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TSX: AYA| OTCQX: AYASF Unlocking silver growth in Morocco INVESTOR PRESENTATION JUNE 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 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. 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$1.2 billion acquisition of the company by Gold Fields in early 2024. 5 Aya / Experienced Board of Directors
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TSX: AYA| OTCQX: AYASF Institutional Shareholder Breakdown1 60% USA 3% Australia & ROW 21% Canada 16% Europe 32% Family offices2 13% Board & management 22% Retail Exchanges – TSX: AYA | OTCQX: AYASF Shares – Basic 130.8M Shares – F.D.1 142.3M Share Price (June 5, 2025) C$ $14.45 Market Cap (June 5, 2025) C$ $1.9B Cash (March 31, 2025)2 US$ $18M Debt3 US$ $100M EBRD Credit Facility4 US$ 25M 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 2.0M in RSU/DSU. 2. Non-GAAP Measures, consisting of cash and cash equivalents $18.3M and restricted cash of $18.2M. 3. Full drawdown on project financing from the EBRD. 4. Undrawn credit facility. Announced May 12, 2025. 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 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) Note: Revenue by metal content pro forma for Coeur-SilverCrest, First Majestic-Gatos, and Pan American-MAG; Source: Stifel, Bloomberg, FactSet, Visible Alpha, company disclosure, available equity research Market data as at: 5-June-25 1.92x 1.83x 1.77x 1.75x 1.63x 1.60x 1.40x 1.27x 1.23x 1.09x 0.94x 0.77x 54% 46% 48% 36% 3% 30% 62% 100% 66% SilverCrest First Majestic Gatos Silver Fresnillo Hecla Mining MAG Silver Coeur Mining Fortuna Mining Pan American Silver Endeavour Silver Aya Gold & Silver Silvercorp Average: 1.43x Consensus 25E Ag Rev% Transaction Multiple Transaction Multiple Transaction Multiple
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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, 2021). 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 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 1717 Zgounder Mine expansion ramp up contributes to steady improvements: • Significant increase in silver production, ore processed and mine production • Open-pit ore mined equaled approximately 68% of total ore mined during the quarter reaching targeted open-pit / underground mining production split • Stockpiled 281,290t of ore at quarter-end • Throughput and mill availability good; recovery still targeting feasibility recovery rate of 89% Exploration and development activities: • Completed 2,916m of drilling at Zgounder and 1,059m of drilling at Zgounder Regional • Completed 46,207m of drilling at Boumadine • Published updated Mineral Resources Estimate for Boumadine ESG priorities advance: • Strengthened health and safety ("H&S") processes through preventative measures, with 100% of incidents analyzed and 2,364 hours of training completed • Expanded tutoring programs at schools in Talouine and Taouyalte • Began new community engagement inviting project proposals from local communities, entrepreneurs and cooperatives ¹ Non-GAAP Measures, consisting of cash and cash equivalents of $18.3 million, and restricted cash of $18.2 million (March 31, 2025). 2 Announced post Q1 2025, please refer to news releases dated April 16, 2025 and May 12, 2025. Completed2 Strategic transfer of Amizmiz gold project to Mx2 Mining $37M1 In cash and restricted cash at quarter end; excl. $11.6M in accounts receivable $25M2 Credit facility from EBRD 1,069Koz Silver oz produced in Q1-2025 Q1-2025 Highlights
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TSX: AYA| OTCQX: AYASF 1818 Zgounder Expanded Operations
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TSX: AYA| OTCQX: AYASF 19 Q1-2025 / Operational Highlights 0 200 400 600 800 1,000 1,200 1,400 Q1 2024 Q1 2025 Silver produced (koz) Silver production of 1,069K oz 0 50,000 100,000 150,000 200,000 250,000 300,000 Q1 2024 Q1 2025 Ore processed (tonnes) Ore processed totaled 249,743 tonnes Silver production increased 192% YoY due to expanded mining and milling Ore processed increased 207% YoY as Zgounder’s new plant ramped up processing Average grades decreased; operational team continues to optimize expanded operations 0 50000 100000 150000 200000 250000 Q1 2024 Q1 2025 Ore mined (tonnes) Ore mined of 194,661 tonnes 100 110 120 130 140 150 160 170 180 Q1 2024 Q1 2025 Avg. grade processed (g/t Ag) Avg. grade processed of 163 g/t Ag 0 5 10 15 20 25 30 35 Q1 2024 Q1 2025 Avg. realized net silver ($/oz) Avg. Net Realized Silver of $31.87/oz 0 5 10 15 20 25 Q1 2024 Q1 2025 Cash cost per silver oz sold ($) Cash cost per Ag oz sold of $18.93
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TSX: AYA| OTCQX: AYASF • Mine ramp-up continues to exceed expectations, with 2,750 tonnes per day (“tpd”) mined in April 2025. • Mill throughput and availability in April are above expectations, averaging 3,025 tpd at 98% availability. Silver recovery of 80% in April. • Recovery rates have improved in May. • Clear path to 89% recoveries identified with focus on stabilizing and optimizing oxygen production. • Specialized contractor mobilized onsite to restore full capacity of the oxygen plant, with improvements expected over the coming weeks. • Direct collaboration was initiated with the oxygen plant equipment supplier, to fast-track long-term performance enhancements. April 2025 Production Highlights April Production Metrics Q1-2024 Q1-2025 April 2025 Silver production (oz)1 366,362 1,068,652 345,550 Tonnage processed (t) 81,331 249,743 90,763 Silver recovery (%) 82 82 80 Mill availability (%) 96 91 98 Mine production (t) 106,880 194,661 82,496
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TSX: AYA| OTCQX: AYASF 21 Q1-2025 Financial Highlights / Strong Financial Position and Liquidity All amounts in 000s of USD Q1-2025 Q1-2024 Variance Revenue 33,831 5,077 566% Cost of sales 25,584 4,741 397% Gross profit 10,247 336 2,950% Operating income (loss) 3,328 (2,869) 216% Net income (loss) 6,930 (2,592) 367% Operating cash flows 7,893 (3,736) 311% Shareholders Earnings (loss) per share – basic 0.05 (0.02) NM Earnings (loss) per share – diluted 0.05 (0.02) NM Q1-2025 Q4-2024 Variance Working capital1 1,752 23,424 (93%) Cash and restricted cash2 36,576 49,190 (26%) Accounts receivable 11,645 1,827 537% EBRD credit facility of $25M3 1. Non-GAAP Measures, consisting of current assets of $73,268 less current liabilities of $71,516 (December 31, 2024, current assets of $76,540 less current liabilities of $53,116). 2. Non-GAAP Measures, consisting of cash of $18,319 and restricted cash of $18,257 (December 31, 2024, balances of $30.944 million and $18,246, respectively). 3. Announced post Q1-2025, please see news release dated May 12, 2025.
