MD&A

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# MD&A

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## Content

Management’s Discussion and Analysis of Financial
Condition and Results of Operations
This Management’s Discussion and Analysis (“MD&A”) of the operations, results, and financial position of Aya Gold & Silver
Inc. (the “Corporation” or "Aya"), dated May 13, 2026, covers the three-month period ("Q1-2026" or the "Quarter"). This MD&A is
prepared by management and should be read in conjunction with the Corporation’s Unaudited Condensed Interim
Consolidated Financial Statements (“FS”) and related notes for the three-month periods ended March 31, 2026 and 2025. The
Corporation uses certain non-GAAP financial measures in this MD&A as described under “Non-GAAP Measures".
The Corporation’s March 31, 2026 FS and the related financial information contained in this MD&A have been prepared in
accordance with International Accounting Standard 34, "Interim Financial Reporting" of the International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), unless otherwise stated. All amounts
are stated in thousands of United States dollars (“US”), except for share and per share amounts, or unless otherwise indicated.
References to “C$” are to the Canadian dollar while “MAD” refers to the Moroccan Dirham.
This MD&A contains forward-looking information that is subject to risk factors set out in a cautionary note in this MD&A under
“Cautionary Note Regarding Forward-Looking Information”. All information contained in the FS and this MD&A has been
reviewed by the Audit Committee and approved by the Corporation’s Board of Directors. This MD&A is current as of May 13,
2026 unless otherwise stated.
AYA GOLD & SILVER INC. / MANAGEMENT’S DISCUSSION AND ANALYSIS / Q1-2026 2
Contents
Business Overview 4
Q1-2026 Highlights 6
Silver Equivalent Production Chart 8
Operating Results 9
Development and Exploration 10
Overview of Financial Performance 17
Summary of Quarterly Results 18
Liquidity and Capital Resources 20
Financial Position 22
Capital Management 23
Commitments and Contingency 24
Non-GAAP Measures 25
Risks and Uncertainties 27
Other Financial Information 28
Accounting Policies, Judgements and Estimates 29
Management’s Report on Internal Controls and Financial Reporting 29
Additional Information and Continuous Disclosure 30
Technical Information 30
Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Resources 30
Cautionary Note Regarding Forward-Looking Information 31
AYA GOLD & SILVER INC. / MANAGEMENT’S DISCUSSION AND ANALYSIS / Q1-2026 3
Business Overview
General Information
Aya is a Canadian-based precious metals mining corporation active across the full mining lifecycle; from discovery and
development through to production. The Corporation operates in Morocco.
Aya’s flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located
along the Anti-Atlas fault, one of North Africa’s most geologically rich and underexplored regions, known for hosting world-
class silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is
currently in the development evaluation phase, with a Preliminary Economic Assessment ("PEA") completed and feasibility
study work underway.
Aya is incorporated under the Canada Business Corporations Act; its financial year-end is December 31, and its common
shares trade on the Toronto Stock Exchange and the Nasdaq Stock Market under the symbol “AYA”. Aya’s issued and
outstanding share capital totals 143,349,749 common shares on May 13, 2026.
Geographic Overview
• The Zgounder mining permit covers 16 km², while the 23 mining and exploration permits within the Zgounder Regional
area encompass an additional 362km2, bringing the total package at and around Zgounder to 378 km².
• Boumadine’s exploration portfolio includes 31 permits and licenses totaling 341 km², including a 32 km² mining license
that forms the basis of the PEA. The project also benefits from an additional 600 km² of exploration authorization.
For details and history of permitting please refer to the Corporation's latest Annual Information Form available on SEDAR+ and
EDGAR.
AYA GOLD & SILVER INC. / MANAGEMENT’S DISCUSSION AND ANALYSIS / Q1-2026 4
Zgounder Silver Mine
Located in Morocco’s central Anti-Atlas Mountains, the wholly owned Zgounder Mine is a rare, silver-only operation that
differentiates Aya from producers that recover silver primarily as a by-product. The mine is supported by proven and probable
mineral reserves of 73 million ounces (“Moz”) of silver.
