Aya Gold & Silver Files Updated Preliminary Economic Assessment Technical Report for Boumadine Project

Announces Q3-2026 Financial Release Date

MONTREAL, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) is pleased to announce that it has filed a technical report presenting an updated Preliminary Economic Assessment for the Boumadine Polymetallic Project (the “Project” or “Boumadine”), located in the Kingdom of Morocco, with an effective date of September 9, 2026 (the "2026 PEA"). The 2026 PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by independent Qualified Persons from Lycopodium (Americas) Ltd and CCE Mining, among others. The updated Mineral Resource Estimate ("MRE" or "2026 MRE") contained in the 2026 PEA was prepared by independent Qualified Person Mr. Guy Dishaw, P.Geo from SRK Consulting UK ("SRK"). The 2026 PEA supersedes the previous PEA (the "2025 PEA" or "Prior PEA"). All financial figures in this press release are in U.S. dollars.

Boumadine is Aya’s development-stage polymetallic project. The 2026 PEA outlines a district-scale project with a flexible open-pit and underground mine plan and a conventional flotation plant producing three payable concentrates (zinc, lead and pyrite), with revenues largely driven by precious metals, and a mine life estimated at 14 years.

The results and highlights below were previously reported in Aya’s news release dated September 9, 2026.

2026 PEA - Economic and Operational Highlights

• The Project's economic profile is significantly improved reflecting higher commodity price assumptions, stronger metal payability and an extended mine life from 11 to 14 years.
  • After-tax (base case): $3.5B net present value (5%) (“NPV_5%”), more than doubled from the Prior PEA, with a 93% internal rate of return ("IRR"), and 0.7-year payback period. Base Case assumes prices of $3,500/oz Au, $50/oz Ag, $1.37/lb Zn, and $0.90/lb Pb.
  • After-tax (spot prices): $5.5B NPV_5%, 128% IRR and 0.5-year payback period. Assumed Spot Prices as of September 3, 2026, refer to table 1.
  • Increased metal payability: 82% and 85% gold and silver payability, respectively, representing increases of 12 and 8 percentage points from the Prior PEA, reflecting updated market conditions.
  • Strong capital efficiency¹: $463M of initial capital expenditure - broadly in line with the 2025 PEA, with NPV_5%: Capex ratio increasing to 7.6x, up from 3.3x in the Prior PEA.
• Strengthened operating profile, reflecting approximately 16% higher silver production over life of mine ("LOM") compared to Prior PEA, and a larger MRE supporting the updated mine plan.
  • Compelling average annual production profile: 348 thousand ounces ("koz") gold-equivalent² (“AuEq”) (Years 1-5), and 271 koz AuEq over the LOM.
  • Attractive LOM production scale: 3.9 Moz AuEq² (+7% vs. Prior PEA), comprising 2.3 Moz Au, 81.2 Moz Ag, 422 thousand tonnes ("kt") Zn and 195 kt Pb.
  • Updated mine plan: 41.2 million tonnes ("Mt") total mineralized material mined over the LOM (+33% vs. Prior PEA) at average grades of 4.11 g/t AuEq (Years 1-5) and 3.10 g/t AuEq (LOM).
  • Extended mine life: 14-year mine life, up from 11 years in the Prior PEA.
  • Industry-leading cash costs³: $998/oz AuEq (Years 1-5) and $1,169/oz AuEq over the LOM. AISC³ of $1,105/oz AuEq (Years 1-5) and $1,300/oz AuEq over the LOM.
  • Permitted: existing mining license in advance of Feasibility Study completion.
• Updated Mineral Resource Estimate as of February 28, 2026, with enhanced confidence
  • 2026 MRE^9,10 growth vs prior MRE^4,9 (see the "Mineral Resource Estimate - Supporting Information" section of the Company's September 9, 2026 press release for a complete discussion):
    • Indicated: 8.6 Mt at 4.02 g/t AuEq^5,6,7 containing 1.1 Moz AuEq, up 34%
    • Inferred: 45.4 Mt at 2.92 g/t AuEq^5,6,7, containing 4.3 Moz AuEq, up 1%

Table 1: Sensitivity Analysis to Commodity Prices of Gold and Silver

Parameter	Units		Break-even8		-25%		Base case		Spot price		Upside
Gold Price	$/oz		1,704		2,625		3,500		4,472		5,250
Silver Price	$/oz		24.34		37.50		50.00		66.85		75.00
Zinc Price	$/lb		0.90		1.03		1.37		1.77		1.77
Lead Price	$/lb		0.60		0.68		0.90		0.85		0.90
NPV5% After-Tax	$M		-		1,808		3,537		5,525		6,738
IRR After-Tax	%		-		57%		93%		128%		146%
LOM Revenue	$M		5,441		8,169		10,995		14,237		16,246
LOM EBITDA3	$M		910		3,482		6,145		9,200		11,094
FCF-Unlevered After-Tax3	$M		89		2,467		4,694		7,253		8,826
Payback Period After-Tax	Years		-		1.3		0.7		0.5		0.4
Capital Efficiency Ratio	-		-		3.9		7.6		11.9		14.6

