AYA

Surpasses 2026 drilling target of 180,000 metres two months ahead of year-end MONTREAL, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) ("Aya" or the "Company") is pleased to announce that it has secured additional permits adjacent to the Boumadine mining license, and to report new high-grade drill results at the Boumadine Project ("Boumadine" or the "Project") from its ongoing infill drill program in the Kingdom of Morocco. These results confirm strong high-grade continuity along the Boumadine Main Trend and support the potential for continued resource growth and scale. Highlights Boumadine Main Trend (5.4km) - Multiple additional high-grade intercepts1: - BOU-DD26-1076 intercepted 269 grams per tonne ("g/t") silver equivalent ("AgEq") over 11.9 metres ("m") (1.56 g/t gold ("Au"), 28 g/t silver ("Ag"), 3.3% zinc ("Zn"), and 1.3% lead ("Pb"), including 635 g/t AgEq over 2.6m (3.94 g/t Au, 65 g/t Ag, 6.6% Zn, and 2.7% Pb). - BOU-DD26-1072 intercepted 239 g/t AgEq over 17.0 m (1.69 g/t Au, 36 g/t Ag, 1.7% Zn, and 0.3% Pb, including 953 g/t AgEq over 1.7m (7.94 g/t Au, 118 g/t Ag, 3.6% Zn, and 0.3% Pb). - BOU-DD26-1078 intercepted 331 g/t AgEq over 9.1m (1.96 g/t Au, 31 g/t Ag, 4.5% Zn and 1.5% Pb). - BOU-DD26-1071 intercepted 621 g/t AgEq over 3.7m (5.53 g/t Au, 68 g/t Ag, 1.7% Zn and 0.1% Pb), including 862 g/t AgEq over 2.4m (7.98 g/t Au, 72 g/t Ag, 2.5% Zn, and 0.1% Pb). - BOU-DD26-1034 intercepted 442 g/t AgEq over 4.7m (3.2 g/t Au, 77 g/t Ag, 2.9% Zn, and 0.4% Pb) including 645 g/t AgEq over 2.6m (4.61 g/t Au, 108g/t Ag, 4.8% Zn and 0.5% Pb). - Exploration Update: - 181,685 m of drilling completed at Boumadine year-to-date, ahead of schedule. - Achieved 51% of the 2-year infill program of 360,000 m, to be carried out over 2026 and 2027. - Secured three additional exploration permits that fill gaps surrounding the Boumadine mining license. The new area of the Project is now 357 km2. "These drill results confirm the continuity, width and grade of the Boumadine Main Trend, and every round of drilling reinforces the scale of this system," said Benoit La Salle, President & CEO. "With two months still left in the year, we have already completed our 2026 infill drilling objective, with more than 181,000 m drilled and 16 rigs turning. At the same time, three newly granted exploration permits close the gaps around the mining license and expand the Project area to 357 km². We are aggressively advancing the 2026–2027 program ahead of the feasibility study next year." Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths) DDH No. | From | To | Au | Ag | Length1 | Cu | Pb | Zn | Mo | Ag Eq2 (m) | (m) | (g/t) | (g/t) | (m) | (%) | (%) | (%) | (g/t) | (g/t) BOU-DD26-1033 | 16.0 | 21.0 | 0.03 | 127 | 5.0 | 0.0 | 0.0 | 0.0 | 1 | 131 BOU-DD26-1033 | 173.6 | 177.2 | 1.23 | 34 | 3.6 | 0.1 | 0.4 | 1.8 | 43 | 197 BOU-DD26-1034 | 229.2 | 233.9 | 3.20 | 77 | 4.7 | 0.1 | 0.4 | 2.9 | 74 | 442 Including | 230.4 | 233.0 | 4.61 | 108 | 2.6 | 0.2 | 0.5 | 4.8 | 63 | 645 BOU-DD26-1035 | 293.2 | 301.4 | 0.47 | 23 | 8.2 | 0.1 | 1.0 | 2.1 | 4 | 134 BOU-DD26-1036 | 332.9 | 336.7 | 2.12 | 16 | 3.8 | 0.0 | 0.1 | 0.0 | 3 | 211 BOU-DD26-1038 | 291.8 | 298.5 | 2.25 | 19 | 6.7 | 0.0 | 0.2 | 0.8 | 4 | 245 Including | 291.8 | 294.2 | 4.71 | 27 | 2.4 | 0.0 | 0.1 | 0.7 | 2 | 468 BOU-DD26-1040 | 112.0 | 118.0 | 1.08 | 19 | 6.0 | 0.0 | 0.2 | 1.7 | 7 | 157 BOU-DD26-1041 | 169.6 | 174.2 | 0.81 | 28 | 4.6 | 0.2 | 0.2 | 1.1 | 10 | 144 BOU-DD26-1042 | 435.3 | 439.2 | 1.83 | 19 | 3.9 | 0.0 | 0.0 | 0.1 | 4 | 187 BOU-DD26-1043 | 205.0 | 210.6 | 1.70 | 25 | 5.6 | 0.0 | 0.5 | 2.5 | 7 | 239 Including | 206.3 | 208.4 | 3.14 | 43 | 2.1 | 0.1 | 0.9 | 4.0 | 10 | 429 BOU-DD26-1049 | 224.7 | 227.6 | 1.50 | 21 | 2.9 | 0.0 | 2.1 | 0.6 | 15 | 209 BOU-DD26-1049 | 224.7 | 235.2 | 0.95 | 17 | 10.5 | 0.0 | 1.2 | 1.0 | 9 | 148 BOU-DD26-1052 | 262.8 | 268.5 | 1.99 | 21 | 5.7 | 0.0 | 0.3 | 0.4 | 5 | 216 Including | 264.9 | 267.0 | 3.80 | 31 | 2.1 | 0.1 | 0.3 | 0.3 | 6 | 388 BOU-DD26-1053 | 34.4 | 38.9 | 0.84 | 113 | 4.5 | 0.0 | 1.4 | 2.6 | 6 | 269 BOU-DD26-1055 | 299.0 | 301.2 | 4.39 | 37 | 2.2 | 0.1 | 0.2 | 0.3 | 6 | 450 BOU-DD26-1057 | 131.0 | 144.2 | 0.79 | 10 | 13.2 | 0.0 | 0.0 | 0.2 | 2 | 87 BOU-DD26-1060 | 500.5 | 503.3 | 2.25 | 29 | 2.8 | 0.0 | 0.2 | 5.0 | 1 | 342 BOU-DD26-1061 | 175.0 | 178.8 | 1.55 | 23 | 3.8 | 0.0 | 0.1 | 0.4 | 5 | 174 BOU-DD26-1065 | 267.1 | 269.9 | 2.69 | 30 | 2.8 | 0.2 | 0.1 | 0.1 | 3 | 290 BOU-DD26-1065 | 282.1 | 290.4 | 1.83 | 32 | 8.3 | 0.1 | 0.1 | 0.1 | 3 | 205 Including | 284.0 | 286.7 | 3.31 | 71 | 2.7 | 0.1 | 0.1 | 0.1 | 3 | 382 BOU-DD26-1069 | 53.6 | 55.0 | 1.79 | 69 | 1.4 | 0.0 | 4.2 | 7.2 | 31 | 458 BOU-DD26-1071 | 362.4 | 366.1 | 5.53 | 68 | 3.7 | 0.3 | 0.1 | 1.7 | 2 | 621 Including | 362.4 | 364.8 | 7.98 | 72 | 2.4 | 0.3 | 0.1 | 2.5 | 1 | 862 BOU-DD26-1072 | 94.6 | 111.6 | 1.69 | 36 | 17.0 | 0.1 | 0.3 | 1.7 | 12 | 239 Including | 104.5 | 106.2 | 7.94 | 118 | 1.7 | 0.6 | 0.3 | 3.6 | 12 | 953 BOU-DD26-1074 | 52.0 | 59.3 | 0.64 | 28 | 7.3 | 0.0 | 1.8 | 2.7 | 21 | 176 BOU-DD26-1076 | 146.5 | 158.4 | 1.56 | 28 | 11.9 | 0.1 | 1.3 | 3.3 | 15 | 269 Including | 147.1 | 149.7 | 3.94 | 65 | 2.6 | 0.4 | 2.7 | 6.6 | 19 | 635 BOU-DD26-1077 | 54.9 | 59.1 | 1.10 | 26 | 4.2 | 0.0 | 0.3 | 0.7 | 44 | 145 BOU-DD26-1078 | 154.9 | 164.0 | 1.96 | 31 | 9.1 | 0.1 | 1.5 | 4.5 | 33 | 331 BOU-DD26-1078 | 174.2 | 177.2 | 1.85 | 22 | 3.0 | 0.1 | 0.2 | 1.4 | 10 | 225 - True width remains undetermined at this stage; all values are uncut. - Ag equivalent is based on a silver price of US$30/oz with a process recovery of 96%, a gold price of US$2,800/oz with a process recovery of 96%, a zinc price of US$1.20/lb with a process recovery of 75%, a lead price of US$1.00/lb with a process recovery of 82%, and a copper price of US$4.60/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 89.7g/t Ag; 1% Cu: 78.6 g/t Ag; 1% Pb: 18.7 g/t Ag; and 1% Zn: 20.4 g/t Ag Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2026 Drill Holes 2026 Exploration Results This year, 524 diamond drill holes ("DDH"), and 15 reverse circulation drill holes ("RC") totaling 181,685m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was executed on strike along the Main Trend, Tizi and Imariren. All results have been received for drill holes up to BOU-DD26-1080 (Table 1, Figure 3, Figure 4 and Appendix 1). Today's results, including BOU-DD26-1072 and BOU-DD26-1076, confirm the high-grade nature and continuity of the Boumadine Main Trend, which remains open in all directions. With the addition of 3 new exploration permits, Boumadine now covers 357 km2 of highly prospective ground (Figure 2). These new permits secure a gap that was left around Boumadine mining license. Mineralization within the Boumadine Main Trend measures up to 4m wide (locally reaching over a 10m width) and is N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation. Figure 2 – Location of New Permits at Boumadine Figure 3 – Surface Plan of Boumadine North Zone with New DDH Results Figure 4 – Surface Plan of Boumadine South Zone with New DDH Results Next Steps Our 2026 exploration objectives included 180,000 m of infill drilling (half of the two-year, 360,000 m program), as well as 20,000 m of regional drilling targeting prospective areas, including follow-up work on the Asirem structures. Significant potential exists to expand the Boumadine Main Trend (currently 5.4 km), the Tizi Zone (2.0 km) and the Imariren Zone (1.2 km), with all three trends open in all directions. Follow-up drilling is also planned on the 8 km Asirem trend for later this year. Most drilling will continue to focus on the Main Trend, Imariren and Tizi to extend known mineralization along strike and at depth, while infilling key areas to advance the Project toward a feasibility study. For the remainder of 2026, the Company will prioritize infill drilling to accelerate feasibility study work. In 2027, infill drilling will continue to be prioritized to support the feasibility study. Once completed, drilling efforts will include follow-up work at Asirem and greenfield exploration, testing geological hypotheses and targets generated over the past four years. Ongoing geological work will guide additional development priorities. Technical Information Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every metre in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment ("Afrilab") in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy ("AAS"). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab. Qualified Person The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Executive Vice-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101. About Aya Gold & Silver Inc. Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Company has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa's most geologically rich, underexplored and mining-friendly regions. Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya's growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway, and which hosts a sizable mineralized footprint, and potential for further discovery. Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities. For additional information, please visit Aya's website at www.ayagoldsilver.com. Or contact Benoit La Salle, FCPA, MBA President & CEO [email protected] | Alex Ball EVP, Capital Markets [email protected] | Forward-Looking Statements This press release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations, estimates and projections regarding the Company's future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release. All statements, other than statements of historical fact included in this press release, regarding the Company's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and resource potential of the Boumadine project, including of the Boumadine Main Trend, Imariren and Tizi; the Company's future drilling program, including as discussed under the section "Next Steps"; the expected scope, pace, placement, focus, and completion timing of drilling activities; the anticipated completion of a feasibility study for the Project in 2027; the expected impact of geological interpretations on mine planning, resource modelling, and operational priorities; and other assumptions and factors generally associated with the mining industry. Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward looking information is based include without limitation, the Company's ability to timely receive any requisite approvals, permits or licences; the feasibility study as and when anticipated; the Company's ability to import goods and machinery; the Company's ability to engage and retain all necessary personnel in order to operate its business properly and without interruption; the accuracy and reliability of estimates, projections, forecasts, studies and assessments, including the mineral reserve and mineral resource estimates (including, but not limited to, ore tonnage and ore grade estimates); the Company's ability to meet or achieve estimates, projections and forecasts; assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such explorations activities; process recovery; the price of commodities, including silver and gold; exchange rates; taxation levels; fuel and energy costs; future economic conditions; the Company's ability to meet current and future obligations; the Company's ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions and environment in which the Company operates; and other assumptions and factors generally associated with the mining industry. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya's operations in Morocco; the speculative nature of mineral exploration and development; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change in laws and regulations governing our operations, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; expectations with respect to any future pandemics on our operations, and assumptions related thereto; Aya's ability to attract and retain qualified employees and contractors; Aya's ability to obtain and renew necessary permits and licenses; Aya's ability to obtain and maintain insurance; third party risks; disruptions to Aya's business operations; Aya's reliance on technology and information systems; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices; gold and silver demand; force majeure; the inherent risks involved in exploration and development of mineral properties; and other risks described in the Company's documents filed with Canadian and U.S. securities regulatory authorities. In addition, readers are directed to carefully review the detailed risk discussion in the Company's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company's business plans, financial performance and condition and may not be appropriate for other purposes. