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TSX: AYA| OTCQX: AYASF Unlocking silver growth in Morocco INVESTOR PRESENTATION APRIL 2025 Commercial production achieved in Q4-2024 at new Zgounder processing plant
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TSX: AYA| OTCQX: AYASF Forward-Looking Statements The Zgounder Expansion Feasibility Study (“FS”) is based on a technical report entitled “NI43-101 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 Della Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coates all “qualified persons” for the purpose of the Zgounder Report. Scientific and technical information contained in this presentation has been reviewed and approved David Lalonde, B.Sc, Aya’s Vice President of Exploration and a QP as defined under 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 Company 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 Company’s mineral properties are provided in the respective NI 43-101 Technical Reports which are available at www.sedar.com and the Company’s website at www.ayagoldsilver.com. Certain statementsand informationcontainedin this presentationare “forward-lookinginformation”within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and assumptions and accordingly actual results and events may differ materially from those implied or expressed therein. This includes statements such as “expected”,“anticipated”,“growth”, “demonstrate”,“high-potential”,“developing”,“lower”,“prospective”,“adding”,“continuous”,“will”,“timeline”, “favorable”,“opportunities”,“backstopped”,“expand”,“extend”,“expected”,“continue”,“potential”,“deliver”, “complete”, “achieve”, “growing”, “increasing”, as well as statements by the Corporation concerning expected timelines, including the expected timeline for the Corporation to produce new resources estimates, and exploration results, including deposit size, quantities, grades and contained metals, which are generallymade on the basis of estimations and extrapolations from a limited number of drill holes and assays. These estimations and extrapolations are subject to uncertainties,which include but are not limited to uncertainty in connection with evaluating a deposit until the deposit has been extensively drilled on closely spaced centers. Should one or more of these underlyingestimations or extrapolations prove incorrect, actual results may vary materially from those described in forward- lookingstatements. Forward-looking statements contained herein also include the Corporation’s plans for its mineral properties,which involve known and unknown risks,uncertaintiesand other factors which may cause the Corporation’sactual results, performance or achievements,or industry results, to be materiallydifferent from any future results, performance or achievements expressed or implied by such forward-looking information. Forward- looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Corporation to continue to access capital markets for the funding necessaryto acquire and maintain explorationpropertiesand to carry out its desired exploration programs; difficulties in executing exploration programs according to the Corporation’s proposed schedules and within its cost estimates, whether due to weather conditions in the areas where it operates, increasingly stringent environmental regulations and other permitting restrictions, or the availability of essential supplies and services; and factors beyond the capacity of the Corporation to anticipate and control, such as the marketabilityof minerals, government regulations relating to health, safety and the environment,and the scale and scope of royaltiesand taxes on productionand other risks described in the Corporation’sdocuments filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in the Corporation’s2024 Q3 MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, actual results may vary materially from those described in forward-looking statements. Accordingly, 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,futureeventsor otherwise. 2
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TSX: AYA| OTCQX: AYASF AYA Aya Overview Zgounder Silver Mine Exploration 3
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TSX: AYA| OTCQX: AYASF Benoit La Salle, FCPA, MBA President & CEO Benoit is a mining veteran with 30 years of experience as CEO of Africa-focused mining companies. Benoit founded, developed and grew SEMAFO into a 250,000 oz gold producer in West Africa, delivering more than a billion dollars of value to shareholders. Benoit holds a BCom from McGill University and an MBA from IMEDE, Switzerland. Mustapha Elouafi President-Managing Director, Morocco Mustapha is an established mining executive with over 30 years in mining and senior management in Morocco and MENA. Previously, he was Managing Director of OCP S.A., the world’s largest producer of phosphate and phosphate-based products, and served as president of affiliates of