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TSX: AYA| OTCQX: AYASF Unlocking silver growth in Morocco INVESTOR PRESENTATION SEPTEMBER 2025
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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 statements and informationcontained in this presentationare “forward-lookinginformation”within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertaintiesand assumptionsand accordinglyactual resultsand events may differ materiallyfrom 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 generally made on the basis of estimations and extrapolations from a limited number of drill holes and assays. These estimations and extrapolationsare subject to uncertainties,which include but are not limited to uncertaintyin connectionwith 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 resultsmay vary materiallyfrom those described in forward-lookingstatements. Forward-lookingstatementscontainedherein also include the Corporation’splans for its mineralproperties, whichinvolveknown and unknown risks,uncertaintiesand otherfactorswhichmay cause the Corporation’s actual results, performance or achievements,or industry results,to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-lookinginformation. 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 necessary to acquire and maintain exploration properties and to carry out its desired exploration programs; difficultiesin executing exploration programs according to the Corporation’sproposed 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 marketability of minerals, government regulations relating to health, safety and the environment,and the scale and scope of royalties and taxes on production and 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 resultsmay vary materiallyfrom those described in forward-looking statements. Accordingly,readers are advised and cautionednot to place undue reliance on forward-lookinginformation. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publiclyupdate or revise forward-lookinginformation,whether as a result of new information,future events or 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. John Burzynski Director Mr. Burzynski brings over 30 years of mining industry experience and was a founding member of Osisko Mining Corporation, where he served as President and CEO. He was instrumental in the development, construction, and successful operation of the Canadian Malartic Mine, one of Canada’s largest gold operations. Most recently, he led Osisko through the Windfall Gold Project’s development, ultimately resulting in the C$1.2 billion acquisition of the company by Gold Fields in early 2024. 5 Aya / Experienced Board of Directors
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TSX: AYA| OTCQX: AYASF Institutional Shareholder Breakdown1 60% USA 3% Australia & ROW 21% Canada 16% Europe 32% Family offices2 13% Board & management 22% Retail Exchanges – TSX: AYA | OTCQX: AYASF Shares – Basic 141.9M Shares – F.D.1 153.1M Share Price (Sept. 8, 2025) C$ $15.09 Market Cap (Sept. 8, 2025) C$ $2.1B Cash and available credit (as at June 30, 2025)2 US$ $139M Debt3 US$ $100M 30-day average volume ‘000 1,330 1. Based on 42.5M shares institutional ownership 2. Affiliated with Aya Board and insiders 1. Includes 9.6M in options and 1.7M in RSU/DSU. 2. Non-GAAP Measures, consisting of cash and from recent bought deal financing and undrawn credit facility, closed June 23, 2025. 3. Full drawdown on project financing from the EBRD. 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 Value Opportunity with the Only TSX-Listed Pure-Play Silver Producer 8 0% 20% 40% 60% 80% 100% Aya Gold & Silver Silvercorp Endeavour Silver First Majestic Hecla Mining Fresnillo Coeur Mining Pan American Silver Fortuna Mining Silver Gold Other Revenue by Metal (2025E Consensus) P / NAV (Consensus | x) 1.92x 1.90x 1.87x 1.77x 1.60x 1.45x 1.31x 1.24x 1.16x 1.03x 0.78x 0.73x 46% 54% 48% 36% 30% 62% 3% 100% 66% SilverCrest Fresnillo First Majestic Gatos Silver MAG Silver Hecla Mining Coeur Mining Pan American Silver Endeavour Silver Fortuna Mining Aya Gold & Silver Silvercorp Average: 1.40x Consensus 25E Ag Rev% Transaction Multiple Transaction Multiple Transaction Multiple Note: Revenue by metal content pro forma for Coeur -SilverCrest, First Majestic-Gatos, and Pan American-MAG; Market data as at: 25-Jun-25 Source: Stifel, Bloomberg, FactSet, Visible Alpha, company disclosure, available equity research
