Mr. Benoit La Salle reports

AYA GOLD & SILVER ADVANCES BOUMADINE PROJECT

Aya Gold & Silver Inc. has provided an update on workstreams supporting the feasibility study (FS) for the Boumadine project, which commenced in early 2026 and is progressing as planned.

The company also continues to advance work on an updated preliminary economic assessment (PEA) for the Boumadine project, following the completion of a preliminary economic assessment, the results of which were announced on Nov. 4, 2025, and the associated National Instrument 43-101 technical report filed on Dec. 18, 2025.

"We are very pleased with the progress being made across all workstreams for the Boumadine project," said Benoit La Salle, president and chief executive officer. "We have prequalified a select group of mining contractors and are preparing to launch a competitive tender process for the mining services contract, marking an important step toward establishing long-term operating partnerships for the project. The updated PEA is on track for release in H2 2026, and we are planning to start early works by year-end, with the project access road among potential near-term priorities."

Feasibility study update

The following provides an update on key FS workstreams.

Infill drilling

As of July 13, 2026, 102,111 metres have been completed year to date as part of the company's 360,000-metre infill drilling campaign, with 180,000 metres targeted 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 the indicated category, alongside targeted stepout drilling to expand mineralization across the Main, Tizi and Imariren trends, all of which remain open in all directions.

Procurement and contractor tender process

Building on the engagement of qualified persons and multidisciplinary teams from established engineering and technical firms, the company has further advanced its procurement activities across key project workstreams:

• An extensive consultation process was conducted to establish a short list of mining contractors. The shortlisted companies will be invited to participate in a competitive tender for the open-pit mining contract, which is expected to be completed in the first half of 2027.
• A similar process is continuing for the processing plant and a short list will be determined by year-end. A competitive process to determine the process plant construction partner will follow.

Water supply

Building on the completed water supply studies, Aya has commenced detailed engineering for the project's water supply infrastructure, jointly led by Groupement des Consultants et Ingenieurs du Maroc (GCIM) and the Compagnie d'Amenagement Agricole et de Developpement Industriel (ADI).

Process water will be sourced from treated municipal waste water facilities in the nearby towns. A hydrogeological fieldwork campaign is being planned to test regional brackish water resources for potential use as process water, further derisking the project's long-term water supply.

Power infrastructure

Preliminary engineering is under way for the project's power line and associated power infrastructure. The feasibility-level work program will further define the technical requirements for the transmission line and substation connections. The power line route has been largely defined, and discussions with the national grid operator are progressing as planned. The steps used for the Boumadine power supply are following what was successfully implemented at the Zgounder mine.

Metallurgical test work program

The metallurgical test work program, led by SGS Canada Inc., continues to advance and is now in its final phase. The continuing program was designed to further optimize process parameters, define variability within the deposit and support final process design criteria. Results will continue to inform FS engineering, plant configuration and concentrate specifications. The processing team is satisfied with the results further confirming an existing flow sheet and providing opportunities for process optimization.

Concentrate marketing and logistics

Aya is in continuing discussions with multiple port operators, logistics providers and the national railway operator to select the most efficient and robust concentrate handling, transport and export pathways, which may include the refurbishment of existing railways and the development of new logistic terminals to support the project's concentrate handling requirements.

Based on the current work plan, the company is planning to complete the feasibility study by the second half of 2027.

Updated PEA

Aya confirms that the updated PEA is on track to be released in the second half of 2026. Notably, it will include an updated resource model, revised mine plan, and revised metal prices and concentrate payable assumptions reflecting current market conditions, including strong sulphur demand. Mine design based on the updated resource model is currently under way.

Boumadine project overview

The Boumadine project is a district-scale polymetallic project located in the Kingdom of Morocco, with mineralization open in multiple directions and significant exploration potential. More information on the Boumadine project is available in the portfolio section of the company's website.

Technical report

The NI 43-101 technical report pertaining to the Boumadine PEA was filed on Dec. 18, 2025, and is available on Aya's website and on SEDAR+.

The 2025 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, as such, there is no certainty that the 2025 PEA results will be realized.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, BSc, vice-president, exploration, and Raphael Beaudoin, PEng, vice-president, operations, of Aya, both of whom are qualified persons, as defined under NI 43-101, Standards of Disclosure for Mineral Projects.

Q2 2026 conference call details

Aya will release its second quarter 2026 financial results on Thursday, Aug. 13, 2026, after market close. Management will host a conference call on Friday, Aug. 14, 2026, at 10 a.m. ET to discuss the results and provide a corporate update.

Participants may join the conference call by webcast or by dialling in.

Instructions for obtaining conference call dial-in numbers:

• Complete the on-line registration form;
• Upon registering, you will receive the dial-in information and a unique PIN (personal identification number) to join the call as well as an e-mail confirmation with the details;
• 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 U.S. number.

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 company has established an exploration 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 dore from its new processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is under way. The project hosts a sizable mineralized footprint and 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.

We seek Safe Harbor.