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Aya Gold & Silver (AYA) reports high-grade Zgounder drill hits across key zones

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Rhea-AI Filing Summary

Aya Gold & Silver reported new high-grade silver drill results from its Zgounder Mine in Morocco, focused around the open pit, central area and near the Western Fault contact. Key intercepts include 1,867 g/t silver over 6.0 metres in hole ZG-RC-26-946, including 5,100 g/t over 2.0 metres, and 2,176 g/t over 8.4 metres in hole T28-26-1248, including 4,298 g/t over 3.6 metres.

Additional notable results include 739 g/t over 10.0 metres in ZG-RC-26-942 and 1,330 g/t over 4.6 metres in underground hole DZG-SF-26-740. The company states that 9,250 metres, or 30.8% of its 2026 exploration program, have been drilled so far. Management highlights continued continuity of high-grade mineralization and ongoing development of an exploration drift to support future drilling west of the Western Fault.

Positive

  • None.

Negative

  • None.

Insights

High-grade Zgounder drill results reinforce exploration potential but remain early-stage.

The drilling program at Zgounder shows multiple very high-grade silver intercepts, such as 1,867 g/t over 6.0 metres and 2,176 g/t over 8.4 metres. These occur both near the open pit and within central underground zones, indicating mineralization over several structural areas.

The company reports 9,250 metres drilled, representing 30.8% of the 2026 exploration program, so this is still a partial view of the campaign. Results are expressed as core lengths with true widths undetermined, meaning ultimate mineable thickness and tonnage will depend on future modeling and resource updates.

Management also points to intersections near the Western Fault and along the granite contact, suggesting potential to extend mineralization laterally and at depth. Subsequent technical work, including updated resource estimates and economic studies disclosed in future filings, will be important to understand how these grades translate into long-term production and project value.

High-grade intercept ZG-RC-26-946 1,867 g/t Ag over 6.0 m Including 5,100 g/t Ag over 2.0 m in same hole
High-grade intercept T28-26-1248 2,176 g/t Ag over 8.4 m Including 4,298 g/t Ag over 3.6 m underground
Central zone intercept DZG-SF-26-740 1,330 g/t Ag over 4.6 m Including 3,680 g/t Ag over 1.2 m
Open-pit area intercept ZG-RC-26-942 739 g/t Ag over 10.0 m Including 1,674 g/t Ag over 4.0 m
Western Fault intercept YAK-26-502 795 g/t Ag over 4.8 m Underground YAK percussion hole near Western Fault contact
2026 drilling completed 9,250 m (30.8%) Portion of Aya’s 2026 Zgounder exploration program drilled year to date
reverse circulation drill hole technical
"This release contains results from 116 holes, which include 5 surface diamond drill holes (“DDH”), 28 underground DDH, 23 reverse circulation drill hole (“RC”)"
A reverse circulation (RC) drill hole is a common exploration method that drills into the ground and uses an inner tube and compressed air to lift rock fragments and soil cuttings to the surface, producing relatively clean, coarse samples from depth. Investors care because RC sampling is a fast, lower-cost way to assess whether valuable minerals are present and how rich they might be—like using a sturdy probe that pulls up chunks of ground to judge whether a site is worth further investment.
Aqua regia technical
"All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy (“AAS”)."
Aqua regia is a very strong, corrosive mixture of two acids that can dissolve noble metals like gold and platinum — think of it as a super‑strong solvent for metals. Investors care because it’s used in testing and refining precious metals: how readily metals dissolve affects assays, recovery rates, production costs and cleanup or regulatory liabilities, all of which can change a miner’s or refiner’s reported yield and profitability.
fire assay technical
"Samples grading above 200 g/t Ag are reanalyzed by fire assay."
Fire assay is a laboratory process used to accurately measure the amount of precious metals, like gold or silver, in a sample of ore or material. It involves heating the sample intensely to separate the metals from other substances, much like melting and purifying metal to determine its purity. This method is important to investors because it provides precise data on the metal content, helping to assess the value of mining operations or mineral deposits.
National Instrument 43-101 regulatory
"Qualified Person, for accuracy and compliance with National Instrument 43-101."
National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.
Qualified Person regulatory
"The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President, Exploration, Qualified Person"
A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.
percussion drilling technical
"33 T28 and 27 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer)."
Percussion drilling is a method of making a hole by repeatedly striking the rock or ground with a heavy, fast-moving tool—like using a hammer and chisel inside a drill—to break material into pieces that are removed from the hole. Investors care because it influences how quickly and cheaply explorers or energy companies can reach targets in hard rock or shallow sites, affects equipment and operating costs, and can shape the chances of successful discovery or development.
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Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026.