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. Appendix 1 - Full Drill Results from Boumadine (core lengths) DDH No. | From | To | Au | Ag | Length1 | Cu | Pb | Zn | Mo | Ag Eq2 (m) | (m) | (g/t) | (g/t) | (m) | (%) | (%) | (%) | (g/t) | (g/t) BOU-DD26-1029 | 58.0 | 59.0 | 0.61 | 0 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 56 BOU-DD26-1029 | 165.0 | 166.0 | 2.27 | 3 | 1.0 | 0.0 | 0.1 | 0.0 | 5 | 208 BOU-DD26-1030 | 0.0 | 404.0 | 0.00 | 0 | 404.0 | 0.0 | 0.0 | 0.0 | 0 | NSR BOU-DD26-1031 | 89.0 | 89.8 | 0.03 | 187 | 0.8 | 0.1 | 3.5 | 1.3 | 11 | 289 BOU-DD26-1031 | 144.0 | 145.0 | 0.03 | 250 | 1.0 | 0.0 | 0.1 | 0.1 | 4 | 257 BOU-DD26-1031 | 163.0 | 164.0 | 0.03 | 100 | 1.0 | 0.0 | 0.0 | 0.0 | 1 | 104 BOU-DD26-1031 | 168.0 | 169.0 | 0.03 | 142 | 1.0 | 0.0 | 0.0 | 0.0 | 0 | 145 BOU-DD26-1032 | 91.5 | 94.0 | 1.82 | 25 | 2.5 | 0.1 | 0.1 | 0.5 | 18 | 210 BOU-DD26-1033 | 16.0 | 21.0 | 0.03 | 127 | 5.0 | 0.0 | 0.0 | 0.0 | 1 | 131 BOU-DD26-1033 | 133.7 | 134.2 | 1.22 | 24 | 0.5 | 0.0 | 0.1 | 0.1 | 1 | 138 BOU-DD26-1033 | 136.3 | 142.2 | 0.69 | 12 | 5.9 | 0.0 | 0.0 | 0.1 | 0 | 79 Including | 136.3 | 137.7 | 1.24 | 12 | 1.4 | 0.0 | 0.1 | 0.1 | 0 | 127 BOU-DD26-1033 | 173.6 | 177.2 | 1.23 | 34 | 3.6 | 0.1 | 0.4 | 1.8 | 43 | 197 BOU-DD26-1034 | 217.9 | 218.4 | 0.35 | 22 | 0.5 | 0.1 | 0.9 | 2.0 | 7 | 120 BOU-DD26-1034 | 229.2 | 233.9 | 3.20 | 77 | 4.7 | 0.1 | 0.4 | 2.9 | 74 | 442 Including | 230.4 | 233.0 | 4.61 | 108 | 2.6 | 0.2 | 0.5 | 4.8 | 63 | 645 BOU-DD26-1035 | 31.8 | 32.8 | 0.78 | 15 | 1.0 | 0.0 | 0.1 | 0.2 | 5 | 93 BOU-DD26-1035 | 36.1 | 37.0 | 0.68 | 18 | 0.9 | 0.0 | 1.2 | 0.8 | 5 | 118 BOU-DD26-1035 | 225.0 | 226.0 | 0.40 | 31 | 1.0 | 0.0 | 0.2 | 0.1 | 8 | 72 BOU-DD26-1035 | 268.0 | 269.0 | 0.57 | 12 | 1.0 | 0.0 | 0.2 | 0.4 | 7 | 78 BOU-DD26-1035 | 273.0 | 274.0 | 0.15 | 37 | 1.0 | 0.1 | 2.1 | 2.6 | 3 | 146 BOU-DD26-1035 | 273.0 | 275.0 | 0.43 | 35 | 2.0 | 0.1 | 1.9 | 2.5 | 5 | 164 BOU-DD26-1035 | 273.0 | 276.0 | 0.43 | 36 | 3.0 | 0.1 | 2.0 | 2.8 | 4 | 176 BOU-DD26-1035 | 278.0 | 279.0 | 0.33 | 31 | 1.0 | 0.1 | 1.5 | 6.7 | 6 | 234 BOU-DD26-1035 | 287.0 | 288.0 | 0.07 | 89 | 1.0 | 0.0 | 0.4 | 1.0 | 4 | 126 BOU-DD26-1035 | 293.2 | 301.4 | 0.47 | 23 | 8.2 | 0.1 | 1.0 | 2.1 | 4 | 134 BOU-DD26-1036 | 71.6 | 72.2 | 1.53 | 19 | 0.6 | 0.0 | 0.6 | 1.8 | 4 | 205 BOU-DD26-1036 | 332.9 | 336.7 | 2.12 | 16 | 3.8 | 0.0 | 0.1 | 0.0 | 3 | 211 BOU-DD26-1037 | 135.0 | 136.0 | 0.12 | 42 | 1.0 | 0.3 | 2.8 | 0.9 | 156 | 151 BOU-DD26-1037 | 178.5 | 179.0 | 0.66 | 72 | 0.5 | 0.3 | 0.3 | 0.6 | 17 | 176 BOU-DD26-1037 | 184.6 | 185.4 | 0.06 | 246 | 0.8 | 0.1 | 0.0 | 0.0 | 0 | 256 BOU-DD26-1037 | 218.9 | 219.5 | 0.69 | 23 | 0.6 | 0.1 | 0.9 | 2.8 | 7 | 163 BOU-DD26-1037 | 260.0 | 260.9 | 0.84 | 6 | 0.9 | 0.0 | 0.1 | 0.2 | 4 | 88 BOU-DD26-1038 | 3.6 | 4.5 | 0.03 | 57 | 0.9 | 0.0 | 0.0 | 0.1 | 1 | 63 BOU-DD26-1038 | 186.3 | 186.8 | 0.63 | 17 | 0.5 | 0.0 | 0.1 | 0.0 | 5 | 78 BOU-DD26-1038 | 256.2 | 260.3 | 0.59 | 6 | 4.1 | 0.0 | 0.0 | 0.2 | 5 | 64 BOU-DD26-1038 | 274.5 | 276.2 | 0.90 | 6 | 1.7 | 0.0 | 0.1 | 0.3 | 3 | 95 BOU-DD26-1038 | 283.4 | 284.3 | 0.48 | 12 | 0.9 | 0.0 | 0.5 | 0.9 | 5 | 84 BOU-DD26-1038 | 291.8 | 298.5 | 2.25 | 19 | 6.7 | 0.0 | 0.2 | 0.8 | 4 | 245 Including | 291.8 | 294.2 | 4.71 | 27 | 2.4 | 0.0 | 0.1 | 0.7 | 2 | 468 BOU-DD26-1039 | 30.4 | 31.4 | 0.62 | 19 | 1.0 | 0.0 | 1.6 | 2.4 | 7 | 154 BOU-DD26-1039 | 91.9 | 92.9 | 2.12 | 25 | 1.0 | 0.0 | 0.4 | 0.3 | 8 | 231 BOU-DD26-1040 | 25.0 | 26.0 | 0.12 | 55 | 1.0 | 0.0 | 1.1 | 2.2 | 6 | 130 BOU-DD26-1040 | 28.0 | 28.9 | 0.19 | 36 | 0.9 | 0.0 | 1.1 | 2.7 | 5 | 130 BOU-DD26-1040 | 112.0 | 118.0 | 1.08 | 19 | 6.0 | 0.0 | 0.2 | 1.7 | 7 | 157 Including | 114.9 | 117.0 | 2.11 | 25 | 2.1 | 0.0 | 0.1 | 0.5 | 8 | 230 BOU-DD26-1041 | 169.6 | 174.2 | 0.81 | 28 | 4.6 | 0.2 | 0.2 | 1.1 | 10 | 144 BOU-DD26-1042 | 94.0 | 95.0 | 0.03 | 87 | 1.0 | 0.0 | 0.2 | 0.2 | 5 | 96 BOU-DD26-1042 | 420.8 | 421.6 | 4.68 | 51 | 0.8 | 0.2 | 0.8 | 0.5 | 4 | 510 BOU-DD26-1042 | 432.4 | 432.9 | 2.44 | 23 | 0.5 | 0.2 | 0.1 | 0.2 | 5 | 262 BOU-DD26-1042 | 435.3 | 439.2 | 1.83 | 19 | 3.9 | 0.0 | 0.0 | 0.1 | 4 | 187 Including | 435.3 | 436.7 | 3.75 | 35 | 1.4 | 0.0 | 0.0 | 0.0 | 5 | 374 BOU-DD26-1043 | 205.0 | 210.6 | 1.70 | 25 | 5.6 | 0.0 | 0.5 | 2.5 | 7 | 239 Including | 206.3 | 208.4 | 3.14 | 43 | 2.1 | 0.1 | 0.9 | 4.0 | 10 | 429 BOU-DD26-1044 | 242.6 | 243.5 | 0.70 | 10 | 0.9 | 0.1 | 0.0 | 0.1 | 6 | 83 BOU-DD26-1044 | 268.2 | 269.3 | 3.01 | 30 | 1.1 | 0.1 | 0.1 | 0.9 | 7 | 326 BOU-DD26-1044 | 312.8 | 314.7 | 1.02 | 5 | 1.9 | 0.0 | 0.0 | 0.0 | 4 | 99 BOU-DD26-1044 | 317.8 | 318.7 | 0.61 | 0 | 0.9 | 0.0 | 0.0 | 0.1 | 4 | 58 BOU-DD26-1044 | 337.4 | 338.9 | 0.82 | 14 | 1.5 | 0.0 | 0.9 | 1.1 | 10 | 129 BOU-DD26-1045 | 319.1 | 320.1 | 0.03 | 56 | 1.0 | 0.0 | 0.0 | 0.0 | 5 | 59 BOU-DD26-1046 | 0.0 | 333.0 | 0.00 | 0 | 333.0 | 0.0 | 0.0 | 0.0 | 0 | NSR BOU-DD26-1047 | 54.6 | 55.1 | 1.04 | 244 | 0.5 | 2.7 | 19.5 | 3.1 | 5 | 974 BOU-DD26-1047 | 66.8 | 67.6 | 0.39 | 17 | 0.8 | 0.0 | 0.7 | 1.2 | 3 | 91 BOU-DD26-1048 | 0.0 | 375.0 | 0.00 | 0 | 375.0 | 0.0 | 0.0 | 0.0 | 0 | NSR BOU-DD26-1049 | 224.7 | 227.6 | 1.50 | 21 | 2.9 | 0.0 | 2.1 | 0.6 | 15 | 209 BOU-DD26-1049 | 224.7 | 235.2 | 0.95 | 17 | 10.5 | 0.0 | 1.2 | 1.0 | 9 | 148 BOU-DD26-1049 | 268.3 | 269.2 | 0.44 | 11 | 0.9 | 0.0 | 0.8 | 0.1 | 20 | 70 BOU-DD26-1049 | 318.3 | 320.6 | 0.18 | 112 | 2.3 | 0.0 | 1.4 | 0.1 | 1 | 158 BOU-DD26-1050 | 0.0 | 397.3 | 0.00 | 0 | 397.3 | 0.0 | 0.0 | 0.0 | 0 | NSR BOU-DD26-1051 | 99.5 | 101.4 | 0.47 | 25 | 1.9 | 0.0 | 0.8 | 5.1 | 5 | 188 BOU-DD26-1051 | 103.4 | 104.4 | 0.70 | 11 | 1.0 | 0.0 | 0.3 | 1.4 | 3 | 109 BOU-DD26-1051 | 107.4 | 108.4 | 0.61 | 9 | 1.0 | 0.0 | 0.5 | 1.2 | 2 | 98 BOU-DD26-1051 | 112.2 | 113.2 | 0.03 | 70 | 1.0 | 0.0 | 0.0 | 0.1 | 1 | 74 BOU-DD26-1052 | 262.8 | 268.5 | 1.99 | 21 | 5.7 | 0.0 | 0.3 | 0.4 | 5 | 216 Including | 264.9 | 267.0 | 3.80 | 31 | 2.1 | 0.1 | 0.3 | 0.3 | 6 | 388 BOU-DD26-1052 | 281.0 | 282.0 | 0.06 | 47 | 1.0 | 0.0 | 0.3 | 0.2 | 6 | 64 BOU-DD26-1052 | 356.7 | 357.6 | 0.50 | 9 | 0.9 | 0.0 | 0.3 | 1.5 | 0 | 92 BOU-DD26-1052 | 453.2 | 453.7 | 0.91 | 27 | 0.5 | 0.0 | 0.3 | 0.2 | 12 | 118 BOU-DD26-1052 | 458.0 | 458.6 | 0.79 | 11 | 0.6 | 0.0 | 0.1 | 0.1 | 3 | 86 BOU-DD26-1052 | 459.8 | 460.8 | 0.86 | 20 | 1.0 | 0.0 | 0.2 | 0.3 | 6 | 109 BOU-DD26-1053 | 29.8 | 30.8 | 0.08 | 89 | 1.0 | 0.0 | 0.3 | 0.7 | 5 | 118 BOU-DD26-1053 | 34.4 | 38.9 | 0.84 | 113 | 4.5 | 0.0 | 1.4 | 2.6 | 6 | 269 BOU-DD26-1053 | 299.0 | 299.5 | 1.29 | 23 | 0.5 | 0.1 | 0.2 | 0.4 | 1 | 155 BOU-DD26-1053 | 315.5 | 316.7 | 1.72 | 19 | 1.2 | 0.0 | 0.2 | 1.4 | 3 | 207 BOU-DD26-1053 | 329.3 | 330.0 | 3.99 | 29 | 0.7 | 0.0 | 0.0 | 0.1 | 0 | 391 BOU-DD26-1053 | 395.5 | 396.4 | 0.28 | 26 | 0.9 | 0.0 | 1.3 | 1.6 | 75 | 113 BOU-DD26-1053 | 397.5 | 398.0 | 1.20 | 29 | 0.5 | 0.1 | 0.9 | 2.1 | 169 | 204 BOU-DD26-1053 | 402.2 | 405.0 | 1.06 | 19 | 2.8 | 0.0 | 0.0 | 0.2 | 0 | 122 BOU-DD26-1053 | 454.0 | 455.0 | 0.84 | 6 | 1.0 | 0.0 | 0.2 | 0.5 | 0 | 96 BOU-DD26-1054 | 6.8 | 7.8 | 0.61 | 9 | 1.0 | 0.0 | 0.6 | 0.0 | 9 | 79 BOU-DD26-1054 | 53.0 | 54.0 | 0.29 | 27 | 1.0 | 0.0 | 1.2 | 1.7 | 9 | 112 BOU-DD26-1054 | 142.7 | 143.5 | 0.52 | 24 | 0.8 | 0.0 | 2.4 | 1.7 | 0 | 153 BOU-DD26-1054 | 152.4 | 153.0 | 0.41 | 21 | 0.6 | 0.0 | 0.4 | 0.4 | 0 | 75 BOU-DD26-1055 | 40.6 | 42.6 | 1.06 | 2 | 2.0 | 0.0 | 0.0 | 0.0 | 2 | 97 BOU-DD26-1055 | 44.6 | 45.6 | 0.56 | 5 | 1.0 | 0.0 | 0.0 | 0.1 | 6 | 57 BOU-DD26-1055 | 299.0 | 301.2 | 4.39 | 37 | 2.2 | 0.1 | 0.2 | 0.3 | 6 | 450 BOU-DD26-1055 | 400.0 | 401.0 | 0.13 | 61 | 1.0 | 0.1 | 0.1 | 0.0 | 10 | 85 BOU-DD26-1055 | 482.7 | 483.6 | 0.61 | 0 | 0.9 | 0.0 | 0.0 | 0.0 | 1 | 56 BOU-DD26-1055 | 485.4 | 486.0 | 0.93 | 22 | 0.6 | 0.0 | 0.2 | 0.1 | 1 | 114 BOU-DD26-1055 | 493.0 | 494.0 | 0.64 | 1 | 1.0 | 0.0 | 0.0 | 0.0 | 12 | 60 BOU-DD26-1055 | 505.2 | 505.8 | 0.42 | 18 | 0.6 | 0.1 | 1.4 | 2.1 | 5 | 128 BOU-DD26-1055 | 506.8 | 507.7 | 0.89 | 9 | 0.9 | 0.0 | 0.4 | 0.3 | 6 | 105 BOU-DD26-1056 | 61.7 | 62.6 | 3.83 | 177 | 0.9 | 0.2 | 0.3 | 1.4 | 4 | 569 BOU-DD26-1056 | 74.0 | 75.0 | 0.47 | 12 | 1.0 | 0.0 | 0.9 | 1.1 | 1 | 93 BOU-DD26-1056 | 202.3 | 203.2 | 0.56 | 9 | 0.9 | 0.0 | 0.6 | 0.6 | 2 | 83 BOU-DD26-1057 | 120.0 | 122.0 | 1.01 | 14 | 2.0 | 0.0 | 0.1 | 0.3 | 2 | 113 BOU-DD26-1057 | 131.0 | 144.2 | 0.79 | 10 | 13.2 | 0.0 | 0.0 | 0.2 | 2 | 87 Including | 136.2 | 138.2 | 1.63 | 32 | 2.0 | 0.0 | 0.1 | 0.5 | 1 | 192 BOU-DD26-1058 | 303.0 | 304.0 | 0.03 | 58 | 1.0 | 0.0 | 0.0 | 0.0 | 0 | 61 BOU-DD26-1058 | 330.9 | 332.3 | 1.79 | 18 | 1.4 | 0.0 | 0.4 | 1.6 | 4 | 221 BOU-DD26-1059 | 196.0 | 201.0 | 0.61 | 0 | 5.0 | 0.0 | 0.0 | 0.0 | 4 | 57 BOU-DD26-1059 | 204.0 | 205.0 | 0.59 | 0 | 1.0 | 0.0 | 0.0 | 0.0 | 0 | 55 BOU-DD26-1060 | 172.2 | 173.1 | 1.18 | 2 | 0.9 | 0.0 | 0.0 | 0.2 | 1 | 113 BOU-DD26-1060 | 365.2 | 368.2 | 0.62 | 34 | 3.0 | 0.1 | 0.4 | 2.3 | 2 | 148 Including | 365.2 | 365.7 | 1.14 | 49 | 0.5 | 0.1 | 0.7 | 4.2 | 3 | 259 BOU-DD26-1060 | 484.4 | 485.0 | 0.25 | 32 | 0.6 | 0.1 | 7.2 | 0.4 | 0 | 203 BOU-DD26-1060 | 498.6 | 499.2 | 0.53 | 19 | 0.6 | 0.0 | 0.2 | 0.6 | 3 | 84 BOU-DD26-1060 | 500.5 | 503.3 | 2.25 | 29 | 2.8 | 0.0 | 0.2 | 5.0 | 1 | 342 BOU-DD26-1061 | 19.0 | 22.0 | 0.06 | 99 | 3.0 | 0.5 | 0.0 | 0.1 | 1 | 143 BOU-DD26-1061 | 24.0 | 25.9 | 0.08 | 83 | 1.9 | 0.3 | 0.2 | 0.1 | 3 | 121 BOU-DD26-1061 | 143.5 | 144.0 | 0.32 | 51 | 0.5 | 0.1 | 1.8 | 6.8 | 2 | 258 BOU-DD26-1061 | 171.1 | 173.0 | 0.46 | 21 | 1.9 | 0.0 | 0.2 | 0.4 | 3 | 78 BOU-DD26-1061 | 175.0 | 178.8 | 1.55 | 23 | 3.8 | 0.0 | 0.1 | 0.4 | 5 | 174 BOU-DD26-1061 | 258.3 | 259.3 | 0.62 | 13 | 1.0 | 0.0 | 0.8 | 0.8 | 0 | 100 BOU-DD26-1063 | 94.8 | 95.5 | 0.48 | 85 | 0.7 | 0.0 | 3.7 | 2.2 | 8 | 244 BOU-DD26-1063 | 356.8 | 357.4 | 0.76 | 10 | 0.6 | 0.0 | 0.1 | 0.4 | 3 | 91 BOU-DD26-1063 | 360.7 | 361.8 | 2.68 | 45 | 1.1 | 0.0 | 0.1 | 2.5 | 3 | 340 BOU-DD26-1063 | 362.8 | 363.8 | 0.60 | 20 | 1.0 | 0.0 | 0.1 | 0.2 | 3 | 80 BOU-DD26-1063 | 366.8 | 367.8 | 2.54 | 5 | 1.0 | 0.0 | 0.0 | 0.0 | 4 | 236 BOU-DD26-1063 | 377.3 | 377.8 | 0.86 | 23 | 0.5 | 0.0 | 0.8 | 0.4 | 4 | 125 BOU-DD26-1064 | 198.5 | 200.7 | 1.68 | 22 | 2.2 | 0.0 | 0.1 | 0.1 | 13 | 176 BOU-DD26-1064 | 213.4 | 214.2 | 0.06 | 77 | 0.8 | 0.7 | 0.3 | 0.1 | 4 | 143 BOU-DD26-1064 | 250.0 | 251.0 | 0.08 | 48 | 1.0 | 0.3 | 0.1 | 0.1 | 2 | 81 BOU-DD26-1064 | 257.0 | 258.7 | 0.67 | 43 | 1.7 | 0.1 | 0.3 | 0.3 | 3 | 126 BOU-DD26-1064 | 293.0 | 294.0 | 4.44 | 2 | 1.0 | 0.0 | 0.2 | 0.2 | 2 | 409 BOU-DD26-1064 | 377.7 | 378.6 | 0.44 | 34 | 0.9 | 0.0 | 1.1 | 1.8 | 0 | 133 BOU-DD26-1064 | 381.4 | 382.4 | 0.38 | 31 | 1.0 | 0.0 | 0.3 | 0.6 | 3 | 83 BOU-DD26-1065 | 72.0 | 72.6 | 0.64 | 11 | 0.6 | 0.0 | 0.5 | 1.1 | 1 | 100 BOU-DD26-1065 | 246.0 | 249.7 | 1.43 | 15 | 3.7 | 0.0 | 0.1 | 0.6 | 6 | 161 BOU-DD26-1065 | 254.7 | 255.3 | 0.61 | 11 | 0.6 | 0.0 | 0.0 | 0.1 | 4 | 69 BOU-DD26-1065 | 258.4 | 259.8 | 0.81 | 21 | 1.4 | 0.0 | 0.0 | 0.0 | 3 | 98 BOU-DD26-1065 | 267.1 | 269.9 | 2.69 | 30 | 2.8 | 0.2 | 0.1 | 0.1 | 3 | 290 Including | 267.1 | 268.1 | 4.66 | 39 | 1.0 | 0.5 | 0.0 | 0.1 | 3 | 495 BOU-DD26-1065 | 282.1 | 290.4 | 1.83 | 32 | 8.3 | 0.1 | 0.1 | 0.1 | 3 | 205 Including | 284.0 | 286.7 | 3.31 | 71 | 2.7 | 0.1 | 0.1 | 0.1 | 3 | 382 BOU-DD26-1065 | 293.3 | 294.0 | 1.47 | 30 | 0.7 | 0.1 | 0.1 | 0.6 | 3 | 186 BOU-DD26-1065 | 314.6 | 315.5 | 3.84 | 13 | 0.9 | 0.0 | 0.1 | 0.1 | 5 | 362 BOU-DD26-1066 | 58.6 | 59.3 | 1.02 | 24 | 0.7 | 0.0 | 0.0 | 0.0 | 12 | 117 BOU-DD26-1066 | 62.5 | 63.1 | 0.72 | 17 | 0.6 | 0.1 | 0.1 | 0.0 | 9 | 94 BOU-DD26-1066 | 72.5 | 73.5 | 0.97 | 9 | 1.0 | 0.0 | 0.0 | 0.0 | 6 | 97 BOU-DD26-1066 | 75.0 | 76.0 | 0.81 | 3 | 1.0 | 0.0 | 0.1 | 0.0 | 3 | 78 BOU-DD26-1066 | 406.3 | 407.1 | 1.54 | 19 | 0.8 | 0.1 | 0.5 | 1.9 | 7 | 212 BOU-DD26-1067 | 0.0 | 404.0 | 0.00 | 0 | 404.0 | 0.0 | 0.0 | 0.0 | 0 | NSR BOU-DD26-1068 | 63.0 | 64.0 | 0.62 | 6 | 1.0 | 0.0 | 0.0 | 0.1 | 6 | 67 BOU-DD26-1068 | 450.0 | 451.0 | 0.92 | 9 | 1.0 | 0.0 | 0.1 | 0.2 | 15 | 98 BOU-DD26-1069 | 39.9 | 42.2 | 0.65 | 33 | 2.3 | 0.0 | 1.2 | 1.8 | 22 | 152 BOU-DD26-1069 | 53.6 | 55.0 | 1.79 | 69 | 1.4 | 0.0 | 4.2 | 7.2 | 31 | 458 BOU-DD26-1069 | 62.6 | 63.5 | 0.14 | 41 | 0.9 | 0.0 | 0.1 | 0.5 | 10 | 67 BOU-DD26-1069 | 65.3 | 65.8 | 1.51 | 54 | 0.5 | 0.1 | 2.6 | 3.2 | 14 | 312 BOU-DD26-1070 | 505.0 | 506.0 | 0.65 | 7 | 1.0 | 0.0 | 0.0 | 0.1 | 3 | 68 BOU-DD26-1071 | 116.3 | 117.0 | 1.22 | 15 | 0.7 | 0.0 | 0.6 | 1.4 | 3 | 165 BOU-DD26-1071 | 303.0 | 306.8 | 0.82 | 11 | 3.8 | 0.0 | 0.3 | 0.7 | 5 | 108 BOU-DD26-1071 | 313.7 | 315.4 | 0.67 | 9 | 1.7 | 0.0 | 0.2 | 0.4 | 2 | 82 BOU-DD26-1071 | 332.0 | 333.0 | 0.62 | 7 | 1.0 | 0.0 | 0.0 | 0.1 | 2 | 66 BOU-DD26-1071 | 336.7 | 337.4 | 1.12 | 19 | 0.7 | 0.0 | 0.0 | 0.0 | 3 | 123 BOU-DD26-1071 | 362.4 | 366.1 | 5.53 | 68 | 3.7 | 0.3 | 0.1 | 1.7 | 2 | 621 Including | 362.4 | 364.8 | 7.98 | 72 | 2.4 | 0.3 | 0.1 | 2.5 | 1 | 862 BOU-DD26-1071 | 367.3 | 367.8 | 0.92 | 11 | 0.5 | 0.1 | 0.0 | 2.1 | 4 | 147 BOU-DD26-1072 | 70.0 | 71.0 | 0.47 | 19 | 1.0 | 0.0 | 0.8 | 1.5 | 3 | 110 BOU-DD26-1072 | 81.0 | 82.0 | 0.47 | 16 | 1.0 | 0.0 | 0.8 | 1.5 | 8 | 105 BOU-DD26-1072 | 94.6 | 111.6 | 1.69 | 36 | 17.0 | 0.1 | 0.3 | 1.7 | 12 | 239 Including | 104.5 | 106.2 | 7.94 | 118 | 1.7 | 0.6 | 0.3 | 3.6 | 12 | 953 BOU-DD26-1072 | 113.2 | 114.0 | 0.70 | 15 | 0.8 | 0.0 | 0.2 | 0.7 | 9 | 96 BOU-DD26-1072 | 118.9 | 119.4 | 0.27 | 51 | 0.5 | 0.0 | 0.9 | 3.3 | 65 | 160 BOU-DD26-1072 | 133.0 | 134.0 | 0.03 | 58 | 1.0 | 0.0 | 0.2 | 0.1 | 4 | 66 BOU-DD26-1072 | 147.0 | 148.0 | 0.56 | 6 | 1.0 | 0.0 | 0.2 | 0.0 | 19 | 62 BOU-DD26-1073 | 30.7 | 31.3 | 1.09 | 11 | 0.6 | 0.0 | 0.2 | 0.1 | 4 | 115 BOU-DD26-1073 | 32.7 | 34.7 | 2.15 | 28 | 2.0 | 0.0 | 0.1 | 0.1 | 5 | 228 BOU-DD26-1073 | 46.0 | 47.0 | 0.03 | 64 | 1.0 | 0.0 | 0.8 | 0.6 | 0 | 94 BOU-DD26-1073 | 76.0 | 77.0 | 0.45 | 13 | 1.0 | 0.0 | 0.1 | 0.0 | 2 | 56 BOU-DD26-1073 | 159.0 | 160.0 | 0.85 | 11 | 1.0 | 0.0 | 0.1 | 0.4 | 3 | 98 BOU-DD26-1073 | 276.1 | 277.1 | 0.79 | 11 | 1.0 | 0.0 | 0.6 | 1.2 | 4 | 118 BOU-DD26-1074 | 37.7 | 39.1 | 0.77 | 15 | 1.4 | 0.0 | 0.1 | 0.6 | 11 | 100 BOU-DD26-1074 | 52.0 | 59.3 | 0.64 | 28 | 7.3 | 0.0 | 1.8 | 2.7 | 21 | 176 Including | 55.8 | 57.9 | 1.18 | 26 | 2.1 | 0.0 | 1.4 | 3.4 | 34 | 230 BOU-DD26-1074 | 61.0 | 62.0 | 0.50 | 22 | 1.0 | 0.0 | 0.8 | 2.7 | 26 | 141 BOU-DD26-1074 | 75.5 | 76.1 | 0.78 | 16 | 0.6 | 0.0 | 1.2 | 1.9 | 20 | 148 BOU-DD26-1074 | 89.8 | 91.0 | 4.00 | 38 | 1.2 | 0.1 | 1.1 | 2.3 | 59 | 472 BOU-DD26-1075 | 286.9 | 287.8 | 0.87 | 0 | 0.9 | 0.0 | 0.0 | 0.1 | 0 | 80 BOU-DD26-1076 | 140.0 | 141.0 | 0.03 | 62 | 1.0 | 0.0 | 2.6 | 1.6 | 25 | 147 BOU-DD26-1076 | 144.2 | 145.0 | 0.59 | 18 | 0.8 | 0.1 | 0.8 | 3.6 | 20 | 168 BOU-DD26-1076 | 146.5 | 158.4 | 1.56 | 28 | 11.9 | 0.1 | 1.3 | 3.3 | 15 | 269 Including | 147.1 | 149.7 | 3.94 | 65 | 2.6 | 0.4 | 2.7 | 6.6 | 19 | 635 BOU-DD26-1077 | 39.1 | 41.5 | 1.40 | 44 | 2.4 | 0.1 | 0.4 | 0.5 | 8 | 192 BOU-DD26-1077 | 43.4 | 44.0 | 0.24 | 74 | 0.6 | 0.1 | 2.6 | 7.8 | 12 | 310 BOU-DD26-1077 | 50.0 | 51.0 | 0.81 | 32 | 1.0 | 0.0 | 0.5 | 0.6 | 60 | 129 BOU-DD26-1077 | 54.9 | 59.1 | 1.10 | 26 | 4.2 | 0.0 | 0.3 | 0.7 | 44 | 145 BOU-DD26-1077 | 61.0 | 62.0 | 0.45 | 13 | 1.0 | 0.0 | 0.1 | 0.4 | 48 | 65 BOU-DD26-1078 | 154.9 | 164.0 | 1.96 | 31 | 9.1 | 0.1 | 1.5 | 4.5 | 33 | 331 BOU-DD26-1078 | 166.0 | 167.0 | 0.67 | 9 | 1.0 | 0.0 | 0.7 | 0.0 | 16 | 83 BOU-DD26-1078 | 168.0 | 169.0 | 0.60 | 8 | 1.0 | 0.0 | 0.3 | 0.0 | 9 | 69 BOU-DD26-1078 | 170.0 | 172.0 | 0.62 | 11 | 2.0 | 0.0 | 0.6 | 0.2 | 11 | 83 BOU-DD26-1078 | 174.2 | 177.2 | 1.85 | 22 | 3.0 | 0.1 | 0.2 | 1.4 | 10 | 225 BOU-DD26-1079 | 42.5 | 43.4 | 0.46 | 16 | 0.9 | 0.0 | 0.4 | 0.8 | 5 | 82 BOU-DD26-1079 | 46.1 | 47.9 | 0.31 | 57 | 1.8 | 0.0 | 0.3 | 0.2 | 31 | 98 BOU-DD26-1079 | 114.0 | 115.4 | 0.37 | 23 | 1.4 | 0.0 | 1.3 | 1.0 | 13 | 101 BOU-DD26-1079 | 141.2 | 142.1 | 0.41 | 38 | 0.9 | 0.1 | 0.1 | 0.5 | 10 | 94 BOU-DD26-1080 | 252.6 | 258.1 | 0.77 | 13 | 5.5 | 0.0 | 0.4 | 0.5 | 6 | 103 Including | 252.6 | 254.2 | 1.20 | 12 | 1.6 | 0.1 | 0.1 | 1.0 | 8 | 147 - True width remains undetermined at this stage; all values are uncut. - Ag equivalent is based on a silver price of US$30/oz with a process recovery of 96%, a gold price of US$2,800/oz with a process recovery of 96%, a zinc price of US$1.20/lb with a process recovery of 75%, a lead price of US$1.00/lb with a process recovery of 82%, and a copper price of US$4.60/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 89.7g/t Ag; 1% Cu: 78.6 g/t Ag; 1% Pb: 18.7 g/t Ag; and 1% Zn: 20.4 g/t Ag. Appendix 2 – New Drillhole Coordinates of 2026 Boumadine Exploration Program (completed holes) Hole No. | Easting | Northing | Elevation | Azimuth | Dip | Length (m) BOU-DD26-1131 | 316580 | 3477493 | 1219 | 248 | -50 | 174 BOU-DD26-1132 | 317131 | 3476252 | 1216 | 250 | -50 | 418 BOU-DD26-1133 | 315776 | 3477353 | 1287 | 271 | -49 | 453 BOU-DD26-1134 | 315818 | 3477362 | 1285 | 270 | -50 | 405 BOU-DD26-1135 | 315348 | 3477264 | 1270 | 270 | -50 | 148 BOU-DD26-1136 | 315315 | 3477262 | 1277 | 270 | -50 | 105 BOU-DD26-1137 | 316620 | 3477507 | 1217 | 250 | -50 | 201 BOU-DD26-1138 | 315750 | 3476900 | 1267 | 270 | -50 | 449 BOU-DD26-1139 | 315387 | 3477263 | 1267 | 270 | -50 | 180 BOU-DD26-1140 | 316071 | 3476904 | 1248 | 270 | -50 | 401 BOU-DD26-1141 | 316655 | 3477522 | 1207 | 247 | -49 | 267 BOU-DD26-1142 | 316695 | 3477538 | 1209 | 250 | -50 | 306 BOU-DD26-1143 | 315488 | 3477261 | 1218 | 270 | -50 | 306 BOU-DD26-1144 | 315485 | 3477259 | 1271 | 270 | -50 | 297 BOU-DD26-1145 | 315538 | 3477261 | 1290 | 270 | -50 | 327 BOU-DD26-1146 | 316735 | 3477551 | 1209 | 248 | -50 | 345 BOU-DD26-1147 | 316775 | 3477565 | 1208 | 250 | -50 | 351 BOU-DD26-1148 | 315582 | 3477258 | 1292 | 269 | -50 | 420 BOU-DD26-1149 | 315622 | 3477258 | 1285 | 269 | -50 | 201 BOU-DD26-1150 | 315659 | 3477263 | 1280 | 270 | -50 | 267 BOU-DD26-1151 | 316820 | 3477581 | 1214 | 250 | -50 | 426 BOU-DD26-1152 | 315697 | 3477257 | 1275 | 270 | -50 | 250 BOU-DD26-1153 | 315743 | 3477259 | 1278 | 270 | -50 | 300 BOU-DD26-1154 | 316862 | 3477596 | 1213 | 248 | -51 | 459 BOU-DD26-1155 | 315793 | 3477263 | 1290 | 270 | -50 | 351 BOU-DD26-1156 | 315375 | 3477161 | 1267 | 270 | -50 | 153 BOU-DD26-1157 | 315418 | 3477163 | 1264 | 270 | -50 | 153 BOU-DD26-1158 | 316558 | 3477438 | 1217 | 249 | -50 | 114 BOU-DD26-1159 | 316899 | 3477610 | 1206 | 250 | -50 | 510 BOU-DD26-1160 | 316391 | 3476900 | 1232 | 270 | -52 | 404 BOU-DD26-1161 | 317492 | 3476414 | 1208 | 250 | -50 | 350 BOU-DD26-1162 | 315527 | 3477157 | 1288 | 270 | -50 | 321 BOU-DD26-1163 | 316713 | 3476896 | 1231 | 270 | -49 | 401 BOU-DD26-1164 | 316628 | 3477455 | 1214 | 249 | -50 | 204 BOU-DD26-1165 | 315377 | 3477054 | 1265 | 270 | -50 | 126 BOU-DD26-1166 | 315569 | 3477158 | 1287 | 269 | -50 | 351 BOU-DD26-1167 | 315410 | 3477055 | 1255 | 270 | -50 | 154 BOU-DD26-1168 | 316699 | 3477483 | 1207 | 249 | -51 | 324 BOU-DD26-1169 | 315476 | 3477055 | 1279 | 270 | -50 | 207 BOU-DD26-1170 | 315523 | 3477054 | 1287 | 270 | -50 | 261 BOU-DD26-1171 | 315412 | 3476953 | 1255 | 270 | -50 | 150 BOU-DD26-1172 | 316778 | 3477508 | 1209 | 250 | -50 | 330 BOU-DD26-1173 | 315563 | 3477054 | 1284 | 270 | -50 | 303 BOU-DD26-1174 | 316864 | 3477545 | 1216 | 249 | -50 | 435 BOU-DD26-1176 | 315597 | 3477053 | 1275 | 270 | -50 | 357 BOU-DD26-1177 | 315459 | 3476953 | 1264 | 270 | -50 | 207 BOU-DD26-1178 | 317580 | 3476448 | 1201 | 250 | -50 | 452 BOU-DD26-1179 | 315512 | 3476953 | 1275 | 270 | -50 | 228 BOU-DD26-1180 | 316590 | 3477392 | 1216 | 249 | -51 | 231 BOU-DD26-1181 | 315553 | 3476956 | 1272 | 270 | -50 | 258 BOU-DD26-1182 | 316635 | 3477404 | 1220 | 250 | -50 | 258 BOU-DD26-1183 | 315424 | 3476860 | 1259 | 270 | -50 | 108 BOU-DD26-1184 | 316674 | 3477423 | 1220 | 250 | -50 | 318 BOU-DD26-1185 | 317434 | 3476436 | 1210 | 250 | -50 | 254 BOU-DD26-1186 | 315601 | 3476956 | 1275 | 270 | -50 | 306 BOU-DD26-1187 | 315466 | 3476859 | 1260 | 270 | -50 | 156 BOU-DD26-1188 | 316712 | 3477433 | 1216 | 250 | -50 | 354 BOU-DD26-1189 | 316746 | 3477448 | 1208 | 249 | -50 | 405 BOU-DD26-1190 | 315511 | 3476864 | 1258 | 270 | -50 | 204 BOU-DD26-1191 | 317506 | 3476465 | 1206 | 250 | -51 | 303 BOU-DD26-1192 | 315561 | 3476862 | 1266 | 270 | -50 | 252 BOU-DD26-1193 | 316792 | 3477465 | 1211 | 250 | -50 | 453 BOU-DD26-1194 | 315604 | 3476861 | 1269 | 269 | -50 | 306 BOU-DD26-1195 | 316794 | 3477411 | 1218 | 249 | -50 | 414 BOU-DD26-1196 | 315407 | 3476759 | 1251 | 270 | -50 | 105 BOU-DD26-1197 | 317398 | 3476485 | 1208 | 250 | -50 | 251 BOU-DD26-1199 | 315443 | 3476757 | 1241 | 270 | -50 | 105 BOU-DD26-1200 | 315485 | 3476759 | 1241 | 270 | -50 | 159 BOU-DD26-1201 | 317440 | 3476502 | 1207 | 250 | -50 | 275 BOU-DD26-1203 | 317526 | 3476533 | 1207 | 250 | -50 | 380 BOU-DD26-1204 | 316917 | 3477459 | 1219 | 250 | -50 | 465 BOU-DD26-1205 | 317108 | 3476832 | 1213 | 250 | -50 | 255 BOU-DD26-1207 | 317160 | 3476849 | 1214 | 250 | -50 | 327 BOU-DD26-1208 | 316950 | 3477468 | 1211 | 249 | -49 | 501 BOU-DD26-1210 | 317069 | 3476872 | 1218 | 250 | -50 | 252 BOU-DD26-1214 | 317167 | 3476961 | 1209 | 250 | -50 | 375 BOU-DD26-1215 | 317551 | 3476599 | 1208 | 250 | -50 | 380 BOU-DD26-1217 | 315460 | 3476808 | 1244 | 270 | -50 | 111 BOU-DD26-1220 | 317250 | 3476991 | 1206 | 250 | -50 | 480 BOU-DD26-1222 | 315425 | 3476901 | 1264 | 270 | -50 | 111 BOU-RC26-070 | 317533 | 3477699 | 1193 | 270 | -50 | 95 BOU-RC26-071 | 317625 | 3477697 | 1201 | 270 | -50 | 10 BOU-RC26-072 | 317627 | 3477701 | 1201 | 270 | -50 | 150 BOU-RC26-073 | 317716 | 3477700 | 1205 | 270 | -50 | 150 BOU-RC26-074 | 317863 | 3477696 | 1189 | 270 | -50 | 150 BOU-RC26-075 | 317954 | 3477693 | 1187 | 270 | -50 | 150 Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aca39656-9abb-48ff-ab72-0aae2c38f125 https://www.globenewswire.com/NewsRoom/AttachmentNg/00ddcf38-fe00-4a6a-9cc8-75f8a07c223b https://www.globenewswire.com/NewsRoom/AttachmentNg/e2e506ce-b308-4032-b7a5-30145c1fc560 https://www.globenewswire.com/NewsRoom/AttachmentNg/df0bc63e-713d-4df5-baa1-4d8c27f70d08

Aya Gold & Silver has delivered very strong multi year returns, which puts a spotlight on what investors are currently paying for each dollar of its earnings. With the share price recently closing at C$36.13, the immediate question is whether that level can be squared with the profits the business is generating today. - Over the past 3 years the stock has gained about 374.1%. This puts investors in a position where the current earnings multiple carries a lot of weight. - The business relies heavily on converting its mining operations into consistent profits, so the durability of those earnings may support how much investors are prepared to pay for the shares. - Your read on Aya Gold & Silver is one view; the desks covering it have another. See what analysts think Aya Gold & Silver's shares could be worth. The issue now is whether Aya Gold & Silver's present share price is justified by its earnings when set against the Fair Ratio benchmark. If you want a broader starting point for comparing Aya Gold & Silver with other precious metal producers, a focused list of 35 elite gold producer stocks can help frame your next round of research. The P/E ratio is a useful lens for Aya Gold & Silver because earnings sit at the center of how investors frame a producing miner. Right now, the share price implies a P/E of 32.4x. This is more than double the wider metals and mining group on 14.7x and sits below the peer basket on 37.5x. On this framework, the Fair Ratio model, which blends factors such as Aya Gold & Silver's profitability profile, sector, size and risk, points to a lower earnings multiple than the market is currently paying. That gap means the stock trades on a richer earnings tag than the model suggests, even before considering project execution, commodity-price sensitivity or balance sheet flexibility. For anyone researching Aya Gold & Silver, the key question is whether the quality and resilience of future profits justify paying this kind of premium on current earnings multiples. Explore the numbers behind Aya Gold & Silver's P/E valuation. Simply Wall St Narratives pick up where the earlier valuation puzzle for Aya Gold & Silver leaves off and outline which assumptions about future growth, margins and earnings would need to hold for the stock to be worth meaningfully more or less than today's price. Each narrative links a fair value estimate to a clear storyline about Aya Gold & Silver's possible catalysts and key risks so you can track over time which version of events is unfolding on the Community page. Community views on Aya Gold & Silver split between a bullish resource growth story and a more cautious take on how much is already priced in. Bull case: 28% undervalued "Aya's exploration success at both Zgounder and Boumadine, combined with ongoing property acquisition and aggressive regional drilling programs, is poised to drive significant long-term growth..." Discover why this Narrative puts Aya Gold & Silver at 28% undervalued. Bear case: 6% overvalued "Most investors avoid Morocco (Tier-2 jurisdiction), creating a valuation gap..." Explore why this Narrative puts Aya Gold & Silver at 6% overvalued. You have seen what the current P/E hints at today, but professional coverage adds another lens because it sets out where specialists think this miner could be a few years from now. Explore where analysts expect Aya Gold & Silver to be in a few years. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AYA.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Aya Gold & Silver (TSX:AYA) reported record quarterly silver production from its Zgounder Silver Mine in its latest update. - Management highlighted strong operational performance at Zgounder during the quarter, with output reaching a new all time high. - The company also reported progress on the Boumadine pyrite reclaim operation, tying it more closely into current production plans. - Record silver output at Zgounder is important, but it should not be the only thing shaping your view of Aya Gold & Silver. Take a look at 1 major warning sign we have identified for Aya Gold & Silver. Record production at Zgounder fits into a broader push toward higher quality precious metals assets, which is where 35 elite gold producer stocks. Aya Gold & Silver is a CA$5.4b precious metals group focused on exploring and developing projects in Morocco, so record output at Zgounder and progress at Boumadine directly influence how productive its core mining footprint can be over time. 2 things going right for Aya Gold & Silver that this headline doesn't cover. The Aya Gold & Silver Narrative is built on Zgounder ramp-up success and a broader Moroccan build-out translating higher production into durable, lower-cost cash generation. This production update plugs straight into that bet, because it shows how much of the story now rests on keeping these mines running smoothly. "Ramp-up success at Zgounder and ongoing exploration are driving higher production, lower costs, and setting the stage for sustained revenue and earnings growth..." See how the full story points towards a CA$50.23 fair value for Aya Gold & Silver. This quarter's 2,034,628 silver-equivalent ounces speak directly to the ramp-up catalyst that bulls focus on, since the Narrative assumes Zgounder can support higher output with disciplined costs. Stronger Boumadine pyrite reclaim volumes also back the idea of Morocco as a scalable mining hub, a theme that sets Aya apart from peers such as First Majestic Silver and Silvercorp Metals. The same news puts pressure on the risk side of that story. Analysts already flag heavy reliance on Moroccan assets and future earnings declines, so pushing more production through Zgounder and Boumadine concentrates exposure to any operational or regulatory setback in one country. For a miner this concentrated in silver, global price swings also cut both ways for the Narrative. The takeaway is simple: the latest production figures can look like confirmation or a warning depending on which Aya Gold & Silver storyline you lean toward. Short term production updates are one thing. The bigger swing factor is where analysts think Aya Gold & Silver ends up a few years from now and how that compares with today. See where analysts expect Aya Gold & Silver to be in a few years. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AYA.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Aya Gold & Silver (TSX:AYA) just reported fresh high-grade drill results from its Boumadine project in Morocco, confirming continuous mineralization along several zones and keeping resource expansion firmly in focus for investors. Aya Gold & Silver's latest Boumadine update lands after a mixed stretch in the market, with a 1-day share price return of 1.04% helping to offset some near-term weakness. At the same time, a 90-day share price return of 36.97% and a 1-year total shareholder return of 129.83% reflect strong momentum over a longer multi-year track record. Scan Aya Gold & Silver's peer group by exploring our curated list of 36 elite gold producer stocks that are also working to turn exploration headlines into longer term production stories. The share price has sprinted ahead of recent trading ranges, yet analyst estimates still sit higher. Where does fair value for Aya Gold & Silver really land inside that gap? Aya Gold & Silver closed at CA$38.68, while the most followed narrative pegs fair value at about CA$50.23, so the market is sitting well below that estimate and putting the spotlight on what could justify the gap. The ramp-up of the Zgounder mine is now largely complete, with processing capacity exceeding nameplate and plant recoveries reaching ~92%, positioning Aya to deliver meaningfully higher silver production and lower unit costs as operational improvements are sustained. This should result in higher revenues and expanded net margins going forward. See why 42 investors see Aya Gold & Silver as 23% undervalued. Result: Fair Value of CA$50.23 (UNDERVALUED) Still, Aya Gold & Silver is tightly tied to Moroccan assets and silver prices, so any regulatory shift or weaker metal demand could quickly challenge this upside story. Find out about the key risks to this Aya Gold & Silver narrative. If this Aya Gold & Silver story feels balanced between opportunity and risk, move quickly to check the data yourself and stress test your own thesis using the 2 key rewards and 1 important warning sign. If Aya Gold & Silver has sharpened your focus on quality, do not stop here. Broaden your watchlist with a few targeted screens that surface different types of opportunities. - Spot potential mispricings early and scan a curated pool of companies that screens for quality and value through the 6 high quality undervalued stocks. - Strengthen your income stream by reviewing candidates that combine elevated yields with resilient cash flows inside the 1 dividend fortresses. - Unearth lesser-known prospects before the crowd catches on by filtering through the 9 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AYA.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- In September 2026, Aya Gold & Silver Inc. reported new high-grade infill drill results from its Boumadine Project in Morocco, confirming strong, continuous mineralization along the Main Trend and related zones from more than 400 diamond drill holes. - The company's plan to complete about 360,000m of additional drilling over the next 15 months underscores Boumadine's potential for meaningful resource expansion and progression toward a Feasibility Study. - Next, we'll explore how these high-grade Boumadine infill results and the enlarged drill program might influence Aya Gold & Silver's investment narrative. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 32 best rare earth metal stocks of the very few that mine this essential strategic resource. To own Aya Gold & Silver, you need to believe that Boumadine can be converted from a high-grade exploration story into a robust, economically viable mine, while Zgounder funds and de risks that journey. The latest Boumadine infill results support that view by tightening confidence in grade continuity along the Main Trend, which helps the key near term catalyst of moving toward a Feasibility Study. At the same time, the enlarged drill program raises the stakes on execution and capital discipline. Among recent announcements, the July 2026 Boumadine Feasibility Study update ties in most directly. It showed substantial infill drilling progress and ongoing work on metallurgy, power, and water solutions, all of which frame today's drilling results within a broader push toward reserve conversion. Together, those updates outline a clear path to Boumadine's technical de risking, but also highlight how much still depends on successful processing flowsheets and cost control. Yet beneath the strong drill headlines, investors should be aware of the concentration and execution risks that could still... Read the full narrative on Aya Gold & Silver (it's free!) Aya Gold & Silver's narrative projects $405.1 million revenue and $67.5 million earnings by 2029. Uncover how Aya Gold & Silver's forecasts yield a CA$50.23 fair value, a 30% upside to its current price. Some of the lowest ranked analysts took a far more cautious stance, even while assuming revenues could reach about US$191.4 million and earnings US$57.5 million by 2028, reminding you that views on ore dilution, Moroccan concentration risk, and Boumadine execution can differ sharply and that this latest Boumadine news may yet shift both the optimistic and pessimistic cases. Explore 6 other fair value estimates on Aya Gold & Silver - why the stock might be worth less than half the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. - A great starting point for your Aya Gold & Silver research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision. - Our free Aya Gold & Silver research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Aya Gold & Silver's overall financial health at a glance. Our daily scans reveal stocks with breakout potential. Don't miss this chance: - The future of work is here. Discover the 90 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. - Invest in the nuclear renaissance through our list of 19 elite nuclear energy infrastructure plays powering the global AI revolution. - We've uncovered the 1 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AYA.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Soaring Treasury yields in the U.S. are lifting borrowing costs across the board, which can pressure many asset classes but often pushes investors toward hard assets that do not depend on central bank policy. Silver sits squarely in that camp. When money feels more expensive, real assets can look more attractive. This article breaks down three leading silver miners from our screener that may help you position around that theme. The three miners in focus are only a sample of what rises to the top of this theme. The full screen surfaces seven more silver producers that carry similarly detailed narratives not covered here. If you want to identify and analyze a broader set of potential silver mining opportunities tied to AI, solar and EV demand, head straight to the Top Silver Stocks screener. Overview: Aya Gold & Silver is a Morocco-focused precious metals group, with the Zgounder silver mine as its flagship producing asset. Operations: Aya Gold & Silver generates about $333 million from production at its Zgounder silver mine in Morocco, plus $11 million of segment adjustments. Market Cap: CA$5.8 billion Aya Gold & Silver provides direct exposure to physical silver production through Zgounder, while also offering additional potential tied to a broader Moroccan project pipeline. What happens to Aya Gold & Silver’s appeal if a single key assumption about future production scale and cost control shifts? If that production risk is on your mind, read the full narrative for Aya Gold & Silver to see how Aya Gold & Silver’s optionality could accelerate or stall from here. Overview: Discovery Mining is a Toronto based precious metals producer that combines Canadian gold operations with high grade silver projects progressing toward potential production. Operations: Discovery Mining generates about $1.1b from its Porcupine Complex, plus roughly $30 million from segment level adjustments. Market Cap: CA$10.2b Discovery Mining matters for this silver theme because its major silver deposits are being pushed toward potential production while its gold operations supply the cash flow to keep that progress moving. What happens to Discovery Mining’s silver upside if one tight cost pressure quietly reshapes how much free cash the assets can truly generate? That quiet shift in free cash can be the hinge. Read the full narrative for Discovery Mining to see whether cost pressure is masking accelerating silver torque or stalling it. Overview: First Majestic Silver operates multiple producing silver and gold mines in Mexico, giving investors direct exposure to mined silver output. Operations: First Majestic Silver generates roughly $1.7b in revenue from its four Mexican mines, with an additional $52 million from its U.S. First Mint unit. Market Cap: CA$13.4b First Majestic Silver matters for this silver theme because its Mexican mines pull large volumes of silver out of the ground while its First Mint arm sells finished bullion directly to end buyers at a time when industrial and investment demand for the metal is tightly linked to AI, solar, and EV growth. What happens to First Majestic Silver’s margin story if one assumption about how much premium buyers keep paying for its bullion quietly shifts? That premium risk cut both ways. Read the full narrative for First Majestic Silver to see whether First Majestic Silver’s bullion engine is quietly accelerating value or masking new pressure. Fresh ideas move first. Breakout stories, building momentum, and quietly flying under the radar can get caught quickly. Scan curated lists before the crowd, while it matters. Act now. Spot established cash generators that keep compounding quietly as markets look elsewhere by running your filters through the list of solid balance sheet and fundamentals (7 results). Track where real income seekers focus as yields jump and prices drop, and pressure test your watchlist against the 1 dividend fortresses. Ride early momentum in cash flowing miners before sentiment catches up by scanning the curated universe inside the 36 elite gold producer stocks. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

MONTREAL, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) is pleased to report new high-grade drill exploration results at the Boumadine Project (“Boumadine” or the “Project”) from its ongoing infill drill program in the Kingdom of Morocco. These results confirm strong high-grade continuity along the Boumadine Main Trend and support the potential for continued resource growth. Highlights1 Boumadine Main Trend (5.4km) Multiple additional high-grade intercepts: Exploration Update: "Today's high-grade results continue to demonstrate the continuity, width and potential at Boumadine," said Benoit La Salle, President & CEO. "With over 145,000 metres drilled year-to-date and 14 drills currently turning, we are aggressively advancing the 2026–2027 infill and expansion program ahead of the updated Feasibility Study expected next year." Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths) Ag equivalent is based on a silver price of US$30/oz with a process recovery of 96%, a gold price of US$2,800/oz with a process recovery of 96%, a zinc price of US$1.20/lb with a process recovery of 75%, a lead price of US$1.00/lb with a process recovery of 82%, and a copper price of US$4.60/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 89.7g/t Ag; 1% Cu: 78.6 g/t Ag; 1% Pb: 18.7 g/t Ag; and 1% Zn: 20.4 g/t Ag. True width remains undetermined at this stage; all values are uncut. Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2026 Drill Holes 2026 Exploration Results This year, 406 diamond drill holes (“DDH”), totaling 145,719m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was done on strike along the Main Trend, Tizi and Imariren. All results have been received for drill holes up to BOU-DD26-1028 (Table 1, Figure 2, Figure 3 and Appendix 1). Today’s results, including BOU-DD26-848 and BOU-DD26-883, confirm the high-grade nature and continuity of the Boumadine Main Trend, which remains open in all directions. Mineralization within the Boumadine Main Trend measures up to 4m wide (locally reaching over a 10m width) and is N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation. Figure 2 – Surface Plan of Boumadine South Zone with New DDH Results Figure 3 – Surface Plan of Boumadine North Zone with New DDH Results Next Steps Infill drilling, following the latest positive preliminary economic assessment (“PEA”), will be ongoing for the next 15 months with a drill program of approximately 360,000m planned. Significant potential exists to expand the Boumadine Main Trend (currently 5.4 km), the Tizi Zone (2.0 km) and the Imariren Zone (1.2 km), with all three trends open in all directions. Follow-up drilling is also planned on the 8 km Asirem trend for later this year. Most drilling will continue to focus on the Main Trend, Imariren and Tizi to extend known mineralization along strike and at depth, while infilling key areas to advance the Project toward a Feasibility Study (“FS”). The balance of the 2026 program (~20,000m) will target Asirem follow-up and greenfield exploration, testing geological hypotheses and targets generated over the past four years. Ongoing geological work will guide additional development priorities. Technical Information Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every metre in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab. Qualified Person The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Executive Vice-President Exploration, who is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for accuracy and compliance with NI 43-101. About Aya Gold & Silver Inc. Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Company has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions. Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway, and which hosts a sizable mineralized footprint, and potential for further discovery. Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities. For additional information, please visit Aya’s website at www.ayagoldsilver.com. Or contact Forward-Looking Statements This press release contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release. All statements, other than statements of historical fact included in this press release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "guidance", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the potential for continued mineral resource growth and further expansion of mineralization along the Boumadine Main Trend in all directions; the Boumadine 2026 and 2027 exploration program; the expected completion date and content of the Boumadine feasibility study; the next steps with respect to the development and exploration of the Boumadine project, including infill drilling over the next 15 months, a drill program of approximately 360,000 m, follow-up drilling on the 8 km Asirem trend, testing and geological work. Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the Company’s ability to execute its business plans and objectives; the ability to commence and successfully execute planned drilling and exploration activities; the accuracy of the Company’s geological interpretations and the continuity of mineralization in areas targeted for exploration; the continued validity and good standing of the mining titles necessary to conduct the planned exploration activities; the timely receipt of necessary approvals or permits; the ability to obtain timely financing on reasonable terms when required; future social, economic and political conditions remaining consistent with those currently prevailing; the availability of qualified contractors, consultants, suppliers, equipment, materials and labour on commercially reasonable terms; the cooperation of government authorities, municipalities and other stakeholders; future drilling results being generally consistent with the Company’s expectations and current geological interpretations; the ability to complete planned infill and exploration drilling substantially in accordance with the anticipated scope and timelines; the availability and reliability of the technical, geological, metallurgical, engineering, environmental and economic information required to complete the feasibility study within the scope currently contemplated; and the successful completion of the required studies and the feasibility study within the anticipated timeframe. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: Aya’s ability to execute on its plans relating to the Boumadine Project, including the timing thereof; the speculative nature of mineral exploration and development; the inherent risks involved in the exploration and development of mineral properties; the risk that exploration, drilling, testing and geological work may not result in the discovery of additional mineralization or the expansion or conversion of mineral resources as anticipated; the risk that future drilling results may not be consistent with the Company’s expectations or current geological interpretations; the risk that the continuity, grade and extent of mineralization may differ from current interpretations and estimates; risks and uncertainties relating to the timing, scope, completion and results of the Company’s planned exploration and drilling programs; risks and uncertainties relating to the timing, scope, assumptions, conclusions and results of the feasibility study; the risk that geological, metallurgical, engineering, environmental and other technical information required to complete the feasibility study may be unavailable, incomplete or unreliable; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents and unusual or unexpected geological or structural formations; risks related to Aya’s operations in Morocco; Aya’s ability to obtain and renew necessary permits and licences; restrictions on mining and changes in laws and regulations governing exploration and development activities in the jurisdictions in which Aya operates; inadequate or unreliable infrastructure; Aya’s ability to attract and retain qualified employees and contractors and the availability of qualified contractors, consultants, suppliers, equipment and materials; Aya’s ability to obtain financing when required on acceptable terms; unforeseen expenses and cost increases; disruptions to Aya’s business operations; third-party risks; occupational health and safety risks; climate change and weather disruptions; general economic conditions; competition risk; force majeure; and other risks described in the Company’s documents filed with Canadian and U.S. securities regulatory authorities. In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. The Company may make decisions to advance the development of its mineral projects prior to the completion of a feasibility study establishing mineral reserves that demonstrate economic and technical viability. The decision to proceed with development in the absence of such a feasibility study involves materially greater technical and economic risks, including increased uncertainty as to mineral recovery, capital and operating costs, production rates, mine design and overall economic viability. There can be no assurance that any project advanced on this basis will ultimately be technically or economically viable or achieve the anticipated results. Appendix 1 - Full Drill Results from Boumadine (core lengths) * True width remains undetermined at this stage; all values are uncut.** Ag equivalent is based on a silver price of US$30/oz with a process recovery of 96%, a gold price of US$2,800/oz with a process recovery of 96%, a zinc price of US$1.20/lb with a process recovery of 75%, a lead price of US$1.00/lb with a process recovery of 82%, and a copper price of US$4.60/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 89.7g/t Ag; 1% Cu: 78.6 g/t Ag; 1% Pb: 18.7 g/t Ag; and 1% Zn: 20.4 g/t Ag Appendix 2 – New Drillhole Coordinates of 2026 Boumadine Exploration Program (completed holes) Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/5ca1cf6b-8695-44df-8032-07cdd9c4f264https://www.globenewswire.com/NewsRoom/AttachmentNg/dd05ec0c-f353-4106-b676-a92b9b5d104chttps://www.globenewswire.com/NewsRoom/AttachmentNg/32400fab-b769-417a-83da-efd85055e5b1

MONTREAL, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) is pleased to announce high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine (“Zgounder”) in the Kingdom of Morocco. Highlights (all intersections are in core lengths) Intersections in the Open-Pit Area: Intersections in the Central Area: 16,217m or 54.1% of the 2026 exploration program has been drilled year to date. “Today’s high-grade results, highlighted by DZG-SF-26-945, continue to reinforce the strength and continuity of silver mineralization both around the open pit and across the central zone,” said Benoit La Salle, President & CEO. “At the same time, development of the exploration drift at the 1,825-metre level is progressing well, setting the stage for drilling west of the fault to begin in Q4 and providing an important new opportunity to expand the mineralized footprint.” This release contains results from 97 holes, which include one surface diamond drill holes (“DDH”), 31 underground DDH, seven reverse circulation drill hole (“RC”), 45 T28 and 13 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today’s results, refer to Appendix 1 and 2. Table 1 – Best Intercepts at Zgounder (core lengths) Figure 1: Location of Drill Results at Zgounder Quality Assurance For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed by fire assay. For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality controls (QaQc) are applied at both locations. Qualified Person The scientific and technical information contained in this press release has been reviewed, verified and approved by David Lalonde, B. Sc, P. Geo, Executive Vice-President, Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101. About Aya Gold & Silver Inc. Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Company has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions. Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway, and which hosts a sizable mineralized footprint, and potential for further discovery. Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities. For additional information, please visit Aya’s website at www.ayagoldsilver.com. Or contact Forward-Looking Statement This press release contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release. All statements, other than statements of historical fact included in this press release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "guidance", "intend", "objective", "plan", "potential", "strategy", "target", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the 2026 exploration program; the timing and commencement of drilling west of the fault at Zgounder; and the potential expansion of the mineralized footprint at Zgounder. Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the Company’s ability to execute its business plans and objectives; the ability to commence and successfully execute planned drilling and exploration activities; the accuracy of the Company’s geological interpretations and the continuity of mineralization in areas targeted for exploration; the continued validity and good standing of the mining titles necessary to conduct the planned exploration activities; the timely receipt of necessary approvals or permits; the ability to obtain timely financing on reasonable terms when required; future social, economic and political conditions remaining consistent with those currently prevailing; the availability of qualified contractors, consultants, suppliers, equipment, materials and labour on commercially reasonable terms; and the cooperation of government authorities, municipalities and other stakeholders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: Aya’s ability to execute on its plans relating to the Zgounder Project, including the timing thereof; delays in the development of the exploration drift or in accessing areas targeted for drilling; delays in the commencement or completion of planned drilling and exploration activities; the risk that exploration results may not be indicative of future results; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the speculative nature of mineral exploration and development; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel and oil; restrictions on mining in the jurisdictions in which Aya operates; changes in laws and regulations governing our operations, exploration, and development activities, including international laws and legal norms; the potential impact of future pandemics or epidemics on the Company’s operations, and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licences; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third-party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; force majeure; the inherent risks involved in exploration and development of mineral properties; and other risks described in the Company’s documents filed with Canadian and U.S. securities regulatory authorities. In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths) True widths are undetermined; all values are uncut. Appendix 2 – Drill Hole Coordinates of Zgounder Drill Hole with Significant Results A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe3e0d90-df72-40f8-b1a1-22762834fbf0

