226)% | 8570 | 13947 | (39)% | (7) |
| Share of loss in associate, net of tax  | (243) | - | NM | (962) | - | NM |  |
| **Net income (loss) before income taxes** | **32799** | **(31850)** | **203%** | **70125** | **(24800)** | **383%** |  |
| Income tax expense (recovery) | 14512 | (1867) | 877% | 23845 | 1227 | 1,843% | (8) |
| **Net income (loss) for the period** | **18287** | **(29983)** | **161%** | **46280** | **(26027)** | **278%** | **(9)** |
| Income (loss) per share (diluted)<sup>16</sup> | 0.12 | (0.20) | NM | 0.32 | (0.17) | NM | (9) |

---

***\*NM*** *– Not Meaningful*

Three-month period ended December 31, 2025, compared to the three-month period ended December 31, 2024

1.**Revenues** totaled $75,320 in Q4-2025 compared to $9,338 in Q4-2024, driven by a 282% increase in silver equivalent

ounces sold of 1,290,023 oz in Q4-2025 compared with 337,733 oz in Q4-2024 due to the continued ramp-up of the new

Zgounder plant, and a higher average net realized silver equivalent price per oz during the period. The average net realized

silver equivalent price per oz sold increased by 111% to $58.39 in Q4-2025 compared to $27.65 in Q4-2024.

2.**Cost of sales** in Q4-2025 increased by 195% compared to Q4-2024, driven by the increase in tonnes sold and depreciation

expense on a larger asset base. Depreciation expense increased by $4,831 compared to Q4-2024, reflecting the new

Zgounder plant entering commercial production at the end of 2024. More processed ore from the new plant contributed to

increased sales; however, the reduction in processed grades in Q4-2025 compared to Q4-2024 partially offset the expected

unit cost improvement from the new plant, requiring greater tonnage to maintain silver production. Cash costs per silver

ounce sold improved in Q4-2025 compared to Q4-2024. Unit operating costs are expected to continue to improve as

productivity increases and sustaining capital investments are implemented. In addition, royalties to ONHYM were $2,282 in

Q4-2025 compared to $280 in Q4-2024 as it represents 3% of sales.

3.**Gross profit (loss)** for the quarter was $42,614 compared to ($1,746) in Q4-2024, representing an increase of 2,541%. The

increase reflects the impact of higher sales volumes at a higher average net realized silver equivalent price per oz. This is

also favorably impacted by the lower cash cost in Q4-2025 ($19.91) compared to adjusted cash cost in Q4-2024 ($21.51).

4.**General and administrative expenses** increased by 70% or $1,597 in Q4-2025 compared with Q4-2024. This increase was

driven by the fact that the Corporation now has multiple projects in Morocco and as such, G&A expenses increased to

manage these projects. To support the continued growth of the Corporation and ensure adequate resources for project

execution and corporate functions, additional headcount was added at the head office in Canada and in Morocco.

5.**General and administrative expenses - Share-based payments** decreased by 15% or ($419) in Q4-2025 compared with

Q4-2024. The decrease was driven by a lower non-cash expense related to share-based compensation in Q4-2025 related

to the August 2024 stock option issuance. The decrease in the expensed amount reflects the accounting treatment

associated with the vesting schedule and valuation of the stock options granted in the prior year.

<sup>17</sup> In the quarter ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.23) to $(0.20) to reflect the net loss attributable to Aya shareholders in the quarter ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the quarter.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202525

6.**Other operating expense** of $nil in Q4-2025 compared to $27,641 comprised mainly of a $27,350 impairment charge in

Q4-2024. The impairment loss related to the Tijirit Project which was owned 75% by the Corporation as the asset's

recoverable amount was deemed to be $nil, resulting in a full impairment loss as of December 31, 2024 (See Note 7 of the

FS).

7.**Net finance (expense) income** of ($3,312) in Q4-2025 primarily reflects approximately $2,900 of interest on the EBRD

Zgounder loan, compared to net finance income of $2,619 in Q4-2024 which did not include interest on this loan as

commercial production had not been reached.

8.**Income tax expense (recovery)** in Q4-2025 was $14,512, compared with a recovery of $1,867 in Q4-2024, primarily due to

higher net taxable income, which accounted for $13,874 of the increase, and $638 of accrued withholding taxes on interest

accruing on outstanding intercompany advances to Moroccan subsidiaries. The increase in taxable income in Morocco

reflects the ramp-up of the new plant and associated revenue generation.

9.**Net income (loss)** of $18,287 (diluted EPS of $0.12) was recorded in Q4-2025 compared to net loss of ($29,983) (diluted

EPS of ($0.20))<sup>17</sup> in Q4-2024.

Year ended December 31, 2025, compared to the year ended December 31, 2024

1.**Revenues** totaled $202,102 in 2025 compared to $39,117 in 2024, driven by a 223% increase in silver equivalent ounces

sold of 4,857,347 oz in 2025 compared with 1,501,927 oz in 2024. This significant increase is due to the continued ramp-up

of the new Zgounder plant, at a higher average net realized silver equivalent price per oz during the year. The average net

realized silver equivalent price per oz sold increased by 60% to $41.61 in 2025 compared to $26.04 in 2024.

2.**Cost of sales** in 2025 increased by 253% compared to 2024, driven by the increase in ounces sold, including higher

depreciation expense on a larger asset base, which rose by $17,101 compared to 2024, reflecting the the new Zgounder

plant entering commercial production at the end of 2024. Higher processing volumes of ore from the new plant contributed

to increased sales; however, the reduction in processed grades partially offset the expected unit cost improvements,

requiring greater throughput to reach silver production objectives. Cash costs per silver ounce sold improved in 2025

compared to 2024. Unit operating costs are expected to continue to improve as productivity increases and sustaining

capital investments are implemented. Royalties to ONHYM were $6,085 in 2025 compared to $1,170 in 2024 as it

represents 3% of sales.

3.**Gross profit** was $83,167 in 2025 compared to $5,382 in 2024, representing an increase of 1,445%. The increase reflects

the impact of higher sales volumes, alongside the higher average net realized silver equivalent price per oz as silver prices

increased throughout the year. Unit costs were broadly stable compared to 2024.

4.**General and administrative expenses** increased by 82% or by $6,250 in 2025 compared with 2024. This increase was

driven by the fact that the Corporation has multiple projects in Morocco and as such, G&A expenses increased to manage

these projects. To support the continued growth of the Corporation and ensure adequate resources for project execution

and corporate functions, additional headcount was added at the head office in Canada and in Morocco.

5.**General and administrative expenses - Share-based payments** increased by 42% or by $3,727 in 2025 compared with

2024. This increase was driven by a non-cash expense related to share-based compensation in 2025. The increase was

largely attributable to the expense for the period related to 5,000,000 share purchase options granted in 2024 at an exercise

price of C$15.63 and 500,000 share purchase options granted in November 2025 at an exercise price of C$14.45.

6.**Other operating Income (expense)** represents the sum of a net impairment recovery of $3,987 and a $1,828 gain on sale of

assets, mainly related to the Amizmiz property transaction completed in April 2025. A $27,350 impairment charge was

included in 2024 related to the Tijirit project. For more details, see Note 7 of the FS.

7.**Net finance income** was $8,570 in 2025 compared to $13,947 in 2024. The decrease was primarily driven by the

recognition of $10,291 of finance costs on the EBRD loan in 2025, whereas in 2024 borrowing costs were capitalized prior

to the achievement of commercial production. This was partially offset by higher foreign exchange gains of $16,449 in

2025 compared to $10,175 in 2024. The increase in foreign exchange gains primarily reflects the appreciation of the

Moroccan dirham against the U.S. dollar on U.S. dollar-denominated balances, including intercompany advances and the

EBRD facility, partially offset by the depreciation of the U.S. dollar against the Canadian dollar during the year. In addition,

interest income decreased to $2,192 in 2025 from $3,867 in 2024, primarily due to lower average cash balances prior to the

June 18, 2025 equity financing and lower interest rates on cash held.

8.**Income tax expense** for 2025 was $23,845, representing an increase of $22,618 compared to 2024, primarily due to higher

net taxable income of $21,440 and $2,405 in accrued withholding taxes on interest accruing on outstanding intercompany

advances to Moroccan subsidiaries. The increase in taxable income in Morocco reflects the ramp-up of the new plant

<sup>18</sup> In the year ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.20) to $(0.17) to reflect the net loss attributable to Aya shareholders in the year ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the year.

<sup>19</sup> In the quarter ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to Aya shareholders. The

comparative EPS amounts have been adjusted from previously reported $(0.23) to $(0.20) to reflect the net loss attributable to Aya shareholders in the quarter ended

December 31, 2024. This adjustment affects only the presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or

financial position in the quarter.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202526

during its first full year of operations. The effective tax rate for fiscal 2025 (income tax expense divided by net income

before income taxes) is 34%. 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.

9.**Net income (loss)** of $46,280 (diluted EPS of $0.32) was recorded in 2025 compared to net loss of ($26,027) (diluted EPS

of ($0.17)<sup>18</sup>) in-2024.

**Selected Annual Information**

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Revenues  | 202102 | 39117 | 42849 |
| Net Income (Loss) | 46280 | (26027) | 5332 |
| Earnings (Loss) per Share – basic<sup>18</sup> | 0.33 | (0.17) | 0.05 |
| Earnings (Loss) per Share – diluted<sup>18</sup> | 0.32 | (0.17) | 0.04 |
| Dividends per share | - | - | - |
| Total Assets | 631733 | 400107 | 333057 |
| Total Non-Current Financial Liabilities | 84615 | 97638 | 58559 |

---

**Summary of Quarterly Results**

Selected quarterly information

---

| | | | |
|:---|:---|:---|:---|
|  | **Revenues** | **Net income (loss)** | **Income (loss) per share (diluted)** |
| **Quarter ended** | **$** | **$** | **$** |
| December 31, 2025 | 75320 | 18287 | 0.12 |
| September 30, 2025 | 54337 | 12422 | 0.09 |
| June 30, 2025 | 38615 | 8641 | 0.06 |
| March 31, 2025 | 33831 | 6931 | 0.05 |
| December 31, 2024<sup>19</sup> | 9338 | (29983) | (0.20) |
| September 30, 2024 | 11024 | (263) | 0.00 |
| June 30, 2024 | 13678 | 6813 | 0.05 |
| March 31, 2024 | 5077 | (2592) | (0.02) |

---

Revenues in Q4-2025 were $75,320 compared to $54,337 in Q3-2025. The Corporation sold 1,290,023 oz of silver in Q4-2025

compared to 1,363,511 oz in Q3-2025. The decrease in sales volume due to timing was largely offset by the higher average net

realized silver equivalent price, which rose to $58.39 per ounce in Q4-2025 from $39.85 per ounce in Q3-2025, more than

offsetting the lower sales volume and resulting in higher revenues during the quarter. Cost of sales remained stable. Lower

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202527

production costs resulting from the decrease in ounces sold during Q4-2025 were offset by higher royalty expenses, reflecting

higher silver prices, and increased amortization expenses during the quarter. As a result of the increase in silver price, the

gross margin improved in Q4-2025, from 39% to 57% as sales greatly increased and cost of sales were stable during the

quarter. The gross margin increase contributed to the increase in net income. Furthermore, the quarter experienced a decrease

in general and administration expenses from lower share-based payment expenses. This non-cash expense is from the

accounting treatment applied to share purchase options issued in August 2024. However, the increase in net income before

taxes was offset by an increased tax expense for the quarter.

Revenues in Q3-2025 were $54,337 compared to $38,615 in Q2-2025. The Corporation sold 1,363,511 oz of silver in Q3-2025

compared to 1,140,452 oz in Q2-2025. The average net realized price for silver also rose to $39.85 per ounce in Q3-2025, up

from $33.86 per ounce in Q2-2025, further supporting revenue growth. The rise in cost of sales was mainly attributed to the

increased volume of ore processed to support higher oz sold. The higher average grade of 146 g/t in Q3-2025 compared to

140 g/t in Q2-2025 contributed positively to operating performance, partially offsetting the impact of higher volumes on total

costs. As a result, cash costs decreased to $20.79/oz in Q3-2025 from $21.26/oz in Q2-2025, reflecting improved operating

efficiencies and stronger grades. Other operating income decreased to $nil in Q3-2025 compared to Q2-2025, which had

included a net impairment recovery of $3,987 and a $1,828 gain on sale of assets, primarily related to the Amizmiz property

transaction completed in April 2025.

Revenues in Q2-2025 were $38,615 compared to $33,831 in Q1-2025. The Corporation sold 1,140,452 oz of silver in Q2-2025

compared to 1,061,565 oz in Q1-2025. The average net realized price for silver also rose to $33.86 per ounce in Q2-2025, up

from $31.87 per ounce in Q1-2025, further supporting revenue growth. The rise in the cost of sales was mainly attributed to the

increased volume of ore that was mined and processed to produce the ounces sold given the lower ore grade which stood at

140 g/t in Q2-2025 compared to 163 g/t in Q1-2025. This consequently led to an increase in unit costs. A $1,611 increase in

depreciation expense in Q2-2025 compared to Q1-2025 is reflected by the 12% increase in ounces extracted and

approximately doubling the amount of additions, as well as, transfers from assets under construction to mining assets in

production in Q2-2025. Other operating Income increased by 100% in Q2-2025 compared to Q1-2025 as it includes a net

impairment recovery of $3,987 and a $1,828 gain on sale of assets, mainly related to the Amizmiz property transaction

completed in April 2025.

Revenues in Q1-2025 were $33,831 compared to $9,338 in Q4-2024. The Corporation sold 1,061,565 oz of silver in Q1-2025

compared to 337,733 oz in Q4-2024, benefiting from a full quarter of operational ramp-up at the new Zgounder plant, which

reached commercial production on December 29, 2024. Additionally, the average net realized silver price increased to $31.87

per ounce in Q1-2025, up from $27.65 per ounce in Q4-2024, further contributing to the increase in revenue. The cost of sales

increased primarily due to the higher volume of silver processed and sold and a $1,685 increase in depreciation expense in

Q1-2025 compared to Q4-2024, driven by the start of depreciation of the new Zgounder plant. In addition, tax expense rose

significantly to $3,734 in Q1-2025 compared to a tax recovery of $(1,867) in Q4-2024 reflecting the sharp increase in taxable

income generated by the Corporation's Moroccan subsidiary.

Revenues in Q4-2024 were $9,338 compared to $11,024 in Q3-2024. The Corporation sold 337,733 oz compared to 403,957 oz

of silver in Q3-2024. In addition, the cost of sales increased in proportion to the oz sold due to an increase in operational costs

associated with the finalization of the expansion, mine ramp-up, additional staff, training and health and safety activities that

have accelerated in Q4-2024 since the new Zgounder plant reached commercial production on December 29, 2024. In addition,

an impairment charge of $27,350 related to the Tijirit Project owned by the Corporation at 75% was taken in Q4-2024. (See

Note 7 of the Q4-2024 FS).

Revenues in Q3-2024 were $11,024 compared to $13,678 in Q2-2024. The Corporation sold 403,957 oz compared to 521,971

oz of silver in Q2-2024. The 23% reduction in oz sold is mainly explained by the average grade processed that came in lower at

161 g/t compared to 196 g/t in Q2-2024, partially offset by higher average selling prices. The cost of sales rose in line with the

increase in ounces sold due to higher operational costs from expansion preparation, mine ramp-up, and health and safety

activities in Q3-2024, as the new Zgounder plant neared completion.

Revenues in Q2-2024 were $13,678 compared to $5,077 in Q1-2024. The Corporation sold 521,971 oz of silver in Q2-2024

compared to 238,266 oz of silver in Q1-2024 since 157,457 oz of silver concentrate was held in inventory and was sold at a

higher price in Q2-2024. The average grade processed came in higher at 196 g/t in Q2-2024 compared to 173 g/t in Q1-2024,

resulting in a net income of $6,813 compared to a net loss of $(2,594) in Q1-2024.

Revenues in Q1-2024 were $5,077 compared to $11,070 in Q4-2023. The Corporation sold 238,266 oz of silver in Q1-2024

compared to 507,635 oz of silver in Q4-2023. The average grade processed came in lower at 173 g/t in Q1-2024 compared to

239 g/t in Q4-2023. The Corporation increased its inventory of silver in concentrate by $1,830 in Q1-2024, affecting sales

negatively during the quarter since fewer ounces were sold. As a result of lower revenues and higher G&A expenses, the

Corporation recorded a net loss of $(2,592) in Q1-2024 compared to a net income of $3,590 in Q4-2023.

<sup>20</sup> Non-GAAP Measures, consisting of current assets of $232,450 less current liabilities of $120,050 (December 31, 2024, current assets of $76,540 less current

liabilities of $53,116).

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202528

**Liquidity and Capital Resources**

As at December 31, 2025, the Corporation had working capital of $112,400 compared to $23,424 as at December 31, 2024,<sup>20</sup>

including cash of $136,322 ($30,944 on December 31, 2024). The Corporation generated $71,948 in operating cash flow,

principally from the Zgounder operation in 2025. The Corporation ensures that there is sufficient capital to meet short-term

business requirements, after taking into account cash flows from operations and the Corporation's holdings of cash. The

Corporation believes that these sources will be sufficient to meet its obligations for at least the next 12 months. The

Corporation's principal sources of financing in the past have been equity, debt financing and cash flows from operations. The

success of equity and debt financing is dependent on capital markets, the attractiveness of mining companies to investors,

and metal prices. To facilitate its growth and to continue its exploration, development, expansion activities and be able to

support its ongoing operations the Corporation may be required to raise further equity or debt financing in the capital markets.

The Corporation continues to assess financing alternatives, including equity or debt or a combination of both, to fund future

growth, including the development of the Boumadine project.

As part of its $100,000 financing with EBRD, the Corporation is required to maintain $18,000 in restricted cash as a Cost

Overrun Account ("COA") to cover potential cost overruns on the Zgounder project. Upon Project Completion, any unused

portion of the COA may be reallocated to fund the $16,250 Debt Service Reserve Account ("DSRA"). Subsequent to year-end,

the project has reached financial completion, as defined in the credit agreement, and therefore the COA was released and

replaced with the DSRA, with a balance of $16,250 maintained as restricted cash. As these funds are not available for general

corporate use, these amounts are recorded as restricted cash on the consolidated statement of financial position.

The following table summarizes the Corporation's cash flow activity during the three and twelve-month periods ended

December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
| **(used in)** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Cash Flow** | **2025** | **2024** | **2025** | **2024** |
| Operating cash flow before changes in working capital | 35075 | 197 | 67665 | 2655 |
| Change in non-cash operating working capital items | (1221) | 2158 | 4283 | (11270) |
| Net cash flow from (used in) operating activities | 33854 | 2355 | 71948 | (8615) |
| Net cash flow used in investing activities | (25933) | (22470) | (72389) | (94009) |
| Net cash flow (used in) from financing activities | (137) | (389) | 104931 | 88478 |
| Effect of exchange rate changes on cash in foreign currencies | (646) | (3387) | 888 | (4740) |
| **Net increase (decrease) in cash** | **7138** | **(23891)** | **105378** | **(18886)** |
| Cash beginning of the period | 129184 | 54835 | 30944 | 49830 |
| **Cash end of period** | **136322** | **30944** | **136322** | **30944** |

---

Operating

During the three-month period ended December 31, 2025, the Corporation generated operating cash flow before changes in

working capital items of $35,075, compared to generated operating cash flow before changes in working capital items of $197

for the same prior-year period. The increase was driven principally by higher net income in 2025 compared to 2024. See

Overview of Financial Performance section.