1.	Capital efficiency ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure.
2.	AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz))* 2204.62 + Zn (t)* (Zn price ($/lb) / Au price ($/oz))* 2,204.62
3.	Non-IFRS Measures. Cash costs, AISC (all-in sustaining costs), EBITDA and FCF are non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures used by other issuers. Refer to “Non-IFRS and Other Financial Measures” for more information.
4.	The prior mineral resource estimate for the Boumadine Project was effective as of February 24, 2025, as disclosed in the 2025 PEA titled “Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date November 4, 2025, and filed on SEDAR+ on December 18, 2025.
5.	MRE: Commodity prices of US$2,800/oz Au, US$30/oz Ag, US$4.60/lb Cu, US$1.00/lb Pb and US$1.20/lb Zn were used to establish reasonable prospects for eventual economic extraction.
6.	MRE: Gold equivalent (AuEq) grades are based solely on metal prices and metallurgical recoveries and do not incorporate the full range of factors included in the NSR calculation, including treatment charges, payabilities, penalties, royalties and other smelter charges. Consequently, equivalent grades were not used for optimization or application of reporting cut-offs and are provided for reference only.
7.	MRE: AuEq = Au (g/t) + (Ag (g/t) × Ag price/gram × Ag recovery) / (Au price/gram × Au recovery) + Zn (%) × Zn price/lb × Zn recovery / (Au price/gram × Au recovery) × 685.7147973 + Pb (%) × Pb price/lb × Pb recovery / (Au price/gram × Au recovery) × 685.7147973 + Cu (%) × Cu price/lb × Cu recovery / (Au price/gram × Au recovery) × 685.7147973.
8.	Gold and silver prices at which NPV5% - After-Tax is equal to $0M.
9.	Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.
10.	Mr. Guy Dishaw, P.Geo., is the Qualified Person responsible for the 2026 MRE in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mr. Dishaw is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the 2026 MRE.

Cautionary statement: Readers are cautioned that the 2026 PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2026 PEA will be realized.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with NI 43-101, and approved by Preetham Nayak P.Eng, Senior Study Manager for Lycopodium (Americas) Ltd, Paul Gauthier, P.Eng, Lead Mining Engineer for CCE Mining, Guy Dishaw, BSc, P.Geo from SRK, Raphael Beaudoin, P.Eng, Executive Vice-President, Operations of the Company (non-independent), and by David Lalonde, B. Sc, P.Geo, Executive Vice-President Exploration of the Company (non-independent), each a Qualified Person as defined in NI 43-101.

The independent Qualified Persons for the 2026 PEA, as defined by NI 43-101, are:

• Preetham Nayak, P.Eng, Senior Study Manager for Lycopodium (Americas) Ltd
• Ruan Venter, P.Eng, General Manager of Process for Lycopodium (Americas) Ltd
• Zuned Shaikh, P.Eng, Lead Mechanical Engineer for Lycopodium (Americas) Ltd
• Paul Gauthier, P.Eng, Lead Mining Engineer for CCE Mining
• Alex Pheiffer, PrSciNat, ESIA Lead from SLR Consulting France SAS
• George Papageorgiou, PrEng, PhD, MSc, BSc, Eng (Civil), Wits, from Epoch Resources (Pty) Ltd
• Guy Dishaw, BSc, P.Geo, from SRK
• James Williams, BSc, MSc, CGeol, FGS from SRK
• Cortney Palleske, M.A.Sc, P.Eng, Principal Geomechanics Consultant from RockEng

Technical Reports

The complete NI 43-101 Technical Report entitled “Updated Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco" is available on Aya's website, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.com).

The 2026 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the 2026 PEA results will be realized.

Cautionary Note to Investors Regarding the Use of Mineral Resources and Mineral Reserves

The 2026 PEA is based on the updated mineral resource estimate for the Project, effective as of February 28, 2026, disclosed in a technical report titled “Updated Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date September 9, 2026, and filed on SEDAR+ and EDGAR on October 20, 2026.

The 2025 PEA was based on the updated mineral resource estimate for the Project, effective as of February 24, 2025, disclosed in a technical report titled “Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date November 4, 2025, and filed on SEDAR+ on December 18, 2025.

The key assumptions, parameters and methods used to estimate the mineral resource estimate for the Project and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical reports.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.