OCP Group. A graduate of the Mohammadia School of Engineering in Morocco, Mr. Elouafi holds an Executive MBA from École des Ponts Business School in Paris. Ugo Landry-Tolszczuk Chief Financial Officer Ugo’s involvement with Africa spans 12 years of his 15-year professional experience and includes positions as President and COO of TSXV-listed SRG Mining and director of operations for Windiga Energy. A CFA charter holder, Ugo holds a bachelor’s degree of applied science in computer engineering, management science option, from the University of Waterloo. Elias Elias Chief Legal and Sustainability Officer Elias brings with him 18 years of legal experience, mainly focused on advising West African-focused mining and energy companies such as SRG Mining, Sama Resources, Windiga Energy and SEMAFO. Elias holds a civil law degree (summa cum laude), a common law degree (cum laude) from the University of Ottawa and has been a member of the Barreau du Québec since 2007. David Lalonde Vice-President Exploration & Qualified Person David is a geologist with 24 years of experience in progressively senior exploration roles. His expertise has been acquired in Canada and internationally (Russia, West Africa, and Oman), primarily in precious metals exploration with SEMAFO Inc. and Kinross Gold. Prior to joining Aya, David was head of exploration for MDO, Oman’s government - backed mining company. David earned his B.Sc. in geology at Université du Québec à Montréal. Alex Ball Vice-President, Corporate Development & Investor Relations During his more than 15-year corporate finance career, Alex managed $5 billion in debt, equity financings and M&A transactions in mining with UBS Canada, CIBC World Markets, and BMO Capital Markets. Previously, he was Executive Vice-President, Finance & Corporate Development at Algold Resources. Alex has an MBA majoring in finance from University of Toronto’s Rotman School of Management and a BA in Economics from McGill University. Meryem Baroudi Dir, HR & General Affairs Meryem Baroudi has over 20 years’ experience in human resources management in the mining industry. Prior to Aya, Meryem worked as an independent HR expert consultant for large companies in different sectors. Before this, she held different HR mgmt. positions at OCP S.A., the world’s largest producer of phosphate and phosphate-based products, where she began her career as an engineer in operations in 1997. Meryem earned a degree in civil engineering at “Ecole Hassania des Travaux Publics” in Morocco. Raphaël Beaudoin Vice-President, Operations Raphaël has 15 years of mineral processing experience across various operations and projects in West Africa and Canada. Prior to Aya, Raphaël was Vice-President, Operations, Metallurgy and Process Design at SRG Mining and director of operations at Sama Resources, two resource companies focused on West African projects. Before this, he held positions of increasing responsibility at Canadian Royalties Inc. Raphaël earned a degree in materials engineering at McGill University. 4 Aya / Proven Management Team
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TSX: AYA| OTCQX: AYASF Benoit La Salle, FCPA, MBA President & CEO, Director Benoit has over 25 years of experience as a corporate executive in the mining industry. Benoit founded, developed and led SEMAFO into a 250,000 oz gold producer in West Africa, delivering more than a billion dollars of value to shareholders. Benoit holds a BCom from McGill University and an MBA from IMEDE, Switzerland. Robert Taub Chair Robert is an entrepreneur in life sciences and investor in several pharmaceutical and medical device companies. Mr. Taub is currently chairman of a NASDAQ-listed company. Robert holds a BA Languages from the University of Antwerp, Belgium and an MBA from INSEAD, France. Annie Torkia Lagacé Director Annie brings over 20 years of legal and financial experience, mainly within the mining and aerospace sectors Until recently, Ms. Torkia Lagacé held the position of Senior-Vice President, Legal Affairs, General Counsel and Corporate Secretary of Bombardier Inc and served on its ESG steering committee. 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. Yves Grou, CPA, CA Director A CPA CA, Yves holds a degree in Commerce (BCom) from McGill University. He is a member of the Québec Institute of Chartered Professional Accountants. Between 1980 and 2004, he was co- founder and partner of Grou La Salle & Associates. Mr. Grou coordinated and led reverse take-over processes related to several public companies. Dr. Jürgen Hambrecht Lead Director Dr. Jürgen Hambrecht served BASF in various capacities around the world for more than 40 years, lastly as CEO and Chairman of the Supervisory Board. He has served on a multitude of board including Daimler Truck AG, Mercedes Benz AG, Bosch, Lufthansa AG, and Fuchs SE. Currently, he is Chairman of Trumpf SE. Dr. Hambrecht earned his doctorate in Chemistry in 1975 from the