Aya Gold & Silver Accelerates Boumadine Polymetallic Expansion in Morocco

MONTREAL, QC – November 04, 2026

The structural integrity of our modern economy relies heavily on the subterranean architecture of raw materials. As global supply chains face mounting geopolitical pressures, the extraction of base and precious metals has transformed from a mere industrial pursuit into a cornerstone of global infrastructure and economic security. We are witnessing a quiet but profound realignment in where and how these essential materials are sourced. In this evolving landscape, the Anti-Atlas fault in the Kingdom of Morocco is rapidly emerging as a critical node.

This week, Aya Gold & Silver Inc. provided a forensic look at the systems holding their ambitious expansion together. The Montreal-based mining company announced significant high-grade drill results from its ongoing infill drill program at the Boumadine Project in Morocco, alongside a strategic land consolidation that secures additional permits adjacent to their existing mining license. The results not only confirm strong high-grade continuity along the 5.4-kilometer Boumadine Main Trend but also underscore a broader corporate metamorphosis.

From Single-Asset Producer to Polymetallic Powerhouse

For years, the company's identity has been anchored by its successful Zgounder mine, a rare, silver-only operation that recently saw a major processing facility expansion. However, the future of the enterprise is increasingly tied to the polymetallic potential of Boumadine.

The recent acquisition of three new contiguous exploration permits effectively encloses gaps around the historical Boumadine mining license, expanding the total project footprint to a commanding 357 square kilometers. This is not merely a real estate play; it is a calculated move to secure the geological strike extensions of a system that remains open in all directions.

"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 of the company. "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."

The transition from a pure-play silver producer to a diversified polymetallic operator requires a fundamental shift in both operational scale and metallurgical complexity. Boumadine's ore is characterized by massive sulphide lenses containing a complex matrix of silver, gold, zinc, lead, and copper. The ability to efficiently separate and monetize these elements is what will ultimately define the project's success.

Operational Execution in the Anti-Atlas

The sheer pace of the current exploration program warrants scrutiny. Deploying 16 active drill rigs to complete 181,685 meters of drilling in a single calendar year is a massive logistical undertaking. It represents 51 percent of a planned two-year, 360,000-meter infill program designed to run across 2026 and 2027.

This aggressive infill campaign is designed to de-risk the deposit by converting inferred resources into the higher-confidence indicated category. The latest batch of results suggests this capital is being deployed efficiently. Standout intercepts from the Main Trend include hole BOU-DD26-1076, which intercepted 269 grams per tonne of silver equivalent over 11.9 meters, and hole BOU-DD26-1072, which yielded 239 grams per tonne of silver equivalent over a broad 17.0-meter interval. Another notable hole, BOU-DD26-1071, returned a staggering 621 grams per tonne of silver equivalent over 3.7 meters.

These figures are not isolated anomalies; they are continuous structures. Mineralization within the Boumadine Main Trend measures up to four meters wide—locally reaching over ten meters—and consists of steeply dipping massive sulphide veins predominantly composed of pyrite, sphalerite, galena, and chalcopyrite.

Beyond the 5.4-kilometer Main Trend, the company is also tracking parallel structures at the Tizi and Imariren zones, which share similar geological characteristics but feature distinct north-south orientations. With the Tizi zone currently mapped over 2.0 kilometers and Imariren over 1.2 kilometers, the total mineralized footprint is expanding rapidly. All three trends remain open in all directions, suggesting that the current resource estimates may only represent a fraction of the district's ultimate endowment. Furthermore, follow-up drilling is planned for the expansive 8-kilometer Asirem trend later this year, ensuring a robust pipeline of greenfield targets.

The operational success here also highlights the structural advantages of operating within Morocco. The country ranks among the most attractive mining jurisdictions in Africa, boasting a supportive mining code, no state free-carried interest, and robust infrastructure. This regulatory stability defines a predictable relationship between the corporate citizen and the state, allowing capital-intensive projects to advance without the looming threat of sudden legislative shifts or resource nationalism that currently plagues other global mining jurisdictions.

The Commodity Math and Feasibility Horizon

As the project barrels toward a highly anticipated feasibility study in 2027, the underlying financial and metallurgical math comes into sharp focus. Extracting value from polymetallic massive sulphides is notoriously complex, requiring precise metallurgical engineering.

However, extensive testwork conducted by SGS Lakefield between 2018 and 2025 has largely de-risked this front. The data confirms that a conventional flotation-based flowsheet is highly effective for Boumadine ore, achieving exceptional recovery rates of 96.1 percent for gold and 96.4 percent for silver, alongside robust recoveries for zinc and lead. This technical validation is the vital infrastructure that will allow the company to produce three payable concentrates: zinc, lead, and pyrite, with precious metals driving the bulk of the revenue.

The economic leverage of this project is heavily tethered to commodity price assumptions. In its latest drill reporting, the company utilized a conservative baseline for its silver equivalent calculations, anchoring silver at US$30 per ounce and gold at US$2,800 per ounce. Yet, the broader financial models being stress-tested behind the scenes paint a picture of immense upside.

According to the updated 2026 Preliminary Economic Assessment filed earlier this fall, the project's indicated resources have swelled by 34 percent to 8.6 million tonnes. When modeled against higher base-case assumptions—specifically US$3,500 per ounce for gold and US$50 per ounce for silver—the project generates a staggering after-tax Net Present Value of $3.5 billion, accompanied by a 93 percent internal rate of return.

These figures illustrate the immense financial gravity of the Boumadine project. It is no longer just an exploration target; it is rapidly becoming a cornerstone asset that could fundamentally re-rate the company's valuation in the global markets.

As the 2026 drill program wraps up ahead of schedule, the focus will inevitably shift to the 2027 feasibility study and subsequent early works, including access road construction and power infrastructure engineering. The structural integrity of Aya Gold & Silver's polymetallic pivot appears sound, anchored by high-grade continuity, aggressive operational execution, and a supportive host nation. The Anti-Atlas fault has long held its secrets, but through systematic, data-driven exploration, those geological systems are finally being brought to the surface.