Image source: The Motley Fool. Friday, Aug. 14, 2026 at 10 a.m. ET Director of Corporate and Financial Communications - Elisabeth Hamaoui President and CEO - Benoit La Salle Chief Financial Officer - Ugo Landry-Tolszczuk Chief Legal and Sustainability Officer - Elias Elias Vice President of Operations - Raphael Beaudoin Vice President of Exploration - David Lalonde Operator: Good morning, everyone. I will now turn the call over to Elisabeth Hamaoui, Aya Gold & Silver's Director of Corporate and Financial Communications. Please go ahead. Elisabeth Hamaoui: Thank you, operator, and welcome to Aya's Second Quarter 2026 Earnings Conference Call. Joining me today are Benoit La Salle, President and CEO; Ugo Landry-Tolszczuk, Chief Financial Officer; Elias, Chief Legal and Sustainability Officer; Raphael Beaudoin, Vice President of Operations; and David Lalonde, Vice President of Exploration. We will refer to a presentation available via the webcast and on our website. As we will be making forward-looking statements during the call, please refer to the cautionary notes in the presentation, news release and MD&A as well as the risk factors in our annual information form. Technical information in the presentation has been reviewed and approved by Raphael Beaudoin, Aya's Vice President of Operations; and David Lalonde, Aya's Vice President of Exploration, both qualified persons as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. And following the presentation, we will have a Q&A session. I would now like to turn the call over to Benoit La Salle. Benoit? Benoit La Salle: Elisabeth, thank you very much. Welcome, everyone, to our Q2 2026 conference call. It is another very strong quarter for Aya. We have pre-released the production results for the quarter. You recall that the production for Q2 is 1.7 million ounces of silver equivalent, which is a 61% increase year-over-year, and it's a 12% increase quarter-over-quarter. That translated into very strong financial results. So our revenue for the second quarter of 2026 stands at $97 million, which is an increase of 151% year-over-year. Our net income for Q2 is at $35 million, which is also a very strong increase from the previous year. And our cash flow is at USD 48 million, which is a 522% increase from the previous year, Q2 2025. So we have a very strong quarter in revenue, strong quarter in profit, strong quarter in cash flow. And this, as we all know, due to the seasonality in Morocco, Q1 is always a little bit lighter because of the weather. Q2 comes out of the winter and is a stronger quarter. Q3 is stronger than Q3 -- Q2, sorry, and Q4 has been historically our strongest quarter. So we're very pleased with the first half of the year as we will review some of the numbers. Now for the KPIs, the key performance indicator of the mine, the Zgounder mine has performed extremely well. The mining rate continues to improve, and it's up 7% quarter-over-quarter. And I'm pleased to say that the mining rate on a daily basis achieved 4,900 tonnes a day. You recall that the plant was designed for 2,700 tonnes a day. And one of the key elements was to make sure that the mining rate was going to be aligned with the nameplate of the plant, which was supposed to be 2,700. We know now it's a lot higher, but the mining rate is at 4,900 tonnes a day. We had record performance achieved from the underground and the open pit. So we're extremely pleased with the outcome, the grade through the plant was 141 gram per tonne, which is right where we wanted it to be. And another element, which is important is because we're mining more than we're processing, we have an ore stockpile of 374,000 tonnes. That is extremely important. It's the buffer that is there if we reduce mining rates for more development, especially on the underground, where we want to go to the lower levels, we have 374,000 tonnes of ore stockpile. At the plant, we have record milling rate in Q2, which again reflects our strong execution. Q2 average is 3,900 tonnes a day compared to the previous quarter at 3,600 tonnes a day and to last year, same quarter-over-quarter was 3,000 tonnes a day, and that we know the nameplate was 2,700. So we've moved in the ramp-up from 2,700 to 3,000 last year, started the year this year at 3,600 tonnes a day and are now at 3,900 tonnes a day and expect this to grow up a little bit again for Q3 and Q4. Strong recoveries as well at the plant and other KPIs, above 90% recoveries and above 90% availability. So all of our KPIs are green. We manage them on a daily basis, on a weekly basis, on a monthly basis. Currently, everything is in the green. We've also brought in a temporary crushing contractor to improve the throughput, and we're adding a new crushing section to the plant, and that should be ready by the beginning of 2027. Moving to the next slide, which is the selling price throughout the quarter. You recall that Q1 was exceptional as silver reached $120 per ounce in January. Of course, since then, we've seen a strong correction. So for Zgounder, the average selling price for Q2 2026 is $68.29. So it's $15 less than Q1. And -- but it's very close to the average of the quarter. You understand that the average of the quarter is very hard to meet in a decreasing price environment because you don't sell every day. So in a decreasing price environment, you're a little bit below the average. The average for the quarter is a little bit above $70, and we're at $68.29. We were above the average in Q1 because it was increasing at the time. So that was a little bit easier to be above the average, but it's still an extremely good selling price, knowing that Q4 last year, we were all very happy with $59.23. So again, a strong selling price in Q2 for Zgounder. And actually, the selling price at Boumadine for some just reason was a little bit better at $70 an ounce, but we have a payability there of 50%. So the selling price was net at $35 because you remember, Boumadine, we're selling tailings, which has a lot of difficult elements. So when you look at the cash cost, we were expecting cash costs to come down at Zgounder because we are now on a steady rate increasing actually the throughput, but on a steady rate. And yes, we're very pleased that for Q2 2026, the cash cost at Zgounder is at $17.69. That's something coming from $18.64 in the previous quarter and $20 in Q4 of 2025. So again, these are small details, better efficiency, and we are working on cash costs. But at $17.69, knowing that this is a brand-new plant, the development cost, the additional cost, sustaining costs are extremely low at Zgounder. It's probably $3 an ounce maximum, not even that in Q1 and in Q2. So you're looking at a cash cost of $17.69, which is a very, very good position to be in. To the next slide at Boumadine. Just quickly, Boumadine is a bit of an add-on to Zgounder. We're processing the old tailings. It's a reclamation operation. It had no CapEx, very low cash cost at $10.58 an ounce. It just generates cash flow. We're a little bit lower on the production front, and we knew Q1 again, that -- when you have a lot of rain in tailings, of course, it's a bit more complicated because it's slushy. So Q1 and Q2 were a little bit lower. We knew Q3, Q4 are going to be a lot higher, but we still managed to produce 187,000 ounces of silver equivalent, and we made a margin of $20. As I said, we sold it for $35 an ounce. Our cash cost at Boumadine is $10.58. We made $20 an ounce, so 20x 185,000 ounces of production. It's still $3.6 million of free cash flow coming to Boumadine to pay for the operation and for the drilling. So it's a very nice add-on to Zgounder, which we have in operation and accelerating in Q3 and Q4. Looking at the next slide is the cash position at quarter end. We started the year in January 1, we had $136 million in the bank of free cash. We always have $16 million of restricted cash, which is part of the EBRD loan package. We started with $136 million. And in the first 6 months of the year, we generated $119 million of operating cash flow. So $136 million, we add to that $119 million of operating cash flow. We have $38 million of exploration and sustaining CapEx, $38 million. We paid down $33 million of EBRD in the first 6 months. We had one payment, and we also paid down a $15 million short-term debt that we took last year on Boumadine, just it was available, and we took it on. That was paid back. So we paid $33 million back. We've invested $38 million in exploration and sustaining CapEx. And we finished the quarter with $183 million. Of course, we report in U.S. dollars. So $183 million, and we have $16 million in restricted cash, which technically gets applied to the EBRD loan at the end if we want that. So we had a strong cash flow H1. We have limited CapEx as we know. We have a large exploration program, but that's part of our value creation strategy. We did an early repayment of the $15 million to EBRD, and we're left with $183 million that is ready to go to the development of Boumadine, which will start towards the end of this year. So very, very strong quarter. On the next slide, just a summary of the first 6 months. If you look at the operational performance, as a company, we produced 3.2 million ounces of silver equivalent at a consolidated cash cost per silver equivalent of $17.59. Zgounder did 2.8 million and Boumadine did 0.5 million. So if -- and we will talk about the guidance, but we're already half year and half the way to the guidance. So we are totally aligned with the guidance that we presented to you at the beginning of the year. We're totally aligned with the guidance. Zgounder has a cash cost for the first 6 months of $18.18. Boumadine has a cash cost of $18 -- sorry, $10.85 per ounce. So we're fully aligned, and we'll review the guidance in a minute, but we're half the way into the year, and we're half the way into our guidance. The revenue for 6 months stands at USD 205 million. The net income is USD 84 million. The basic EPS is at $0.58 and the operating cash flow for 6 months stands at USD 119 million. The guidance, which you have on the next slide was presented to you at the beginning of the year. Our production guidance is 5.2 million ounces to 5.8 million ounces at Zgounder. And at midyear, Zgounder is at 2.8 million ounces. So you see that we're tracking right on our Zgounder production guidance. Boumadine is at 1 million. We're at 0.5 million right now, 400,000, but we know that Q3 and Q4 for Boumadine are going to be a lot easier, no rain and much, much, much easier warm weather. Boumadine currently is between 40 and 50 degrees some days. So it's very dry, so easy to work on tailings. The Zgounder average cash cost, we had guided at $21.50. We knew that Q1, Q2 would be a bit lower because of the strip in the pit and the strip has a direct effect on our cash cost. So we're not changing our guidance there. On Boumadine, we were at $10.10. We're at $10.40. So we're very, very close. The sustaining and growth CapEx is at $36 million. It's about half and half, half is sustaining, half is growth, new crusher, new installation, and ore sorter and different things that we're putting in, which are really growth CapEx and sustaining is the development of the underground. And exploration expenditure is at $60 million. That hasn't changed, maybe a little bit more due to the new assets that we've acquired, the new permits, which I'll review in 1 minute. So the guidance is confirmed. We're well into it at the midyear point, and we continue to be very positive about what's coming in Q3 and in Q4. So going forward on the strategy and the operational priorities, at Boumadine, which is the main now leg of value creation for Aya, all the independent consultant firms have been engaged on all key feasibility work stream. So metallurgy, energy, water supply, logistics, TSF location, feasibility study, all of that is now ongoing and will be ready next year, feasibility study. At the same time, the updated PEA is being completed as we speak and will be ready for publication early in September as we all come back from Labor Day weekend. So we're into it right now. We are into the mine plan. We are into the financial model for the PEA review. At the same time, feasibility is being completed. And we've already started the RFP process on mining, on construction, on electricity. So all of that is ongoing. So the investment decision has been made. The project is extremely profitable. We will also confirm CapEx in the revised PEA, which will be available in 1 month. And so Boumadine is a strategic project for us, and we're working on this thoroughly and to come with the revised PEA in September. At Zgounder, you saw its optimization of the Zgounder mine. It's working well. The open pit, the underground, the grade control, all of that is going extremely well. We've put in additional ventilation. We've put in additional safety equipment. We had to complete the first phase of the TSF because we were putting through more material in the tailings due to the fact that we went from 2,700 tonne per day planned in the feasibility study to today 3,900 tonnes a day, even 4,000 tonnes a day. So of course, the direct effect of that is the TSF gets filled much sooner than expected. We've completed the first phase of the new TSF, which is the same one, but just with bigger capacity. That's been done. We actually did it on time and below budget. And the new crusher expansion is being installed. It's going to get commissioned this fall, and it will be ready for early 2027. On the exploration front -- and that's Slide 12. On the exploration front, we do spend USD 60 million a year. We are drilling 200,000 meters at Boumadine. We're drilling 30,000 meters at Zgounder. As of now, the drilling at Boumadine is at 93,000 meters. We know that the first half of the year, again, winter, Ramadan is a little bit slower. We have a third contractor coming in with 3 machines or 3 drills. We are going to be up to 15, 16 drills turning at Boumadine, and we expect to complete the 200,000 meter program as we have. And if everything goes well, maybe a little bit more. The big highlight of the quarter was the new zone that we discovered parallel to the main zone where we had an intercept of 51 meters at 890 gram per tonne silver equivalent. That is clearly not currently in the resource model. There's additional drilling that will be done this year on this. But this is a significant discovery parallel to the main zone. We've also continued to drill the Main zone and the Tizi zone, and we've increased the length of the structure now to 5.4 kilometers. So that keeps increasing. And we're -- we've many other targets where we're doing mapping, we're doing prospecting to support future drilling programs on the Boumadine large project, which is over 1,000 square kilometers of ground under the exploration license and the [indiscernible] license of 600 square kilometers. So we have a very large land package at Boumadine, and we keep increasing the land package. At Zgounder, there's 30,000 meters. As of now, we've done 10,000 meters. You saw some