University of Tübingen, Germany. Ghislane Guedira Bennouna Director Ghislane is a seasoned finance executive with 30+ years of expertise in mining, real estate and consultancy. Her career includes 11+ years at OCP Group, a global leader in the phosphate and phosphate derivatives industry, where she was CFO for 7 years and advisor to the chairman and CEO for 4 years. Ms. Guedira is founder and MD of Amplitude Conseil and also serves as chair of the audit committees for CDG Capital and RISMA. She holds a MBA from ESCP business school in Paris. Eloïse Martin Director Eloïse has over 10 years of experience in project finance, structured finance, and capital structuring advisory with a focus on the energy and natural resources sector. Currently, she is self -employed. Previously, she was an Executive Director with HCF International Advisers. Ms. Martin holds an MBA from ESSEC Graduate School of Management, Paris, a Master of International Business (Honours) from L’Institut d’Etudes Politiques (Paris), and a Master of Humanities from Sorbonne University. Nikolaos Sofronis Director Nikolaos is founder of BS Family Office Assets Management S.A Geneva, specialized in private equity. He gained his over 16 years of experience in private banking within prestigious institutions in Luxembourg and Switzerland. He previously served as Chairman of a London-listed corporation. For the last 20 years, he has been actively involved in the mining sector. 5 Aya / Experienced Board of Directors
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TSX: AYA| OTCQX: AYASF Institutional Shareholder Breakdown1 60% USA 3% Australia & ROW 21% Canada 16% Europe 32% Family offices2 15% Board & management 20% Retail Exchanges – TSX: AYA | OTCQX: AYASF Shares – Basic 130.6M Shares – F.D.1 141.9M Share Price (Apr. 1, 2025) C$ $11.12 Market Cap (Apr. 1, 2025) C$ $1.4B Cash (December 31, 2024)2 US$ $49M Debt3 US$ $100M 30-day average volume ‘000 870 1. Based on 42.5M shares institutional ownership 2. Affiliated with Aya Board and insiders 1. Includes 9.6M in options and 2.0M in RSU/DSU. 2. Non-GAAP Measures, consisting of cash and cash equivalents $30.9M and restricted cash of $18.2M. 3. Full drawdown on project financing from the EBRD. 6 33% Institutional Capital Structure / Robust Balance Sheet
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TSX: AYA| OTCQX: AYASF Aya / Our History 2008 Maya listed on the TSX-V 2012 Zgounder mining permit filed 2014 Zgounder first silver pour 2020 New management appointed Operational turnaround announced +2,000 tpd Zgounder expansion feasibility study launched Imiter bis, Amizmiz, Azegour projects acquired 2009–2011 Boumadine acquired 2013 Zgounder flotation plant commissioned bringing production capacity to 700tpd 2019 +700 tpd mill capacity achieved at Zgounder Construction start for Zgounder expansion 2022 2024 Zgounder expansion completed (Dec 2024) +350Moz AgEq resource at Boumadine 7
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TSX: AYA| OTCQX: AYASF 1.37x 1.13x 1.04x 1.00x 0.95x 0.92x 0.83x 0.78x 0.69x 0.54x First Majestic MAG Silver Hecla Mining Pan American Silver Endeavour Silver Fresnillo Fortuna Silver Coeur Mining Aya Gold & Silver Silvercorp Average: 0.93x Value Opportunity with the Only TSX-Listed Pure-Play Silver Producer Source: Desjardins Capital Markets, company reports (as of January 27, 2025), consensus estimates and FactSet. Coeur Mining values includes SilverCrest’s YE 2024 revenues. Market data as at: 3-Jan-25 Source: Stifel, Bloomberg, FactSet, company disclosure, available equity research Aya Gold & Silver 0% 20% 40% 60% 80% 100% Silver Gold Other P / NAV (Consensus | x) 8
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TSX: AYA| OTCQX: AYASF Morocco / Top Mining Jurisdiction By the numbers 37M inhabitants 3 languages (Arabic, Amazigh & French) 710,850 km2 1st silver producer in Africa; 15th worldwide 2023 silver production (~6 million oz) 21% of Morocco’s export value; 80% in volume (mining sector) 10% GDP (mining sector, 90% of which from phosphates) #27 Investment Attractiveness Global Index #12 Policy Perception Global Index Fraser Institute Annual Survey of Mining Companies, 2023 area Phosphate – 1st producer in Africa, 4th worldwide Barite – 1st producer in Africa, 3rd worldwide Fluorite – 2nd producer in Africa, 7th worldwide Cobalt – 3rd producer in Africa, 11th worldwide 9
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TSX: AYA| OTCQX: AYASF Morocco / Developing the Mining Sector 1914 First mining legislation 1951 Revision of mining code 1995–1998 Privatization of 114 state-owned mining assets First modern mines 1920 Mainly Moroccan miners: OCP, SOMIFER, SAMINE, SACEM, SMI, CTT & ONA (now Managem) 1951–1995 Revision of mining code 2016 2022 45 ONHYM projects (incl. 16 base metals & 13 precious metals) 2016 Baseline Mining Code Zgounder Royalty 3% of sales Tax rate 32% State free-carried interest Nil Foreign ownership permitted Yes Repatriation of profits Yes Mining permit (renewable) 10 years 10