The operating cash flow in Q4-2025 was negatively impacted by changes of ($1,221) in working capital items. Increases in

trade and other receivables, sales tax receivable and inventory were partly offset by higher accounts payable, mainly due to the

timing of payments to suppliers, and an increase in income tax payable from higher taxable income during the quarter.

During the year ended December 31, 2025, the Corporation generated operating cash flow before changes in working capital

items of $67,665, compared to $2,655 for the same prior-year period. The increase was driven principally by higher net income

as there was an increase in revenue driven by an increase in oz sold in conjunction with a higher average net realized silver

price in 2025. See Overview of Financial Performance section.

The operating cash flow in 2025 was positively impacted by net changes of $4,283 in working capital items. Increases in trade

and other receivables, sales tax receivable, inventories and prepaid expenses were more than offset by higher accounts

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202529

payable and accruals, mainly due to the timing of payments to suppliers, and an increase in income tax payable due to higher

taxable income during the year.

Investing

During the three-month period ended December 31, 2025, the Corporation used cash of $25,933 in investing activities

compared to $22,470 in Q4-2024. The decrease of investing cash flow is largely due to higher investments in exploration and

evaluation assets mainly related to the Boumadine project, where $16,607 was invested in Q4-2025 compared to $4,310 in

Q4-2024. This increase was offset by a decrease in property, plant and equipment acquisitions of approximately $8,000 in

Q4-2025 as the expansion project was completed in Q4-2024.

During the year ended December 31, 2025, the Corporation used cash of $72,389 in investing activities compared to $94,009 in

2024. The increase of investing cash flow is due to lower capital expenditures with $33,425 spent in 2025 compared to

$62,881 in 2024. This reflects the current stage of the Zgounder expansion compared to last year as the project is now

completed. Exploration and evaluation assets investments are mainly related to the Boumadine project, where $42,053 was

invested in 2025 compared to $29,891 in 2024. Increase in deposits to suppliers of $3,137 were paid in 2025 compared to

$2,569 in 2024. This was offset by a net compensation of $7,219 received by the Corporation in connection with the

enforcement of liquidated damages against Duro Felguera S.A. ("DF"), the contractor for the Zgounder expansion (see note 27

of the FS for details).

Financing

No material events occurred during the three-month periods ended December 31, 2025 and 2024.

During the years ended December 31, 2025 and 2024:

• In 2025, the Corporation closed an equity financing and issued 10,767,795 common shares of the Corporation at C$13.35

per common share for a total consideration of C$143,750 ($105,218) compared to C$77,632 ($57,297) raised in an equity

financing completed in 2024. The proceeds in 2025 will be mainly used for the Boumadine project and general corporate

purposes. Transaction costs related to the issuance of shares of $5,502 were paid in 2025 compared to $3,316 in 2024.

• The Corporation drew down $15,000 of a $25,000 EBRD corporate facility, the purpose of which is to fund the exploration

and development activities at the Boumadine project. For the same prior-year period, the Corporation drew down $40,000

of the EBRD project finance facility for the Zgounder expansion. Payments related to long-term debt of $9,002 in relation

to the EBRD loan were made in 2025 compared to $6,526 in 2024.

• Stock options were exercised in 2025 for proceeds of $20 compared to $1,662 in 2024.

**Financing Sources**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** | **Financing sources for amounts received during the last 8 quarters** |
| **Date** | **Type** | **Financings** | **Gross** <br>**Amounts** <br>**($)**<br>| **General description of the use of proceeds** |
| June 18, 2025 | Short Form <br>Prospectus<br>| Common <br>shares<br>| 105218 | The net proceeds of the financing after deductions of the financing <br>costs, are being used to advance its business objectives including <br>for the advancement of its exploration program at Boumadine, the <br>exploration program at Zgounder Regional, and for working capital <br>and general corporate purposes. <br>|
| February 14, <br>2024<br>| Short Form <br>Prospectus<br>| Common <br>shares<br>| 57297 | The net proceeds of the financing after financing costs has been <br>used for the exploration and development of Boumadine, for <br>Zgounder Regional exploration programs and for general <br>corporation purposes.<br>|
| From Jan 9, <br>2024 to Jan <br>21, 2025<br>| Options <br>exercised<br>| Common <br>shares<br>| 1682 | The net proceeds from the exercise of options are being used to <br>fund general administrative expenses, investing activities and other <br>working capital needs.<br>|

---

<sup>21</sup> Includes $5.5 million in share issue costs related to the June 18, 2025 C$143.8 million financing.

<sup>22</sup> Includes $3.2 million in share issue costs related to the February 14, 2024 C$77.6 million financing.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202530

**Use of Proceeds**

June 18, 2025 Financing - US$105 million

On June 18, 2025, the Corporation closed a bought deal financing and issued 10,767,795 common shares of the Corporation at

a price of C$13.35 per common share for gross proceeds of approximately C$143,750 ($105,218).

Below is an update, in tabular form, reflecting the use of the funds as of December 31, 2025 compared to the budgeted

amounts initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 58.6 | 26.2 |
| Zgounder regional and other projects | 7.3 | 1.4 |
| General corporate purposes<sup>21</sup> | 39.3 | 6.6 |
| **Total** | **105.2** | **34.1** |

---

February 14, 2024 Financing - US$57 million

On February 14, 2024, the Corporation closed a bought deal public financing and issued 7,573,900 common shares in the

capital of the Corporation at a price of C$10.25 per share for gross proceeds of approximately C$77,632 ($57,297).

Below is an update, in tabular form, reflecting the use of the funds as of December 31, 2025, compared to the budgeted

amounts initially set out in the prospectus:

---

| | | |
|:---|:---|:---|
| **Principal use** | **Earmarked usage** | **Actual usage** |
|  | **$(million)** | **$(million)** |
| Boumadine exploration and development | 36.9 | 36.9 |
| Zgounder regional and other projects | 4.4 | 4.4 |
| General corporate purposes<sup>22</sup> | 16.0 | 16.0 |
| **Total** | **57.3** | **57.3** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202531

**Financial Position**

The following table details the changes to the statements of financial position as at December 31, 2025, compared to

December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2024** | **Variance** |
| Cash and cash equivalent | 136322 | 30944 | 341% |
| Trade and other receivables | 33811 | 1827 | 1,751% |
| Sales taxes receivable | 22864 | 9979 | 129% |
| Income tax receivable | - | 3415 | NM |
| Inventories  | 34595 | 27389 | 26% |
| Deposit in trust | 314 | 695 | (55)% |
| Restricted cash | 1750 | - | NM |
| Prepaid expenses and security deposits | 2794 | 2249 | 24% |
| Options contracts | - | 42 | NM |
| **Total current assets** | **232450** | **76540** | 204% |
| Restricted cash  | 16412 | 18246 | (10)% |
| Non-refundable deposits to suppliers  | 3390 | 2787 | 22% |
| Deferred tax assets | 5187 | 3425 | 51% |
| Investment in associate | 6969 | - | NM |
| Deferred financing fees | 173 | - | NM |
| Property, plant, and equipment  | 251973 | 231205 | 9% |
| Exploration and evaluation assets  | 115179 | 67904 | 70% |
| **Total assets** | **631733** | **400107** | 58% |
| **Total current liabilities** | **120050** | **53116** | 126% |
| Lease liabilities  | 1009 | 1121 | (10)% |
| Long-term debt  | 83606 | 95517 | (12)% |
| Asset retirement obligations  | 3244 | 2872 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | - | 1000 | NM |
| **Total liabilities** | **207909** | **153626** | **35%** |
| **Total equity** | **423824** | **246481** | **72%** |
| **Total liabilities and equity** | **631733** | **400107** | **58%** |

---

***\*NM:*** *Not Meaningful*

Assets

The change in the Corporation's cash and cash equivalent balance on December 31, 2025, compared to the amount held on

December 31, 2024, is detailed in the section Liquidity and Capital Resources.

In 2025, the increase in trade and other receivables of $31,984 compared to December 31, 2024, was due to the significant

increase in the silver price at the end of the period for silver sold for which cash had not yet been received. The cash was

received at the beginning of Q1-2026.

The increase in sales tax receivable of $12,885 in 2025 compared to December 31, 2024, reflects the fact that the overall

operations have increased due to the ramp-up of production.

The increase in inventory of $7,206 in 2025 was due to an increase in mining supplies from the ramp-up of production and a

decrease in ore stockpile as the Corporation is now in commercial production.

The decrease of $3,415 in income tax receivable reflects tax installments paid in 2024 that exceeded the amounts due and

were recorded as receivables, which were subsequently applied in 2025.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202532

The change in non-current assets balance on December 31, 2025, compared to the amount held on December 31, 2024, is

detailed in the Liquidity and Capital Resources section.

Liabilities and Equity

The current liabilities increased by 126% between December 31, 2025 and December 31, 2024, mainly related to an increase of

$18,056 in accounts payable and accrued liabilities due to the royalties payable from higher revenues generated during the

year. In addition, there was an increase in long-term debt mainly due to a drawdown of $15,000 from a loan with EBRD for the

Boumadine project ($28,571 is shown as current portion of the long-term debt as it is due in 2026), and tax payable increased

by $19,898 over the last year due to higher taxable income in Morocco for 2025.

The change in total equity can be primarily attributed to the equity financing conducted on June 18, 2025, which involved the

issuance of 10,767,795 shares, at a price of C$13.35. Additionally, there was an impact of $16,047 related to share-based

compensation, alongside a net income of $46,280, predominantly derived from an increase in operating income. Moreover, a

currency translation adjustment amounting to $14,605 was recognized during the year ended on December 31, 2025 as

primarily, the Canadian dollar experienced an appreciation relative to the US dollar during the year 2025. The increase in equity

is offset by share issuance costs totaling $4,827 (net of tax of $675) which are associated with the June 18, 2025 equity

financing.

**Capital Management**

The Corporation defines capital as long-term debt and equity. When managing capital, the Corporation's objectives are to:

• Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

• Ensure the externally imposed capital requirements relating to debt obligations are being met;

• Increase the value of the Corporation's assets; and

• Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at December 31, 2025, managed capital is $525,828 (December 31, 2024 - $341,993) representing long-term

debt and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2024** |
| Long-term debt (including current portion) | 112177 | 95517 |
| Total equity before non-controlling interests | 413651 | 246476 |
|  | **525828** | 341993 |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202533

**Commitments and Contingency**

The Corporation had the following undiscounted contractual obligations at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments due by period** | **Less than 1** <br>**year**<br>| **1-3 Years** | **4-5 years** | **After 5** <br>**Years**<br>| **Total** |
| **Contractual obligations** | **$** | **$** | **$** | **$** | **$** |
| Accounts payable and accrued liabilities\*  | 69407 | - | - | - | 69407 |
| Long-term debt | 28571 | 72143 | 14286 | - | 115000 |
| Interest on long-term debt\*\* | 7570 | 7515 | 63 | - | 15148 |
| Balance of purchase price payable  | 1643 | - | - | - | 1643 |
| Lease liabilities | 427 | 594 | 403 | 143 | 1567 |
| Asset retirement obligations | - | - | - | 3361 | 3361 |
|  | **107618** | **80252** | **14752** | **3504** | **206126** |

---

\* Includes interest on long-term debt of $4,531 payable on January 19, 2026.

\*\* The interest on the $100,000 long-term debt with EBRD has been calculated using the SOFR+5% (9.15%) rate as at December 31, 2025 for

the $92,000 EBRD Tranche and at 1% for the Climate Investment Funds tranche of $8,000. The interest on the additional 15,000 long-term debt

with EBRD has been calculated using the same rate which is SOFR+5% (9.15%) rate as at December 31, 2025.

**Royalties**

As per the terms of the property purchase agreements, the Corporation is committed to pay the following royalties:

• 3.0% royalty to ONHYM on revenue from the Zgounder property or $2,216 and $6,019 for three and twelve-month periods

ended December 31, 2025 respectively ($280 and $1,170 for the three and twelve-month periods ended December 31,

2024 respectively);

• 3.0% royalty to ONHYM on revenue from the Boumadine property or $66 and $66 for three and twelve-month periods

ended December 31, 2025 respectively ($nil in 2024); and

• 2.5% royalty to Ouiselat Mines on revenue from the Azegour property.

All royalty agreements are payable in perpetuity.

**Contingent Liability**

On August 5, 2025, the Corporation received net proceeds of $7,219 in connection with the enforcement of liquidated damages

against Duro Felguera S.A. ("DF"), the contractor for the mine expansion. The amount received has been applied against

Mining assets in production. Subsequent to the disbursement of funds, DF sought to suspend the application and reverse the

underlying decision allowing the execution of the performance bonds in several jurisdictions in Spain. To that end, DF filed a

procedure seeking to overturn the judgment allowing the payment of security to Aya. The appeal procedure and Aya's

response to the appeal have been filed. Their action seeking the suspension of the execution in another jurisdiction was

rejected on October 22, 2025.

Furthermore, in relation to the termination of the Engineering, Procurement and Construction ("EPC") agreement with DF, they

are seeking damages in the approximate amount of $5,500 as well as declaratory relief as regards to the above mentioned

liquidated damages, for a total amount of approximately $13,500. The Corporation is seeking a counterclaim for damages

exceeding the claim by DF.

Management has reviewed the facts and circumstances of the case, together with external legal counsel, and believes that it is

not probable that the Corporation will be required to repay any portion of the funds received, in the course of the appeal

procedures in Spain, as well as the subsequent claim seeking damages. Accordingly, no provision has been recognized in the

consolidated financial statements as at December 31, 2025. However, since the outcome of the appeal and subsequent claim

cannot be determined with certainty at this time, any potential repayment, if required, would be recognized in the period in

which the obligation becomes probable and can be reliably measured.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202534

**Non-GAAP Measures**

The Corporation has included certain non-GAAP financial measures and non-GAAP ratios in this MD&A, including "Cash costs

per silver equivalent ounce sold" ("AgEq ounce"), "Adjusted cash cost per silver equivalent ounce sold" ("AgEq ounce"),

"Production cost per tonne", and "Available liquidity", to supplement its consolidated financial statements, which are prepared

in accordance with IFRS. The terms IFRS and generally accepted accounting principles ("GAAP") are used interchangeably

throughout this MD&A.

The Corporation believes that these measures, together with IFRS measures, provide investors with enhanced transparency

and a better ability to evaluate the Corporation's underlying operating performance and liquidity. Cash cost per silver

equivalent ounce sold and Production cost per tonne are widely used in the mining industry as performance benchmarks.

However, our non-GAAP measures do not have standardized meanings prescribed under IFRS and may not be comparable to

similar measures reported by other companies. Accordingly, they should not be considered in isolation or as a substitute for

measures of performance prepared in accordance with IFRS.

**Silver Equivalent Ounces Sold ("AgEq")**

Silver equivalent ounces are calculated by converting gold production into silver ounces using relative metal prices for the

applicable reporting year. AgEq ounces allow the Corporation to present consolidated production and cost metrics on a

comparable basis, as its operations may produce more than one metal. Silver equivalent ounces sold has been introduced in

fiscal 2025 due to pyrite concentrate sales at Boumadine.

AgEq ounces are provided for additional information purposes only.

**Cash Costs per AgEq Ounce Sold and Production Cost per Tonne**

Cash costs per AgEq ounce sold, Adjusted cash cost per AgEq ounce sold and production cost per tonne are non-GAAP

measures used by management to monitor and evaluate operating performance at both the mine and consolidated levels, in

conjunction with the most directly comparable IFRS measures where applicable.

These metrics are widely reported in the mining industry as benchmarks for cost performance. Management and investors use

them to assess the Corporation's cost structure and operating efficiency, to compare operating performance with industry

peers, and to evaluate the performance of individual mining operations within the Corporation's portfolio.

Where applicable, cost metrics are calculated in a manner consistent with the guidelines published by the World Gold Council

("WGC").

**Cash Costs per AgEq Ounce Sold and Adjusted Cash Cost per AgEq Ounce Sold**

Cash costs per AgEq ounce sold are calculated by:

• Starting with cost of sales as reported in the consolidated statements of comprehensive income (IFRS measure):

• Excluding non-cash items of share-based compensation expense, depreciation and depletion and inventory write-down

included in cost of sales as these items do not reflect current year cash expenditures;

• Adding treatment, smelting and refining costs as management believes these costs provide a more comprehensive

representation of total cash costs associated with production; and

• Dividing the resulting amount by the total AgEq ounces sold during the period.

Cash costs per AgEq ounce sold are intended to reflect the cash expenditures directly associated with production during the

year and are used by management to evaluate the Corporation's operating efficiency and cost performance.

Adjusted cash cost per AqEq reflects cash cost per AqEq further adjusted to exclude ramp-up costs as explained below the

table.

<sup>23</sup> As per note 16 of the FS for the total cost of sales.

<sup>24</sup> As per note 15 of the FS for treatment, smelting and refining costs reported as net of sales.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202535

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Zgounder Silver Mine – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales ("COS")<sup>23</sup> | 32340 | 11084 | 118569 | 33735 |
| Share-based compensation | (439) | (580) | (1275) | (580) |
| Depreciation and depletion | (6784) | (1953) | (20347) | (3246) |
| Inventory write-down | (62) | (294) | (197) | (294) |
| Treatment, smelting and refining costs<sup>24</sup> | 259 | 718 | 1254 | 2992 |
| **Operating cash costs (A)** | **25314** | **8975** | **98004** | **32607** |
| **Total silver sales (oz) (B)** | **1234551** | **337733** | **4801876** | **1501927** |
| **Cash cost per silver ounce sold (A/B)** | **20.50** | **26.57** | **20.41** | **21.71** |
| Additional COS due to ramp-up (C)  | - | (1710) | - | (3137) |
| **Adjusted operating cash costs (A+C)** | **25314** | **7265** | **98004** | **29470** |
| **Adjusted cash cost per silver ounce sold (A+C)/(B)** | **20.50** | **21.51** | **20.41** | **19.62** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Boumadine Pyrite Stockpile Project – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales<sup>23</sup> | 366 | - | 366 | - |
| **Operating cash costs (D)** | **366** | **-** | **366** | **-** |
| **Total silver equivalent sales (oz of AgEq) (E)** | **55471** | **-** | **55471** | **-** |
| **Cash cost per AgEq ounce sold (D/E)** | **6.59** | **-** | **6.59** | **-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Combined projects – Morocco** | **2025** | **2024** | **2025** | **2024** |
| Cost of sales<sup>23</sup> | 32706 | 11084 | 118935 | 33735 |
| Share-based compensation | (439) | (580) | (1275) | (580) |
| Depreciation and depletion | (6784) | (1953) | (20347) | (3246) |
| Inventory write-down | (62) | (294) | (197) | (294) |
| Treatment, smelting and refining costs<sup>24</sup> | 259 | 718 | 1254 | 2992 |
| **Operating cash costs (F)** | **25680** | **8975** | **98370** | **32607** |
| **Total silver equivalent sales (oz of AgEq) (G)** | **1290022** | **337733** | **4857347** | **1501927** |
| **Cash cost per AgEq ounce sold (F/G)** | **19.91** | **26.57** | **20.25** | **21.71** |
| Additional COS due to ramp-up (H) | - | (1710) | - | (3137) |
| **Adjusted operating cash costs (F+H)** | **25680** | **7265** | **98370** | **29470** |
| **Adjusted cash cost per AgEq ounce sold (F+H)/(G)** | **19.91** | **21.51** | **20.25** | **19.62** |

---

In H2-2024 additional operational costs for expansion preparations, mine ramp-up, health and safety activities, hiring of new

staff, training and the two-month delay in the expansion of the Zgounder Mine. Underground mining costs also increased in the

quarter as we used our mining contractor to increase the rate of stope development and catch up on bolting and screening. In

aggregate these additional costs totaled approximately $3.1 million for the year ($1.7 million for Q4-2024). The additional

costs represented $5.06 per oz sold in Q4-2024 and $2.09 per oz sold for fiscal 2024. Excluding these costs, the adjusted cash

cost per silver ounce sold is $21.51 in Q4-2024 and $19.62 for fiscal 2024.