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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) #18 Investment Attractiveness Global Index #28 Policy Perception Global Index Fraser Institute Annual Survey of Mining Companies, 2024 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 • H1 2025 production of 2,110,970 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 August 14, 2025. 2.NI 43-101 Technical Report and Updated Mineral Resource Estimate of the Zgounder Silver Project, Kingdom of Morocco (Dec 13, 2021). 3.See news release dated February 24, 2025 announcing Boumadine’s updated mineral resource estimate. 4.Refer to Aya Gold & Silver’s September 12, 2024 press release. Maximizing Gold Exploration Potential w/ Mx24 • Amizmiz 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: Desjardins Capital 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 40 50 60 70 80 90 100 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 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 81 250 273 0.9 2.8 3.0 Q2-24 Q1-25 Q2-25 Ore processed (K tonnes) Milling (in Ktpd) 17 Zgounder Silver Mine / Q2-2025 → Solid Operational Execution Early Ramp-Up Execution Focused and On Track ORE PROCESSED AND MILLING RATE 82.4% 86.5% Q1-25 Q2-25 RECOVERY RATE 91.0% 98.0% Q1-25 Q2-25 Ore processed increased >3-Fold YoY and +10% QoQ driven by launch of large-scale commercial production at YE 2024 Recovery improved steadily, averaging 86.5% Improved performance driven by oxygen plant repairs Operational KPI’s sustainable into H2 Exceeding industry standards AVAILABILITY RATE
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TSX: AYA| OTCQX: AYASF 18 Zgounder Silver Mine / Q2-2025 Mining Activities ORE MINED (kt) Ramp-up in line with plan • Mined ore + 112% YoY • Mined ore + 24% QoQ 176 151 138 Q2-24 Q1-25 Q2-25 114 195 241 Q2-24 Q1-25 Q2-25 AVERAGE SILVER GRADE MINED (g/t Ag) Ramp-up impacting grade • Not a metallurgical issue • Addressing issues impacting grade • Dilution • Improving mining selectivity and operational control • Monitoring of blast movement in the open pit • Stabilizing mining rate
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TSX: AYA| OTCQX: AYASF 19 Q2-2025 / Financial Highlights AVG. NET REALIZED SILVER PRICE PER OZ AND CASH COST* PER OZ $26.20 $31.87 $33.86 $17.85 $18.93 $21.26 Q2-24 Q1-25 Q2-25 Avg. Net Realized Silver ($/oz) Cash cost ($/oz) 13.7 33.8 38.6 Q2-24 Q1-25 Q2-25 Record Revenues +182% YoY + 14% QoQ Driven by ramp-up and higher silver price/oz REVENUES ($M) NET INCOME ($M) 6.8 6.9 8.6 Q2-24 Q1-25 Q2-25 Positive Net Income even excluding the one-time gain and impairment recovery from the Mx2 transaction of $5.8M Ramp-up phase *See “Non-GAAP Measures” section of Aya Gold & Silver's MD&A for the three-months ended June 30, 2025
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TSX: AYA| OTCQX: AYASF 20 Strong Balance Sheet / Provides Flexibility Strengthened Balance Sheet through Equity Raise and Healthy Cash Generation Key Highlights Q2-2025 Cash from operations 8 Capex & exploration 13 Cash position 114 Undrawn facility* 25 Q2-2025 Highlights • Stronger cash from operations +41% vs YoY • Capex & exploration activities -61% vs YoY • Proceeds from equity raise providing flexibility to advance our development-stage asset Boumadine, a cornerstone of our long-term growth strategy Recent development (August 5) • $8 million payment in compensation for EPC contractual breaches $114M In cash at quarter end * US$25 million credit facility with the European Bank for Reconstruction and Development (“EBRD”) to support the advancement of development work at our Boumadine polymetallic project located in the Draa-Tafilalet region in the Kingdom of Morocco.
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TSX: AYA| OTCQX: AYASF 21 Zgounder Silver Mine / Expanded Operations
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TSX: AYA| OTCQX: AYASF 22 Outlook / Committed to Our 2025 Guidance 2025 Guidance Silver production (Moz Ag) 5.0 – 5.3 Silver cash cost ($/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 • We expect milling throughput to remain strong with recoveries continuing to exceed feasibility study rate • Silver cash cost per ounce trended above our guidance range in H1, reflecting the ramp-up stage. We expect an improvement in H2 (vs H1) as we implement targeted measures to enhance grades and reduce costs. • We remain fully committed to achieving our 2025 objectives.
