Mr. Benoit La Salle reports

AYA GOLD & SILVER REPORTS RECOVERIES OF 89% SILVER AND 85% GOLD FROM METALLURGY TEST WORK ON BOUMADINE

Aya Gold & Silver Inc. has released robust results from recent metallurgical test work on its Boumadine project. The corporation envisions a two-step process which includes a flotation stage followed by an oxidation and leaching stage. Total recoveries of 89% for silver ("Ag"), 85% for gold ("Au"), 85% for lead ("Pb") and 72% for zinc ("Zn") were obtained.

Results reported below are from a two-step process: Phase I via a flotation circuit, and Phase II processing using the Albion Process and cyanide leaching as follows:

• Phase I: flotation achieved Pb and Zn recoveries, and partial recoveries of Au and Ag:
  • Pb and Zn sellable concentrates were produced.
  • To reduce mass pull, capital investment and operating costs, a sulphur-rich pyrite concentrate containing most of the remaining Au and Ag was produced.
• Phase II: amenability test work assessed four separate potential oxidation processes - roasting, pressure-oxidation ("POX"), Albion Process, and biological oxidation ("BIOx"):
  • Using the Albion Process, a total of 89% Ag and 85% Au were recovered from Boumadine.
  • The Albion Process delivered the highest recoveries and was selected for its proven operational robustness and cost effectiveness.
  • Test work also indicated further sulphide oxidation through increased limestone dosage and finer grind.
• Next steps include refining the metallurgy work and evaluation of key reagents and input parameters.

"Today's metallurgical test work shows the potential and strength of our Boumadine Project through a two-step process that integrates the Albion Process," said Benoit La Salle, President & Chief Executive Officer. "We look forward to refining these initial results as we build our resource estimate through our expanded drill program. This important milestone further de-risks Boumadine as we expedite development of our unique and highly scalable polymetallic project."

Test Work Summary

Phase I flotation recovered Pb and Zn and achieved partial recoveries of Au and Ag: approximately half of the metal value contained in the test sample was recovered. The remaining value was in the flotation tailings, which was rich in Au and Ag, finely disseminated in pyrite ("Py"). A final sulphur flotation was carried, and several oxidative methods were tested prior to cyanide leaching. The Albion Process, a sequence of fine grinding and atmospheric pressure oxidation, emerged as the most suitable method followed by cyanide leaching, to recover the remaining Au and Ag from the sulphur-rich Py concentrate (Phase II).

Two-Step Process

Boumadine is a polymetallic project. Various processes were studied to maximise recoveries of each valuable element contained in a blended, typical sample: Au, Zn, Ag, and Pb, each listed in decreasing economical value. It was found that recoveries could be improved through two distinct phases of sequential processing. During Phase I, flotation recovered most of the base metals and a significant portion of the precious metals by producing two sellable concentrates. Based on these results, the corporation solicited potential buyers and received several offers to purchase future production of Pb and Zn concentrate.

Approximately half of the metal value remained in the flotation tails. To reduce mass pull, capital investment and operating costs, a sulphur-rich pyrite concentrate containing most of the remaining Au and Ag was produced. This sulphide concentrate formed the basis of Phase II of the test campaign: Py flotation, the Albion Process and cyanide leaching (Figure 1).

Phase I - Base Metal Flotation

The material tested is suitable for flotation. Furthermore, historical metallurgical tests and reports indicate that a semi-industrial plant at Boumadine produced concentrate from 1988 to 1991. Recent metallurgical test work reconfirmed the potential for saleable lead and zinc concentrate production, including substantial Au and Ag associated with the lead concentrate (Table 2).

The grinding work index of the Boumadine sample was found to be moderately hard, at 15.4kWh/t. For flotation testing, mineralized material was ground to P80: 60microm and a conventional lead and zinc flotation flowsheet was applied (Figure 2).

Regrind of both Pb and Zn rougher concentrates was set to approximately P80: 30microm to improve liberation. Although Au and Ag significantly transferred to the sulphur concentrate, precious metal grades of the pyrite-rich concentrate were low and required further processing. As such, a secondary processing step was tested to recover the precious metals within the Py concentrate.

The sulphur concentrate was found to be refractory to conventional cyanide leaching. However, its high sulphur content provides an energy source which can be used to sustain oxidation. As such, several different methods of oxidation were tested.

Phase II - Oxidation and Leaching of Pyrite Concentrate

Gold and silver in the sample were finely disseminated mostly associated with Py, and to a lesser extent galena and arsenopyrite. To extract the Au and Ag from the Py concentrate, a pre-treatment is necessary to oxidize the sulphides prior to cyanide leach. Four technologies were tested for Phase II (Figure 3): roasting, POX, the Albion Process, and BIOx. With sufficient oxidation, the resulting product can be leached through cyanide to recover the precious metals.

While all four methods successfully recovered precious metals within the Py concentrate, the Albion Process was selected for further test work given its high recovery rates, proven operational robustness and cost effectiveness. By fine grinding, limestone addition and oxygen injection, sulphides were oxidized at 75%. Subsequent cyanide leach results successfully leached 84.9% of the Au and 91.2% of the Ag contained in the sulphur concentrate (Table 4).

Pyrite Oxidation - Albion Process

The Albion Process tests validated that the Py concentrate produced from the Boumadine composite sample can be treated effectively. The key driver for releasing the precious metals is sulphide mineral oxidation. The test work confirmed that oxidation of sulphides from Boumadine is achievable and correlates well with both limestone addition and the subsequent leaching of Au and Ag (Figure 4).

Under the Albion Process, 85% of the Au and 91% of the Ag contained in the Py concentrate was recovered, with a limestone consumption of approximately 1.3 tonnes per tonne of Py concentrate. In this sample, Py concentrate was ground to P80:10microm prior to oxidation. Testing also indicated that precious metal recoveries could be further improved through increased limestone dosage and a finer grind, leading to further sulphide oxidation.

Limestone Sourcing

Limestone is a key reagent to the Phase II extraction process. The CaO content, reactivity and low MgO content are key parameters used to quantify limestone quality. In 2023, the corporation mandated limestone specialist Pascal Hitzig to conduct a geological study to determine the availability and quality of limestone deposits near Boumadine. His study located large limestone deposits, 35 kilometers from Boumadine, accessible by road, simple to mine and truck from a future quarry to the mine site.

Next Steps

Several key additional project inputs are being evaluated to support the project including metallurgy, limestone sourcing, water sourcing, mining methods, electricity accessibility and tailings facilities.

• Metallurgical testing will continue to be adapted and refined. Methods previously tested for Py oxidation will be further evaluated.
• Local limestone sourcing will be developed based on the 2023 study.
• A preliminary study to define potential water sources is ongoing.
• The large, massive sulphide zones found through exploration suggest mining can be productive and mechanised, using modern methods such as long-hole stoping and open-pit mining. Mining methods will be defined based on the future resource estimates and mining studies within the scope of a preliminary economic assessment.
• A high voltage power line is available close to the project to ensure energy supply.
• A preliminary study on potential tailing storage facility sites is ongoing.

Qualified Person & Metallurgy

The scientific and technical information contained in this press release have been reviewed by Matthieu Girard, P. Eng. Aya's Principal Metallurgist, Qualified Person, for accuracy and compliance with National Instrument 43-101.

The metallurgical test work on Boumadine was carried out by SGS Canada Inc. in 2023.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

We seek Safe Harbor.