<sup>25</sup> As per note 16 of the FS for the total cost of sales.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202536

**Production Cost per Tonne**

Production cost per tonne is calculated by:

• Starting with cost of sales (IFRS measure), less cost of sales of Boumadine since no ore mined; and

• Dividing total production costs by the total tonnes mined during the period.

Production cost per tonne is used by management to assess processing efficiency, cost control relative to throughput levels,

and overall operational performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of sales ("COS")<sup>25</sup> | 32706 | 11084 | 118935 | 33735 |
| Less: COS Boumadine | 366 |  | 366 |  |
| COS Zgounder | 32340 | 11084 | 118569 | 33735 |
| Ore mined (tonnes) | 385216 | 102485 | 1036570 | 444375 |
| **Production Cost per Tonne** | **84** | **108** | **114** | **76** |

---

**Available Liquidity**

Available liquidity is a new non-IFRS measure used by Management to monitor its cash. Available liquidity is comprised of

cash and undrawn amounts under available credit facilities. The Corporation uses available liquidity to measure the liquidity

required to satisfy its lenders, fund capital expenditures and support operations. This measure does not have any standardized

meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2024** |
| Cash  | 136,322 | 30,944 |
| Undrawn amount under long-term debt | 10,000 | - |
| **Available liquidity** | 146,322 | **30,944** |

---

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202537

**Risks and Uncertainties**

The business of the Corporation is subject to a number of risks and uncertainties that are largely outside its control and may

significantly impact its financial and operational performance, as well as the valuation of its common shares ("Share" or

"Shares"). Current holders and prospective investors in the securities of the Corporation should carefully consider all

information contained or incorporated by reference in this MD&A and, in particular, the following risk factors. If any of the risks

described below occur, or if any other risks not currently anticipated or fully appreciated arise, 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 and the trading price of its common shares.

**Operational Risk Factors**

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;

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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202538

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.

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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202539

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.

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

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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202540

**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.

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.

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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202541

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

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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202542

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

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.

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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202543

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.

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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202544

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.

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 most 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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202545

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

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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202546

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.

• 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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202547

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

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 Cost

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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202548

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.

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 unfavourable 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.

**Financial Risk Factors**

Disclosure and description of the Corporation's capital management, financial risk management and financial instruments,

including the risks pertaining to credit, commodity prices, liquidity and currencies, are in notes 19, 20 and 21 of the FS.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202549

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 its financial

condition.

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.

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 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.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202550

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.

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.

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.

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.

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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202551

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

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.

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 Aya Gold & Silver Morocco S.A. ("AGSM"), Zgounder Millenium

Silver Mining S.A. ("ZMSM") and Boumadine Global Mining S.A. ("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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202552

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.

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 concentrated ore 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

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, 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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202553

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.

**Other Financial Information**

**Share Purchase Options**

The following table reflects the share purchase options issued and outstanding as at the date of this MD&A:

---

| | | |
|:---|:---|:---|
| **Expiry date** | **Number of options** | **Exercise Price** |
|  | **Number** | **C$** |
| July 1, 2030 | 3303944 | 1.43 |
| March 3, 2031 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 7.69 |
| August 23, 2034 | 4870000 | 15.63 |
| November 10, 2035 | 500000 | 14.45 |
|  | **9121911** |  |

---

**Outstanding Share Data**

---

| | |
|:---|:---|
|  | **Number of shares outstanding (diluted)** |
| Outstanding as of March 30, 2026 | 142986547 |
| Shares reserved for issuance pursuant to share purchase options  | 9121911 |
| Shares reserved for issuance pursuant to deferred share units | 414597 |
| Shares reserved for issuance pursuant to restricted share units | 1307155 |
| Shares reserved for issuance pursuant to performance share units | 80174 |
|  | **153910384** |

---

**Off-Balance Sheet Arrangements**

As at December 31, 2025, the Corporation had no material off-balance sheet arrangements such as contingent interest in

assets transferred to an entity, derivative instruments obligations or any obligations that generate financing, liquidity, market or

credit risk to the Corporation, other than commitments, contingent liabilities and interest, as disclosed in this MD&A and the

FS.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202554

**Related Party Disclosures**

During the three and twelve-month periods ended December 31, 2025 and 2024, the following related party transaction

occurred in the normal course of operations for management and consulting fees to Groupe Conseils Grou, La Salle Inc., a

company owned by the President and Chief Executive Officer, in the amount of $162 and $838 for the three and twelve-month

periods ended December 31, 2025, respectively ($55 and $758 for the three and twelve-month periods ended December 31,

2024, respectively). As at December 31, 2025, $391 (December 31, 2024 - $305) was due to that company.

**Remuneration of Key Management Personnel of the Corporation**

Key management included members of the Board of Directors and executive officers of the Corporation. During the three and

twelve-month periods ended December 31, 2025 and 2024 the remuneration awarded to key management personnel (including

the amounts above) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods ended** | **Three-month periods ended** | **Twelve-month periods ended** | **Twelve-month periods ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | $| $| **$** | **$** |
| Salaries and benefits | **406** | 307 | **1584** | 1288 |
| Management consulting and professional fees | **306** | 138 | **1261** | 1110 |
| Share-based payments\* | **1895** | 3763 | **11166** | 6905 |
|  | **2607** | 4208 | **14011** | 9303 |

---

\*Share-based payments represent a non-cash expense related to the vesting of equity-based awards granted to directors and executive

officers, including stock options, restricted share units, and deferred share units.

**Accounting Policies, Judgements and Estimates**

**Critical Accounting Judgements and Estimates**

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments,

estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the

financial statements and the reported amounts of revenue and expenses during the reporting year. Although these estimates

are based on management's best knowledge of the amount, events or actions, actual results may differ from these estimates.

In preparing the Corporation's audited consolidated FS for the years ended December 31, 2025 and 2024, the Corporation

applied the critical judgments and estimates disclosed in note 4 of its audited consolidated financial statements for the year

ended December 31, 2025.

**Proposed Transaction**

As at December 31, 2025, and the date hereof, the Corporation had no disclosable proposed transaction.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202555

**Management's Report on Internal Controls and Financial** 

**Reporting**

**Disclosure Controls and Procedures**

The Corporation's board, officers and management are responsible for establishing and maintaining disclosure controls and

procedures (DC&P) for the Corporation. Disclosure controls and procedures are designed to provide reasonable assurance

that material information regarding our reports filed or submitted under securities legislation fairly presents the financial

information of the Corporation and to ensure that required information is gathered and communicated to the Corporation's

management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) as is appropriate to permit timely

decisions regarding public disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls

and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of

achieving their control objectives.

An evaluation of the effectiveness of the Corporation's disclosure controls and procedures, as defined under the rules of the

Canadian Securities Administration, was conducted as at December 31, 2025 under the supervision of the Corporation's

Disclosure Committee and with the participation of management.

Based on the results of that evaluation, the CEO and the CFO concluded that the Corporation's disclosure controls and

procedures were effective as at December 31, 2025.

**Internal Controls over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") as

defined in NI 52-109. A Corporation's internal control over financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in

accordance with applicable generally accepted accounting principles.

A Corporation's internal control over financial reporting includes those policies and procedures that (i) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets

of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii)

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the

Corporation's assets that could have a material effect on the financial statements. It should be noted that a control system, no

matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of

the control system are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and

procedures may deteriorate. Management, under the supervision of the Chief Executive Officer (CEO) and Chief Financial

Officer (CFO), has evaluated the effectiveness of ICFR and based on that evaluation, the CEO and CFO have concluded that the

Corporation's ICFR was effective as at December 31, 2025. In making this assessment, management used the criteria set forth

in the Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Commission ("COSO").

**Changes in Internal Control over Financial Reporting**

There were no changes to the Corporation's ICFR for the quarter ended December 31, 2025, that have materially affected, or

are reasonably likely to materially affect, the Corporation's ICFR.

**Additional Information and Continuous Disclosure**

Additional information about the Corporation, including the FS and the AIF for the period ended December 31, 2025, is

available on SEDAR+ at www.sedarplus.ca and on the Corporation's website at www.ayagoldsilver.com.

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202556

**Technical Information**

David Lalonde, B. Sc, Vice-President Exploration, designated as a Qualified Person under NI 43-101 for Aya has reviewed and

approved the technical content of this document.

**Cautionary Note to United States Investors Concerning** 

**Estimates of Mineral Reserves and Resources**

This Management's Discussion and Analysis has been prepared in accordance with the requirements of the securities laws in

effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies.

Information concerning our mineral properties has been prepared in accordance with the requirements of Canadian securities

laws, which differ in material respects from SEC requirements applicable to domestic United States issuers. Accordingly, the

disclosure in this Management's Discussion and Analysis regarding our mineral properties is not comparable to the disclosure

of United States issuers subject to the SEC's mining disclosure requirements.

**Cautionary Note Regarding Forward-Looking Information** 

Certain statements in this MD&A 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

MD&A, 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 MD&A include, but are not limited to, statements with respect to Aya's future growth and

growth strategy; 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 guidance and

corporate outlook; results of operations; expected production, cash cost and operating costs; exploration and development

budgets; Aya's ability to sustain capital; commodity prices; steady-state production at the Zgounder Silver Mine following the

ramp-up; Boumadine's expected silver-equivalent ounces yield; development of the Boumadine Project; the Boumadine

preliminary economic assessment; Boumadine's feasibility study and timing thereof; the targeted U.S. listing and the timing

thereof; Aya's exploration and development programs; the Boumadine drilling plans; Life of mine of the Corporation's mining

assets; Aya's ability to continue strengthening health and safety programs; Aya's expansion plans; mineral resource and

mineral reserve estimates; Aya's expected silver production; Aya's estimated silver recovery; Aya's ability to continue to

strengthen its human resources programs; Aya's ability to cover short-term and long-term cash requirements; Aya's ability to

raise further equity or debt financing in the capital markets; Aya's intended use of proceeds from financings; strategic plans;

market price and demand for gold and silver; government relations; preliminary results from exploration programs; 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

potential for future resource growth supported by the continuity of high-grade mineralization beyond the current resource

boundary; and the integration of the double materiality assessment results into the enterprise risk management framework to

strengthen the incorporation of sustainability into the Corporation's risk management culture.

Forward-looking statements contained in this MD&A 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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202557

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; general business and economic conditions, including competitive conditions, in the market in which

Aya operates; Aya's capacity to complete the post-closing conditions related to its financing facilities.

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; 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 "Risks and Uncertainties" section of this MD&A, and in other filings

with the Canadian securities regulatory authorities, including the "Risk Factors" set forth in the Corporation's most recent

Annual Information Form, available on SEDAR+.

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, 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 MD&A 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 risk 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

AYA GOLD & SILVER INC. **/** MANAGEMENT'S DISCUSSION AND ANALYSIS **/** YEAR 202558

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 and other information 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.

## Exhibit 99.104

![cover_fsxq4-2025a.jpg](cover_fsxq4-2025a.jpg)

**Exhibit 99.104**

**CONSOLIDATED** 

**FINANCIAL STATEMENTS**

**For the years ended December 31, 2025 and 2024**![cover_fsxq3-202521.jpg](cover_fsxq3-202521.jpg)

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Quebec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.104**

**Management's responsibilities over financial reporting**

The Consolidated Financial Statements of Aya Gold & Silver Inc. (the "Corporation" or "Aya") are the responsibility of the

Corporation's management. The consolidated financial statements are prepared in accordance with International Financial

Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and reflect management's

best estimates and judgment based on information currently available at the date the financial statements are available for

issuance.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the

results of the consolidated financial statements prior to their submission to the Board of Directors for approval.

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Quebec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.104**

![picture1c.jpg](picture1c.jpg)

KPMG LLP

600 De Maisonneuve Blvd. West, Suite 1500

Montreal, QC H3A 0A3

Canada

Tel 514 840 2100

Fax 514 840 2187

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Aya Gold & Silver Inc.

Opinion

We have audited the consolidated financial statements of Aya Gold & Silver Inc. (the Entity), which comprise:

• the consolidated statements of financial position as at December 31, 2025 and December 31, 2024

• the consolidated statements of comprehensive income (loss) for the years then ended

• the consolidated statements of changes in equity for the years then ended

• the consolidated statements of cash flows for the years then ended

• and notes to the consolidated financial statements, including a summary of material accounting policy information

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial

position of the Entity as at December 31, 2025 and December 31, 2024, and its consolidated financial performance and its

consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by

the International Accounting Standards Board.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those

standards are further described in the ***"Auditor's Responsibilities for the Audit of the Financial Statements"*** section of our

auditor's report.

We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial

statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Quebec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.104**

***Key Audit Matters***

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial

statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our auditor's report.

***Evaluation of Indicators of Impairment for Exploration and Evaluation Assets Description of the*** 

***matter***

We draw attention to Notes 4 and 7 of the financial statements. The Entity has exploration and evaluation assets totaling

$115,179 thousands which comprise rights on mining properties of $6,792 thousands and deferred exploration and evaluation

expenses of $108,387 thousands. The carrying amounts of exploration and evaluation assets are reviewed by the Entity for

impairment when indicators of impairment exist, typically when one of the following circumstances applies:

• Exploration rights have expired or will expire in the near future.

• No significant future exploration expenditures are foreseen.

• No commercially viable quantities are discovered, and exploration and evaluation activities will be discontinued.

• Exploration and valuation assets are unlikely to be fully recovered from successful development or sale.

The Entity completes an evaluation at each reporting period of potential impairment indicators. If any such indicators exist,

then the asset's recoverable amount is estimated.

***Why the matter is a key audit matter***

We identified the evaluation of indicators of impairment for exploration and evaluation assets as a key audit matter. This

matter represented an area of significant risk of material misstatement given the magnitude of rights on mining properties and

deferred exploration and evaluation expenses. This matter was of most significance due to the difficulties in evaluating the

results of our audit procedures to assess the Entity's determination of whether the factors, individually and in aggregate,

resulted in indicators of impairment.

***How the matter was addressed in the audit***

The primary procedures we performed to address this key audit matter included the following:

• We evaluated the Entity's impairment indicators analysis and considered whether the analysis was consistent with

evidence in other areas of the audit, by examining internal and external communications and the Entity's technical reports.

***•***We assessed the status of the Entity's exploration rights by discussing with management and inspecting available

correspondence with government authorities to identify if any rights could be lost or not renewed by the government

authorities.

• We assessed future exploration expenditures and whether exploration and evaluation activities will be discontinued by

inspecting budgeted expenditures for the upcoming year, the Entity's technical reports, and internal and external

communications. We evaluated the Entity's ability to accurately budget the exploration expenditures by comparing the

Entity's prior year budgeted exploration expenditures to the actual exploration expenditures incurred.

***Other Information***

Management is responsible for the other information. Other information comprises:

• the information included in Management's Discussion and Analysis.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and,

in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit and remain alert for indications that the other information appears to be materially misstated.

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Quebec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.104**

We obtained the information included in Management's Discussion and Analysis as at the date of this auditor's report. If,

based on the work we have performed on this other information, we conclude that there is a material misstatement of this

other information, we are required to report that fact in the auditor's report.

We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with

International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal

control as management determines is necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Entity's ability to continue as a going

concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless

management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment

and maintain professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design

and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to

provide a basis for our opinion.

• The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in

the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit

evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on

the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to

draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether

the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the

audit and significant audit findings, including any significant deficiencies in internal control that we identify during our

audit.

• Provide those charged with governance with a statement that we have complied with relevant ethical requirements

regarding independence, and communicate with them all relationships and other matters that may reasonably be thought

to bear on our independence, and where applicable, related safeguards.

<sup>\*</sup>CPA auditor, public accountancy permit No. A131804

AYA GOLD & SILVER INC.

1320 Boulevard Graham, Suite 132, Mont-Royal, Quebec, Canada H3P 3C8

Email : info@ayagoldsilver.com \| www.ayagoldsilver.com

**Exhibit 99.104**

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the

entities or business units within the group as a basis for forming an opinion on the group financial statements. We are

responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We

remain solely responsible for our audit opinion.

• Determine, from the matters communicated with those charged with governance, those matters that were of most

significance in the audit of the financial statements of the current period and are therefore the key audit matters. We

describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or

when, in extremely rare circumstances, we determine that a matter should not be communicated in our auditor's report

because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of

such communication.

/s/ KPMG LLP<sup>\*</sup>

The engagement partner on the audit resulting in this auditor's report is Marc-André Fontaine.

