Aya Gold & Silver (AYA) Investor presentation summary

Strategic positioning and jurisdiction

• Holds a first-mover advantage in Morocco, Africa's top-ranked mining jurisdiction, with efficient permitting, skilled workforce, and established infrastructure supporting growth ambitions.

• Morocco offers mining-friendly policies, no state free-carried interest, and a 10-year renewable mining permit, with the sector contributing 10% of GDP and 21% of export value.

Asset portfolio and growth

• Operates the Zgounder Silver Mine, producing 4.8Moz Ag in 2025, and advancing the Boumadine polymetallic project with 37Moz AgEq production expected in years 1–5.

• Zgounder has 73Moz P&P reserves at 145 g/t Ag and 100Moz M&I resources at 165 g/t Ag; Boumadine holds 74Moz M&I AgEq at 448 g/t and 378Moz inferred AgEq at 402 g/t.

• Multiple regional exploration permits and ongoing drilling programs aim to expand resources and support long-term growth.

Operational and financial performance

• Zgounder’s 2026 guidance: 5.2–5.8Moz Ag at $21.50/oz cash cost; Boumadine: 1.0Moz AgEq at $10.10/oz AgEq cash cost.

• Boumadine PEA projects an 11-year mine life, $1.5B post-tax NPV (5%), 47% IRR, and $446M initial capex, with LOM AISC of $1,021/oz AuEq.

• Robust balance sheet as of September 2025: $129M cash, $115M debt, $3.4B market cap, and 8% insider ownership.