Commercial Operations
Following a major expansion completed in 2024, the Zgounder Silver Mine achieved commercial production in late December
2024 and completed its ramp-up during 2025. The updated mine plan released in Q4-2025 extends the operation’s life to 2036,
supporting an average annual production profile of approximately 6 Moz of silver over the life of mine (“LOM”). Mining is
conducted using a combination of open-pit and underground mining methods. The expansion included new mine development,
plant, tailings, water storage facilities, and infrastructure improvements. Silver is produced through cyanide leaching and
refined into doré bars. All of the revenue from the Zgounder Mine is derived from the production and sale of silver, which is
refined in Switzerland and sold on a regular basis at prevailing market prices.
Near-Mine and Regional Exploration
Exploration is a core part of Aya’s growth strategy, focused on expanding its resource base, advancing priority targets, testing
new prospective zones, guiding future development decisions, and enhancing overall geological understanding of the project
area. The 2026 exploration program is targeting 30,000 metres of Diamond Drill Holes ("DDH").
Technical Report and Mineral Reserves and Resources
An updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report with an
effective date of September 30, 2025, was released on December 15, 2025. The report is based on a Mineral Resource
Estimate for Zgounder as of June 30, 2025, and a Mineral Reserve Estimate as of September 30, 2025. Additional details are
provided in the "Development and Exploration" section.
Boumadine Polymetallic Project
Located in the Anti-Atlas region of eastern Morocco, Boumadine is a polymetallic gold-silver-zinc-lead system owned 85% by
Aya and 15% by National Office of Hydrocarbons and Mines ("ONHYM"). The Boumadine project is Aya’s most advanced
development-stage asset and a key pillar of its long-term growth strategy in Morocco. The project hosts a substantial mineral
resource and an extensive mineralized footprint. The Boumadine PEA contemplates a combined open-pit and underground
mining operation with a processing capacity of approximately 2.9 million tonnes per year. The project is expected to produce
three marketable concentrates (zinc, lead, and pyrite), with revenue largely derived from precious metals. Boumadine benefits
from year-round access and existing regional infrastructure, which would require enhancements to support full-scale
operations. Feasibility study work is currently underway to advance development planning and optimize the project’s
economics. Refer to the "Boumadine Preliminary Assessment" section.
Aya initiated the reclaiming and commercialization of a historical pyrite stockpile at Boumadine in Q4-2025. This legacy
flotation by-product contains approximately 2.30 g/t Au and 144 g/t Ag and is expected to yield approximately 2.5 million
silver-equivalent ounces. Announced on November 19, 2025, the initiative is expected to last approximately 20 to 24 months
from that date. The program is designed to generate near-term cash flow, demonstrate the marketability of Boumadine’s gold-
and silver-rich pyrite concentrate, and align with Aya’s commitment to responsible environmental management.
Exploration
Since 2022, Aya has completed 395,882 metres ("m") of drilling at Boumadine, significantly advancing the geological model.
The 2026 exploration program is targeting 200,000 m, including infill drilling (180,000 m – representing half of the planned
two-year 360,000 m program) to convert inferred resources to the indicated and measured categories, as well as expanding
the resource at depth and along strike. The program also includes 20,000 m of regional exploration drilling on new targets and
to follow-up on the Asirem structures discovered in 2025.
Technical Report and Mineral Resource Estimate
An updated NI 43-101 technical report incorporating the results of the Boumadine PEA with an effective date of November 4,
2025 was filed on SEDAR+ and EDGAR on December 18, 2025. The report is based on a Mineral Resource Estimate for
Boumadine as of February 24, 2025. Additional details are provided in the "Development and Exploration" section.