Montreal, Canada

March 30, 2026

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>1</sub>

**Consolidated Statements of Financial Position**

(Expressed in thousands of US dollars)

---

| | | |
|:---|:---|:---|
| | **December 31, 2025**<br>**$** | December 31, 2024<br>$ |
| **ASSETS** |  |  |
| Current  |  |  |
| Cash and cash equivalents (<u>[Note 21](#if927a55fe4f54cfaa3b5abbb74f970cc_85)</u>) | **136322** | 30944 |
| Trade and other receivables | **33811** | 1827 |
| Sales taxes receivable | **22864** | 9979 |
| Income tax receivable | **-** | 3415 |
| Inventories (<u>[Note 5](#if927a55fe4f54cfaa3b5abbb74f970cc_37)</u>) | **34595** | 27389 |
| Deposit in trust | **314** | 695 |
| Restricted cash (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **1750** | - |
| Prepaid expenses and security deposits | **2794** | 2249 |
| Options contracts (<u>[Note 21](#if927a55fe4f54cfaa3b5abbb74f970cc_85)</u>) | **-** | 42 |
|  | **232450** | 76540 |
| Non-current  |  |  |
| Restricted cash (<u>[Note 21](#if927a55fe4f54cfaa3b5abbb74f970cc_85)</u>) | **16412** | 18246 |
| Non-refundable deposits to suppliers | **3390** | 2787 |
| Deferred tax assets (<u>[Note 17](#if927a55fe4f54cfaa3b5abbb74f970cc_73)</u>) | **5187** | 3425 |
| Investment in associate (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **6969** | - |
| Deferred financing fees (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **173** | - |
| Property, plant and equipment <u>(</u><u>[Note 6](#if927a55fe4f54cfaa3b5abbb74f970cc_40)</u>) | **251973** | 231205 |
| Exploration and evaluation assets (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **115179** | 67904 |
| **TOTAL ASSETS** | **631733** | 400107 |
| **LIABILITIES** |  |  |
| Current  |  |  |
| Accounts payable and accrued liabilities | **69407** | 51351 |
| Current portion of long-term debt (<u>[Note](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u><u>9</u>) | **28571** | - |
| Income tax payable | **19898** | - |
| Balance of purchase price payable (<u>[Note 8](#if927a55fe4f54cfaa3b5abbb74f970cc_46)</u>) | **1643** | 1483 |
| Current portion of lease liabilities (<u>[Note 10](#if927a55fe4f54cfaa3b5abbb74f970cc_52)</u>) | **357** | 282 |
| Options contracts (<u>[Note 21](#if927a55fe4f54cfaa3b5abbb74f970cc_85)</u>) | **174** | - |
|  | **120050** | 53116 |
| Non-current  |  |  |
| Lease liabilities (<u>[Note 10](#if927a55fe4f54cfaa3b5abbb74f970cc_52)</u>) | **1009** | 1121 |
| Long-term debt (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **83606** | 95517 |
| Asset retirement obligations (<u>[Note 11](#if927a55fe4f54cfaa3b5abbb74f970cc_55)</u>) | **3244** | 2872 |
| Deferred tax liabilities (<u>[Note 17](#if927a55fe4f54cfaa3b5abbb74f970cc_73)</u>) | **-** | 1000 |
| **TOTAL LIABILITIES** | **207909** | 153626 |
| **EQUITY** |  |  |
| Share capital (<u>[Note 12](#if927a55fe4f54cfaa3b5abbb74f970cc_58)</u>) | **431426** | 323148 |
| Equity reserves | **26672** | (940) |
| Deficit | **(44447)** | (75732) |
|  | **413651** | 246476 |
| Non-controlling interests (<u>[Note 26](#if927a55fe4f54cfaa3b5abbb74f970cc_103)</u>) | **10173** | 5 |
| **TOTAL EQUITY**  | **423824** | 246481 |
| **TOTAL LIABILITIES AND EQUITY** | **631733** | 400107 |

---

Commitments (<u>[Note 24](#if927a55fe4f54cfaa3b5abbb74f970cc_97)</u>), Contingent liability (<u>[Note 27](#if927a55fe4f54cfaa3b5abbb74f970cc_106)</u>)

*The accompanying notes are an integral part of these consolidated financial statements.*

On behalf of the Board,

---

| | |
|:---|:---|
| *Benoit La Salle /s/* | *Yves Grou /s/* |
| President, CEO, Director | Director |

---

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>2</sub>

**Consolidated Statements of Comprehensive Income (Loss)**

(Expressed in thousands of US dollars, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
| | **$** | $ |
| **Revenue** (<u>[Note 15](#if927a55fe4f54cfaa3b5abbb74f970cc_67)</u>) | **202102** | 39117 |
| Cost of sales (<u>[Note 16](#if927a55fe4f54cfaa3b5abbb74f970cc_70)</u>)<sup>(1)</sup> | **118935** | 33735 |
| **Gross profit** | **83167** | 5382 |
| **Expenses (income)** |  |  |
| General and administrative expenses (<u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_76)</u>)<sup>(2)</sup> | **12564** | 8837 |
| General and administrative expenses – Share-based payments (<u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_76)</u>)<sup>(2)</sup> | **13901** | 7651 |
| Net impairment (recovery) loss (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **(3987)** | 27350 |
| Gain on sale of Amizmiz project (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **(1828)** | - |
| Loss on capital asset disposal | **-** | 291 |
| **Operating income (loss)** | **62517** | (38747) |
| Net finance income (<u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_76)</u>) | **8570** | 13947 |
| Share of loss in associate, net of tax (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **(962)** | - |
| **Net income (loss) before income taxes** | **70125** | (24800) |
| Income tax expense (<u>[Note 17](#if927a55fe4f54cfaa3b5abbb74f970cc_73)</u>) | **23845** | 1227 |
| **Net income (loss)** | **46280** | (26027) |
| **Net income (loss) attributable to** |  |  |
| Equity holders of Aya Gold & Silver Inc. | **45557** | (21617) |
| Non-controlling interests (<u>[Note 26](#if927a55fe4f54cfaa3b5abbb74f970cc_103)</u>) | **723** | (4410) |
| **Net income (loss)** | **46280** | (26027) |
| **Other comprehensive income (loss)** |  |  |
| **Items that will subsequently be reclassified to net income (loss):** |  |  |
| Foreign currency translation adjustment | **14605** | (19266) |
| **Comprehensive income (loss)** | **60885** | (45293) |
| Basic income (loss) per common share (<u>[Note 23](#if927a55fe4f54cfaa3b5abbb74f970cc_91)</u>)<sup>(3)</sup> | **0.33** | (0.17) |
| Diluted income (loss) per common share (<u>[Note 23](#if927a55fe4f54cfaa3b5abbb74f970cc_91)</u>)<sup>(3)</sup> | **0.32** | (0.17) |
| Weighted average number of shares - basic (<u>[Note 23](#if927a55fe4f54cfaa3b5abbb74f970cc_91)</u>)  | **137231106** | 129842508 |
| Weighted average number of shares - diluted (<u>[Note 23](#if927a55fe4f54cfaa3b5abbb74f970cc_91)</u>)  | **142370945** | 129842508 |

---

*(1) Included in cost of sales is share-based payments expense of $1,275 during the* year ended December 31, 2025*, ($580 during the* year ended

December 31, 2024*).*

*(2) For the* year ended December 31, 2025*, general and administrative expense has been disaggregated as two separate line items, and the* 

*comparative financial information has been reclassified to conform to the current year presentation (<u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_73)</u>). This reclassification has no effect* 

*on the 2024 reported net loss.*

*(3) In the year ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to* 

*Aya Gold & Silver Inc. shareholders. The comparative loss per share amounts have been adjusted from previously reported $(0.20) to $(0.17) to* 

*reflect the net loss attributable to Aya Gold & Silver Inc. shareholders in the year ended December 31, 2024. This adjustment affects only the* 

*presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or financial position in year ended* 

*December 31, 2024.*

*The accompanying notes are an integral part of these consolidated financial statements.*

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025

**Consolidated Statement of Changes in Equity**

(Expressed in thousands of US dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Equity Reserves** | **Equity Reserves** | **Equity Reserves** |  |  |  |
|  | **Number of** <br>**issued and** <br>**outstanding** <br>**shares**<br>| **Share** <br>**capital**<br>| **Contributed** <br>**surplus**<sup>(a)</sup><br>| **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** <sup>(b)</sup><br>| **Equity** <br>**Reserves**<br>| **Deficit** <br>**attributable to** <br>**equity holders** <br>**of Aya Gold &** <br>**Silver Inc.**<br>| **Non-**<br>**controlling** <br>**interests**<br>| **Total** <br>**equity**<br>|
|  |  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **Balance as at December 31, 2024** | **130770053** | **323148** | **26152** | **(27092)** | **(940)** | **(75732)** | **5** | **246481** |
| Exercise of options <u>[(Note 13)](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u> | 20000 | 36 | (16) | - | (16) | - | - | 20 |
| Share issued for vested units (<u>[Note 12](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | 456159 | 3024 | (3024) | - | (3024) | - | - | - |
| Share-based payments (<u>[Note 13](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | - | - | 16047 | - | 16047 | - | - | 16047 |
| Share issuance <u>[(Note 12)](#if927a55fe4f54cfaa3b5abbb74f970cc_58)</u> | 10767795 | 105218 | - | - | - | - | - | 105218 |
| Share issue costs, net of tax of $675 | **-** | **-** | **-** | **-** | **-** | (4827) | - | (4827) |
|  | **142014007** | **431426** | **39159** | **(27092)** | **12067** | **(80559)** | **5** | **362939** |
| Net income | - | - | - | - | - | 45557 | 723 | 46280 |
| Other comprehensive income | - | - | - | 14605 | 14605 | - | - | 14605 |
| **Comprehensive income** | **-** | **-** | **-** | **14605** | **14605** | **45557** | **723** | **60885** |
| Non-reciprocal contribution to Boumadine Global <br>Mining S.A. (<u>[Note 26](#if927a55fe4f54cfaa3b5abbb74f970cc_103)</u>)<br>| - | - | - | - | - | (9445) | 9445 | - |
| **Balance as at December 31, 2025** | **142014007** | **431426** | **39159** | **(12487)** | **26672** | **(44447)** | **10173** | **423824** |
| **Balance as at December 31, 2023** | **122377703** | **260897** | **19893** | **(7826)** | **12067** | **(52243)** | **4415** | **225136** |
| Exercise of options <u>[(Note 12)](#if927a55fe4f54cfaa3b5abbb74f970cc_58)</u> | 511950 | 3037 | (1375) | - | (1375) | - | - | 1662 |
| Shares issued upon vesting of restricted share units <br>(<u>[Note 12](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>)<br>| 306500 | 1917 | (1917) | - | (1917) | - | - | - |
| Share-based payments (<u>[Note 13](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | - | - | 9551 | - | 9551 | - | - | 9551 |
| Share issuance <u>[(Note 12)](#if927a55fe4f54cfaa3b5abbb74f970cc_58)</u> | 7573900 | 57297 | **-** | **-** | **-** | **-** | **-** | 57297 |
| Share issue costs, net of tax of $1,444 | - | - | - | - | - | (1872) | - | (1872) |
|  | **130770053** | **323148** | **26152** | **(7826)** | **18326** | **(54115)** | **4415** | **291774** |
| Net loss | - | - | - | - | - | (21617) | (4410) | (26027) |
| Other comprehensive loss | - | - | - | (19266) | (19266) | - | - | (19266) |
| **Comprehensive loss** | **-** | **-** | **-** | **(19266)** | **(19266)** | **(21617)** | **(4410)** | **(45293)** |
| **Balance as at December 31, 2024** | **130770053** | **323148** | **26152** | **(27092)** | **(940)** | **(75732)** | **5** | **246481** |

---

**a)**Contributed surplus reserve records the cumulative amounts of compensation expense recognized under IFRS 2 Share-Based Payment with respect to share purchase options granted, shares

purchase warrants, restricted share units and deferred share units issued but not yet exercised.

**b)**Accumulated other comprehensive (loss) income reserve records the gains and losses arising from the translation of the Corporation and its subsidiaries' Financial Statements to the

presentation currency.

*The accompanying notes are an integral part of these consolidated financial statements.*

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>4</sub>

**Consolidated Statement of Cash Flows**

(Expressed in thousands of US dollars)

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
| **Cash flows provided by (used in)** | **$** | $|
| **OPERATING ACTIVITIES** |  |  |
| **Net income (loss)** | **46280** | (26027) |
| **Adjustments for non-cash items** |  |  |
| Depreciation and depletion of property, plant and equipment (<u>[Note 16](#if927a55fe4f54cfaa3b5abbb74f970cc_70)</u> and <u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_76)</u>) | **20525** | 3370 |
| Share-based payments recorded in net income (loss) (<u>[Note 13](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | **15176** | 8231 |
| Net impairment (recovery) loss (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **(3987)** | 27350 |
| Gain on sale of Amizmiz project (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u>) | **(1828)** | - |
| Loss on disposal of capital assets | **-** | 291 |
| Gain on foreign currency translation | **(17923)** | (10355) |
| Finance costs related to long-term debt recorded in net income (loss) | **10291** | - |
| Share of loss in associate (<u>[Note](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u><u>7</u>) | **962** | - |
| Write-down of inventory (<u>[Note 16](#if927a55fe4f54cfaa3b5abbb74f970cc_70)</u>) | **197** | - |
| Accretion expense (<u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_76)</u>) | **171** | 152 |
| Gain on settlement of payables (<u>[Note 18](#if927a55fe4f54cfaa3b5abbb74f970cc_76)</u>) | **(180)** | - |
| Deferred income taxes | **(1808)** | (300) |
| Change in fair value of options contracts (<u>[Note 21](#if927a55fe4f54cfaa3b5abbb74f970cc_85)</u>) | **(211)** | (57) |
|  | **67665** | 2655 |
| **Changes in working capital items (<u>[Note 22](#if927a55fe4f54cfaa3b5abbb74f970cc_88)</u>)** | **4283** | (11270) |
|  | **71948** | (8615) |
| **INVESTING ACTIVITIES** |  |  |
| Net change in restricted cash (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **103** | 2250 |
| Deposits to suppliers for capital expenditures | **(3137)** | (2569) |
| Additions of property, plant and equipment (<u>[Note](#if927a55fe4f54cfaa3b5abbb74f970cc_40)</u><u>6</u> and <u>[Note 22](#if927a55fe4f54cfaa3b5abbb74f970cc_88)</u>) | **(33425)** | (62881) |
| Liquidated damages received related to mine expansion (<u>[Note](#if927a55fe4f54cfaa3b5abbb74f970cc_40)</u><u>6</u> and <u>[Note 27](#if927a55fe4f54cfaa3b5abbb74f970cc_106)</u>) | **7219** | - |
| Deposit in trust | **340** | (695) |
| Investment in associate (<u>[Note 7)](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u> | **(721)** | - |
| Additions to mining rights (<u>[Note 7)](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u> | **(715)** | (223) |
| Additions to exploration and evaluation assets (<u>[Note 7](#if927a55fe4f54cfaa3b5abbb74f970cc_43)</u> and <u>[Note 22](#if927a55fe4f54cfaa3b5abbb74f970cc_88)</u>) | **(42053)** | (29891) |
|  | **(72389)** | (94009) |
| **FINANCING ACTIVITIES** |  |  |
| Repayment of lease liabilities (<u>[Note 10](#if927a55fe4f54cfaa3b5abbb74f970cc_52)</u>) | **(422)** | (333) |
| Deferred financing fees (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **(381)** | (306) |
| Proceeds from long-term debt (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **15000** | 40000 |
| Payment of borrowing costs on long-term debt (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | **(9002)** | (6526) |
| Proceeds from exercise of options (<u>[Note](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u> <u>13</u>) | **20** | 1662 |
| Proceeds from share issuance (<u>[Note 12](#if927a55fe4f54cfaa3b5abbb74f970cc_58)</u>) | **105218** | 57297 |
| Share issue costs | **(5502)** | (3316) |
|  | **104931** | 88478 |
| Effect of exchange rate changes on cash in foreign currencies | **888** | (4740) |
| **Net change in cash and cash equivalents** | **105378** | (18886) |
| Cash and cash equivalents, beginning of year | **30944** | 49830 |
| **Cash and cash equivalents, end of year** | **136322** | 30944 |

---

*Supplemental cash flow information (<u>[Note 22](#if927a55fe4f54cfaa3b5abbb74f970cc_88)</u>)*

*The accompanying notes are an integral part of these consolidated financial statements.*

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>5</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**1. GENERAL INFORMATION**

Aya Gold & Silver Inc. ("Aya" or the "Corporation") is a Canadian-based precious metals mining corporation active across the

full mining lifecycle; from discovery and development through to production. The Corporation operates primarily in Morocco, a

politically stable jurisdiction with supportive regulatory environment, offering low operating costs and well-developed

infrastructure.

Aya's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located

along the Anti-Atlas fault, one of North Africa's most geologically rich and underexplored regions, known for hosting world-

class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is

currently at the exploration and evaluation stage.

Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and it trades on the

Toronto Stock Exchange under the symbol "AYA" and on the OTCQX under the symbol "AYASF".

**2. BASIS OF PRESENTATION**

***Statement of compliance***

The consolidated financial statements of the Corporation have been prepared in accordance with International Financial

Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Board of Directors approved and authorized for issue these consolidated financial statements on March 30, 2026.

***Basis of measurement***

The consolidated financial statements have been prepared on a historical cost basis, except for:

**(i)**Option contracts, which are accounted for at fair value;

**(ii)**Share-based payment arrangements, which are measured at fair value on grant date;

**(iii)**Asset retirement obligations, which are measured at the discounted estimated cost of future remediation;

**(iv)**Lease liabilities, which are initially measured at the present value of minimum lease payments;

**(v)**Non-controlling interest which is initially measured at the proportionate share of the acquiree's identifiable net

assets as at the date of acquisition; and

**(vi)**Investment in an associate: the Corporation accounts for its investment in an associate using the equity method.

Under the equity method, the Corporation's investment in associate is initially recognized at cost and subsequently

increased or decreased to recognize the Corporation's share of net income/loss and other comprehensive income/

loss of the investee, after any adjustments necessary to give effect to uniform accounting policies, any other

movement in the investee's reserves, and for impairment losses after the initial recognition date. The Corporation's

share of earnings or losses of its investee is recognized in the Corporation's statement comprehensive income

(loss) during the year.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>6</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**3. NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED**

**IFRS 18, Presentation and Disclosure in Financial Statements**

On April 9, 2024, the IASB issued IFRS 18 to improve reporting of financial performance. The new standard replaces IAS 1

Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. The new Accounting

Standard introduces significant changes to the structure of income statements and introduces new principles for aggregation

and disaggregation of information.

IFRS 18 introduces the concept of "management-defined performance measures" (MPMs) and requires such financial

measures to be disclosed in a note to the financial statements. MPMs are subtotals of income and expenses that meet

specific criteria outlined in IFRS 18. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027 and

applies retrospectively, with earlier application permitted.

The impact of adoption of the amendments has not yet been determined by the Corporation.

**Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instrument Disclosure**

In May 2024, the IASB published Amendments to the Classification and Measurement of Financial Instruments (Amendments

to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments Disclosures). The amendments to IFRS 9 clarify

derecognition and classification of specific financial assets and liabilities respectively while the amendments to IFRS 7 clarify

the disclosure requirements for investments in equity instruments designated at fair value through other comprehensive

income (loss) and contractual terms that could change the timing or amount of contractual cash flows on the occurrence or

non-occurrence of a contingent event. The amendments to IFRS 9 and IFRS 7 are effective for annual reporting beginning on or

after January 1, 2026. Earlier application is permitted. The impact of adoption of the amendments has not yet been determined

by the Corporation.

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS**

***Consolidation, functional and presentation currency***

These consolidated financial statements include the accounts of Aya, and its subsidiaries. The list of material subsidiaries are

as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiary** | **Registered** | **Ownership,** <br>**voting right**<br>| **Principal** <br>**activity**<br>| **Functional currency** |
| Aya Gold & Silver Morocco S.A. ("AGSM")  | Morocco | 100% | Exploration | Moroccan dirham |
| Zgounder Millennium Silver Mining S.A. ("ZMSM") | Morocco | 100% | Production | Moroccan dirham |
| Boumadine Global Mining S.A. ("BGM") | Morocco | 85% | Exploration | Moroccan dirham |

---

Subsidiaries are fully consolidated from the date on which control is transferred to Aya and are deconsolidated from the date

that control ceases. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. Where

the Corporation's interest in a subsidiary is less than 100%, the Corporation recognizes non-controlling interests.

The functional currency of Aya is the Canadian dollar. The functional currency of the Corporation and its subsidiaries have

remained unchanged during the reporting year. The Corporation's presentation currency is the US dollar.

***Inventories***

Supply, stockpiled ore, and precious metals inventories are valued at the lower of cost and net realizable value ("NRV"). Write-

downs of inventories to NRV are included in cost of sales in the period of the write-down. The cost of supply and precious

metals inventories is measured at the lower of cost determined using the weighted average cost formula and net realizable

value. The cost of ore and precious metals inventories includes all expenses directly attributable to the mineral extraction and

processing processes, including the cost of supply consumed, direct labour and a systematic allocation of fixed and variable

production overheads that are incurred in extracting and processing ore. NRV is the estimated selling price in the ordinary

course of business less any applicable estimated cost of completion and estimated selling expenses. A previous NRV

impairment may be reversed in a subsequent

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>7</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

period if the circumstances that triggered the impairment no longer exist. Stockpiled ore inventories represent ore that has

been extracted from the mine and is available for further processing. The costs included in stockpiled ore inventories are

based on mining costs incurred up to the point of stockpiling the ore and are added to finished goods inventories at the

weighted average cost as ore is processed. The current portion of stockpiled ore is determined based on the amounts

expected to be processed within the next twelve months. When applicable, stockpiled ore not expected to be processed or

used within the next twelve months are classified as non-current.