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TSX: AYA| OTCQX: AYASF Our Assets / Morocco-Focused, Quality Growth Portfolio Zgounder Silver Mine – Cornerstone of Aya’s Growth • 2024 full year production of 1,646,265 oz of silver1 • 96M oz M&I resources at 306 g/t Ag2 Aya Development Upside • Boumadine – gold, silver, lead, zinc • 74M oz AgEq indicated resources at 448 g/t AgEq3 • 377M oz AgEq inferred resources at 402 g/t AgEq3 Aya Exploration Upside • Zgounder Regional & Tirzzit • Imiter bis • Azegour 1. See news release dated February 11, 2025. 2. 1NI 43-101 Technical Report and Updated Mineral Resource Estimate of the Zgounder Silver Project, Kingdom of Morocco (Dec 13, 202 1). 3. See news release dated February 24, 2025 announcing Boumadine’s updated mineral resource estimate. 4. ³ Refer to Aya Gold & Silver’s September 12, 2024 press release. Maximizing Gold Exploration Potential w/ Mx24 • Amizmiz • Tijirit 11
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TSX: AYA| OTCQX: AYASF • Ag resource as a unit of total shares outstanding up >8x to 554Moz AgEq since Q2-2020 • Industry-low discovery cost of $0.10 and industry- high AgEq per share growth *NI 43-101 Technical Report and Updated Mineral Resource Estimate of the Zgounder Silver Project, Kingdom of Morocco (December 13, 2021) **See news release dated April 16, 2024, announcing updated NI 43-101 resource for Boumadine. ***See news release dated February 24, 2025 announcing updated NI 43-101 MRE for Boumadine. Mineral resources are not mineral reserves and the economic viability of resources that are not mineral reserves has not beendemonstrated. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to an indicated or measured mineral resource category. Note 76.9M, 96.7M, 104.9M, and 130M total shares outstanding in Q1-2018, Q2-2021, Q1-2022, and Q2-2024, respectively Only Zgounder resources and reserves are accounted for between Q1-2018 and Q2-2022. Q2 2024 includes resources from Zgounder and Boumadine and reserves from Zgounder. In Moz AgEq Industry-Low Discovery Costs 12 10 44.4 96.1 129.9 170.5 23.8 0.4 6.4 318.1 384.1 M&I and Reserves (Zgounder + Boumadine) Inferred (Zgounder + Boumadine) Q1 2018 Q2 2021 Q1 2022 Q2 2024 Q1 2025 0.50 0.46 0.98 3.45 4.25 Zgounder resource estimate updated using Ag price of $22.50/oz Reserves estimate using Ag price of $20/oz* Boumadine AgEq resource estimate published using Ag price of $21/oz** Boumadine AgEq resource estimate published using Ag price of $24/oz*** Q2-2020 New management
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TSX: AYA| OTCQX: AYASF Zgounder reported 3 out of the top 10 and 15 out of the top 50 global silver intersections of 2020-2024 YTD¹ • 21.6m @ 3,956 g/t Ag • 14.4m @ 4,101 g/t Ag • 9.6m @ 5,691 g/t Ag • 14.4m @ 3,043 g/t Ag • 27.0m @ 1,611 g/t Ag 1. Source: DesjardinsCapital Markets, S&P Global Market Intelligence Zgounder / Top Silver Intercepts Globally 118,399 85,450 80,762 77,683 69,147 65,930 64,287 61,298 59,054 54,634 53,875 51,188 45,575 44,599 44,219 43,819 43,497 42,343 42,309 41,841 41,421 41,276 40,028 39,010 38,915 37,766 37,384 37,350 35,904 35,597 35,572 35,498 34,240 33,864 33,771 33,618 32,981 31,846 31,549 31,293 30,763 30,660 30,150 30,102 29,457 29,329 29,265 29,038 29,004 28,753 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 Los Ricos, 1 Zgounder, 2 Elizabeth Hill, 3 Filo del Sol, 4 La Colorada, 5 Breccia, 6 Diablillos, 7 Diablillos, 8 Zgounder, 9 Zgounder, 10 KSK, 11 Greater Cobalt, 12 Hycroft, 13 Diablillos, 14 La Colorada, 15 Zgounder, 16 Zgounder, 17 Diablillos, 18 Galena Complex, 19 Zgounder, 20 La Colorada, 21 Keno Hill, 22 Diablillos, 23 Los Ricos, 24 Filo del Sol, 25 Zgounder, 26 Zgounder, 27 Zgounder, 28 Zgounder, 29 Zgounder, 30 Conserrat, 31 Kliyul, 32 Keno Hill, 33 Elizabeth Hill, 34 Elizabeth Hill, 35 Carangas, 36 Los Ricos, 37 Castle, 38 Las Chispas, 39 San Marcial, 40 Zgounder, 41 Diablillos, 42 Zgounder, 43 Diablillos, 44 Carangas, 45 Silver Sand, 46 Los Ricos, 47 Castle, 48 Zgounder, 49 Diablillos, 50 Intercept grade-thickness (Ag gram-metres) Top 50 global primary silver intercepts 2020-2024 YTD, ranked by Ag grade- thickness1 13
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TSX: AYA| OTCQX: AYASF Solid operational standard reached in 2021 by: • Switch to cut-and-fill mining method • Implementation of operating best practices • Capital infrastructure & equipment upgrades • Recruitment of key personnel Pre-expansion mechanization began in 2022: • Commissioning of new equipment, such as jumbos, dumpers, scoops, crane & scissor lift platforms • Reconciliation of monthly block models with back feed Pre-expansion improvements: • Addition of cone crusher increased throughput; 700tpd+ nameplate capacity • Refurbishment of electrical components 85.0% 45.6% 61.7% 62.6% 78.9% 82.8% 82% 81%82.4%80.4% 87.9%86.2% 89.9% 87.1%87.3% 86.6%86.7% 81.8% 84.7% 83.0% 85 20 30 40 50 60 70 80 90 100 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Recoveries (%) Production (oz) Zgounder / Strong Operational Execution and Efficiencies 14