AYA GOLD & SILVER INC. / MANAGEMENT’S DISCUSSION AND ANALYSIS / Q1-2026 5
Q1-2026 Highlights
Change Change
Q1-2026 Q4-2025 Q1 vs Q4 Q1-2025 Q1 vs Q1
Operational Zgounder
Ore Mined (tonnes) 411,766 385,216 7% 194,661 112%
Average Grade Mined (g/t Ag) 135 130 4% 151 (11)%
Ore Processed (tonnes) 326,949 349,242 (6)% 249,743 31%
Average Grade Processed (g/t Ag) 140 134 4% 163 (14)%
Combined Mill Recovery (%) 89.4% 91.2% (1.8)% 82.4% 6.9%
Milling Operations (tpd) 3,633 3,796 (4)% 2,775 31%
Silver Equivalent Produced (oz) 1,265,012 1,371,300 (8)% 1,068,652 18%
Silver Equivalent Sold (oz) 1,375,930 1,234,551 11% 1,061,565 30%
Cash Costs per Silver Equivalent Ounce Sold1 18.64 20.50 (9)% 18.93 (2)%
Production Cost per Tonne1 80 84 (5)% 121 (34)%
Boumadine Reclaim Operations
Ore Processed (tonnes) 21,814 13,498 62% - NM
Average Grade Processed (g/t Ag) 181 192 (5)% - NM
Average Grade Processed (g/t Au) 2.50 2.87 (13)% - NM
Silver Produced (oz) 127,406 83,480 53% - NM
Gold Produced (oz) 1,757 1,245 41% - NM
Silver Equivalent Produced (oz) 227,802 172,129 32% - NM
Silver Equivalent Sold (oz) 50,431 55,471 (9)% - NM
Cash Costs per Silver Equivalent Ounce Sold1,2 11.86 6.59 80% - NM
Consolidated Zgounder and Boumadine
Silver Equivalent Produced Consolidated (oz) 1,492,814 1,543,429 (3)% 1,068,652 40%
Silver Equivalent Sold Consolidated (oz) (A) 1,426,361 1,290,023 11% 1,061,565 34%
Average Net Realized Silver Equivalent ($/oz) (B/A) 82.22 58.39 41% 31.87 158%
Cash Costs per Silver Equivalent Ounce Sold1,2 18.40 19.91 (8)% 18.93 (3)%
Financial
Revenues (B) 117,274 75,320 56% 33,831 247%
Cost of Sales 33,515 32,706 2% 23,584 42%
Gross Profit 83,759 42,614 97% 10,247 717%
Operating Income 77,585 36,354 113% 3,328 2,231%
Income before Income Taxes 76,290 32,799 133% 10,664 615%
Net Income 48,533 18,287 165% 6,930 600%
Operating Cash Flow 70,175 33,854 107% 7,926 785%
Cash and cash equivalents 171,670 136,322 26% 18,319 837%
Total Assets 658,387 631,733 4% 418,953 57%
Total Non-Current Financial Liabilities 71,138 84,615 (16)% 84,600 (16)%
Working Capital3 141,379 112,400 26% 1,752 7,970%
EPS
Income Per Share (EPS) - Basic 0.34 0.13 162% 0.05 580%
Income Per Share (EPS) - Diluted 0.33 0.12 175% 0.05 560%
NM – Not Meaningful
1 Non-GAAP Measures, refer to page 25.
2 Cash costs per AgEq ounce sold at Boumadine were negatively impacted by changes in the gold-to-silver ratio during the quarter. As commodity prices increased,
the gold-to-silver ratio compressed, reducing reported AgEq ounces and increasing unit costs on an AgEq basis. The Corporation’s AgEq ounces for 2026 guidance at
Boumadine are calculated using an 80:1 Au:Ag ratio and assumed commodity prices of $50.00/oz silver and $4,000/oz gold, compared to an average realized ratio of
approximately 57:1 during Q1-2026. Had the 80:1 ratio been applied during Q1-2026,

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