***Property, plant and equipment***

Property, plant and equipment ("PP&E") are carried at cost, less accumulated depreciation and any accumulated impairment

losses. The cost of PP&E consists of the purchase price and any costs directly attributable to bringing the asset to the location

and condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the item and

restoring the site on which it is located.

When a mining project reaches the development phase, exploration and evaluation expenditures, as well as development

expenditures, are capitalized to mining assets under development. Capitalized costs, including mine development and

construction costs, are not depreciated until the time at which the related mining property has reached a pre-determined level

of operating capacity intended by management.

***Commercial production***

Management considers several factors in determining when a mining property is ready for use in the manner intended by

management including:

• When the mine is substantially complete and ready for its intended use;

• The ability to sustain ongoing production at or near nameplate capacity;

• Mineral recoveries are at or near the expected level; and

• The completion of a reasonable period of testing of the mine plant and equipment.

On December 29, 2024, the Corporation reached commercial production at the new Zgounder mill in ZMSM. Commercial

production was determined to be a period of 30 consecutive days of operations during which the plant operated at 76% of

nameplate capacity, silver recovery was 79% and availability was 75%. Metal sales are recognized as revenue and production

costs as a component of mine operating costs until the Corporation reaches commercial production.

Once commercial production is reached, depreciation, depletion and amortization commences, the capitalization of borrowing

costs and certain mine construction costs ceases, and expenditures are either capitalized to inventories or expensed as

incurred. Exceptions could include costs incurred for additions or improvements to property, plant and equipment and mine

development activities.

***Depreciation, depletion and amortization***

Upon reaching the commercial production, costs are transferred from Assets under Construction into the appropriate asset

classes and depreciation commences.

The estimated useful lives, depreciation methods and rates for the current and comparative years are as follows:

---

| | | |
|:---|:---|:---|
| **Asset** | **Basis** | **Rate/period** |
| Mining equipment | Straight-line | 5-10 years |
| Mining assets in production | Units of production | Life of mine |

---

Mining assets in production are depleted based on the unit of production method, which is based on production and estimated

recoverable ounces of silver based on estimated proven and probable reserves.

The Corporation reviews the estimated total recoverable reserves annually and when events and circumstances indicate that

such a review should be made. Changes to estimated total recoverable reserves are accounted for prospectively.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>8</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

Expenditures on major maintenance or repairs, including the cost of the replacement of parts of assets and overhaul costs are

capitalized and the remaining carrying amount of the item repaired, overhauled or replaced is derecognized when it is probable

that future economic benefits associated with the item will not be available to the Corporation. All other costs are expensed as

incurred.

Estimates for depreciation methods, useful lives and residual value are reviewed at the end of each financial period and

adjusted prospectively, if appropriate.

***Exploration and evaluation assets***

Exploration and evaluation assets ("E&E") are comprised of rights on mining properties or options to acquire undivided

interests in mining rights, deferred exploration and evaluation expenses and mining properties. Once the legal right to explore

has been acquired, they are recorded property-by-property at their acquisition cost or at their recoverable amount being the

higher of their fair value less cost to sell or their value in use following a write-down caused by an impairment of value.

Expenditures incurred prior to securing the legal rights to explore an area are expensed immediately.

E&E costs typically include prospecting, sampling, trenching, drilling and other work involved in searching for ore like

topographical, geological, geochemical and geophysical studies. They also reflect costs related to establishing the technical

and commercial viability of extracting a mineral resource identified through exploration or acquired through a business

combination or asset acquisition. E&E expenditures also include overhead expenses directly attributable to the related

activities.

Upon determination of the technical feasibility and commercial viability of extracting a mineral resource, the Corporation

performs an impairment test, based on the recoverable amount, prior to reclassification of E&E to Mining assets under

development in PP&E in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources. The demonstration of

the technical feasibility and commercial viability, and its approval by the Board of Directors, are the key points at which the

Corporation determines that it will develop the project.

Proceeds on the sale of interests in exploration properties are applied to reduce the related carrying costs; any excess is

recognized as a gain in the consolidated statement of comprehensive (loss) income. Losses on partial sales are recognized in

the consolidated statement of comprehensive income (loss). Whenever a mining property is considered no longer viable or is

abandoned, the capitalized amounts are written down to their recoverable amounts; the difference is then immediately

recognized in profit or loss.

***Impairment of non-financial assets***

At the end of each reporting year and when impairment indicators are identified, the Corporation reviews the carrying amounts

of its non-financial assets which are composed of property, plant and equipment and exploration and evaluation assets, to

determine whether there is any indication that those assets have suffered an impairment loss. Where such an indication exists,

the recoverable amount of the asset is estimated to determine the extent of the impairment loss. If it is not possible to

estimate the recoverable amount of the individual asset, the recoverable amount of the cash generating unit to which the asset

belongs must be determined. In testing an individual asset or cash generating unit for impairment and identifying a reversal of

impairment losses, management estimates the recoverable amount of the asset or the cash-generating unit.

The recoverable amount is the higher of an asset or a cash generating unit's fair value less cost to sell or its value in use. Value

in use considers estimated future cash flows associated with the asset or cash generating unit, such amount being discounted

to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the

risks specific to the asset or cash generating unit.

In the case of exploration and evaluation assets, impairment reviews are carried out on a property-by-property basis or by

areas of interest, with each property representing a potential cash-generating unit.

A previous impairment is reversed if the asset's recoverable amount exceeds its carrying amount. However, the impairment is

reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been

determined, net of depreciation, if no impairment loss had been recognized.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>9</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Provisions***

Provisions include asset retirement obligations and environmental remediation, restructuring costs and legal claims.

A provision is recognized when the Corporation has a present legal or constructive obligation as a result of a past event, it is

probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be

reliably estimated. Timing or amount of the outflow may still be uncertain. If the time value of money is material, provisions are

determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessment of the time

value of money and, where appropriate, the risks specific to the liability. Provisions are measured at the estimated expenditure

required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks

and uncertainties associated with the present obligation. All provisions are reviewed at each reporting date and adjusted to

reflect the current best estimate.

The increase in the provision due to passage of time is recognized as finance expense. Changes in assumptions or estimates

are reflected in the year in which they occur.

Provisions for asset retirement obligations represent the legal and constructive obligations associated with the eventual

dismantling of the Corporation's buildings and equipment related to mining production. These obligations consist of all costs

associated with the removal of tangible assets. When the initial estimate of the reclamation obligation is included as part of

the cost of an asset, changes in the measurement of the reclamation obligation (other than those due to the accretion of the

reclamation obligation) are generally added to or deducted from the cost of the related asset in the period of change.

The discount rate used is based on a pre-tax rate that reflects current market assessments of the time value of money and the

risks specific to the obligation, excluding the risks for which future cash flow estimates have already been adjusted. The

schedule and timing of expenditures was determined by taking into account the proven and probable reserves, the estimated

annual production levels and the estimated life of the mine.

***Income taxes***

Income tax on income for the years presented comprises current and deferred tax. Income tax is recognized in income except

to the extent that it relates to items recognized in other comprehensive income (loss) or in equity, in which case it is

recognized in other comprehensive income (loss) or in equity, respectively.

Current tax is the expected tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at

the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of

assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary

differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that do

not affect accounting or taxable income; and differences relating to investments in subsidiaries to the extent that they will

probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of

realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at

the financial position reporting date and which are expected to apply when the related deferred income tax asset is realized, or

the deferred income tax liability is settled. A deferred tax asset is recognized only to the extent that it is probable that future

taxable income will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset only when

the Corporation has a legally enforceable right and intention to set-off current tax assets and liabilities from the same taxation

authority.

***Long-term debt and borrowing costs***

Long-term debt is initially recorded at fair value, net of any transaction costs, and subsequently carried at amortized cost.

Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized

as part of the cost of that asset until the asset is substantially complete and ready for its intended use. All other borrowing

costs are expensed as incurred. Borrowing costs paid are classified as a financing cost on the statement of cash flow.

***Share capital and share issue costs***

Share capital is classified as equity. Proceeds from equity financing are allocated to common shares based on their fair value

at the date of issuance. The Corporation currently has no warrants outstanding. Share issue expenses are accounted for as

decrease in equity when incurred through an increase in the deficit.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>10</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Share-based payment transactions***

Equity-settled share-based payments are made in exchange for services received or for the acquisition of properties. The

exercise price is based on the volume-weighted average price of the Common Shares on the Toronto Stock Exchange for the

five trading days immediately preceding the date of grant. The value of the equity instruments granted to third parties is

determined upon the fair value of the services received or the properties acquired unless impracticable. In such case, the fair

value of the services rendered, or the properties acquired is determined indirectly by reference to the fair value of the equity

instruments granted. The fair value of share-based payments to directors, officers, employees and consultants with employee-

related functions is recognized as an expense over the vesting period with a corresponding increase to the contributed

surplus. The fair value is measured at the grant date and recognized over the period during which the share purchase options

vest or the service period for a consultant that does not qualify as an employee of the Corporation.

The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model and takes into

account the terms and conditions upon which the share purchase options were granted. Historical exercise and post-vesting

cancellation behavior across disaggregated populations is used to estimate (where within this range) the exercise or post-

vesting cancellation may occur. At each reporting date, the amount recognized as an expense is adjusted to reflect the actual

number of share purchase options that are expected to vest. Upon the exercise of share-based payments, the proceeds

received and the related compensation expense previously recorded in contributed surplus are credited to share capital.

***Deferred share units***

The Deferred Share Unit Plan ("DSU Plan") provides for the payment of directors' compensation with deferred share units

("DSU"). Each DSU is a right granted by the Corporation to an eligible director to receive an equivalent to the value of one

common share on termination of service. DSU compensation is ultimately recognized as an expense in the consolidated

statements of comprehensive income (loss) as deferred share unit expense. The DSUs are issued for past services. The DSUs

can be settled either in cash or equity in the sole discretion of the Corporation. The Corporation intends to settle all DSUs in

equity. The number of DSUs to be granted under the DSU Plan is determined by dividing the director's compensation by the

volume-weighted average price of the Common Shares on the Toronto Stock Exchange for the five trading days immediately

preceding the last business day of the fiscal quarter. The compensation expense is recorded based on the fair value of the

DSU at grant date.

***Restricted share units***

The Restricted Share Unit Plan (the "RSU Plan") allows the grant to directors, employees, or service providers non-transferable

restricted share units ("RSUs") based on the value of the Corporation's share price at the volume-weighted average price of the

Common Shares on the Toronto Stock Exchange for the five trading days immediately preceding the date of grant. Unless

otherwise stated, the awards typically have a vesting schedule over a three-year period and can be settled either in cash or

equity upon vesting at the discretion of the Corporation. The Corporation intends to settle all RSUs in equity. The

compensation expense is recorded based on the fair value of the RSU at grant date.

***Other elements of equity***

Accumulated other comprehensive income (loss) includes the impact of converting the accounts of Aya and the Corporation's

foreign subsidiaries into US dollars which is the reporting currency. Contributed surplus includes charges related to share

purchase options and warrants expired and amounts allocated to the equity component of convertible debentures when the

conversion option expired. NCI are initially measured at the proportionate share of the acquiree's identifiable net assets, and

subsequently adjusted for their share of profit or loss, other comprehensive income (loss), and dividends.

***Revenue recognition***

The principal activity from which the Corporation generates its revenue is the sale of silver. Revenue is measured based on the

consideration specified in the contract with the customer and is recognized when control of the product is transferred.

Revenue derived from the sale of silver ingots is recorded in the consolidated statement of comprehensive income (loss), net

of treatment, smelting and refining costs remitted to counterparties in accordance with the sales agreements.

Under the Corporation's refining arrangement, silver produced by the Corporation is delivered to the refiner for processing and

storage. The refined silver remains the property of the Corporation and may be held in inventory at the refiner until the

Corporation decides to sell the metal. Control of the product transfers to the customer when the Corporation executes a sale

order and the customer accepts to purchase the silver, at which point the quantity and price of the transaction are fixed and

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>11</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

the buyer obtains control of the metal. Until such sale occurs, the refined silver held by the refiner is recognized as inventory of

the Corporation.

Revenue from pyrite concentrate sales is recognized at a point of time when the Corporation transfers control of a product to

the customer. Control transfers when the concentrate is loaded onto the vessel at the port of shipment. Concentrates are sold

under pricing arrangements in which the final sales price is determined by reference to prevailing market prices of the precious

metals during a quotational period subsequent to the shipment date. Accordingly, revenue is initially recognized on a

provisional basis at the date control transfers using the best estimate of metal content and the prevailing market prices at that

time. Differences between the provisional price recognized at shipment and the final price determined under the smelting

contracts arise from changes in metal prices and final assay results. At each reporting date, provisionally priced receivables

are remeasured based on observable market prices at the reporting date applicable to the contract quotational period, with the

resulting mark-to-market adjustments recognized in revenue. Final settlement adjustments are recorded upon receipt of final

weights, assays and pricing information from the smelter or independent inspector.

***Financial assets and liabilities***

Financial assets and liabilities are recognized when the Corporation becomes a party to the contractual provisions of the

instrument. Financial assets and liabilities are measured initially at fair value. If the financial asset or liability is not

subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that

are directly attributable to the asset's or liability's acquisition or origination. Financial assets are derecognized when the rights

to receive cash flows from the assets have expired or have been transferred and the Corporation has transferred substantially

all risks and rewards of ownership. A financial liability is derecognized when it is extinguished, discharged, cancelled, or

expired.

Financial assets and liabilities are offset, and the net amount is reported in the consolidated statement of financial position

when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or

realize the asset and settle the liability simultaneously. At initial recognition, the Corporation classifies its financial instruments

in the following categories depending on both the entity's business model for managing the financial asset and the contractual

cash flow characteristics of the financial asset:

---

| | |
|:---|:---|
| **Financial assets and liabilities** | **Classification** |
| Cash and cash equivalents | Amortized cost |
| Restricted cash | Amortized cost |
| Trade and other receivables | Amortized cost |
| Deposit in trust | Amortized cost |
| Options contracts | Fair value through profit and loss |
| Accounts payable and accrued liabilities  | Amortized cost |
| Balance of purchase price payable | Amortized cost |
| Long-term debt | Amortized cost |

---

Income and expenses related to financial assets that are recognized in the consolidated statement of comprehensive income

(loss) are presented as finance income and finance expense.

***Financial assets at amortized cost***

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal

and interests are subsequently measured at amortized cost using the effective interest method. Interest income, foreign

exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in

profit or loss. Discounting is omitted where the effect of discounting is immaterial.

***Financial liabilities at amortized cost***

Financial liabilities at amortized cost are measured at amortized cost using the effective interest rate method.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>12</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Impairment of financial assets***

The Corporation uses the expected credit losses impairment model with respect to its financial assets carried at amortized

cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since the initial

recognition of the respective financial instrument.

The Corporation accounts for the expected credit losses using the simplified approach over the life of trade receivables.

Expected credit losses over the life of the asset are expected credit losses for all the default events that a financial instrument

may experience over its expected life. The assessment of expected credit losses reflects reasonable and justifiable

information about past events, current circumstances and forecasts of events and economic conditions and considers the

factors specific to the account receivable, the general condition of the economy and a current as well as expected

appreciation of the condition prevailing at the financial position date, including the time value of the money, if any.

***Areas of material judgments and estimation uncertainty***

The preparation of these consolidated financial statements in accordance with IFRS requires management to make

judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities and

disclosures of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of

revenues and expenses during the reported year. The determination of estimates requires the exercise of judgement based on

various assumptions and other factors such as historical experience and current and expected economic conditions. Actual

results could differ from those estimates.

***Material Judgements***

Material estimates and judgments used in applying accounting policies that have most significant effect on the amount

recognized in the consolidated financial statements are as follows:

***Impairment of non-financial assets***

Non-financial assets are reviewed for an indication of impairment at each consolidated statement of financial position date or

when a triggering event is identified. This determination requires material judgment. Factors which could trigger an impairment

review for exploration and evaluation assets include, but are not limited to:

• Exploration rights have expired or will expire in the near future;

• No significant future exploration expenditures are foreseen;

• No commercially viable quantities are discovered and exploration and evaluation activities will be discontinued;

• Exploration and evaluation assets are unlikely to be fully recovered from successful development or sale.

If such circumstances exist, the recoverable amount of the asset is estimated.

The Corporation's recoverable amount measurements with respect to the carrying amount of non-financial assets are based

on numerous assumptions and may differ significantly from actual recoverable amounts. The recoverable amounts are based,

in part, on certain factors that may be partially or totally outside of the Corporation's control. This evaluation involves a

comparison of the estimated recoverable amounts of non-financial assets to their carrying values. The estimated recoverable

amounts may differ from actual recoverable amounts, and these differences may be significant and could have a material

impact on the Corporation's financial position and results of operations.

Management's assumptions and estimates of future cash flows used in the Corporation's impairment assessment of non-

financial assets are subject to risk and uncertainties, particularly in market conditions where higher volatility exists, and may

be partially or totally outside of the Corporation's control.

If an indication of impairment or reversal of a previous impairment charge exists, an estimate of the Cash Generation Unit's

("CGU") recoverable amount is calculated. The recoverable amount is based on the higher of fair value less costs of disposal

("FVLCD") and value-in-use ("VIU") using a discounted cash flow method taking into account assumptions that would be made

by market participants, unless there is a market price available based on a recent purchase or sale of a similar group of assets.

Cash flows cover periods up to the date that mining is expected to cease, which depends on a number of variables including

recoverable mineral reserves and resources, expansion plans and the forecasted product price.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>13</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

Both internal and external sources of information are required to be considered when determining whether there is any

indication of impairment or that a previous impairment has reversed. Judgment is required around adverse changes in the

business climate which may be indicators for impairment such as a significant decline in the asset's market value, decline in

resources and/or reserves as a result of geological re-assessment or change in timing of extraction of resources and/or

reserves which would result in a change in the discounted cash flow obtained from the site, and lower metal or product prices

or higher input cost prices than would have been expected since the most recent valuation of the site. Judgment is also

required when considering whether significant positive changes indicate that a previous impairment of assets may have

reversed.

Judgment is required to determine whether there are indications that the carrying amount of the Zgounder project is unlikely to

be recovered in full through ongoing operations of the mine or by sale. Judgment is also required when considering whether

significant positive changes indicate that a previous impairment of assets may have reversed.

The Corporation also realized exploration work on various properties during 2025 and 2024 and intends to pursue these

properties in 2026. No impairment indicators were identified as at December 31, 2025 and 2024.

**Material Accounting Estimates**

Key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts

of assets and liabilities within the next financial year as follows:

***Mineral reserves and resources***

The estimation of mineral reserves and mineral resources is a critical accounting estimate. Mineral reserves and mineral

resources are based on geological and engineering estimates and are prepared in accordance with applicable regulatory

requirements. The estimation process requires significant judgement in assessing geological data, metallurgical performance,

production costs, capital costs, commodity prices, exchange rates and cut-off grades.

Estimates of mineral reserves and mineral resources are used in determining the depreciation and depletion of mining

properties under the units-of-production method, assessing the carrying value of mining assets for impairment, determining

the timing of reclamation and closure expenditures, and evaluating the capitalization of development costs.

Changes in the assumptions underlying mineral reserve and mineral resource estimates may result in material adjustments to

depreciation and depletion expense, impairment charges, asset retirement obligations and the carrying value of mining assets.

***Basis of depletion of mining sites in production***

Property, plant and equipment of mining sites in production are depleted according to the units-of-production method to

depreciate the cost to residual value. Management estimates the residual value of the property, plant and equipment based on

the estimated fair value as at the statement of financial position date. For these assets, the depletion rate is calculated based

on the number of ounces of silver sold in proportion to the number of ounces in measured and indicated resources.