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TSX: AYA| OTCQX: AYASF 23 2025 Exploration / Zgounder and Regional – 16,685m Drilled Year to Date1 Zgounder Silver Mine (10,000m-15,000m) • Discovery of a new mineralized zone north of the current open-pit • Drilling results has outlined significant down-plunge extensions through thick high-grade interceptions and confirmed the continuity of high-grade mineralization beyond the current resource boundary Zgounder Regional (10,000m) • Drilling at Far East permits commenced towards the end of Q2, targeting several geochemically and structurally defined anomalies. • Detailed geological mapping and prospecting are being carried out on both Tourchkal and Zgounder Far East permits. Several drill targets have been identified supporting future phases of the 2025 drill program. • Zgounder Far-East exploration drill program has been completed with results pending 1. See news release dated September 9, 2025.
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TSX: AYA| OTCQX: AYASF Zgounder / At-depth Drilling of Near-Mine Permits Drilled 7,619myear-to-date1 Drilling confirmed mineralization at depth at the granite contact outside of the current resource boundary. 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 3,279 g/t Ag over 8.0m, including 6,425 g/t Ag over 4.0m 1,640 g/t Ag over 12.6m, including 10,104 g/t Ag over 1.0m and 2,747 g/t Ag over 7.0m 1. Refer to Aya’s news release dated August 14, 2025. 2. Refer to Aya’s June 26, 2025, May 21, 2025 January 7, 2025, and July 2, 2024 news releases. Recent Drilling Highlights2 24
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TSX: AYA| OTCQX: AYASF Zgounder Regional & Tirzzit Zgounder Regional1 • Six new licenses (totalling 48km2) acquired; significantly increases the prospectivity of the Zgounder Regional Project. • Drill test surrounding permits – some near Zgounder mine regional targets • 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 • New targets in the Zgounder Far East permits will be drill tested in the coming months (H2 2025). Tirzzit2 • Historical artisanal copper mine offering near-surface silver and copper mineralization potential • Mineralization of historical deposit remains open in all 3 directions • Collection of 5 exploration permits and two mining licenses (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 1 Refer to Aya Gold & Silver’s June 26, 2025 and May 21, 2025. 2. Refer to Aya Gold & Silver’s June 29, 2023 and August 17, 2023 press releases. Figure: Surface Map of Zgounder Property with New Exploration Licenses 25
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TSX: AYA| OTCQX: AYASF Zgounder Regional / 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 of the Zgounder deposit. 26 Figure: Surface Map of Zgounder Far East with Simplified Geology and Au Grab Samples Figure: Surface Map of Zgounder Far East with Simplified Geology and Ag Grab Samples Figure: Surface Map of Zgounder Far East with Simplified Geology and Cu Grab Samples
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TSX: AYA| OTCQX: AYASF 27 2025 Exploration / Boumadine Boumadine (100,000m – 140,000m) • 33,510m of drilling completed (DDH an RC) (79,716m YTD) 1 • Results from the Main Trend, Tizi, and Imariren zones confirmed mineralization continuity and extended known strike lengths • In addition, surface work identified a new prospective gold- copper zone, Asirem, within the recently acquired western permits. The mineralized structure is traceable over 9 km to the west. Drill testing of this new greenfield target is planned for H2 1. See news release dated August 14, 2025.
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TSX: AYA| OTCQX: AYASF 1. Refer to Aya Gold & Silver’s February 24, 2025 press release. Highlights¹ Indicated 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 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) 28
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TSX: AYA| OTCQX: AYASF 1. As at February 24, 2025 2. Refer to Aya Gold & Silver’s February 24, 2025 press 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 29 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 30 •Acquired 1 mining license and 3 exploration permits totaling 42.9km2 in the Boumadine area → expanded the Boumadine exploration footprint by 15.7% to over 314.5km2* * Refer to Aya Gold & Silver’s June 5, 2025 press release.