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TSX: AYA| OTCQX: AYASF 22 Zgounder Mine / 2025 Production and Cost Guidance 2025 Guidance Silver production (Moz Ag) 5.0 – 5.3 Silver cash cost ($/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
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TSX: AYA| OTCQX: AYASF 23 2025 Exploration Program Zgounder Silver Mine • 2,916m drilled on near-mine targets • Drilling confirmed mineralization at depth at the granite contact outside of the current resource boundary. Boumadine • 39,600m of DDH and 6,607m of RC holes completed •Drilling confirmed continuity of Boumadine deposit and extended the strike length of the Tizi Zone from 2.0 km to 2.2 km. •New targets identified in 2024 were drill tested. These results are pending. Zgounder Regional • 1,059m of DDH completed • Detailed mapping and prospecting are being carried out on both Tourchkal and Zgounder Far East permits. Amizmiz (Spin Out) • Completed strategic transfer of full ownership of the Amizmiz gold project to Mx2 Mining Inc. post quarter end* * Refer to Aya’s April 16, 2025 news release.
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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 24
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TSX: AYA| OTCQX: AYASF Zgounder / At-depth Drilling of Near-Mine Permits Drilled 7,122myear-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 May 21, 2025 January 7, 2025, and July 2, 2024 news releases. Recent Drilling Highlights1 25
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TSX: AYA| OTCQX: AYASF Zgounder Regional & Tirzzit Zgounder Regional1 • Drill testing 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 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 Simplified Geology 26
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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. 27 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 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 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 29 Boumadine / Updated Mineral Resource Estimate¹,²,³ (AuEq, AgEq, Cu, Pb, Zn)
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TSX: AYA| OTCQX: AYASF 30 Boumadine / Accelerating Development Source: Company reports 1. Refer to Aya Gold & Silver’s February 24, 2025 press release and Aya’s technical report for the Boumadine Project titled “Technical Report – Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco” available on ayagoldsilver.com or SEDAR+. 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 Kiena (Westdome) Boumadine (Aya Gold & Silver) Fekola (B2Gold) Kumtor (Kyrgyzaltyn) Great Bear (Kinross Gold) Bulyanhulu (Barrick Gold) Windfall (Osisko Mining) Morila (Firefinch) Fruta del Norte (Lundin Gold) Red Lake (Evolution Mining) 11.0 Moz @7.7 g/t 8.4 Moz @ 8.0 g/t 7.5 Moz @ 7.6 g/t 7.4 Moz @ 11.4 g/t 6.6 Moz @ 4.5 g/t 7.0 Moz @ 3.4 g/t 5.7 Moz @ 1.9 g/t 6.3 Moz @ 2.3 g/t 1.1 Moz @ 11.9 g/t 5.1 Moz @ 4.5 g/t1 Resource (Million Ounces)
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TSX: AYA| OTCQX: AYASF Boumadine (Au, Ag, Pb, Zn) / Development 31 •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) Boumadine Mining License Surface Plan with Magnetic Data (Residual Total Field) and 2025 Drill Hotel Drilling¹ • 72,044m of 100,000 - 140,000m drill program completed • Drilling confirmed high-grade continuity of Boumadine Main Trend and extended the strike length of the Imariren Zone to 0.7 km. • Drilling was conducted on strike along the Main Trend (North Zones), Tizi, Imariren as well as on some regional targets. Next Steps1 • Boumadine Main Trend, which currently extends 5.4km, remains open in all directions. • Six (6) drills have been mobilized to site • Half of the drilling to focus along the Main Trend and Tizi to continue extending the known mineralization; the remaining half will focus on greenfield exploration ¹ Refer to Aya Gold & Silver’s June 5, 2025 news release. 32
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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 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): • 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 Amizmizand Tijirit Benoit La Salle and Ugo Landry-Tolszczukappointed to the Mx2 Board of Directors Completion of Transaction announced April 16, 20253 ¹Refer to Aya’s September 12, 2024 press release. 2Refer to Mx2 Mining’s October 1, 2024 and November 20, 2024 press releases. 3 Refer to Aya’s news release dated April 16, 2025. 34
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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 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