The assessment of measured and indicated resources is based on factors such as the estimated exchange rate, price of

metals, capital investments required and production costs stemming from geological assumptions based on the size and

grade of the deposit. Changes in measured and indicated resources could have an impact on the net carrying amount of

property, plant and equipment, asset retirement obligations, recognition of deferred tax assets and amortization, depreciation

and depletion expenses.

***Income taxes***

The Corporation is subject to income taxes in different jurisdictions. Significant estimate is required in determining the total

provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is

uncertain. The Corporation recognizes liabilities for anticipated tax audit issues based on estimates of whether additional

taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such

differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is

made.

The assessment of availability of future taxable profits involves estimates. A deferred tax asset is recognized to the extent that

is probable that taxable profits will be available which deductible temporary differences and the carry-forward of unused tax

credits and unused losses can be utilized.

AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025<sub>14</sub>

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**4. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS** (continued)

***Asset retirement obligations***

The Corporation's activities are subject to various laws and regulations governing the protection of the environment. The

Corporation recognizes management's best estimate for decommissioning and restoration obligations in the period in which

they are incurred. Actual costs incurred in future periods could differ materially from the estimates.

Additionally, future changes to environmental laws and regulations, timing of cash outflows and discount rates could affect

the carrying amount of this provision.

***Share-based payments***

The valuation of the Corporation's share options involves the use of the Black-Scholes valuation model, which requires the

Corporation to estimate factors the most significant of which are the expected life and volatility. The valuation of these share

options and the assumptions used are further outlined in Note 13.

**5. INVENTORIES**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **$** | $|
| Mining supplies | **20549** | 11094 |
| Silver ingots | **3809** | 2636 |
| Silver & gold concentrate | **93** | 1187 |
| Silver in circuit | **700** | 545 |
| Ore stockpile | **9444** | 11927 |
|  | **34595** | 27389 |

---

For the year ended December 31, 2025, the Corporation recognized $107,786 ($30,385 for the year ended December 31, 2024)

of inventory costs in cost of sales.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **15** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**6. PROPERTY, PLANT AND EQUIPMENT**

The majority of properties, plant and equipment are located in Morocco and are related to the Zgounder mine. As at December

31, 2025, the Corporation determined that there were no material events or changes in circumstances indicating that the

carrying amount of property, plant and equipment may not be recoverable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mining** <br>**equipment**<br>| **Mining assets** <br>**in production**<br>| **Assets under** <br>**construction**<br>| **Right-of-use** <br>**assets**<br>| **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | 3381 | 61292 | 113614 | 1311 | 179598 |
| Additions | 646 | 12158 | 55737 | 612 | 69153 |
| Disposals | (237) | (392) | - | - | (629) |
| Transfers | 7232 | 146000 | (153232) | - | - |
| Borrowing costs (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | 71 | 8872 | - | - | 8943 |
| Asset retirement obligation (<u>[Note 11](#if927a55fe4f54cfaa3b5abbb74f970cc_55)</u>) | - | 355 | - | - | 355 |
| Foreign exchange | (234) | (4469) | (281) | (249) | (5233) |
| As at December 31, 2024 | 10859 | 223816 | 15838 | 1674 | 252187 |
| Additions | 483 | 12244 | 11081 | 195 | 24003 |
| Transfers | 473 | 17616 | (18089) | - | - |
| Liquidated damages related to mine <br>expansion (<u>[Note 27](#if927a55fe4f54cfaa3b5abbb74f970cc_106)</u>)<br>| - | (7219) | - | - | (7219) |
| Asset retirement obligation (<u>[Note 11](#if927a55fe4f54cfaa3b5abbb74f970cc_55)</u>) | - | 131 | - | - | 131 |
| Foreign exchange | 1190 | 24735 | 1178 | 136 | 27239 |
| **As at December 31, 2025** | **13005** | **271323** | **10008** | **2005** | **296341** |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | 430 | 17455 | - | 211 | 18096 |
| Transfers | 1578 | (1578) | - | - | - |
| Depreciation | 1158 | 2043 | - | 303 | 3504 |
| Disposals | (27) | - | - | - | (27) |
| Foreign exchange | (67) | (520) | - | (4) | (591) |
| As at December 31, 2024 | 3072 | 17400 | - | 510 | 20982 |
| Depreciation | 1585 | 18888 | - | 358 | 20831 |
| Foreign exchange | 359 | 2140 | - | 56 | 2555 |
| **As at December 31, 2025** | **5016** | **38428** | **-** | **924** | **44368** |
| **Carrying amounts** |  |  |  |  |  |
| At December 31, 2024 | 7787 | 206416 | 15838 | 1164 | 231205 |
| **At December 31, 2025** | **7989** | **232895** | **10008** | **1081** | **251973** |

---

Assets under construction at December 31, 2025 are located in Morocco and represent expenditures for the construction and

development of assets which the Corporation expects to put into production in 2026.

From July 1, 2023 to September 30, 2025, all mining assets in production are amortized over the expected mineral reserve as

reported in the Feasibility Study on the Zgounder Silver Mine published on June 16, 2022.

Effective October 1, 2025, all mining assets in production are amortized over the updated mineral reserve and life-of-mine plan

as disclosed in the NI43-101 Technical Report for the Zgounder Silver Mine published on December 16, 2025. This change has

been accounted for as a change in accounting estimate in accordance with IFRS. Had the updated mineral reserves and life-of-

mine plan been applied effective January 1, 2025, depreciation expense for the year ended December 31, 2025 would have

been approximately $1,600 lower.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **16** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**7. EXPLORATION AND EVALUATION ASSETS AND INVESTMENT**

During the years ended December 31, 2025 and 2024, changes in exploration and evaluation assets were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **$** | $|
| **Rights on mining properties**  |  |  |
| Balance, beginning of the year | **5554** | 24114 |
| Impairment loss | **-** | (18276) |
| Additions  | **715** | 223 |
| Foreign exchange | **523** | (507) |
| Balance, end of the year | **6792** | 5554 |
| **Deferred exploration and evaluation expenses** |  |  |
| Balance, beginning of the year | **62350** | 35898 |
| Impairment recovery (loss) | **3987** | (9074) |
| Disposal of exploration and evaluation asset | **(5517)** | - |
| Additions: |  |  |
| Drilling, sampling, geology, and others  | **39816** | 36841 |
| Borrowing costs | **699** | - |
| Foreign exchange | **7052** | (1315) |
| Balance, end of the year | **108387** | 62350 |
| **Total** | **115179** | 67904 |

---

All exploration and evaluation assets are located in Morocco and relate to the Boumadine, Imiter Bis, Azegour, Tirzzit, and

Zgounder Regional projects. The following schedule represents the Corporation's exploration and evaluation expenses:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Amizmiz** | **Others** | **Total** |
|  | **$** | **$** | **$** | **$** | &nbsp;&nbsp;&nbsp;&nbsp;**$** | **$** |
| Opening Balance | 53721 | 6991 | 4845 | 990 | 1357 | 67904 |
| Additions to mining rights | 715 | - | - | - | - | 715 |
| Drilling, sampling, geology, and others | 37687 | 2032 | - | 97 | - | 39816 |
| Borrowing costs | 699 | - | - | - | - | 699 |
| Impairment (loss) recovery on exploration and <br>evaluation assets<br>| - | - | (395) | 4382 | - | 3987 |
| Disposal of exploration and evaluation asset | - | - | - | (5517) | - | (5517) |
| Foreign exchange | 6332 | 759 | 294 | 48 | 142 | 7575 |
| **Closing Balance** | **99154** | **9782** | **4744** | **-** | **1499** | **115179** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **17** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**7. EXPLORATION AND EVALUATION ASSETS AND INVESTMENT** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Boumadine** | **Zgounder** <br>**Regional**<br>| **Tirzzit** | **Tijirit** | **Amizmiz** | **Others** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| Opening Balance | 22926 | 4112 | 4817 | 26489 | 971 | 697 | 60012 |
| Additions to mining rights | 223 | - | - | - | - | - | 223 |
| Drilling, sampling, geology, <br>and others<br>| 31641 | 2974 | 360 | 1024 | 45 | 797 | 36841 |
| Impairment on mining rights | - | - | - | (18276) | - | - | (18276) |
| Impairment loss on <br>exploration and evaluation <br>assets<br>| - | - | - | (9074) | - | - | (9074) |
| Foreign exchange | (1069) | (95) | (332) | (163) | (26) | (137) | (1822) |
| **Closing Balance** | **53721** | **6991** | **4845** | **-** | **990** | **1357** | **67904** |

---

***Tijirit project*** 

As at December 31, 2024, the Corporation deemed the recoverable amount of the Tijirit exploration and evaluation asset to be

$nil and recorded an impairment of $27,350. This followed the Mauritanian government's decision to grant a six-month

extension expiring in June, 2025 to start construction of the mine. In June 2025, the Corporation was informed by the

Mauritanian Government that the permit was revoked. The Corporation disagrees with this decision and is currently assessing

its rights.

***Deconsolidation of Amizmiz project in Mx2 Maroc SARLAU, and investment in associate***

Effective April 15, 2025, the Corporation transferred its rights to the Amizmiz gold project by selling Amizmiz International

Holding and Mx2 Maroc SARLAU, wholly owned subsidiaries of the Corporation to Mx2 Mining Inc. ("Mx2"). As consideration

for the transaction, the Corporation received 20,000,000 shares of Mx2 priced at C$0.50 per share for a total of C$10,000

($7,210).

In conjunction with the transaction, Mx2 also completed a brokered private placement for gross proceeds of C$16,000 priced

at C$0.50 per unit of which the Corporation participated for C$1,000 ($721) and obtained 2,000,000 shares of Mx2.

As a result, the Corporation holds 22,000,000 common shares of Mx2's outstanding 52,000,001 shares, an interest of 42.3% in

Mx2. Management determined it has significant influence but not control over Mx2 and began to account for the investment

using the equity method from the date of the transaction.

The Corporation derecognized the net assets of $1,000 in Amizmiz International Holding and Mx2 Maroc SARLAU from its

consolidated statement of financial position at the date of the transaction, which was comprised of the following table:

---

| | |
|:---|:---|
|  | **$** |
| **Current assets** |  |
| Prepaid expenses and security deposits | 9 |
| Sales taxes receivable | 4 |
| **Non-current assets** |  |
| Exploration and evaluation assets | 1135 |
| **Current Liabilities** |  |
| Accounts payable and accrued liabilities | (148) |
| **Total net assets** | **1000** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **18** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**7. EXPLORATION AND EVALUATION ASSETS AND INVESTMENT** (continued)

The Corporation recognized the equity interest received in Mx2 for the net assets sold at fair value, recording it as an

investment in an associate at $7,210 as of the transaction date, April 15, 2025. Consequently, the fair value exceeded the

carrying amount of the project thereby resulting in a gain on the disposition of the Amizmiz project.

However, in 2014, the Corporation fully impaired the Amizmiz project and an impairment loss of $4,382 (C$6,077) was

recorded in the consolidated statement of comprehensive loss at that time. As a result of the sale in 2025, the Corporation

reversed this impairment loss recorded from 2014 and recorded a net gain on sale of Amizmiz project of $1,828. The following

table details the gain on sale:

---

| | |
|:---|:---|
|  | **$** |
| Fair value of consideration received | 7210 |
| Carrying amount of consolidated Amizmiz International Holding entity | (1000) |
| Recovery of impairment on Amizmiz project | (4382) |
| **Gain on sale of Amizmiz project** | **1828** |

---

Investment in associate:

---

| | |
|:---|:---|
|  | **$** |
| Fair value of consideration received | 7210 |
| Increase in investment in associate from private placement | 721 |
| Share of loss in associate | (962) |
| **Balance as at December 31, 2025** | **6969** |

---

Presented below is the summarized financial information pertaining to the investment in the associate, reflecting 100% of the

relevant figures of the underlying associate. In addition, the Corporation's proportional share of these figures, corresponding to

its ownership interest in Mx2, is also disclosed.

---

| | |
|:---|:---|
|  | **$** |
| Non-current assets | 7548 |
| Current assets | 9001 |
| Non-current liabilities | (162) |
| Current liabilities | (446) |
| **Net assets as at December 31, 2025** | **15941** |
| Share of net assets before adjustments - 42.3% | 6743 |
| Adjustments of net assets related to accounting policy adjustments | 361 |
| **Carrying amount of the investments** | **7104** |
| **Net loss from date of acquisition - 100%** | **(3125)** |
| Share of loss in associate before adjustments - 42.3% | (1323) |
| Adjustments of net loss related to accounting policy adjustments | 361 |
| **Net loss from investment in associate** | **(962)** |
| **Comprehensive loss from investment in associate** | **(962)** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **19** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**8. BALANCE OF PURCHASE PRICE PAYABLE**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **$** | $|
| Balance, beginning of the year | **1483** | 1516 |
| Foreign exchange | **160** | (33) |
| Balance, end of the year | **1643** | 1483 |

---

A non-interest-bearing payable to National Office of Hydrocarbons and Mines (OHNYM) in an amount of 15,000 Moroccan

Dirham (MAD) (1,643) can be used as a capital contribution in the Corporation's subsidiary, BGM, or be repaid if the property

reaches production and generates sufficient cash flow at the option of OHNYM.

As part of the agreement between BGM and ONHYM a work program, including certification of resources, must begin within

three months of the permit transfer from ONHYM to BGM. The permit transfer occurred on July 26, 2023. The current work

program fulfills the obligations set out in this agreement.

ONHYM is entitled to receive a 3% royalty on sales from the Boumadine project. If delays in production are greater than 60

months from the date of transfer of the property, the Corporation undertakes to pay the seller a delay royalty of 100 MAD ($10)

annually until production begins.

**9. LONG-TERM DEBT**

***European Bank for Reconstruction and Development loan - Zgounder Expansion***

On January 19, 2023, the Corporation entered into a credit agreement for a secured project financing facility with the European

Bank for Reconstruction and Development ("EBRD") (the "Facility") to provide financing for the Zgounder expansion of up to

$100,000.

The loan consists of a $92,000 loan provided by the EBRD ("EBRD Tranche") and an $8,000 tranche (pari-passu with the EBRD)

by the Climate Investment Funds ("CTF") ("CTF Tranche"), managed by the EBRD. Amounts borrowed under the loan incur

interest at a rate of SOFR plus 5% for the EBRD Tranche and 1% for the CTF Tranche. Payments are made bi-annually in

January 19 and July 19. The loan's first principal payment was due subsequent to year end on January 19, 2026.

All debt under the loan are guaranteed by the Corporation and its subsidiaries and secured by the assets of the Corporation

and pledges of the securities of the Corporation's subsidiary, ZMSM. The loan is subject to adherence to debt covenants. As at

December 31, 2025, ZMSM was in compliance with its financial covenants.

In addition, a cost overrun account of $18,000 is funded and included in restricted cash as at December 31, 2025. Subsequent

to year end, the expansion has reached financial completion, as defined in the Facility, and therefore the cost overrun account

was liberated and replaced with a Debt Service Reserve Account ("DSRA") and a fixed amount of $16,250 for the duration of

the loan, continues to be classified as restricted cash. The remaining balance of $1,750 was released from restricted cash

subsequent to year-end and therefore was classified as current asset as at December 31, 2025.

***European Bank for Reconstruction and Development loan - Boumadine project***

On June 23, 2025, the Corporation entered into another separate credit agreement for a corporate financing facility with EBRD

for up to $25,000 to fund the exploration and development activities at the Boumadine project. Amounts borrowed under the

loan incur interest at a rate of SOFR plus 5% per annum, with interest payable semi-annually on January 19 and July 19. The

loan is repayable in full on the second anniversary of the agreement date (June 23, 2027). The debt is unsecured as at

December 31, 2025. The loan is subject to adherence to debt covenants under certain conditions. As at December 31, 2025,

the financial covenants do not apply as they become effective from the earlier of the date on which EBRD ceases to be a

lender under the Zgounder expansion debt or the date on which all amounts outstanding under that facility are fully repaid and

discharged. Both have not occurred at year end.

As at December 31, 2025, the Corporation had drawn $15,000 on this loan. The loan is available for drawdown in one or more

tranches during a commitment period of up to 12 months from the date of the agreement. The Corporation paid a front-end

commission, an underwriting fee, commitment charges and related transaction costs for a total of $381 and $208 was

recorded in transaction costs and $173 was recorded as deferred financing fees, in proportion to the amount drawn on the

facility to the total available facility.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **20** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**9. LONG-TERM DEBT** (continued)

Both long-term debts has been recorded at amortized cost, net of transaction costs, and will be accreted to face value over the

life of the long-term debt using the effective interest rate method.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **$** | **$** |
| Balance, beginning of the year | **99928** | 59622 |
| Drawdown in cash | **15000** | 40000 |
| Payments of interest and fees | **(9002)** | (6526) |
| Interest expense  | **10990** | 9456 |
| Gain resulting from the change in expected cash flows | **-** | (430) |
| Transaction costs | **(208)** | (2194) |
| Balance, end of the year | **116708** | 99928 |
| Current portion of long-term debt | **(28571)** | - |
| Interest payable and commitment charges, presented in accounts payable and <br>accrued liabilities<br>| **(4531)** | (4411) |
| Long-term debt | **83606** | 95517 |

---

The contractual repayments of principal related to the long-term debt for the forthcoming years:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **2026** | **2027** | **2028** | **2029** |
|  | **$** | **$** | **$** | **$** | **$** | **$** |
| Long-term debt (excluding interest)  | 112177 | 115000 | 28571 | 43571 | 28571 | 14287 |

---

**10. LEASE LIABILITIES**

The Corporation leases office space, mining vehicles and dwellings for employees. These leases have terms of up to seven

years. Certain leases include an option to renew after the end of the contract term and/or provide for payments that are

indexed to local inflation rates.

The movement in lease liabilities during the years ended December 31, 2025 and 2024 is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **$** | $|
| Balance, beginning of the year | **1403** | 1120 |
| Additions | **195** | 612 |
| Accretion | **84** | 73 |
| Repayments | **(422)** | (333) |
| Foreign exchange  | **106** | (69) |
| Balance, end of the year | **1366** | 1403 |
| Current portion | **357** | 282 |
| Long-term portion | **1009** | 1121 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **21** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**10. LEASE LIABILITIES** (continued)

The undiscounted minimum lease payments on lease liabilities for the forthcoming years are as follows:

---

| | |
|:---|:---|
|  | **$** |
| 2026 | 427 |
| 2027 | 336 |
| 2028 | 258 |
| 2029 | 207 |
| 2030 and above | 339 |
| **Total minimum payments** | **1567** |
| Less interest  | 201 |
| **Total minimum capital payments** | **1366** |

---

The Corporation's weighted average incremental borrowing rate is 6.19%.

**11. ASSET RETIREMENT OBLIGATIONS**

The asset retirement obligations represent legal and contractual obligations associated with the eventual dismantling of the

Corporation's Zgounder mine. As at December 31, 2025 the estimated inflation-adjusted discounted cash flows required to

settle the asset obligations amount to $3,244 (December 31, 2024 - $2,872). The discount rate used is 2.92% (December 31,

2024 - 3.17%) and the disbursements are expected to be made in 2036. The estimated undiscounted value of this liability was

estimated using an expected value approach, which combines probability weighted outcomes for a variety of different

scenarios and takes into consideration an inflation rate over time until 2036, for costs of $4,471 (December 31, 2024 - $3,700).

