Montreal, Quebec, December 18, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce that it has filed a technical report presenting the Preliminary Economic Assessment ("PEA") for the Boumadine Polymetallic Project (the “Project” or “Boumadine”), located in the Kingdom of Morocco, with an effective date of November 4, 2025 (the “Report”). The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by independent Qualified Persons, notably Lycopodium Minerals Canada Ltd and WSP Canada Inc. All financial figures in this press release are expressed in United States dollars, unless otherwise noted. The results of the PEA were reported in Aya’s news release dated November 4, 2025, and there are no material differences between the Report and the results discussed in this news release.

PEA Highlights
Boumadine is Aya’s development-stage polymetallic project. The PEA outlines a district-scale project with a flexible open-pit and underground mine plan and a conventional flotation plant producing three payable concentrates (zinc, lead and pyrite), with revenues largely driven by precious metals, and a mine life (“LOM”) estimated at 11 years.

Project Highlights
Post-tax (Base Case1): NPV5% of $1.5B, 47% IRR, 2.1-year payback.
Post-tax (Spot Price2): NPV5% of $3.0B, 77% IRR, 1.2-year payback.
Average annual production: 401 thousand ounces (“koz”) gold-equivalent (“AuEq”) years 1 to 5 (or 37.5 million ounces (“Moz”) silver-equivalent (“AgEq”)) and 328 koz AuEq per year over the LOM (or 30.6 Moz AgEq)
Low initial capital cost: $446M, with NPV5% post-tax -to-capex ratio3 of 3.3:1 (Base Case) and 6.6:1 (Spot).
LOM cash costs: $928/oz AuEq and AISC4 of $1,021/oz AuEq.
Average head grade: 4,76 g/t AuEq (or 443 g/t AgEq) years 1 to 5 and 3.85 g/t AuEq (or 358 g/t AgEq) average head grade over the LOM.
Permitting: existing mining license; feasibility study targeted for completion in late 2027.
Assumed Base Case metal prices are $2,800/oz gold, $30/oz silver, $1.20/lb zinc, and $1.00/lb lead.
Assumed Spot Prices as of 31/10/2025.
AISC is a non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures used by other issuers. Refer to “Non-IFRS and Other Financial Measures” for more information, including a detailed description of each measure.
NPV:Capex ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure.

The table below presents an updated sensitivity analysis from Table 9 of Aya’s November 4, 2025 press release, reflecting +/- 25% variations to the Base Case scenario, a Zero-NPV scenario, and a Spot Price scenario.

Table 1: Project Economics Sensitivity – Gold and Silver Price
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