Here are 1-2 brief analogies to describe Aya Gold & Silver:

1. Think of it as the Barrick Gold for gold and silver development in Morocco.
2. It's like the Fresnillo for Moroccan gold and silver.

• Gold: A precious metallic element extracted and produced from its mining operations.
• Silver: A precious metallic element extracted and produced from its mining operations.

Aya Gold & Silver (symbol: AYA) is a mining company focused on the exploration, evaluation, and development of precious metals projects, primarily for gold and silver deposits. As such, its primary customers are not individuals but rather companies that process or trade these raw materials.

The company sells its silver and gold dore bars to a single major customer:

• Metalor Technologies SA (private company)

• DRA Global

Here are the key risks to Aya Gold & Silver:

1. Single-Asset Dependency: Aya Gold & Silver's financial performance is heavily concentrated on the successful operation of its flagship Zgounder mine in Morocco. This single-asset dependency means that any operational disruptions, unforeseen issues, or negative developments at Zgounder would have a disproportionately significant impact on the company's overall value and financial results. The company's success is not yet self-sustaining, and its entire financial performance is tethered to this one mining asset.
2. Commodity Price Volatility: As a precious metals company primarily focused on silver and gold, Aya Gold & Silver's revenue and profitability are directly and significantly influenced by fluctuations in the global prices of these commodities. Prolonged declines in silver and gold prices could adversely affect the company's financial performance and investment returns.
3. Execution and Operational Risks: The company faces inherent risks associated with the exploration, evaluation, and development of mineral properties, particularly the ongoing expansion of the Zgounder mine and the development of the Boumadine project. These risks include potential project delays, cost overruns, challenges in maintaining production consistency, managing operational costs, equipment performance issues, labor considerations, and unexpected geological conditions. Aya has also experienced past cash burn and increased balance sheet risk due to funding growth through share issuance and debt.

The emergence and increasing acceptance of cryptocurrencies, particularly Bitcoin, as a "digital gold" and an alternative store of value presents an emerging threat to Aya Gold & Silver.

As investor capital potentially shifts from traditional precious metals like gold and silver to these digital assets, it could impact the long-term demand and market price of the commodities Aya produces, thereby affecting the company's revenue and profitability. This dynamic mirrors the examples provided, where a new alternative or technology disrupts the traditional offering's market share.

The addressable markets for Aya Gold & Silver's main products, gold and silver, are global.

Gold Market

The global gold precious metal market was valued at US$ 354,004.4 million in 2024 and is estimated to grow to US$ 594,021.5 million by 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 5,118.1 tons in 2026. This market is projected to reach 7,424.4 tons by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 4.70% during the forecast period from 2026 to 2034. Asia Pacific significantly dominates the global gold market, holding a 65.54% market share in 2025.

Silver Market

The global silver market size was valued at USD 95.71 billion in 2025 and is projected to increase from USD 105.15 billion in 2026 to USD 223.11 billion by 2034, growing at a CAGR of 9.86% during this forecast period. In terms of volume, the silver market is expected to grow from 37.78 kilotons in 2025 to 39.53 kilotons in 2026, with a forecast to reach 49.54 kilotons by 2031 at a 4.62% CAGR over 2026-2031.

Aya Gold & Silver (TSX: AYA) is poised for future revenue growth over the next two to three years, driven by several key initiatives and market factors:

1. Increased Silver Production from the Zgounder Mine Expansion: The Zgounder Silver Mine expansion project is a primary driver of revenue growth. The expansion, which was substantially complete and fully funded by late 2024, has significantly increased the mine's ore processing capacity from 700 to 2,700 tonnes per day. Following the expansion, Zgounder has been operating above its design capacity. For 2026, the company's guidance projects Zgounder to produce between 5.2 million and 5.8 million ounces of silver. This increased production volume from its flagship asset is expected to lead to substantial revenue growth.
2. Development and Future Production from the Boumadine Polymetallic Project: The Boumadine polymetallic project is identified as the next significant growth catalyst for Aya Gold & Silver. Feasibility study work for Boumadine is currently underway, and the project is expected to transform the company into a multi-asset producer. Aya's 2026 guidance includes approximately 1 million ounces of silver equivalent from the Boumadine pyrite reclaim operation. The extensive mineralized footprint and significant exploration potential at Boumadine, with aggressive drilling plans, suggest a substantial contribution to future revenue as the project advances towards full development.
3. Ongoing Exploration Success and Resource Growth: Aya Gold & Silver maintains an aggressive exploration strategy at both its Zgounder and Boumadine properties, aiming to expand its resource base and extend mine life. In December 2025, an NI 43-101 resource update increased measured and indicated resources at Zgounder to 100 million ounces of silver. The company has allocated approximately $30 million for Zgounder exploration in 2026, focusing on extending the deposit further west and deeper. For Boumadine, a planned 200,000 meters of drilling in 2026 is intended to convert inferred resources into measured and indicated categories and for regional exploration. Successful exploration directly contributes to future production capacity and sustained revenue generation.
4. Favorable Global Silver Prices: While an external market factor, robust silver prices have demonstrably driven Aya Gold & Silver's revenue. In the first quarter of 2026, the company's average net realized silver equivalent price of $82.22 per ounce, a 158% increase year-over-year, was a key contributor to its 247% year-over-year revenue growth. The company has effectively capitalized on higher silver prices, and a continued strong precious metals market is anticipated to remain a significant driver of future revenue.

Share Issuance

• In September 2021, Aya Gold & Silver completed a bought deal public offering, issuing 6,830,000 common shares at C$10.25 per share, for aggregate gross proceeds of C$70,007,500.
• Between 2021 and 2024, the total share count increased by over 50%, from 84 million to 129 million, primarily funded by issuing new shares.
• In Q2 2025, the company raised $105.22 million from issuing stock to fund its expansion projects.

Outbound Investments

• In 2024, Aya Gold & Silver announced the spinout of its Amizmiz gold project, creating Mx2 Mining Inc., a new North African gold-focused exploration company.

Capital Expenditures

• Aya Gold & Silver has been in a full-scale investment phase, with free cash flow consistently negative and a cumulative cash burn exceeding $249 million over a five-year period (FY2020-FY2024), funded by new shares and debt, to prioritize future production.
• The expansion of the Zgounder Mine was advanced on budget and on schedule for commissioning in Q2 2024. In the last 12 months (leading up to early 2026), capital expenditures were approximately -$112.74 million.
• For 2026, total sustaining and growth capital investments are projected to be approximately $36 million, allocated to optimizing Zgounder operations, developing the Boumadine polymetallic project, and exploration programs. The Boumadine project has an initial capital expenditure estimate of $446 million.