Additions of $9 were recorded for the year ended December 31, 2025 (December 31, 2024 - $551).

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **$** | $|
| Balance, beginning of the year | **2872** | 2667 |
| Additions | **9** | 551 |
| Change in assumptions used | **122** | (196) |
| Accretion expense | **93** | 84 |
| Foreign exchange  | **148** | (234) |
| Balance, end of the year | **3244** | 2872 |

---

**12. SHARE CAPITAL**

***Authorized***

Unlimited number of common shares without par value.

***Common Shares***

As at December 31, 2025, the Corporation had 142,014,007 issued and outstanding common shares (December 31, 2024 -

130,770,053).

***Transactions during the* year ended December 31, 2025*:***

• A total of 20,000 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$29 ($20) and

ascribed value reclassification of C$23 ($16) from contributed surplus to share capital.

• A total of 324,202 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.96 for an ascribed value reclassification of C$2,904 ($2,073) from contributed surplus to share

capital.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **22** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**12. SHARE CAPITAL** (continued)

• A total of 131,957 common shares were issued upon vesting of deferred share units during the period at an issued price

of C$9.97 for an ascribed value reclassification of C$1,315 ($951) from contributed surplus to share capital.

• On June 18, 2025, the Corporation closed its bought deal financing and issued 10,767,795 common shares at a price of

C$13.35 per share for total consideration of C$143,750 ($105,218).

During the period in which the options were exercised, the Corporation's minimum market share price was C$8.96 ($6.29)

while the maximum was C$19.43 ($14.10).

***Transactions during the* year ended December 31, 2024*:***

• On February 14, 2024 the Corporation closed its bought deal financing and issued 7,573,900 common shares at a price of

C$10.25 per share for total consideration of C$77,632 ($57,297).

• A total of 266,850 share purchase options were exercised for a strike price of C$1.43 for total proceeds of C$382 ($280)

and an ascribed value reclassification of C$314 ($231) from contributed surplus to share capital.

• A total of 245,100 share purchase options were exercised for a strike price of C$7.69 for total proceeds of C$1,885

($1,382) and an ascribed value reclassification of C$1,561 ($1,144) from contributed surplus to share capital.

• A total of 306,500 common shares were issued upon vesting of restricted share units during the period at an issued

average price of C$8.77 for an ascribed value reclassification of C$2,689 ($1,917) from contributed surplus to share

capital.

During the period in which the options were exercised, the Corporation's minimum market share price was C$9.75 ($7.20)

while the maximum was C$19.23 ($13.91).

**13. SHARE-BASED PAYMENTS**

***Share purchase options***

The Corporation's incentive share purchase option plan (the "Plan") which provides that the Board of Directors of the

Corporation may, from time to time, in its discretion, and in accordance with the TSX policies, grant to directors, officers,

employees and consultants to the Corporation, non-transferable share purchase options to purchase common shares of the

Corporation, provided that the number of common shares issuable under the Plan, combined with the number of common

shares issuable under all share compensation arrangements, shall not exceed 10% of the outstanding common shares as at

the date of any grant of options. The vesting period for the share purchase options is determined at the discretion of the

Corporation's Board of Directors at the time the share purchase options are granted. The stock options granted prior to 2024

vested on an annual pro-rata basis over two years with one-third vesting on the date of grant. The stock options granted in

2024 and 2025 vest on an annual pro-rata basis evenly over three years for which accelerated compensation expense is

recorded to reflect the service period of each tranche of the award.

The outstanding share purchase options and their exercise price in Canadian dollars as at December 31, 2025 and as at

December 31, 2024 are summarized as follows:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **23** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**13. SHARE-BASED PAYMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended** | **Years ended** | Years ended | Years ended |
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$** <sup>(1)</sup> | Number | C$ <sup>(1)</sup> |
| Balance, beginning of the year | 9589451 | 9.02 | 5101401 | 2.07 |
| Granted | 500000 | 14.45 | 5000000 | 15.63 |
| Exercised | (20000) | 1.43 | (511950) | 4.43 |
| **Balance, end of the year** | **10069451** | **9.30** | **9589451** | **9.02** |
| Exercisable | 6236118 | 5.51 | 4589451 | 1.81 |

---

(1)Weighted average exercise price in Canadian dollars.

The following table reflects the share purchase options that could be exercisable for an equal number of common shares:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4121484 | 4121484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | 1666667 | 15.63 |
| November 10, 2035 | 500000 | - | 14.45 |
|  | 10069451 | 6236118 |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Expiry Date** | **Number outstanding** | **Number exercisable** | **Exercise price C$** |
| July 1, 2030 | 4141484 | 4141484 | 1.43 |
| March 3, 2031 | 359667 | 359667 | 4.75 |
| May 12, 2031 | 88300 | 88300 | 7.69 |
| August 23, 2034 | 5000000 | - | 15.63 |
|  | 9589451 | 4589451 |  |

---

The fair value of share purchase options granted during the years ended December 31, 2025 and 2024 was determined using

the Black & Scholes valuation model based on the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
|  | **November 10, 2025** | **August 23, 2024** |
| Weighted average fair value of awards | 7.85 C$ | 6.57 C$ |
| Market share price | 15.27 C$ | 15.85 C$ |
| Grant option exercise price | 14.45 C$ | 15.63 C$ |
| Volatility | 51.6% - 57.0.0% | 39.7% - 45.1% |
| Risk-free rate | 2.68% | 2.92% |
| Dividend yield | 0% | 0% |
| Expected life | 4.9 - 5.7 | 4.0 - 5.7 |

---

Share-based payments of $11,680 were recognized during the year ended December 31, 2025 ($5,085 during the year ended

December 31, 2024) included in the following line items:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **24** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**13. SHARE-BASED PAYMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| General and administrative expenses | **10140** | 3974 |
| Cost of sales | **864** | 265 |
| Property, plant and equipment | **189** | 394 |
| Exploration and evaluation assets | **487** | 452 |
|  | **11680** | 5085 |

---

***Restricted share units***

The RSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the DSU Plan.

The RSUs are time-based awards and all the amount of RSUs granted will vest upon the continuous employment of the

Participants on the third anniversaries of the RSU grant, starting from the date of the grant or such other period not exceeding

three years determined by the Board of Directors.

The outstanding RSUs as at December 31, 2025 and as at December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended** | **Years ended** | Years ended | Years ended |
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(2)</sup> | Number | C$<sup>(2)</sup> |
| Balance, beginning of the year | 1120750 | 9.97 | 982328 | 9.52 |
| Granted | 413210 | 11.47 | 450006 | 10.13 |
| Settled | (324202) | 8.96 | (306500) | 8.77 |
| Forfeited | (22888) | 10.63 | (5084) | 10.19 |
| **Balance, end of the year** | **1186870** | **10.76** | **1120750** | **9.97** |
| Vested | - | - | - | - |

---

(2)Weighted average fair value in Canadian dollars at grant date.

Share-based payments of $3,300 were recognized during the year ended December 31, 2025, ($3,273 during the year ended

December 31, 2024) as included in the following line items:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| General and administrative expenses | **2694** | 2484 |
| Cost of sales | **411** | 315 |
| Property, plant and equipment | **41** | 256 |
| Exploration and evaluation assets | **154** | 218 |
|  | **3300** | 3273 |

---

***Deferred share units***

The DSU Plan provides for a maximum number of common shares available and reserved for issuance to 10% of the

Corporation's issued and outstanding common shares, less any shares reserved for issuance under the Plan and the RSU Plan.

All the amount of DSUs granted will be settled on termination of service.

Pursuant to the terms of the DSU Plan, Directors will receive, on the second December after the termination date, common

shares of the Corporation issued from treasury. The outstanding DSU's as at December 31, 2025 and as at December 31, 2024

are as follows:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **25** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**13. SHARE-BASED PAYMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended** | **Years ended** | Years ended | Years ended |
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Number** | **C$**<sup>(3)</sup> | Number | C$<sup>(3)</sup> |
| Balance, beginning of the year | 457124 | 9.85 | 328512 | 8.41 |
| Granted | 99430 | 13.98 | 128612 | 13.53 |
| Settled | (131957) | 9.97 | - | - |
| **Balance, end of the year** | **424597** | **10.78** | **457124** | **9.85** |
| Exercisable | - | - | 37503 | 9.50 |

---

(3)Weighted average fair value in Canadian dollars at grant date.

Share-based payments of $1,067 were recognized in general and administrative expenses during the year ended December 31,

2025, ($1,193 during the year ended December 31, 2024).

**14. SEGMENTED INFORMATION**

All of the Corporation's operations are within the mining industry and its major products are precious metals ingots and

concentrate which are refined or smelted into pure silver and sold to global metal brokers. An operating segment is defined as

a component of the Corporation that:

• Engages in business activities from which it may earn revenues and incur expenses;

• Whose operating results are reviewed regularly by the entity's executive management; and

• For which discrete financial information is available.

For the years ended December 31, 2025 and 2024, the Corporation's operating segments include the production segment, with

its Zgounder silver project in Morocco. In 2025, the Corporation started the reclaiming and sale of its historical pyrite stockpile

at Boumadine which represents a separate segment in 2025, and 2024 was accordingly recast to separately present

Boumadine. All other properties are in the "non-producing properties" segment (i.e. referred to as Exploration, evaluation and

development segment) for the years ended December 31, 2025 and 2024. Corporate consists primarily of the Corporation's

corporate assets including cash and corporate expenses which are not allocated to operating segments.

Management evaluates segment performance based on segment operating income (loss). Therefore, finance income and

expense items and income taxes are not allocated to the segments. Significant information relating to the Corporation's

operating segments is summarized in the tables below.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production - Zgounder | 257333 | 386910 | 178390 |
| Exploration, evaluation and development - Boumadine | 99692 | 102123 | 23464 |
| Exploration, evaluation and development - Others | 16042 | 16047 | 2165 |
| Corporate | 26216 | 126653 | 3890 |
| **Total per consolidated statement of financial position** | **399283** | **631733** | **207909** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **26** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**14. SEGMENTED INFORMATION** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Total non-current** <br>**assets**<br>| **Total** <br>**assets**<br>| **Total** <br>**liabilities**<br>|
|  | **$** | **$** | **$** |
| Production - Zgounder | 236733 | 282794 | 138968 |
| Exploration, evaluation and development - Boumadine | 54506 | 58893 | 10463 |
| Exploration, evaluation and development - Others | 14331 | 14478 | 512 |
| Corporate | 17997 | 43942 | 3683 |
| **Total per consolidated statement of financial position** | **323567** | **400107** | **153626** |

---

As at December 31, 2025, all production and exploration, evaluation and development segments are located in Morocco.

Corporate is based in Canada.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Years ended December 31, 2025 and 2024** |  | **Revenue** | **Cost of sales** | **G&A** <br>**expenses**<br>| **Other** <br>**operating** <br>**loss** <br>**(income)**<br>| **Operating** <br>**income** <br>**(loss)** <br>|
|  |  | **$** | **$** | **$** | **$** | **$** |
| **Production - Zgounder** | **2025** | **199902** | **118569** | **4152** | **-** | **77181** |
|  | 2024 | 39117 | 33735 | 1874 | 148 | 3360 |
| **Exploration - Boumadine** | **2025** | **2200** | **366** | **28** | **-** | **1806** |
|  | 2024 | - | - | - | - | - |
| **Exploration - Others** | **2025** | **-** | **-** | **52** | **(5815)** | **5763** |
|  | 2024 | - | - | 606 | 27493 | (28099) |
| **Corporate unallocated costs** | **2025** | **-** | **-** | **22233** | **-** | **(22233)** |
|  | 2024 | - | - | 14008 | - | (14008) |
| **Consolidated** | **2025** | **202102** | **118935** | **26465** | **(5815)** | **62517** |
|  | 2024 | 39117 | 33735 | 16488 | 27641 | (38747) |

---

Corporate is mainly unallocated items from the Corporation's head office that comprises of corporate assets (mainly cash and

restricted cash), liabilities and expenses for the years ended December 31, 2025 and 2024.

**15. ADDITIONAL INFORMATION ON THE NATURE OF REVENUE**

The following is a breakdown of the nature of revenue included in sales for the years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Silver ingots | **195746** | 13127 |
| Silver concentrate | **5410** | 28982 |
| Pyrite concentrate | **2200** | - |
| Gross revenue from precious metals | **203356** | 42109 |
| Less: treatment, smelting, and refining costs | **(1254)** | (2992) |
|  | **202102** | 39117 |

---

The Corporation's sales are with three clients (2024 – two clients) located in Switzerland.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **27** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**16. ADDITIONAL INFORMATION ON THE NATURE OF COST OF SALES**

The following is a breakdown of the nature of cost of sales for the years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | $| $|
| Production costs | **89416** | 27894 |
| Share-based payments (<u>[Note 13](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | **1275** | 580 |
| Freight outbound | **1615** | 551 |
| Inventory write-down | **197** | 294 |
| Royalties (<u>[Note 24](#if927a55fe4f54cfaa3b5abbb74f970cc_97)</u>) | **6085** | 1170 |
| Depreciation and depletion | **20347** | 3246 |
|  | **118935** | 33735 |

---

**17. INCOME TAXES**

The reconciliation of the effective tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Net income (loss) before income tax | **70125** | (24800) |
| Statutory income tax rate | **26.5%** | 26.5% |
| Expected income tax (recovery) expense  | **18584** | (6572) |
| Share-based payments | **3196** | 1670 |
| Effect of differences in tax rates in foreign jurisdictions | **(353)** | 196 |
| Tax effect of permanent differences | **2019** | (1304) |
| Change in unrecognized benefit of losses and temporary differences | **1842** | 6329 |
| Recognition of previously unrecognized deductible temporary differences and tax losses  | **(6672)** | (1988) |
| Foreign withholdings  | **5601** | 1527 |
| Prior year adjustments | **(647)** | 1104 |
| Other | **275** | 265 |
|  | **23845** | 1227 |
| Current income taxes | **25653** | 1527 |
| Deferred income taxes | **(1808)** | (300) |
|  | **23845** | 1227 |

---

The statutory tax rate was 26.5% for the year ended December 31, 2025 (26.5% for the year ended December 31, 2024)

representing the Canadian federal plus provincial rate.

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.

Unrecognized deductible temporary differences for which no deferred tax assets have been recognized are as follows:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **28** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**17. INCOME TAXES** (continued)

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Non-capital losses carry-forward | **24** | 10537 |
| Property, plant and equipment | **-** | 2917 |
| Exploration and evaluation assets | **4566** | 5631 |
| Other assets and liabilities | **7999** | 7222 |
| Capital losses | **10198** | - |
|  | **22787** | 26307 |

---

Recognized deferred tax assets and liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** <br>**2024**<br>| **Recognized in** <br>**profit or loss**<br>| **Recognized in** <br>**AOCI**<br>| **December 31,** <br>**2025**<br>|
|  | **$** | **$** | **$** | **$** |
| Non-capital loss carry-forward | 3509 | 1014 | 277 | 4800 |
| Property, plant and equipment | 2003 | 3111 | 275 | 5389 |
| Foreign exchange and other | (252) | (1052) | 529 | (775) |
| Exploration and evaluation assets | (2835) | (1265) | (127) | (4227) |
|  | **2425** | **1808** | **954** | **5187** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** <br>**2023**<br>| **Recognized in** <br>**profit or loss**<br>| **Recognized in** <br>**AOCI**<br>| **December 31,** <br>**2024**<br>|
|  | $| $| $| $|
| Non-capital loss carry-forward | 3692 | (520) | 337 | 3509 |
| Property, plant and equipment | 5273 | (3337) | 67 | 2003 |
| Balance of purchase price payable | (29) | 32 | (3) | - |
| Foreign exchange and other | (6144) | 4517 | 1375 | (252) |
| Exploration and evaluation assets | (2175) | (392) | (268) | (2835) |
|  | **617** | **300** | **1508** | **2425** |

---

Composition of deferred income taxes in the consolidated statement of financial position:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Deferred tax assets | **5187** | 3425 |
| Deferred tax liabilities | **-** | (1000) |
|  | **5187** | 2425 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **29** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**17. INCOME TAXES** (continued)

Non-capital losses available in Morocco expire as follows:

---

| | |
|:---|:---|
| **MOROCCO** |  |
|  | **$** |
| 2026 | 1 |
| 2027 | 7 |
| 2028 | 15 |
|  | **23** |

---

As at December 31, 2025, no deferred tax liability was recognized for temporary differences arising from investments in

subsidiaries because the Corporation controls the decisions affecting the realization of such liabilities and it is probable that

the temporary differences will not reverse in the foreseeable future.

**18. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE INCOME (LOSS) COMPONENTS**

The following is a breakdown of the nature of expenses included in general and administrative expenses and finance expense

for the years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| **General and administrative expenses** | **2025** | 2024 |
|  | **$** | $|
| Salaries and benefits | **4699** | 3172 |
| Consulting fees | **2350** | 1907 |
| Investor relations | **1558** | 1255 |
| Depreciation | **178** | 124 |
| Office | **1319** | 1086 |
| Professional fees | **2262** | 1134 |
| Reporting issuer costs | **198** | 159 |
| General and administrative expenses | **12564** | 8837 |
| General and administrative expenses - Share-based payments (<u>[Note 13](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | **13901** | 7651 |
|  | **26465** | 16488 |

---

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| **Finance income (expense)** | **2025** | 2024 |
|  | **$** | $ |
| Change in fair value of options contracts | **211** | 57 |
| Finance costs on long-term debt | **(10291)** | - |
| Interest income | **2192** | 3867 |
| Gain on foreign exchange | **16449** | 10175 |
| Gain on settlement of payables | **180** | - |
| Accretion expense | **(171)** | (152) |
|  | **8570** | 13947 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **30** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**18. ADDITIONAL INFORMATION ON THE NATURE OF COMPREHENSIVE INCOME (LOSS) COMPONENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
| **Expenses recognized for employee benefits (including capitalized amounts)** | **2025** | 2024 |
|  | **$** | $ |
| Salaries and fringe benefits | **21125** | 19627 |
| Share-based payments (<u>[Note 13](#if927a55fe4f54cfaa3b5abbb74f970cc_61)</u>) | **14980** | 8358 |
|  | **36105** | 27985 |

---

**19. CAPITAL MANAGEMENT** 

The Corporation defines capital as long-term debt and total equity. When managing capital, the Corporation's objectives are to:

• Ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions;

• Ensure the externally imposed capital requirements relating to debt obligations are being met;

• Increase the value of the Corporation's assets; and

• Achieve optimal returns to shareholders.

These objectives are achieved by operating its assets efficiently, identifying the right exploration and evaluation projects,

adding value to these projects, and ultimately taking them to production or obtaining sufficient proceeds from their disposal.

Management adjusts the capital structure as necessary to support the acquisition, exploration and evaluation and

development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for

management, but rather relies on the expertise of the Corporation's management team to sustain the future development of

the business. As at December 31, 2025, managed capital is $525,828 (December 31, 2024 - $341,993) representing long-term

debt and total equity before non-controlling interest. To facilitate the management of its capital requirements, the Corporation

prepares long-term cash flow projections that consider various factors, including successful capital deployment, general

industry conditions and economic factors. Management reviews its capital management approach on an ongoing basis and

believes that this approach, given the relative size of the Corporation, is reasonable. There have been no changes in the

Corporation's capital management approach during the year.

