Aya Gold & Silver Drill Results Confirm High-Grade Continuity at Boumadine; New Permits Secured

Aya advances Boumadine with high-grade drill results and expanded permits, feasibility due 2027.

What the company is saying

Aya Gold & Silver Inc. is emphasizing operational momentum at its Boumadine Project in Morocco, highlighting the completion of 181,685 metres of drilling year-to-date, which is 51% of its two-year infill target of 360,000 metres for 2026–2027. The company stresses the significance of new high-grade drill intercepts along the Boumadine Main Trend, listing specific grades and widths for several holes, and frames these as evidence of strong continuity and resource growth potential. Management, led by President & CEO Benoit La Salle, claims the project is ahead of schedule and that the system's scale is reinforced with each drilling round. Aya also announces the acquisition of three new exploration permits, expanding the project area to 357 km² and closing gaps around the existing mining license. The company presents a confident tone, stating that infill drilling objectives for 2026 are already met, with 16 rigs currently operating, and that feasibility study work is progressing toward a 2027 target. Technical and quality control details are included, with Afrilab in Marrakech conducting assays and David Lalonde, Executive Vice-President Exploration, reviewing the technical information for compliance.

What the data suggests

The disclosed data show Aya has completed 181,685 metres of drilling at Boumadine in 2026, surpassing its annual infill drilling objective of 180,000 metres and achieving 51% of its two-year, 360,000-metre infill program. The company is running 16 rigs and has also conducted 20,000 metres of regional drilling as part of its stated objectives. Drill results include intercepts such as 269 g/t AgEq over 11.9m (with 1.56 g/t Au, 28 g/t Ag, 3.3% Zn, 1.3% Pb) and 953 g/t AgEq over 1.7m (7.94 g/t Au, 118 g/t Ag, 3.6% Zn, 0.3% Pb), with several other high-grade intervals reported. The Boumadine Main Trend extends 5.4 km, with the Tizi and Imariren zones at 2.0 km and 1.2 km respectively, all open in all directions. The project area now covers 357 km² following the acquisition of three new permits. Silver equivalent calculations use US$30/oz silver (96% recovery), US$2,800/oz gold (96%), US$1.20/lb zinc (75%), US$1.00/lb lead (82%), and US$4.60/lb copper (75%). The company has not disclosed updated resource estimates or economic studies, so the impact of these results on project value remains unquantified. All assays have been completed for holes up to BOU-DD26-1080, and quality control protocols are described in detail.

Analysis

The announcement is generally positive in tone and provides substantial operational detail, including specific high-grade drill intercepts, metres drilled, and progress against stated exploration objectives. The company has achieved 51% of its two-year infill drilling program ahead of schedule and expanded its project area, both of which are realised and measurable milestones. However, a significant portion of the narrative is forward-looking, focusing on the completion of a feasibility study in 2027 and ongoing/future drilling to expand resources. The benefits from these activities (resource growth, potential production) are long-term and contingent on future milestones. The capital intensity is high, with 16 rigs operating and a multi-year, 360,000-metre drilling program, but there is no immediate earnings or resource estimate impact disclosed. While the technical data is credible and specific, claims about 'continuity' and 'scale' are somewhat inflated relative to the evidence, as no updated resource estimate or economic analysis is provided.

Risk flags

• ●There is no updated resource estimate or preliminary economic assessment disclosed, so the economic impact of the new drilling remains unclear. Without quantified resources or economics, investors cannot assess the project's value uplift from these results.
• ●The timeline to value realization is extended, with the feasibility study not expected until 2027. This leaves a multi-year window where market value is driven by exploration results rather than cash flow or development milestones.
• ●The company's narrative relies heavily on high-grade intercepts and geological continuity, but true widths are undetermined and the continuity claim is not substantiated by longitudinal data or resource modeling. This introduces geological and interpretive risk.
• ●Significant capital is being deployed, with 16 rigs operating and a 360,000-metre, two-year drilling program, but no disclosure of costs, funding sources, or cash position is provided. Sustaining this pace may strain financial resources if market or commodity conditions weaken.
• ●Permitting and expansion of the land package are positive, but the impact of new permits on resource growth is still speculative. There is no indication of community, regulatory, or environmental challenges, but these remain latent risks in any mining jurisdiction.

