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Reserves & Resources

Table 1 –  Boumadine MRE as of February 24, 2025

Class Cutoff Tonnes Average Grade Contained Metal
Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq
NSR US$/t (Kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (Koz) (Koz) (Kt) (Kt) (Kt) (Koz) (Koz)
Pit-Constrained
Indicated 95 3,920 94.3 2.99 0.13 0.84 2.95 476.5 5.3 11,881 377 5.1 33 116 60,051 667
Inferred 95 14,258 89.7 2.89 0.10 0.81 2.38 450.0 5.0 41,135 1,325 14.3 115 339 206,293 2,293
Out-of-Pit
Indicated 125 1,249 80.1 2.11 0.08 0.87 2.32 358.2 3.98 3,216 85 1.0 11 29 14,382 160
Inferred 125 14,938 74.3 2.39 0.07 0.82 1.85 356.9 3.97 35,669 1,148 10.5 122 276 171,393 1,905
Total
Indicated 95/125 5,169 90.8 2.78 0.12 0.85 2.80 447.9 4.981 15,097 462 6.1 44 145 74,433 827
Inferred 95/125 29,196 81.8 2.63 0.08 0.82 2.11 402.4 4.473 76,804 2,473 24.8 237 615 377,686 4,198

 

  1. 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.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council
  4. Individual calculations in tables and totals may not sum due to rounding of original numbers.

Table 2 – Mineral Resource Estimate for Zgounder as of June 30, 2025¹

RPEEE Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Contained Metal
Pit-Constrained 40 Measured 13,820 144 64,140
40 Indicated 2,150 131 9,070
40 Inferred 56 190 350
Out-of-Pit 90 Measured 324 280 2,912
90 Indicated 2,640 284 24,100
90 Inferred 360 360 4,200
Total 40/90 Measured 14,150 147 67,050
40/90 Indicated 4,790 283 33,200
40/90 Inferred 410 216 4,500

 

  1. Mineral Resource Estimate for Zgounder as at June 30, 2025.
  2. The Mineral Resource is reported in compliance with NI 43-101 and classified in accordance with CIM guidelines.
  3. 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, sociopolitical, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
  4. Mineral Resources are reported inclusive of Mineral Reserves.
  5. A silver price of $28/oz with a process recovery of 90%, and a rock processing cost of $25/t inclusive of G&A were assumed.
  6. The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off.
  7. The out-of-pit Mineral Resource grade blocks were quantified above a 90 g/t Ag cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut-and-fill underground mining method.
  8. Mining costs are estimated at $2.00/t of waste and $6.80/t of ore, with a mining dilution factor of 5%.
  9. The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag.
  10. A 3% royalty applies.
  11. Mineral Resources have been rounded to reflect their confidence.
  12. Totals may vary due to rounding.

Table 3 – Mineral Reserve estimate for Zgounder, as of September 30th, 2025

Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Contained Metal
Stockpile
 N/A Proven 160 134 690
 
In-Pit Reserves 40 Proven 11,750 137 51,800
40 Probable 1,220 133 5,200
UG Reserves 90 Proven 180 207 1,200
90 Probable 2,390 189 14,500
Total 40/90 Proven 12,090 138 53,690
40/90 Probable 3,610 170 19,700
Total P&P 40/90 P&P 15,700 145 73,390

 

  1. Mineral Reserves have been estimated by Aya Gold & Silver Technical Service team, under the supervision of Patrick Pérez, P.Eng, full-time employee of Aya Gold & Silver and Qualified Person as defined by National Instrument 43-101. The estimate conforms to the CIM Definition Standards for Mineral Resources and Mineral Reserves.
  2. Mineral Reserves have been estimated using metal price assumption of $26/oz for silver.
  3. Open-pit Mineral Reserves are reported at a cut-off grade of 40 g/t Ag, and underground Mineral Reserves are reported at a cut-off grade of 90 g/t Ag.
  4. Cut-off calculations assume a processing and general & administration cost of $25.25/t, a metallurgical recovery of 90%, throughput of 1.4Mt per year, open-pit ore mining cost of $4.19/t, underground mining cost of $40/t, and an exchange rate of 9.5 MAD:US.
  5. Numbers may not add-up due to rounding