---

| | | |
|:---|:---|:---|
| | **December 31,**<br>**2025**<br>**$** | **December 31**<br>2024<br>$ |
| Long-term debt (including current portion) | **112177** | 95517 |
| Total equity before non-controlling interest | **413651** | 246476 |
|  | **525828** | 341993 |

---

**20. FINANCIAL RISK MANAGEMENT**

The Corporation is exposed to various financial risks resulting from both its operations and its investment activities. There

were no changes to the financial objectives, policies and processes during the years ended December 31, 2025 and 2024. The

Corporation's main financial risks exposure and its financial risks management policies are as follows:

***Credit risk***

Credit risk refers to the risk of an unexpected loss if a party to a financial instrument fails to meet its contractual obligations.

The Corporation's financial assets exposed to credit risk are primarily composed of cash and cash equivalents, trade and other

receivables and restricted cash. The Corporation's cash, cash equivalents and restricted cash are mostly held with reputable

Canadian or Moroccan banks.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **31** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**20. FINANCIAL RISK MANAGEMENT** (continued)

Credit risk arises from the possibility that its customers may experience financial difficulties and be unable to fulfil their

obligations. The Corporation has a high degree of customer concentration, with approximately 95% of its ingots and silver

concentrated ore 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. As at December 31, 2025, none of the trade

receivables were overdue by more than 30 days (2024 – $nil). In management's opinion, the maximum credit risk exposure for

all of the Corporation's current financial assets is the carrying value of those assets.

***Commodity price risk***

The Corporation's profitability is exposed to commercial risks notably those linked to the price of silver and gold. The

Corporation does not have financial instruments to hedge exposures to silver and gold price fluctuations.

***Liquidity risk***

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. The organization has instituted a comprehensive planning and budgeting process designed to ascertain the

financial resources necessary to sustain its standard operational requirements and developmental initiatives. Over the years,

the Corporation generates cash flow from its financing activities.

As part of its $100,000 financing with EBRD (Note 9), the Corporation is required to maintain $18,000 in restricted cash for a

Cost Overrun Facility ("COF") to cover potential cost overruns on the Zgounder project. Subsequent to year end, the expansion

has reached financial completion, as defined in the Facility, and therefore the cost overrun account was released and replaced

with a Debt Service Reserve Account ("DSRA") and a balance of $16,250 is still considered restricted cash.

With the start of commercial production phase of the new Zgounder mill effective at the end of 2024, the Corporation currently

intends to take into account the anticipated cash flows generated from operational activities to contribute to its business

commitments.

The following are the contractual maturities of financial liabilities and other liabilities, including interest payable that is

included in accounts payable as at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying**<br>**Amount**<br>| **Contractual** <br>**cash flows**<br>| **0-12**<br>**months**<br>| **12-24**<br>**months**<br>| **More than**<br>**24 months**<br>|
|  | **$** | **$** | **$** | **$** | **$** |
| Accounts payable & accrued liabilities | 69407 | 69407 | 69407 | - | - |
| Long-term debt (excluding interest) (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | 112177 | 115000 | 28571 | 43571 | 42858 |
| Balance of purchase price payable (<u>[Note 8](#if927a55fe4f54cfaa3b5abbb74f970cc_46)</u>) | 1643 | 1643 | 1643 | - | - |
| Lease liabilities (<u>[Note 10](#if927a55fe4f54cfaa3b5abbb74f970cc_52)</u>) | 1366 | 1567 | 427 | 336 | 804 |
|  | **184593** | **187617** | **100048** | **43907** | **43662** |

---

The following are the contractual maturities of financial and other liabilities as at December 31, 2024:

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **32** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**20. FINANCIAL RISK MANAGEMENT** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Carrying**<br>**Amount**<br>**$** | **Contractual** <br>**cash flows**<br>**$** | **0-12**<br>**months**<br>**$** | **12-24**<br>**months**<br>**$** | **More than**<br>**24 months**<br>**$** |
| Accounts payable & accrued liabilities  | 51351 | 51351 | 51351 | - | - |
| Long-term debt (excluding interest) (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | 95517 | 100000 | - | 28571 | 71429 |
| Balance of purchase price payable (<u>[Note 8](#if927a55fe4f54cfaa3b5abbb74f970cc_46)</u>) | 1483 | 1483 | 1483 | - | - |
| Lease liabilities (<u>[Note 10](#if927a55fe4f54cfaa3b5abbb74f970cc_52)</u>) | 1403 | 1650 | 356 | 330 | 964 |
|  | 149754 | 154484 | 53190 | 28901 | 72393 |

---

***Foreign currency risk***

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, BGM and AGS, for which the functional currency is

the Moroccan dirham and for AGS Group Services for which the functional currency is the US dollar. A portion of the

transactions is denominated in United Arab Emirates dirhams.

Foreign currency denominated financial assets and liabilities which expose the Corporation to currency risk are presented

below.

The Corporation enters into option contracts to mitigate some of the risk of fluctuations in the exchange rate of its holdings of

US dollars. 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.

The fair value of option contracts, which represents the amount that would be received/(paid) by the Corporation if the

contracts were terminated at December 31, 2025 was $(174) (December 31, 2024 - $42).

Balances in the table below are dominated in US dollars, the presentation currency of the Corporation:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025**<br>| **USD**<br>**$** | **EUR**<br>**$** | **CAD**<br>**$** | **MAD**<br>**$** | **AED**<br>**$** | **Total**<br>**$** |
| Cash and cash equivalents | 65408 | 8 | - | - | - | 65416 |
| Restricted cash | 18000 | - | - | - | - | 18000 |
| Trade and other receivables | 32504 | - | - | - | - | 32504 |
| Current portion of long-term debt | (28571) | - | - | - | - | (28571) |
| Long-term debt | (86429) | - | - | - | - | (86429) |
| Accounts payable and accrued liabilities | (6503) | (1257) | (175) | (22) | (49) | (8006) |
| Balance of purchase price payable | - | - | - | (1643) | - | (1643) |
|  | **(5591)** | **(1249)** | **(175)** | **(1665)** | **(49)** | **(8729)** |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **33** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**20. FINANCIAL RISK MANAGEMENT** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024**<br>| **USD**<br>**$** | **EUR**<br>**$** | **CAD**<br>**$** | **MAD**<br>**$** | **Total**<br>**$** |
| Cash and cash equivalents | 7774 | 179 | - | - | 7953 |
| Restricted cash | 18000 | - | - | - | 18000 |
| Trade and other receivables | 1053 | - | - | - | 1053 |
| Long-term debt | (100000) | - | - | - | (100000) |
| Accounts payable and accrued liabilities | (5514) | (1060) | (666) | - | (7240) |
| Balance of purchase price payable | - | - | - | (1483) | (1483) |
|  | (78687) | (881) | (666) | (1483) | (81717) |

---

The impact on net income (loss) and equity of a 10% increase or decrease in foreign currencies on the Corporation's financial

instruments based on balances on December 31, 2025 would be approximately $873 (December 31, 2024 - $8,172).

**21. FINANCIAL INSTRUMENTS**

The classification of financial instruments is summarized as follows, as at December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Financial Assets** | **Classification** | **December 31,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Cash and cash equivalents | Financial assets at amortized cost | **136322** | 30944 |
| Trade and other receivables | Financial assets at amortized cost | **33811** | 1827 |
| Deposit in trust | Financial assets at amortized cost | **314** | 695 |
| Restricted cash | Financial assets at amortized cost | **18162** | 18246 |
|  |  | **188609** | 51712 |

---

As at December 31, 2025, cash equivalents included in cash and cash equivalents was $10,039 (December 31, 2024 - $nil).

---

| | | | |
|:---|:---|:---|:---|
| **Financial Liabilities** | **Classification** | **December 31,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Current portion of long-term debt (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | Financial liabilities at amortized cost | **28571** | - |
| Long-term debt (<u>[Note 9](#if927a55fe4f54cfaa3b5abbb74f970cc_49)</u>) | Financial liabilities at amortized cost | **83606** | 95517 |
| Accounts payable and accrued liabilities | Financial liabilities at amortized cost | **69407** | 51351 |
| Balance of purchase price payable (<u>[Note 8](#if927a55fe4f54cfaa3b5abbb74f970cc_46)</u>) | Financial liabilities at amortized cost | **1643** | 1483 |
|  |  | **183227** | 148351 |
| **Financial Assets** | **Classification** | **December 31,** <br>**2025**<br>| December 31, <br>2024<br>|
|  |  | **$** | **$** |
| Option contracts | Fair value through profit & loss | **(174)** | 42 |
|  |  | **(174)** | 42 |

---

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **34** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**21. FINANCIAL INSTRUMENTS** (continued)

***Fair value of financial instruments***

Current financial instruments that are not measured at fair value consist of by cash, cash equivalents, trade and other

receivables, restricted cash, accounts payable and accrued liabilities, balance of purchase price payable and long-term debt.

Their carrying values are considered a reasonable approximation of their fair value because of their short-term maturity. The

long-term debt is predominantly subject to a variable interest rate. As a result, the carrying value is considered to be its fair

value.

***Fair value hierarchy***

The following table classifies financial assets and liabilities that are recognized on the consolidated statement of financial

position at fair value in a hierarchy that is based on significance of the inputs used in making the measurements. The levels in

the hierarchy are:

Level 1:Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3:Inputs for the asset or liability that are not based on observable market data.

As at December 31, 2025, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | (174) | - | **(174)** |

---

As at December 31, 2024, the following represents the classification of instruments measured at fair value :

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Option contracts | **-** | 42 | - | **42** |

---

The Corporation's foreign currency option contracts are not traded in active markets. The fair value of these instruments has

been determined using observable forward exchange rates. The effects of non-observable inputs are not significant for foreign

contract positions. As at December 31, 2025, the Corporation had an aggregate notional amount of 9,000 USD-CAD (9,000

USD-CAD for the year ended December 31, 2024) in options contracts.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **35** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**22. SUPPLEMENTAL CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Trade and other receivables | **(31112)** | (1220) |
| Sales tax receivable | **(11569)** | 827 |
| Income tax receivable | **3686** | (3415) |
| Inventories | **(3969)** | (10579) |
| Prepaid expenses and security deposits | **(326)** | 97 |
| Accounts payable and accruals | **28082** | 6078 |
| Income tax payable | **19491** | (3058) |
| **Changes in working capital items** | **4283** | (11270) |
| **Non-cash transactions** |  |  |
| Additions of new lease right-of-use assets  | **195** | 612 |
| Addition of new lease liabilities  | **(195)** | (612) |
| Net change in deposits to suppliers for capital expenditures | **2842** | 7918 |
| Capitalized asset retirement obligations | **131** | 355 |
| Change in accounts payable and accrued liabilities related to PP&E | **(12689)** | (2908) |
| Change in accounts payable and accrued liabilities related to E&E assets | **(2179)** | 6442 |
| Share-based compensation in PP&E additions | **230** | 650 |
| Share-based compensation in E&E additions | **641** | 508 |
| Investment in associate - share consideration | **(7210)** | - |
| Sale of capital assets included in trade and other receivables | **-** | 311 |

---

**23. INCOME (LOSS) PER COMMON SHARE**

Basic income or loss per share is the net income or loss available to common shareholders divided by the weighted average

number of common shares outstanding during the year and DSUs. Diluted net income or loss per share adjusts basic net

income or loss per share for the effects of potential dilutive common shares such as options and RSUs.

The calculations for basic and diluted income or loss per share for the years ended December 31, 2025 and 2024 are as

follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 <sup>(1)</sup> |
|  | **$** | $|
| Net income (loss) attributed to Aya Gold & Silver Inc. shareholders | **45557** | (21617) |
| Weighted average number of shares – basic | **137231106** | 129842508 |
| Impact of dilutive securities |  |  |
| Stock options and RSUs | **5139839** | - |
| Weighted average number of shares – diluted | **142370945** | 129842508 |
| Income (loss) per share - basic | **0.33** | (0.17) |
| Income (loss) per share - diluted | **0.32** | (0.17) |

---

*(1) In the year ended December 31, 2024, loss per share had previously been calculated using total net loss rather than net loss attributable to* 

*Aya Gold & Silver Inc. shareholders. The comparative loss per share amounts have been adjusted from previously reported $(0.20) to $(0.17) to* 

*reflect the net loss attributable to Aya Gold & Silver Inc. shareholders in the year ended December 31, 2024. This adjustment affects only the* 

*presentation of loss per share and has no impact on the Corporation's net loss, total equity, cash flows, or financial position in year ended* 

*December 31, 2024.*

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **36** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**23. INCOME (LOSS) PER COMMON SHARE** (continued)

As at December 31, 2025, weighted average number of shares - diluted excludes the effects of 5,500,000 share purchase

options (9,589,451 for the year ended December 31, 2024) and nil restricted share units (1,120,750 for the year ended

December 31, 2024) as they were anti-dilutive.

**24. COMMITMENTS**

The Corporation has the following commitments regarding its properties:

***Royalties***

As per the terms of property purchase agreements, the Corporation is also committed to pay, in perpetuity, the following

royalties:

• 2.5% royalty to Ouiselat Mines (a private Moroccan company) on revenue from the Azegour property;

• 3.0% royalty to ONHYM on revenue from the Zgounder property, which amounted to 56,128 dirhams ($6,019) for the year

ended December 31, 2025 and 11,645 dirhams ($1,170) for the year ended December 31, 2024; and

• 3.0% royalty to ONHYM on revenue from the Boumadine property, which amounted to $616 dirhams ($66) for the year

ended December 31, 2025 and $nil for the year ended December 31, 2024.

**25. RELATED PARTY TRANSACTIONS** 

During the years ended December 31, 2025 and 2024, the following related party transaction occurred in the normal course of

operations for management and consulting fees to Groupe Conseils Grou, La Salle Inc., a company owned by the President

and Chief Executive Officer, in the amount of $838 for the year ended December 31, 2025 ($758 for the year ended December

31, 2024). As at December 31, 2025, $391 (December 31, 2024 - $305) was due to that company.

***Remuneration of key management personnel of the Corporation*** 

Key management included members of the Board of Directors and executive officers of the Corporation. During the years

ended December 31, 2025 and 2024 the remuneration awarded to key management personnel (including the amounts above)

was as follows:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Salaries and benefits | **1584** | 1288 |
| Management consulting and professional fees | **1261** | 1110 |
| Share-based compensation\* | **11166** | 6905 |
|  | **14011** | 9303 |

---

*\* Share-based payments represent a non-cash expense related to the vesting of equity-based awards granted to directors and* 

*executive officers, including stock options, restricted share units, and deferred share units.*

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **37** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**26. NON-CONTROLLING INTERESTS**

The Corporation's consolidated financial statements include two subsidiaries, BGM, and TIREX, with non-controlling interests

("NCI"):

• ANARPAM has a 15% non-dilutive participation in TIREX and WAFA Mining & Petroleum has a 10% dilutive

participation in TIREX.

• ONHYM has a 15% participation in BGM.

The Corporation had the following NCIs for the years ended December 31, 2025 and 2024:

**.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proportion of ownership interest** <br>**and voting rights held by NCI** | **Proportion of ownership interest** <br>**and voting rights held by NCI** | **Total comprehensive** <br>**income (loss) allocated to NCI** | **Total comprehensive** <br>**income (loss) allocated to NCI** | **Accumulated NCI** | **Accumulated NCI** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
|  | **%** | % | **$** | $| **$** | $|
| BGM | **15** | 15 | **723** | - | **10173** | 5 |
| TIREX | **25** | 25 | **-** | (4410) | **-** | - |
|  |  |  | **723** | (4410) | **10173** | 5 |

---

The following table summarizes the information relating to these subsidiaries before any intercompany eliminations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **BGM** | **TIREX** | **Total NCI** | **Total NCI** |
|  | **2025** | 2024 | 2024 | **2025** | 2024 |
|  | **$** | $| $| **$** | $|
| Non-current assets | **81817** | 47885 | - | **81817** | 47885 |
| Current assets | **2432** | 4484 | 8 | **2432** | 4492 |
| Total assets | **84249** | **52369** | **8** | **84249** | 52377 |
| Non-current liabilities | **90** | 45 | - | **90** | 45 |
| Current liabilities | **22670** | 55222 | 11284 | **22670** | 66506 |
| Equity (deficit) attributable to owners | **51316** | (2903) | (11276) | **51316** | (14179) |
| Non-controlling interest | **10173** | 5 | - | **10173** | 5 |
|  | **84249** | **52369** | **8** | **84249** | 52377 |
| Revenue for the year | **2200** | - | - | **2200** | - |
| Income (loss) attributable to parent | **4096** | - | (22217) | **4096** | (22217) |
| Income (loss) attributable to NCI | **723** | - | (4410) | **723** | (4410) |
| Income (loss) for the year | **4819** | - | (26627) | **4819** | (26627) |
| Net cash from (used in) operating activities | **495** | (12) | (173) | **495** | (185) |
| Net cash used in investing activities | **(5115)** | (3271) | (241) | **(5115)** | (3512) |
| Net cash outflow | **(4620)** | (3283) | (414) | **(4620)** | (3697) |

---

During the year, advances from the Corporation to Boumadine Global Mining S.A. totaling approximately $63 million were

converted into equity, and a non-reciprocal contribution was recognized.

---

| | |
|:---|:---|
| AYA GOLD & SILVER INC. / CONSOLIDATED FINANCIAL STATEMENTS / YEAR 2025 | **38** |

---

**Notes to Consolidated Financial Statements**

**December 31, 2025 and 2024** 

(Expressed in thousands of US dollars unless otherwise noted)

**27. CONTINGENT LIABILITY**

On August 5, 2025, the Corporation received net proceeds of $7,219 in connection with the enforcement of liquidated damages

against Duro Felguera S.A. ("DF"), the contractor for the mine expansion. The amount received has been applied against

Mining assets in production. Subsequent to the disbursement of funds, DF sought to suspend the application and reverse the

underlying decision allowing the execution of the performance bonds in several jurisdictions in Spain. To that end, DF filed a

procedure seeking to overturn the judgment allowing the payment of security to Aya. The appeal procedure and Aya's

response to the appeal have been filed. Their action seeking the suspension of the execution in another jurisdiction was

rejected on October 22, 2025.

Furthermore, in relation to the termination of the Engineering, Procurement and Construction ("EPC") agreement with DF, they

are seeking damages in the approximate amount of $5,500 as well as declaratory relief as regards to the above mentioned

liquidated damages, for a total amount of approximately $13,500. The Corporation is seeking a counterclaim for damages

exceeding the claim by DF.

Management has reviewed the facts and circumstances of the case, together with external legal counsel, and believes that it is

not probable that the Corporation will be required to repay any portion of the funds received, in the course of the appeal

procedures in Spain, as well as the subsequent claim seeking damages. Accordingly, no provision has been recognized in the

consolidated financial statements as at December 31, 2025. However, since the outcome of the appeal and subsequent claim

cannot be determined with certainty at this time, any potential repayment, if required, would be recognized in the period in

which the obligation becomes probable and can be reliably measured.

## Exhibit 99.114

**Exhibit 99.114**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

Aya Gold & Silver Inc.

We, KPMG LLP, consent to the use of our reports:

• dated March 30, 2026 on the consolidated financial statements of Aya Gold & Silver Inc., which comprise the consolidated statements of financial position as at December 31, 2025, and December 31, 2024, the consolidated statements of comprehensive income (loss), changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policy information, and

• dated March 28, 2025 on the consolidated financial statements of Aya Gold & Silver Inc., which comprise the consolidated statements of financial position as at December 31, 2024 and December 31, 2023, the consolidated statements of comprehensive (loss) income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policy information,

which are included in the registration statement on Form 40-F dated April 10, 2026 of Aya Gold & Silver Inc.

/s/ KPMG LLP

April 10, 2026

Montreal, Canada

<br>