Bottom line

Aya Gold & Silver has delivered a detailed operational update, showing strong drilling progress and high-grade intercepts at Boumadine, with 181,685 metres drilled in 2026 and three new exploration permits expanding the project to 357 km². The company is ahead of schedule on its two-year infill program and is operating at scale with 16 rigs, but no updated resource or economic figures are disclosed, so the direct impact on project value is not yet measurable. The feasibility study is not expected until 2027, making this a long-term story with near-term catalysts limited to further drill results and technical milestones. The claims of continuity and scale are supported by specific intercepts but not by resource modeling or economic analysis. Investors should view this as a high-risk, high-reward exploration play, with the most important takeaway being that tangible value realization depends on future resource and feasibility disclosures.

Announcement summary

(TSX:AYA; NASDAQ:AYA) Aya Gold & Silver Inc. announced it has secured three additional exploration permits adjacent to the Boumadine mining license in Morocco, expanding the Boumadine Project area to 357 km². The company reported new high-grade drill results from its ongoing infill drill program at Boumadine, confirming strong high-grade continuity along the Boumadine Main Trend. Notable intercepts include BOU-DD26-1076 with 269 g/t AgEq over 11.9m (1.56 g/t Au, 28 g/t Ag, 3.3% Zn, 1.3% Pb), including 635 g/t AgEq over 2.6m (3.94 g/t Au, 65 g/t Ag, 6.6% Zn, 2.7% Pb); BOU-DD26-1072 with 239 g/t AgEq over 17.0m (1.69 g/t Au, 36 g/t Ag, 1.7% Zn, 0.3% Pb), including 953 g/t AgEq over 1.7m (7.94 g/t Au, 118 g/t Ag, 3.6% Zn, 0.3% Pb); BOU-DD26-1078 with 331 g/t AgEq over 9.1m (1.96 g/t Au, 31 g/t Ag, 4.5% Zn, 1.5% Pb); BOU-DD26-1071 with 621 g/t AgEq over 3.7m (5.53 g/t Au, 68 g/t Ag, 1.7% Zn, 0.1% Pb), including 862 g/t AgEq over 2.4m (7.98 g/t Au, 72 g/t Ag, 2.5% Zn, 0.1% Pb); and BOU-DD26-1034 with 442 g/t AgEq over 4.7m (3.2 g/t Au, 77 g/t Ag, 2.9% Zn, 0.4% Pb), including 645 g/t AgEq over 2.6m (4.61 g/t Au, 108 g/t Ag, 4.8% Zn, 0.5% Pb). Year-to-date, 181,685 metres of drilling have been completed at Boumadine, ahead of schedule, achieving 51% of the two-year infill program of 360,000 metres planned for 2026 and 2027. The 2026 exploration objectives included 180,000 metres of infill drilling and 20,000 metres of regional drilling. The Boumadine Main Trend currently measures 5.4 km, with the Tizi Zone at 2.0 km and the Imariren Zone at 1.2 km, all open in all directions. Mineralization within the Main Trend measures up to 4m wide, locally exceeding 10m. The company is operating 16 rigs and has already completed its 2026 infill drilling objective with more than 181,000 metres drilled. The feasibility study for Boumadine is targeted for completion in 2027. Benoit La Salle, President & CEO, stated that the results confirm the continuity, width, and grade of the Boumadine Main Trend and reinforce the scale of the system. The company will prioritize infill drilling for the remainder of 2026 and continue in 2027 to support the feasibility study, with follow-up drilling planned for the Asirem trend and greenfield exploration to test new targets. All samples were analyzed by Afrilab in Marrakech, Morocco, with quality control measures in place. Silver equivalent calculations are based on a silver price of US$30/oz (96% recovery), gold price of US$2,800/oz (96% recovery), zinc price of US$1.20/lb (75% recovery), lead price of US$1.00/lb (82% recovery), and copper price of US$4.60/lb (75% recovery). The scientific and technical information was reviewed by David Lalonde, B. Sc, P. Geo, Executive Vice-President Exploration and Qualified Person.

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