results in June. There'll be more results coming out in September. Zgounder is steady state, drilling is giving us always very good results. We continue to see the high-grade mineralization. The structure is much wider than originally anticipated. So when we came in, we thought it was a 20-meter wide structure. It isn't, it's much wider. We're now pushing to the west to see under the fault. We are going to be drilling there in the next few weeks, few months to see if it's continuing under the West fault. We're also drilling to the Northeast. So it's a very, very strong project. Geology is getting to be better understood. We are using AI extensively to understand the regional play. And there will be some regional drilling ongoing this fall, and we're going to be looking hopefully for some very positive results. And to close, I'd just like to talk about the acquisition that we've announced last week. We've announced the acquisition of 259 square kilometers. We've always been saying that in Morocco, there's tremendous potential. Some families have ground, some families have many projects, and they have done very little exploration. They've walked the ground a little bit, done very little exploration, mainly have done a lot of the infrastructure work, but did not have the expertise to do the exploration work. So we were able to acquire from 2 families, a 259-kilometer portfolio a district called Zagora, which has the potential for copper, lead, zinc and silver. Agadir Melloul, which is copper, silver and gold and some probably rare earth as well; and Goulmim, which is lead -- copper, lead, copper, gold and silver. Those are very, very good projects. You should know that we look at projects every week. People come to us, show us ground we're very selective, very, very selective because we already have over 1,000 square kilometers of ground between Zgounder and Boumadine. But this is something when we showed that to the team, they said, "No, this is very, very interesting, and we should move and acquire this." We have acquired this for MAD 10 million, so USD 1 million. And the budget is about $800,000 this year to do what we always do, which is satellite imagery, spectral, stream sediment. We'll see if we do some geophysics a bit later. But this is low-cost acquisition, low-cost exploration. We have a team -- there was already a team, and we have -- some of our team is available to do this. We're not taking anybody away from Zgounder or anybody away from Boumadine because we'll have in total 18 to 20 drills turning. We will be producing 240,000 samples. So it's something that we're not taking away from these 2 assets to go and do the exploration on this new ground. This will have its own team. It reinforces our first-mover advantage in Morocco. We are with Managem and of course, ONHYM, the largest player in the country. These are all district scale exploration footprint. They're all put together very large packages of permits. And for us, it just creates a pipeline of opportunities for the future. You will see us acquire additional ground, very similar, some close to Zgounder, other close to Boumadine, but we are always looking at assets because we really believe that Morocco is underexplored. We know it is underexplored. We believe that there's more Zgounder, there's more Boumadine. There's more Imiter, which is owned by Managem, which is a world-class silver asset. There's more of that. There's copper deposits, there's more silver deposits, and we have our first-mover advantage, and you will see us continue making small acquisition like very small, but some very, very good ground that we like. So this completes the formal part of the presentation. I will turn it over to you, operator, for the Q&A period. Operator: [Operator Instructions] Our first question comes from the line of Bryce Adams with Desjardins. Bryce Adams: I just wanted to ask a couple of questions on the Zgounder outlook. In the disclosure, it talks to increased strip ratios in the back half of this year. So the question is, what do you think the strip ratio has increased to for Q3 and Q4? And then the same question for next year as well for 2027. Is that an accelerated stripping campaign next year? And then just similar on some of the outlook, you talked to slower mining rates in the underground. What are the expectations there? Benoit La Salle: Yes. Thank you, Bryce. Rapha is with us this morning. As you know, he is our VP of Operations. So I will let him answer this. The strip ratio for quarter 3 and 4, the life of mine strip ratio and why we believe there will be a slower throughput in the underground over the next few quarters. Rapha? Raphael Beaudoin: Bryce, yes, happy to comment on that. Let's start with the open pit. On the year-to-date in the open pit, we're around a strip of 10, and we're quite aligned with our 43-101 on the long term. We expect the strip to increase to around 16 in the next 6 months, and we expect to land the year closer to 13, which is quite aligned with our long-term expectation for the open pit. As for the pushback, we have several pushbacks planned through the life of mine for the open pit. And we have one coming towards end of year that is in our mine plan this year. We might push it earlier next year. We're taking our time to assess what's the best path forward. So the open pit is quite under control to the point that we have options. We can do it this year. We can do it a bit later in the start of next year. That is yet to be finalized depending on how things continue to progress. So the open pit on long term, we expect a 13 strip ratio, some months closer to 8 like we had in the beginning of the year, some months closer to 16 depending on where we're at and what's the best way to mine it as we go on the detailed planning on our rolling 3-month plan. As for the underground, I want to nuance that is, we are focusing on new zones, and we want to really focus on continuing to develop the infrastructure for the lower levels. We're on plan. We are closer to the 1760 level as we speak, and we need to go all the way down to 1625. We have a healthy stockpile. We're mobilizing extra crushing capacity that for the meantime, it's compensated by a crushing contractor. So we have -- we want to be comfortable on the ground. We are right now comfortable. We worked a lot in the last 2 years to get to that point, and we want to keep it. We want to keep it like that. So right now, underground, we have about 12 -- like 1,200 to 1,500 tonnes per day rate, which is fine. The reason why we would prefer to slow it down is because we have that option in hand, and we want to really focus on developing the sublevels to open more stopes and to be in this comfortable position. So as the open pit continues to sustain essentially a solid portion of the mill throughput with the extra crushing coming on hand, we have an ore sorter also coming that we want to commission later this year. So on the underground, it's not so much that we will reduce the throughput a little bit, yes, but it's to really sustain and even, I would say, accelerate the infrastructure development for the sublevels. Bryce Adams: Okay. And I understand that you're still putting together the 2027 open-pit mine plan. At the minute, my model has a strip ratio of 20:1 for next year. Like do you think that, that is too conservative? Raphael Beaudoin: Yes. We're not planning for a 20:1 as strip ratio for next year. Bryce Adams: All right. We can adjust for that. That should help our numbers. And then last question from me is just on silver sales. Sales lagged production a little bit in Q2. So Benoit, is that a catch-up for Q3? Has it already been caught up in July? And do you think that's a tailwind for the next set of financial results? Benoit La Salle: Yes. Thanks, Bryce, for this question because I think that was something that the market was kind of puzzled with is the selling price. I'll let Ugo, who runs treasury and sales with the team, answer. He is with us. Because I think the market needs to have a clear understanding of why our selling price for some of you was a bit lower. And maybe, Ugo, you want to go ahead. Ugo Landry-Tolszczuk: Yes, sure. So the average sale price of silver, if you will, the LBMA average sale price for the quarter was $73. We were a bit over $68 at Zgounder. We also have to look at the timing. And if you look at June specifically, price fell quite precipitously from over $70 to below $60 at the end of the quarter. And when we produce, we have to produce and then sell. So for sure, 1/3 of our quarterly production was sold quite low compared to the average of the quarter. So that impacted the revenue slightly. We're 6.4% under on average of the LBMA average price. And then on volumes, there's a few things. On Zgounder, we had a little bit of inventory, and we can see it in inventory. And on Boumadine, we sold less than if you take our about 1 million ounces and you divide that by 4 quarters, we sold less in Q2, but that's definitely going to be caught up here in Q3 and Q4. Things are going very, very well. And then the remaining of the inventory that we had at Zgounder is -- has been sold in July. And so yes, I think Q3 is looking good, especially at Boumadine, we'll see a significant catch-up from the first half just -- we were learning, it's our first time doing this reclaim. But I think now we've hit the wind in our sails now. So I think that will be caught up here in Q3 and Q4. Benoit La Salle: Yes. Thanks, Bryce. And maybe I can add just to what Ugo just said is, we can see the whole sector did not like the price in June. So like there was a lot of waiting and because we looked at other companies the way they've done it, and we all kind of got caught with that very quick deceleration or reduction of price. And hence, the average selling at $68 at Zgounder and $70 at Boumadine is -- like is a little bit below the average of the quarter. But in a decreasing market, it's very difficult to be on the average because you keep coming down as you sell, and it's much easier to be up the average on an increasing market. So it's -- but again, as I mentioned in my little presentation, we're very happy with $68 and $70. We preferred $82 in Q1, but with the cash cost at $18 or $16 and AISC plus 3 or 4, I mean, we're still very happy. And look, in 6 months, we generated $119 million of operating cash flow. So we like the silver price. We like where it is. We will prefer it in Q3 and Q4 to be much higher. But look, time will tell. Bryce Adams: Yes, for sure. Great color. I know we're focused on the details here, but at a high level, it's a very healthy market and strong results. Operator: [Operator Instructions] Our next question comes from Justin Chan with SCP Resource Finance. Justin Chan: Congratulations. Good to see the cash flow, especially compared to what the initial CapEx was. My first one is on, you mentioned adding a crusher at Zgounder. Just curious if you think that in the long run, like what type of throughput that could enable? Or is it more just to maintain upper 3,000 to 4,000 tonnes a day? Benoit La Salle: Thanks, Justin. And I'm going to pass it over to Raph, but I just want to highlight your comment. You're absolutely right, 1,000 -- or sorry, $119 million of operating cash flow on a CapEx of $140 million. I forgot to mention that in the presentation. Thank you so much. I think we have the best return on investment of the whole industry and Boumadine is going to look similar. So thank you for highlighting this. It's appreciated. Raphael Beaudoin: Justin, this is Raphael. Happy to have a word on the crusher. So to be clear, to start, we're not missing a crusher at Zgounder, right? The nameplate is 2,700. Plan is well designed. Now we're pushing it. The easiest way to push it is to add some crushing capacity because that can be done afterwards, and it's quite different from another ball mill, for example. We often have a bit of rain in the beginning of the year, which makes it difficult to push the mill as high as it can go. Now if we go back to our 43-101, we published, we committed to increase throughput from, say, 3,600 to 3,800. We're already there with the help of the mobile contractor. The idea with the crusher addition is to be independent. Now we have the help of a contractor. He is doing a great job. Costs are very reasonable for the gain we get from it. The idea is to add a tertiary crusher to sustain our current throughput and who knows, maybe even increase it a bit. That's to be seen. Quarter-on-quarter, almost every quarter, except for one over the last 6 quarters, we've increased throughput of the mill. I don't think we're at the end of that, but we're certainly getting a bit close. And the next 2 quarters will tell us up to where we can continue to push it. We see days comfortably above 4,000. That hasn't materialized yet as an average over the quarter. We're trying to get there. Hopefully, we'll get there. But to be -- to answer your question directly, the tertiary crusher was part of our commitment to stabilize the mill at 3,850 tonnes per day, and we're already there. So I don't think it's a stretch to think we can beat that, and that's what we're trying to do. Justin Chan: Got you. And then looking ahead to the Boumadine updated PEA, are there any changes in scope that you're considering perhaps on the throughput side, on the open pit underground split side of things? Or is it primarily an updated CapEx estimate and maybe we'll see changes on payabilities? Raphael Beaudoin: So the updated PEA is what it is. It's