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TSX: AYA| OTCQX: AYASF Silver Reserves • The reserves include drilling carried out between January and September 2021 • Reserves include 29% open-pit and 71% underground ore • Well-positioned to extend the 11-year LOM, given the 71% resource-to-reserve conversion ratio and that the deposit is open at depth to the granite ¹ Refer to the December14, 2021, press release entitled “AyaGold & Silver Grows Measuredand IndicatedMineralResourcesBy 116% at Zgounder” ² Refer to the February 22, 2022, press release entitled “Aya Gold & Silver Announces Robust Expansion Feasibility Study for Zgounder” ³ Refer to the June 16, 2022, amended NI 43-101 Technical Report Feasibility Study, Zgounder Expansion Project. 1 The mineral reserves were estimated based on a Ag price of $20/oz and a corresponding COG of 47 g/t for open-pit reserves, 85 g/t for underground reserves, and 44 g/t for historical tailings. On a 100% basis. M&I resources shown inclusive of reserves.¹ Tonnes (K) Ag (G/T) Content (Ag K Oz) Proven Reserves 2,100 288 28,748 Probable Reserves 5,490 239 42,128 P&P Reserves 8,590 257 70,876 Measured Resources (Incl. Reserves) 3,511 347 39,183 Indicated Resources (Incl. Reserves) 6,254 283 56,874 M&I Resources (Incl. Reserves) 9,765 306 96,057 Inferred Resources 196 367 6,400 Zgounder / Mineral Reserves 15
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TSX: AYA| OTCQX: AYASF $9.58 AISC (LOM) 11-year LOM 1.7-year Payback (post-expansion) $139.4M Growth capex 48% Post-tax IRR ($22/oz) ESG Plan enhancements 71Moz P&P reserves $373M Post-tax NAV5% ($22/oz) LOM Production Profile* * Based on projections of 2022 Zgounder Expansion feasibility study. Projections include commencement of construction in Q2 -2022. 2024 production has been adjusted to 2024 guidance. 0 50 100 150 200 250 300 350 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Ag oz produced 16 Zgounder / Expansion Feasibility Study Highlights
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TSX: AYA| OTCQX: AYASF Completed Zgounder Mine expansion on budget: • Expanded mining operations; new mill reached commercial production at the end of 2024. • Completed underground development, both lateral and vertical. • Stockpiled 336,371t of ore at 153 g/t Ag at year-end. • Ramping up mill to reach steady state nameplate capacity in early 2025. Advanced Boumadine development: • Completed 107,683m of drilling within the Boumadine main trend and other targets. • Extended Boumadine main trend to 5.4km. • Announced new Mineral Resources Estimate • Added 15 permits in 2024, expanding Boumadine’s exploration footprint to 212km2 by year end. Unlocked value from non-core gold projects: • Announced the spinout of the Amizmiz gold project into Mx2 Mining, a gold exploration company focused on North African projects; Aya to be largest shareholder. Continued to progress ESG priorities: • Completed commissioning of the electrical line powering Zgounder with renewable energy. • Completed third party review of ESG report with the aim of enhancing disclosures. ¹ Non-GAAP Measures, consisting of cash and cash equivalents of $30.9 million and restricted cash of $18.2 million (December 31, 2024). 100% Zgounder expansion completed on budget $49M1 In cash and restricted cash at year end1 $25-$30M 2025 exploration budget 1,646Koz Silver ounces produced in 2024 Q4 and Full Year 2024 / Zgounder Mine Expansion Completed
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TSX: AYA| OTCQX: AYASF Zgounder Mine / Commercial Production Achieved Q3 2024 Successfully tested new Merrill Crowe system Q4 2024 Q4 2023 YoY % Change FY 2024 FY 2023 YoY % Change Ore mined (t) 102,485 176,208 (42%) 444,375 493,340 (10%) Average grade mined (g/t Ag) 168 201 (17%) 162 213 (24%) Ore processed (t) 113,674 66,449 71% 358,919 281,634 27% Mill recovery (%) 84.8 86.7 (1.9%) 83.7 86.9 (3.2%) Average grade processed (g/t Ag) 159 239 (33%) 171 250 (32%) Total silver produced (oz) 491,310 450,046 9% 1,646,265 1,970,646 (16%) Total silver sales (oz) 337,733 507,635 (33%) 1,501,927 2,012,344 (25%) Avg. net realized silver ($/oz) 27.65 21.81 27% 26.04 21.29 22% Cash costs per silver ounce sold2 ($) 26.57 13.69 94% 21.71 12.50 74% Adjusted cash costs per silver ounce sold3 ($) 21.51 13.69 57% 19.62 12.50 57% Q4 2024 Started hot commissioning of new mill Early 2025 Reached nameplate capacity Q4 2024 Declared commercial production Q4 and Full Year 2024 Operational Highlights (2) and (3) The Corporation reports non-GAAP measures, including adjusted cash costs per silver ounce and available liquidity, w hich 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 us ed 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.