Commission File Number: 001-43230
image_0.jpg
Aya Gold & Silver Inc.
(Translation of registrant’s name into English)

1320 boulevard Graham, suite 132, Mont-Royal, Quebec, Canada, H3P 3C8
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☐Form 20-F    ☑Form 40-F

EXHIBIT INDEX
The following documents are being furnished to the SEC as exhibits to this Form 6-K:

Exhibit No.
Description
99.1*
Press Release (Zgounder Drilling Results)
* Filed herewith
 

SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Aya Gold & Silver Inc.

Date May 4, 2026By/s/ Elias J. Elias
Elias J. Elias
Chief Legal and Sustainability Officer & Corporate Secretary



PRESS RELEASE
image_1a.jpg




Aya Gold & Silver Reports High-Grade Exploration Drill Results Near Pit Depth at Zgounder
Montreal, Quebec, June 2, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Corporation”) is pleased to announce high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine (“Zgounder”) in the Kingdom of Morocco.

Highlights (all intersections are in core lengths)
•Intersections in the Open-Pit Area:
•Hole ZG-RC-26-946 intercepted 1,867 grams per tonne (“g/t”) silver (“Ag”) over 6.0 metres (“m”), including 5,100 g/t Ag over 2.0m
•Hole ZG-RC-26-942 intercepted 739 g/t Ag over 10.0m, including 1,674 g/t Ag over 4.0m
•Hole ZG-RC-26-799 intercepted 1,160 g/t Ag over 6.0m, including 1,778 g/t Ag over 3.0m
•Hole ZG-RC-26-943 intercepted 886 g/t Ag over 5.0m
•Intersections Near the Western Fault contact:
•Hole YAK-26-502 intercepted 795 g/t Ag over 4.8m
•Hole T28-26-1152 intercepted 445 g/t Ag over 7.2m
•Intersections in the Central Area:
•Hole DZG-SF-26-740 intercepted 1,330 g/t Ag over 4.6m, including 3,680 g/t Ag over 1.2m
•Hole DZG-SF-26-741 intercepted 1,087 g/t Ag over 5.5m, including 3,347 g/t Ag over 1.5m
•Hole T28-26-1248 intercepted 2,176 g/t Ag over 8.4m, including 4,298 g/t Ag over 3.6m
•Hole T28-26-1177 intercepted 1,464 g/t Ag over 4.8m, including 5,480 g/t Ag over 1.2m
•9,250m or 30.8% of the 2026 exploration program has been drilled year to date.

"Today’s high-grade results continue to confirm the strong continuity of silver mineralization both around the open pit and within the central zone,” said Benoit La Salle, President & CEO. “Importantly, new intersections near the Western Fault continue to support the significant exploration potential to the west, where development of the exploration drift at the 1825-metre level is advancing ahead of planned


drilling west of the fault in the second half of the year. In parallel, drilling along the granite contact continues to demonstrate encouraging high-grade continuity at depth."
This release contains results from 116 holes, which include 5 surface diamond drill holes (“DDH”), 28 underground DDH, 23 reverse circulation drill hole (“RC”), 33 T28 and 27 YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer). For a full summary of today’s results, refer to Appendix 1.