an updated PEA. So we have a new resource. There's a new way to calculate the NSR. There's payables that are changing. But materially, the project remains quite a bit the same. There's some -- I would expect some changes on the open pit side, on the underground side. We've done quite a bit of drilling since our previous resource, but the PEA is mostly focused on the resource, Justin. And any other large change, if there would be, would be closer to the -- in the feasibility study. Justin Chan: Okay. Got you. And just one last one. I think we had a big rainy season or I guess, wet season this year. I guess that positions you really well for the second half in terms of -- in terms of water supply, just kind of clarifying given while Europe has been very dry, but I think this year was good in Morocco. Raphael Beaudoin: We're already in August. We're getting -- we're halfway or even past the halfway point of the dry season. Our water reservoirs are full. So we're very comfortable in that end. And we just completed the Phase 2 of our tailings facility, which also allows for a little bit of water storage. So as we speak, the river flows of Zgounder, and we are continuing to fill a bit or to keep full, I should say, our water storage. So yes, I mean, water is not something we are concerned with in the short and the medium term. Operator: Ladies and gentlemen, that concludes our Q&A period. I would now like to turn the call back over to Benoit for closing remarks. Benoit La Salle: Thank you, operator. Thank you for all the questions. Look, it was a very strong quarter. We're very pleased with Zgounder, with the team. Boumadine, as Raph indicated, the study will be ready in a couple of weeks. It's mainly a new resource model and introduction of the new payability of the metal. Some people were questioning historically metallurgy. Well, there's no metallurgy issue as we are sending all of the concentrate to a smelter. So metallurgy is not an issue. Payability is important, and we will have the new payability numbers in the PEA. So big catalysts coming -- or the catalyst that arrived in Q2, we didn't mention this, but the U.S. listing has been a tremendous success. The NASDAQ listing, it did increase our G&A this quarter. Some of you may have seen it. It was a little bump in the road of our G&A, but that's being taken care of. But the U.S. listing in Q2 is a major, major success. Our volume has gone up. New funds became shareholders. Some became shareholders between 5% and 8% of the company. It has really changed our distribution and our shareholder list. So we're very pleased with the listing. And so that was a major catalyst in Q2. Of course, drilling was -- we had great results in Q2. But what to expect going forward is the Boumadine study, which will be in early September. That is important because that's also the base for the feasibility study that will be done for H1 of next year. But at the end, we're starting Boumadine. We're going to break ground at the end of the year for electricity, the power line, for water, for the camp, for location and all that. So it is an ongoing construction project. Raph has built a team in Canada. We have a team in Morocco that's also been put together the construction team and all of that. So it is really shaping up to be the big project for 2027, 2028 for us, and it's continuing to grow. The drilling is ongoing at Zgounder. The drilling is ongoing at Boumadine. David will have updated results available in September and we're going to see many of you at Beaver Creek or at the Denver Gold Show. So we'll have updated results from Boumadine and from Zgounder. Also, you can expect more acquisition of ground. Morocco is becoming a very, very good jurisdiction when you compare that to a lot of Africa and South America. Morocco is a key jurisdiction for mining, and we do see some people coming in, but we have a first-mover advantage. We're buying -- we will be acquiring more ground and ground that David and his team like and believe that there's tremendous potential. So just on closing, you remember we always talk about the 3 pillars of the organization, geology, people and jurisdiction. I think every quarter that we see every increase in commodity price, it just tells us that we are in the right jurisdiction with the right mining code with the right people, with the right government supporting mining. The geology is exceptional, absolutely exceptional. And we will continue to show you that there's more Zgounder and more Boumadine and more Imiter in Morocco. And the talent pool that we have is just expanding at all time and people are very happy to come and join Aya in Canada or in Morocco. So it's a recipe for success. We've done very well so far. I mean, since we took over 6 years ago, this has been a tremendous success, but we believe that there's a lot more to come. I would say the best is yet to come. And that's a lot of pressure on David and in geology, but I think the best is yet to come. Jurisdiction is great. And look, we will see you for the Q3 call. We'll see all of -- many of you before in Denver. But look, we're really looking forward to a strong third quarter, very good geological results and production results and financial results in Q3. Thank you very much. Thank you for being there today and your support, and we'll see you in a few weeks in Colorado. Thank you. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Aya Gold & Silver, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aya Gold & Silver wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* Now, it’s worth noting Stock Advisor’s total average return is 973% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 20, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Aya Gold & Silver. The Motley Fool has a disclosure policy. Aya Gold & Silver (AYA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Aya Gold & Silver Inc.? Here are five stocks we like better. Strong second-quarter performance: Aya produced 1.7 million silver-equivalent ounces, up 61% year over year, while revenue rose 151% to $97 million and operating cash flow increased 522% to $48 million. Zgounder throughput exceeded design capacity: The Moroccan mine averaged 3,900 tonnes per day, supported by high recoveries and plant availability, while cash costs declined to $17.69 per ounce. A new tertiary crusher is expected to help sustain throughput near 3,850 tonnes per day from early 2027. Guidance and expansion plans remain intact: Aya reaffirmed 2026 production guidance of 5.2–5.8 million silver-equivalent ounces at Zgounder and 1 million at Boumadine, while advancing a Boumadine economic study, expanding exploration and acquiring additional Moroccan exploration properties. Aya Gold & Silver (TSE:AYA) reported higher production, revenue and cash flow for the second quarter of 2026, supported by increased throughput at its Zgounder mine in Morocco and continued contributions from its Boumadine tailings reclamation operation. President and Chief Executive Officer Benoit La Salle said the company produced 1.7 million silver-equivalent ounces in the quarter, up 61% from a year earlier and 12% from the prior quarter. Quarterly revenue rose 151% year over year to $97 million, while net income totaled $35 million and operating cash flow reached $48 million, up 522% from the second quarter of 2025. → Lumentum Just Delivered the AI Growth Investors Wanted For the first half of 2026, Aya reported production of 3.2 million silver-equivalent ounces, revenue of $205 million, net income of $84 million and operating cash flow of $119 million. Basic earnings per share for the six-month period were $0.58. La Salle said Zgounder continued to exceed its original processing design capacity of 2,700 tonnes per day. The mine achieved an average milling rate of 3,900 tonnes per day during the second quarter, compared with 3,600 tonnes per day in the first quarter and 3,000 tonnes per day a year earlier. → Ryman Checks Into a $1.38B Hospitality Upgrade The daily mining rate reached 4,900 tonnes per day, while the average plant feed grade was 141 grams per tonne. Recoveries and plant availability both exceeded 90%, according to the company. Aya ended the quarter with an ore stockpile of 374,000 tonnes, which management said provides a buffer while it continues underground development work. The company has brought in a temporary crushing contractor and is adding a tertiary crushing section at Zgounder. Vice President of Operations Raphaël Beaudoin said the new crusher is intended to sustain throughput near 3,850 tonnes per day and could potentially support further gains. The equipment is expected to be commissioned this fall and be ready for regular use in early 2027. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal Zgounder’s cash cost was $17.69 per ounce during the second quarter, down from $18.64 in the prior quarter. For the first half, its cash cost was $18.18 per ounce. La Salle said sustaining and development costs at the relatively new operation remained low. Beaudoin said the open-pit strip ratio was about 10 year to date and is expected to rise to around 16 over the next six months before ending the year near 13. He said Aya is not planning for a 20-to-1 strip ratio in 2027. The company may modestly reduce underground mining rates while prioritizing development of lower levels and additional sublevels, supported by the existing ore stockpile and open-pit material. At Boumadine, Aya produced 187,000 silver-equivalent ounces during the second quarter from processing historic tailings. La Salle said weather conditions affected output during the first half, but the company expects drier conditions to support stronger production in the third and fourth quarters. Boumadine’s cash cost was $10.58 per ounce in the quarter. The company reported a net selling price of $35 per ounce after a 50% payable rate, compared with a stated cash cost of $10.58 per ounce. La Salle said the operation generated approximately $3.6 million of free cash flow during the quarter. The company is preparing an updated preliminary economic assessment for Boumadine, expected in early September. Beaudoin said the updated study will incorporate a new resource estimate and revised net smelter return calculations, including updated payable-metal assumptions. He said the project’s overall scope would remain broadly similar, although changes could be made to the open-pit and underground components. Aya has also engaged consultants for feasibility-study work streams including metallurgy, energy, water supply, logistics and tailings storage. La Salle said the feasibility study is expected next year, while early construction activities involving power, water and camp infrastructure are expected to begin toward the end of 2026. The company said Zgounder’s average realized silver price was $68.29 per ounce in the second quarter, below the LBMA quarterly average of $73 per ounce. Chief Financial Officer Ugo Landry-Tolszczuk attributed the difference primarily to timing, noting that silver prices declined sharply during June and that production must be completed before material can be sold. Landry-Tolszczuk said a portion of Zgounder inventory remained unsold at quarter-end but was sold in July. He also said Boumadine sold less material than its production rate would imply during the second quarter and that the company expects sales to catch up during the second half. La Salle said Aya finished the quarter with $183 million in cash, excluding $16 million in restricted cash associated with its European Bank for Reconstruction and Development financing. During the first half, the company spent $38 million on exploration and sustaining capital expenditures, repaid $33 million of debt and retired a $15 million short-term borrowing related to Boumadine. Aya reaffirmed its 2026 production guidance of 5.2 million to 5.8 million silver-equivalent ounces at Zgounder and 1 million silver-equivalent ounces at Boumadine. It also maintained Zgounder cash-cost guidance of $21.50 per ounce and Boumadine cash-cost guidance of about $10.10 per ounce. The company outlined $36 million in sustaining and growth capital expenditures and $60 million in exploration spending for the year. The company is drilling 200,000 metres at Boumadine and 30,000 metres at Zgounder in 2026. At Boumadine, La Salle highlighted a new mineralized zone parallel to the main zone, including an intercept of 51 metres grading 890 grams per tonne silver equivalent. The company said the main and TZ structures now extend 5.4 kilometres. Aya also announced the acquisition of a 259-square-kilometre exploration portfolio in Morocco for MAD 10 million, or about $1 million. The portfolio includes the Zagora, Agadir-Melloul and Guelmim districts, which management said have potential for combinations of copper, lead, zinc, silver, gold and possible rare earth elements. The company plans to spend about $800,000 this year on early-stage exploration work across the new properties. La Salle also said Aya’s Nasdaq listing during the second quarter expanded trading volume and attracted new institutional shareholders, although associated costs contributed to higher general and administrative expenses during the period. Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Company has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault - one of Africa's most geologically rich, underexplored and mining-friendly regions. Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Aya Gold & Silver Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.