Aya Gold & Silver (AYA) Status Update summary

Project Overview and Economics

• Boumadine PEA demonstrates robust economics with a low initial CapEx of $446 million, a rapid payback period of 2.1 years post-tax, and a post-tax NPV5% of $1.5 billion at base case prices; IRR is 47% post-tax, with significant upside at higher metal prices.

• Average annual production for the first five years is 401,000 ounces of gold equivalent, with an 11-year mine life and life-of-mine revenue projected at $7.0 billion.

• All-in sustaining cost (AISC) is $1,021/oz AuEq, with life-of-mine free cash flow of $2.0 billion post-tax and EBITDA averaging $308 million annually.

• Project is based on 100% ownership assumption, with ongoing discussions to resolve the current 85% ownership structure.

• Project benchmarks favorably against peers, with a 3:1 NPV/capex ratio and strong production metrics.

Resource, Mine Plan, and Processing

• Mineral resource estimate includes 35 million tons at 4.5 g/t gold equivalent, totaling 5 million ounces, with a 120% increase in indicated resources over 2024 and significant exploration upside.

• Mining plan features combined open pit and underground operations, 8,000 tpd processing capacity, and Avoca long-hole stoping for underground.

• Processing uses conventional flotation with three circuits (lead, zinc, pyrite), achieving recoveries of 96% for gold and silver, 75% for zinc, and 82% for lead.

• Payable rates: gold 69%, silver 77%, zinc 85%, lead 90%, with average payable 73% on AuEq basis and strong market interest in all concentrates.

• Water sourced from nearby cities and wells, with logistics supported by existing infrastructure, road haulage to port, and multiple port options.

Cost Structure and Operational Flexibility

• On-site operating cost is $72/ton milled; total cash cost is $119/ton, and LOM cash cost is $928/oz AuEq.

• Contractor mining model reduces upfront capital and increases operational flexibility, with mining costs cross-referenced with Zgounder.

• Flexibility in mining methods and pit/underground sequencing to optimize NPV and efficiency.

• Contractor-based mining preferred for open pit; underground mining may involve a mix of contractor and owner operations.

• Sustaining capex averages $30 million per year.