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TSX: AYA| OTCQX: AYASF • 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 because of a planned • Silver recovery of 83% in February 2025 due to oxidized ore processing and plant shut down. • Combined mill availability of 88% in February 2025. • Mine production of 68,967t in February 2025, which represents a 37% increase over January 2025. YTD 2025 Production Highlights Select Production Metrics Q4-2023 Q4-2024 January 2025 February 2025 Silver production (oz)1 450,046 491,310 383,515 357,333 Tonnage processed (t) 66,449 113,674 88,868 78,755 Silver recovery (%) 87 85 87 83 Mill availability (%) 91 88 95 88 Mine production (t) 176,208 102,485 50,403 68,967 1. Daily silver production of 12,371 oz and 12,762 oz for January and February 2025, respectively. 2. Milling rate (tonnes per operating hour) of 126 and 133 for January and February, respectively. N.B. February 2025 numbers includes five days of planned shutdown
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TSX: AYA| OTCQX: AYASF Q4 and FY 2024 Financial Highlights All amounts in 000s of USD Q4 2024 Q4 2023 YoY % Change FY 2024 FY 2023 YoY % Change Revenue 9,338 11,070 (16%) 39,117 42,849 (9%) Cost of sales 11,084 6,276 77% 33,735 27,042 25% Gross (loss) profit (1,746) 4,794 (136%) 5,382 15,807 (66%) General administrative expense 5,082 3,395 50% 16,488 10,876 52% Impairment on exploration and evaluation of assets 27,350 - NM 27,350 - NM Loss on capital asset disposal 291 - NM 291 - NM Operating (loss) income (34,469) 1,399 (2,564%) (38,747) 4,931 (886%) Net finance income 2,619 2,885 (9%) 13,947 4,285 225% Net (loss) income before income taxes (31,850) 4,284 (843%) (24,800) 9,216 (369%) Income tax (recovery) expense (1,867) 694 (369%) 1,227 3,884 (68%) Net (loss) income for the period (29,983) 3,590 (935%) (26,027) 5,332 (588%) Operating cash flows 2,356 (12,136) (119%) (8,615) 3,377 (355%) Working capital* 23,424 33,704 (31%) 23,424 33,704 (31%) Cash and restricted cash** 49,190 70,333 (30%) 49,190 70,333 (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 Cash and restricted cash of $49M** • Includes restricted cash of $18M Impairment of $27M • Relates to the Tijirit Project held by Aya at 75% *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). **Non-GAAP Measures, consisting of cash and cash equivalents of $30.9 million and restricted cash of $18.2 million (December 31, 2024).
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TSX: AYA| OTCQX: AYASF Zgounder Mine / 2025 Production and Cost Guidance 2025 Guidance Silver production (Moz Ag) 5.0 – 5.3 Silver cash cost ($/oz) 15.00 – 17.50 Recovery (%) 84 – 88 Average grade processed (g/t Ag) 170 – 200 Exploration and development for all Moroccan projects ($ million) 25 – 30 • Foreign currency assumptions used: 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 3,000tpd while rationalizing costs. 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025E Silver production (koz) 5.0 -5.3 Moz
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TSX: AYA| OTCQX: AYASF 2024 Exploration Program, Over 150,000m Drilled Zgounder Silver Mine • 35,469m of 30,000m completed* • Silver mineralization at depth, near the granite contact was confirmed Boumadine (Development) • 107,683m (219 drillholes) of 120,000m completed* • Main zone expanded to 5.4 km and remains open in all directions • Multiple potentially parallel, on-trend, conductive anomalies identified • 27,000+ assays still pending* Zgounder Regional (Exploration) • 10,651m of 10,000m program completed* • Drill tested Zgounder West, East, South and Southeast targets to find similar mineralization to Zgounder deposit • Compilation of geophysical and MobileMT surveys on Tirzzit Amizmiz (Exploration) • Spinout of asset to gold-focused Mx2 Mining announced Sept 12, 2024 * Refer to Aya’s January 21, 2025 news releases.