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TSX: AYA| OTCQX: AYASF Boumadine / 2025 Accelerated Development (Au, Ag, Pb, Zn) Figure: Boumadine Mining License Surface Plan with Magnetic Data (Residual Total Field) and 2025 Drill Holes Drilling¹ • 79,716m of 100,000 - 140,000m drill program completed YTD2 • Drilling confirmed high-grade continuity of Boumadine Main Trend and extended the strike length of the Imariren Zone to 1.0km. • Drilling also confirmed the continuity of the Tizi Zone and extend Imariren mineralization to 1.0km. The Imariren and Tizi zones also remain open in all directions. Next Steps1 • Fifty percent of the drilling will focus along the Main Trend, Imariren and Tizi to continue extending the known mineralization 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. 1. Refer to Aya Gold & Silver’s July 7, 2025 and June 5, 2025 news releases. 2. Refer to Aya Gold & Silver’s August 14, 2025 news release. 31
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TSX: AYA| OTCQX: AYASF 32 Boumadine / Regional Mapping and Prospecting Strong gold and copper results helped identify the new Asirem high-grade mineralization at-surface, which will be test drilled in the coming months. Figure: Surface Map of Boumadine Property with Simplified Geology and Cu Grab Results Figure: Surface Map of Boumadine Property with Simplified Geology and Au Grab Results
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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) 33
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TSX: AYA| OTCQX: AYASF Mx2 Mining Transaction / 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): • Mx2 acquired 100% interest in Amizmiz • Historic resource of 342,000 oz at 12.98 g/t Au • 2,800m drill program to begin in 2025 Experienced Aya team and board, and senior mining executives from Red Back Mining, Orca Gold, and Montage Gold. • Mx2 completed a brokered private placement, raising C$16M2 • Aya contributed C$1M2 Aya received $10M in share consideration from Mx2 through the spinout, now owns 42.3% of Mx2: • Aya to be the largest shareholder of Mx2, focused on untapping the potential of Amizmiz Benoit La Salle and Ugo Landry-Tolszczukappointed to the Mx2 Board of Directors Completion of Transaction announced April 16, 20253 1. Refer to Aya’s September 12, 2024 press release. 2. Refer to Mx2 Mining’s October 1, 2024 and November 20, 2024 press releases. 3. Refer to Aya’s news release dated April 16, 2025.
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TSX: AYA| OTCQX: AYASF Estimated total GHG emissions for the Zgounder Silver Mine 88% Reduction in overall emissions targeted in 2025¹ Zgounder / Near-term Decarbonization Objectives 1. Compared to base year of 2021. Objective does not include Scope 3 emissions. 35
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TSX: AYA| OTCQX: AYASF 88% 38% 15% Achieved in the last three years since arrival of new management team Operations & development Project development Market performance Other Operations & development Project development HSCG, ESG Market performance Other 50% 17% 10% 5% 18% 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 Dec. 31, 2024) HSCG, ESG Aya / Implementation of High Governance Standards 36
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TSX: AYA| OTCQX: AYASF 1. Target reduction compared to 2021, Aya’s base year for calculations. Low-Carbon Strategy and Environmental Commitment Ongoing Global Industry Standard on Tailings Management 65% Water recycled 88%¹ Reduction in Scope 2 emissions targeted in 2025 7,671t CO2e emissions avoided in 2024 Priorities: reduce energy and water use, biodiversity. Achieve Near-zero Scope 2 emissions in 2025. Embedding a Health and Safety Culture Ongoing Best practices for risk management 12,907 hours of H&S training in 2024 Priorities: zero fatalities, lower LTIFR and TRIFR, operational surface fire brigade team. Supporting our Social License 99% National workforce 40% Local workforce Priorities: increase female headcount, reduce employment turnover and implement comms and awareness programs on Aya policies. 0 fatalities Reported in 2024 11% female employees 15,430 training hours provided to Aya workforce Aya / Achieving Sustainability Leadership 37
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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 technical report Q4 2025 Commenced Boumadine PEA 2025 Provide 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