Aya Gold & Silver (AYA) 2025 Precious Metals Summit - Beaver Creek summary

Strategic focus, vision, and leadership

• Operations are concentrated in Morocco, with a focus on consolidating assets and expanding production in an emerging mining district.

• Board and management collectively own about 45% of the float, with strong mining, finance, and legal expertise, and recent leadership additions.

• High governance standards are implemented, with 88% board independence and increased ESG transparency.

• Executive pay is aligned with performance and shareholder interests.

• A spin-out for non-core gold assets (Mx2) is underway, targeting further consolidation in Morocco and Western Sahara.

Operational performance and production outlook

• Zgounder Silver Mine completed expansion in December 2024, reaching 3,000 tpd, with ramp-up to steady state in 2025.

• Current production is about 500,000 ounces of silver per month, targeting a 6 million-ounce annual run rate next year.

• Record Q2-2025 revenues, up 182% YoY, driven by higher production and silver prices.

• Mining operations have shifted to 70% open pit, improving scale but increasing cash costs.

• All-in sustaining cash costs are projected at $13-$15/oz next year, with $150 million in cash flow expected.

Resource growth, exploration, and expansion

• Zgounder and Boumadine projects delivered industry-low discovery costs ($0.10/oz AgEq) and significant resource growth, with AgEq per share up 8x since Q2-2020.

• Boumadine's 2025 updated MRE shows 74.4 Moz AgEq indicated and 378 Moz AgEq inferred, a 120% and 19% increase over April 2024.

• 500,000 meters of drilling planned over the next three years, representing 90% of all drilling in Morocco.

• Ongoing exploration at Boumadine and Zgounder, with new mineralized zones discovered and further drilling planned for H2 2025.

• Boumadine is expected to transform the company, with a PEA due soon and potential to double or triple current gold-equivalent resources.