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TSX: AYA| OTCQX: AYASF Zgounder / At-depth Drilling of Near-Mine Permits Drilled 10,769min Q4 for 35,931m FY2024 Drill results to date confirm mineralization near the granite contact and lateral east-west extensions. 2,425 g/t Ag over 17m, including 6,311 g/t Ag over 5.0m 1,356 g/t Ag over 20.0m, including 1,799 g/t Ag over 14.0m 5,696 g/t Ag over 2.5m 2,870 g/t Ag over 6.5m, including 7,229 g/t Ag over 2.0m 2,372 g/t Ag over 6.5m, including 1,042 g/t Ag over 4.5m ¹ Refer to Aya’s January 7, 2025, September 4, 2024 and July 2, 2024 news releases. Recent Drilling Highlights1
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TSX: AYA| OTCQX: AYASF Zgounder Regional & Tirzzit / Drill Testing and Geophysics Zgounder Regional • Drill testing surrounding permits with similar geological signatures • Calibrating hyperspectral imaging with grab sample data • Re-interpreting geophysics data collected in 2022 • Defining new drill targets with structural study results Tirzzit1 • Historical artisanal copper mine offering near-surface silver and copper mineralization potential • Collection of 7 permits (67.7km²) including the historical Tirzzit Copper Mine on Morocco’s Anti-Atlas range, 25 km south of Zgounder • Airborne regional MobileMT survey completed in H1-2024 • Drill program to test Cu-Ag mineralization • Future program will be informed by 2024 fieldwork including stream sediment and mapping campaign and high-resolution hyperspectral survey • Historical data includes drilling 1 Refer to Aya Gold & Silver’s June 29, 2023 and August 17, 2023 press releases Tirzzit Project 24
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TSX: AYA| OTCQX: AYASF ¹ Refer to Aya Gold & Silver’s February 24, 2025 press release. Highlights¹ Indicatedresources 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 AgEq, a 120% increase over April 2024 MRE. Inferred resources of 29.2Mt 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, represent- ing 378 Moz AgEq, an 19% increase over the April 2024 MRE. 49% of the inferred mineral resource is pit-constrained, and 51% is underground Rapid resource delineation with +138 km drilled in < 3 years Potential to expand the deposit in all directions Boumadine / 2025 Updated MRE (Ag, Au, Cu, Pb, Zn) 25
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TSX: AYA| OTCQX: AYASF ¹As at February 24, 2025 ² Refer to Aya Gold & Silver’s February 24, 2025press release. ³ The mineral resource has been estimated based on an Ag price of US$24/oz with a process recovery of 89%, an Au price of US$2,200/oz with a process recovery of 85%, a Zn price of US$1.20/lb with a process recovery of 72%, a Pb price of US$1.00/lb with a process recovery of 85%, and a Cu price of US$4.00/lb with a process recovery of 75%. Cutoff Tonnes Average Grade² Contained Metal² Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq NSR US$/t (kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (kt) (koz) (koz) Pit-constrained Indicated 95 3,920 94 2.99 0.13 0.84 2.95 476 5.30 11,881 343 5 33 116 60,051 667 Pit-constrained Inferred 95 14,258 90 2.89 0.10 0.81 2.38 450 5.00 41,135 1,102 14 115 339 206,293 2,293 Out-of-pit Indicated 125 1,249 80 2.11 0.08 0.87 2.32 358 3.98 3,216 106 1 11 29 14,382 160 Out-of-pit Inferred 125 14,938 74 2.39 0.07 0.82 1.85 357 3.97 35,669 1,294 10 122 276 171,393 1,905 Total Indicated 95/125 5,169 91 2.78 0.12 0.85 2.80 448 4.98 15,097 449 6 44 145 74,433 827 Total Inferred 95/125 29,196 82 2.63 0.08 0.82 2.11 402 4.47 76,804 2,396 25 237 615 377,686 4,198 Potential to increase deposit in all directions 26 Boumadine / Updated Mineral Resource Estimate¹,²,³ (AuEq, AgEq, Cu, Pb, Zn)
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TSX: AYA| OTCQX: AYASF Boumadine (Au, Ag, Pb, Zn) / Development 27 • Acquired four (4) mining licenses totaling 59.9km2 in the Boumadine area → expanded the Boumadine exploration footprint by 28.3% to over 272km2.* • Secured a 600km2 exploration authorization surrounding Boumadine, allowing Aya to carry out exploration activities and provides Aya with priority over any unclaimed land within the authorized area.* *Refer to Aya Gold & Silver’s February 4, 2025 press release.
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TSX: AYA| OTCQX: AYASF Boumadine / 2024 Accelerated Development (Au, Ag, Pb, Zn) Surface Plan of Boumadine Property with Apparent Conductivity at 175Hz and 2024 Drill Holes Through drilling¹ • 107,683m of 120,000m drill program completed • 60,000m– expand 5.4km open-ended strike and infill • 60,000m– test hypotheses and generate new drill targets • Main and Tizi Zones remain open in all directions Through fieldwork¹,² • Mapping and prospecting completed on 20 new permits • Hyperspectral completed on most of the new permits • The 13,710-line km MobileMT geophysical survey identified:² • Multiple potentially highly conductive anomalies to the west (5km) and south of Main Trend • Series of new N340 and north–south oriented potential conductive anomalies Through consolidation • Land position of 272km² – a 28% increase over previous holding3 ¹ Refer to Aya Gold & Silver’s January 21, 2025, April 19, 2023, July 5, 2023, September 19, 2023, October 12, 2023, November 20, 2023, January 18, 2024, March 19, 2024, March 28, 20214, May 13, 2024 , May 31, 2024, September 16, November 14, 2024 press releases. ² Refer to Aya Gold & Silver’s July 23, 2024 press release. 3 Refer to Aya Gold & Silver’s February 4, 2025 press release. 28