Cautionary Note to the United States Investors Concerning Estimates of Mineral Reserves and Resources

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. Information concerning Aya's mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from SEC requirements applicable to domestic United States issuers. Accordingly, the disclosure in this press release regarding Aya's mineral properties is not comparable to the disclosure of United States issuers subject to the SEC’s mining disclosure requirements.

Q3-2026 Conference Call Details

Aya will release its third quarter 2026 financial results on Thursday, November 12, 2026,  before market opens. Management will host a conference call on the same day at 10 a.m. ET to discuss the results and provide a corporate update.

Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-server.com/mmc/p/9dcwfxw6

Analyst instructions for obtaining conference call dial-in numbers:

1. Click on the following call link and complete the online registration form https://register-conf.media-server.com/register/BI9679c1ebb97f49a0b09a9f894f87525d
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.

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	Alex Ball
President & CEO	Executive Vice-President, Capital Markets
benoit.lasalle@ayagoldsilver.com	alex.ball@ayagoldsilver.com

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 PEA, notably those under "2026 PEA - Economic and Operational Highlights", and the results of the 2026 PEA discussed in this press release, including, without limitation, project economics, financial and operational parameters such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, free cash flow, NPV, IRR, payback period, LOM, upside potential, and mine plan; the timing of the Boumadine feasibility study; the future price of gold and silver; the estimation of mineral resources and the realization of mineral resource estimates; and the release date of the third quarter 2026 financial results.

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 timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the timing for completion of the Boumadine feasibility study; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; metal prices assumptions; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; the availability of qualified contractors, consultants, suppliers, equipment, materials and labour on commercially reasonable terms; the availability of sufficient water and power supply; the cooperation of government authorities, municipalities, infrastructure providers, port operators, logistics providers, railway operators, and other stakeholders; the continued availability and suitability of transportation, port and other infrastructure required for the development of the Boumadine Project; the Company’s ability to conduct its operations in a safe, responsible and sustainable manner while delivering long-term value to shareholders, employees and host communities; 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: Aya’s ability to execute on its plans relating to the Zgounder Project and Boumadine Project, including the timing thereto; 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; diminishing quantities or grades of mineral reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; 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; the Company’s ability to mitigate the risks pertaining to fund repatriation; 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; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; Aya’s growth strategy; 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; litigation risks; 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; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; the effectiveness of our internal control over financial reporting; changes in technology; the potential for asset impairment (or reversal); the inherent risks involved in exploration and development of mineral properties; risks associated with the use of artificial intelligence (AI); 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.

Non-IFRS and Other Financial Measures

This press release includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in evaluating the Company's performance and should not be considered in isolation or as a substitute for IFRS measures.

The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry are defined below:

All-in Sustaining Costs and All-in Sustaining Costs Per Ounce-of-Gold-Equivalent Produced

AISC is a non-IFRS financial measure. AISC reported in the 2026 PEA is calculated as Cash Costs (as described below) plus sustaining capital expenditures, including closure costs, divided by the quantity of ounces equivalent produced, but excludes corporate general and administrative costs, income taxes, and financing costs. AISC presented on a per-ounce-of-gold-equivalent-produced basis is a non-IFRS financial ratio and is based on the metal prices assumed in the 2026 PEA. These measures capture the important components of the Project's anticipated production and related costs and are used to indicate anticipated cost performance of the Project's operations.

Cash Costs, Cash Costs Per Tonne Milled and Cash Costs Per Ounce-of-Gold-Equivalent Produced

Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, direct site G&A, and tailings, environmental and water management costs, as well as product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-tonne-milled basis, or on a per-ounce-of-gold-equivalent-produced basis, are non-IFRS financial ratios, calculated as cash costs divided by tonnes milled, or by anticipated production expressed in ounces of gold equivalent, respectively. These measures capture the important components of the Project's anticipated production and related costs and are used to indicate anticipated cost performance of the Project's operations.

EBITDA

EBITDA is a non-IFRS financial measure which is calculated as net income before interest, taxes, depreciation, and amortization, and is an alternate measure of profitability to net income. This measure is used by the Company to show anticipated operating performance by eliminating the impact of non-operational or non-cash items.

Free Cash Flow

FCF is a non-IFRS financial measure defined as revenue, less on-site and off-site operating costs (including royalties and mining taxes), less initial and sustaining capital expenditures, less income taxes. This measure is used by the Company to measure the anticipated cash flow available to the Company.

Capital Efficiency Ratio

Capital efficiency ratio is a non-IFRS financial ratio calculated as NPV5% After-Tax divided by initial capital expenditures. This measure is used by the Company to indicate the anticipated return generated by the Project relative to the upfront capital required to build it.

Reconciliation

As the Project is not currently in production, the Company does not have historical operating results for the Project against which to compare these non-IFRS measures, and cannot perform a reconciliation with historical measures.

Rounding

Individual calculations in tables and totals throughout this press release may not sum due to rounding of original numbers.