Aya Gold & Silver launches Boumadine Project Feasibility Study, Morocco

Aya Gold & Silver Inc. [TSX: AYA; OTCQX: AYASF] reported the start of a work program designed to support a Feasibility-level Study (FS) for the Boumadine Project, 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, SRK Consulting (UK) Limited, SGS Canada Inc., Epoch Resources (Pty) Ltd. and SLR Consulting France SAS which have been retained by the company. 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, 10 drill rigs are advancing an infill program, with nearly 20% of the2026 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: Approximately 38,000 metres have been completed to date as part of the corporation’s 360,000-metre infill drilling campaign (as of March 10, 2026), which includes a targeted 180,000-metre 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 has been 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. has been 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.

SLR has been 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 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.

Tailings Storage Facility: 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.

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.

Hatch Ltd. has been 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.

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+.

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.

Aya will release its fourth-quarter and full-year 2025 results on Tuesday, March 31, 2026 before market opens.

Aya Gold & Silver 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.