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TSX: AYA| OTCQX: AYASF Boumadine / Expanded Footprint, Multiple New Conductive Anomalies Figure – Preliminary Results – Section L2100 Passing through Boumadine – Apparent Conductivity with Drill Holes (target in dashed red) Figure – Preliminary Results – Section L2290 Passing through Boumadine and Tizi – Apparent Conductivity with Drill Holes (target in dashed red) Preliminary Results – Total Magnetic Intensity (w/ mineralization trace at surface in red) 29
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TSX: AYA| OTCQX: AYASF • Zgounder: • Follow up on underground targets (near-mine) generated from the 2024 program. • Drill targets within the Zgounder Regional permits with the objective of finding satellite mineralization to Zgounder. • Boumadine: • 50% of the drilling to focus along the Main Trend and Tizi to continue extending the known mineralization trend along strike and at depth and to infill known areas. • 50% drilling will be greenfield exploration designed to test geological hypotheses and drill targets generated from the past three years of work. 2025 Exploration Program $25-30 million exploration and development budget 100,000m - 140,000m Boumadine exploration 20,000m – 25,000m Zgounder exploration
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TSX: AYA| OTCQX: AYASF Spinout of Gold Assets / Unlocking Value from Non-Core Gold Projects Creation of Mx2 Mining, a North African- dedicated gold growth company backed by Aya¹ Amizmiz Gold Project (Morocco): • Historic resource of 342,000 oz at 12.98 g/t Au • 2,800m drill program to begin in 2025 Exclusive option to acquire Tijirit Gold Project (Mauritania): • M&I mineral resources of 292,600 oz at 2.19 g/t Au and an inferred mineral resource of 533,200 oz at 1.63 g/t Au • Mx2 can maintain option by covering minimum spend requirements for 3 years Experienced Aya team and board, and senior mining executives from Red Back Mining, Orca Gold, and Montage Gold. • Mx2 completed a brokered private placement of C$16M2 • Aya will contribute C$1M2 Aya to receive $10M in share consideration from Mx2 through the spinout: • Aya to be the largest shareholder of Mx2, focused on untapping the potential of Amizmizand Tijirit ¹Refer to Aya’s September 12, 2024 press release. 2Refer to Mx2 Mining’s October 1, 2024 and November 20, 2024 press releases. 31
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TSX: AYA| OTCQX: AYASF Estimated total GHG emissions for the Zgounder Silver Mine 88% Reduction in overall emissions in 2025¹ Zgounder / Near-term Decarbonization Objectives ¹ Compared to base year of 2021. Objective does not include Scope 3 emissions. 32
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TSX: AYA| OTCQX: AYASF 87% 37% 15% Achieved in the last three years since arrival of new management team Alignment of executive pay to performance and shareholder interests Increased transparency of ESG disclosure in support of the below frameworks: Implementation of high governance standards & alignment of executive remuneration with performance and shareholders Women board members Director independence Board & management holdings (As of December 31, 2023) Operations & development Project development Market performance Other Operations & development Project development HSCG, ESG Market performance Other 50% 17% 10% 5% 18%HSCG, ESG Aya / Implementation of High Governance Standards 33
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TSX: AYA| OTCQX: AYASF ¹ Reduction compared to same year, 2024, in the absence of a signed PPA with a renewable energy producer, as per the mining plan in the NI 43-101 FS study presented in 2022. Low-Carbon Strategy and Environmental Commitment Ongoing Global Industry Standard on Tailings Management 61% Water recycled 88%¹ Reduction in Scope 2 emissions in 2025 20-year green PPA signed Priorities: water, tailings management and clean energy. Near-zero Scope 2 emissions in 2025. Embedding a Health and Safety Culture Ongoing Best practices for risk management 10,760 hours of H&S training in 2023 2024 priorities: consolidating management processes and operationalization of mine rescue teams. Supporting our Social License 99% National workforce 46% Local workforce Priorities: national recruitment and procurement, combined with a four-pronged community program. 0 fatalities Reported in 2023 75% National procurement 13,000 villagers impacted by medical clinic support Aya / Achieving Sustainability Leadership 34
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TSX: AYA| OTCQX: AYASF 2025 Catalysts Commenced 2025 drill program 2025 Reached 3,000tpd processing capacity at Zgounder ramping up to steady state 2025 Publish updated Zgounder MRE Q4 2025 Commenced Boumadine PEA 2025 Mid-Year Update on Boumadine Metallurgy and PEA H2 2025 Q4 2025
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TSX: AYA| OTCQX: AYASF 1320 GRAHAM, SUITE 132 VILLE MONT-ROYAL, QC H3P 3C8 BENOIT LA SALLE: Benoit.Lasalle@ayagoldsilver.com ALEX BALL: Alex.Ball@ayagoldsilver.com www.ayagoldsilver.com | info@ayagoldsilver.com TSX: AYA | OTCQX: AYASF 1320 GRAHAM, SUITE 132 VILLE MONT-ROYAL, QC H3P 3C8 BENOIT LA SALLE: Benoit.Lasalle@ayagoldsilver.com ALEX BALL: Alex.Ball@ayagoldsilver.com www.ayagoldsilver.com | info@ayagoldsilver.com TSX: AYA | OTCQX: AYASF