Morocco's Silver Surge: Aya Unlocks High-Grade Veins at Zgounder

MONTREAL, QC – February 18, 2026 – Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) today announced a series of exceptional high-grade silver drill results from its Zgounder Silver Mine in the Kingdom of Morocco, signaling a significant expansion of the known mineral resource and reinforcing the mine's status as a world-class silver deposit. The results from the ongoing 2026 exploration program have yielded bonanza-grade intercepts, including an eye-watering 6,223 grams per tonne (g/t) of silver over 3.6 metres.

The drilling campaign has successfully confirmed the continuity of rich silver mineralization both at depth and near the existing open-pit operations. Among the standout results from the Central Area are hole ZG-SF-25-347, which intercepted 3,581 g/t silver over 4.5 metres, including a richer zone of 5,893 g/t silver over 2.5 metres, and hole T28-26-1104, which hit 4,489 g/t silver over a 6.0-metre stretch. These grades are considered extremely high by industry standards, where anything over 500 g/t is often deemed high-grade.

“Today’s high-grade results once again confirm the strong continuity of silver mineralization both at depth and around the open-pit area,” said Benoit La Salle, President & CEO of Aya Gold & Silver, in the official press release. “Moreover, the new intersection at depth near the Western Fault contact in hole ZG-SF-25-340 extends mineralization further west, continuing to push the boundary of our current resource model.”

Fueling a Strategic Expansion

These latest discoveries are not just isolated hits but are part of a systematic, technology-driven exploration strategy that underpins Aya's ambitious expansion plans for Zgounder. The company declared commercial production at its newly expanded facility in December 2024, a move that tripled the mine's annual production capacity to 8 million ounces. By late 2025, the Zgounder mill was already outperforming, processing ore at a rate 41% above its original design capacity.

The new high-grade intercepts provide critical support for the mine's updated Life of Mine (LOM) plan, which currently extends to 2036 with a projected average annual output of 6 million ounces. By extending the mineralization to the west and confirming deep, rich veins, these results de-risk future production and offer the potential to significantly increase the mine's already substantial resource base. As of a December 2025 technical report, Zgounder held 73 million ounces of silver in Proven and Probable reserves. The latest drilling is expected to contribute positively to the next resource update.

The 2026 exploration program, of which only 10.3% has been completed to date, is set to drill 30,000 metres at and around the Zgounder mine. The early success of this program suggests that further positive news could be forthcoming, bolstering investor confidence in the long-term viability and profitability of the operation.

Capitalizing on a Bullish Silver Market

The timing of Aya's exploration success could not be more opportune. The global silver market is in its sixth consecutive year of a supply deficit, with robust investment demand and industrial use continuing to outstrip production. Silver prices have responded accordingly, gaining over 11% year-to-date and recently trading around $77 per troy ounce, a staggering 134% increase from the previous year.

With market analysts forecasting continued strength and some projecting prices to average over $80/oz in 2026, high-grade discoveries become exceptionally valuable. Mines that can produce silver at a lower cost per ounce stand to generate significant free cash flow. The bonanza grades at Zgounder suggest a potentially very low-cost operation, positioning Aya to reap maximum benefit from the high-price environment.

Furthermore, with approximately 70% of global silver supply coming as a by-product from other mining operations (such as lead, zinc, and gold), the market supply is relatively inelastic to price changes. This makes primary silver mines like Zgounder, especially those with expanding high-grade resources, strategically vital to meeting global demand.

Morocco: A Revitalized Mining Hub

Aya's success is also a testament to Morocco's emergence as a premier mining jurisdiction. The country has climbed the ranks to become the 18th most attractive jurisdiction for mining investment globally, according to the Fraser Institute's 2024 survey. The government has actively courted international investment through regulatory reforms, creating a stable and predictable environment for operators.

The Zgounder mine is located in the Anti-Atlas mountain range, a geologically rich but historically underexplored region. Aya's data-driven approach is unlocking the potential of this area, not only at Zgounder but also at its nearby Boumadine polymetallic project. A 2025 preliminary economic assessment for Boumadine highlighted its potential to become another major asset, with a projected 11-year mine life producing gold, silver, zinc, and lead. This two-pronged growth strategy in a favorable jurisdiction has drawn positive attention from the market.

Growing Investor Confidence

The consistent flow of positive operational and exploration news has been well-received by investors. Aya's stock has surged over 90% in the past year, and the consensus among analysts covering the company is a firm "Buy," with an average price target suggesting significant upside from its current trading level.

The spectacular drill results serve to further solidify Aya's narrative as a de-risked, pure-play silver producer that is successfully executing on its growth strategy. After achieving record production of 4.83 million ounces in 2025—a 193% increase over the prior year—the company is demonstrating its ability to deliver on its expansion promises. These latest exploration wins add another layer of potential value, confirming the geological prospectivity of their land package and paving the way for future resource growth. With a planned U.S. listing in mid-2026 set to broaden its investor base, Aya Gold & Silver appears well-positioned to continue its growth trajectory.