Table 1 – Best Intercepts at Zgounder (core lengths)
Hole ID
From
To
Ag
Length*
Ag x width
(g/t)
(m)
Surface DDH
ZG-25-175
127.5
129.0
2,081
1.5
3,122
Underground DDH
DZG-SF-26-740
22.4
27.0
1,330
4.6
6,118
Including
24.8
26.0
3,680
1.2
4,416
DZG-SF-26-741
22.5
28.0
1,087
5.5
5,976
Including
25.5
27.0
3,347
1.5
5,020
DZG-SF-26-830
14.8
19.0
879
4.2
3,692
DZG-SF-26-877
33.7
38.5
505
4.8
2,422
DZG-SF-26-877
44.9
51.0
646
6.1
3,941
Surface RC
ZG-RC-26-799
6.0
12.0
1,160
6.0
6,962
Including
8.0
11.0
1,778
3.0
5,335
ZG-RC-26-942
129
139.0
739
10.0
7,388
Including
133
137.0
1,674
4.0
6,697
ZG-RC-26-942
148
150.0
1,409
2.0
2,818
ZG-RC-26-943
118
123.0
886
5.0
4,429
ZG-RC-26-946
96.0
102.0
1,867
6.0
11,200
Including
96.0
98.0
5,100
2.0
10,200
ZG-RC-26-955
94.0
103.0
288
9.0
2,593
ZG-RC-26-959
51.0
59.0
337
8.0
2,696
Underground T28
T28-26-1152
0.0
7.2
445
7.2
3,206
T28-26-1177
20.4
25.2
1,464
4.8
7,025
Including
21.6
22.8
5,480
1.2
6,576
T28-26-1181
14.4
20.4
500
6.0
2,998
Including
14.4
15.6
2,030
1.2
2,436
T28-26-1248
8.4
16.8
2,176
8.4
18,276
Including
8.4
12.0
4,298
3.6
15,474
T28-26-1249
16.8
26.4
542
9.6
5,201
T28-26-1250
0.0
4.8
519
4.8
2,491
Underground YAK
YAK-26-447
3.6
8.4
1,741
4.8
8,358
Including
3.6
6.0
3,365
2.4
8,076
YAK-26-454
40.8
45.6
835
4.8
4,006


YAK-26-463
0.0
4.8
939
4.8
4,508
YAK-26-502
4.8
9.6
795
4.8
3,815
True width remains undetermined; all values are uncut.


imagea.jpg
Figure 1: Location of Drill Results at Zgounder

Technical Information
For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco or to ALS Laboratory at the Zgounder Mine site. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed by fire assay.
For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality controls (QaQc) are applied at both locations.


Qualified Person
The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President, Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.
About Aya Gold & Silver Inc.
Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.
Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a sizable mineralized footprint, and potential for further discovery.
Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA, MBA    
President & CEO
benoit.lasalle@ayagoldsilver.com                                                 







Alex Ball
VP, Corporate Development & IR alex.ball@ayagoldsilver.com




















Forward-Looking Statements
This press This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.
All statements, other than statements of historical fact included in this press release, regarding the Corporation’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “continue”, “confirm”, “potential”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Corporation's mining assets development and expansion potential and objectives.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the timing for completion of the updated Boumadine PEA and feasibility study; the Corporation’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation’s business, any of which could have a material adverse effect on the Corporation’s business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: Aya’s ability to execute plans relating to its Zgounder Project and Boumadine Project, including the timing thereof; risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral


reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change of laws and regulations governing our operation, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; the Corporation’s ability to mitigate the risks pertaining to fund repatriation; expectations with respect to any future pandemics on our operations, and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licenses; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices and exchange rate risks; gold and silver demand; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; climate risks; the effectiveness of our internal control over financial reporting; risks related to competition in the mining industry; changes in technology; asset impairment (or reversal) potential, being consistent with the Corporation’s current expectations; the inherent risks involved in exploration and development of mineral properties; and other risks described in the Corporation’s documents filed with Canadian and U.S. securities regulatory authorities.
In addition, readers are directed to carefully review the detailed risk discussion in the Corporation’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Corporation’s business and operations.
Although the Corporation believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Corporation’s business plans, financial performance and condition and may not be appropriate for other purposes.


The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)
Hole ID
From
To
Ag
Length*
Ag x width
(g/t)
(m)
Surface DDH
ZG-25-175
127.5
129.0
2,081
1.5
3,122
ZG-26-194
18.1
20.9
268
2.8
750
ZG-26-196
161.0
162.5
108
1.5
162
ZG-26-198
241.0
243.0
116
2.0
231
ZG-GT-21-04
57.5
62.0
111
4.5
501
ZG-GT-21-04
246.0
247.5
277
1.5
416
Underground DDH
ZG-SF-25-307
346.5
347.5
76
1.0
76
ZG-SF-25-307
350.5
357.0
141
6.5
918
ZG-SF-25-346
202.5
204.0
80
1.5
120
ZG-SF-25-346
207.0
208.5
1,304
1.5
1,956
ZG-SF-25-346
322.7
324.2
183
1.5
274
ZG-SF-26-352
97.0
98.0
162
1.0
162
ZG-SF-26-352
149.0
151.0
113
2.0
225
ZG-SF-26-355
143.5
145.0
98
1.5
147
DZG-SF-26-740
22.4
27.0
1,330
4.6
6,118
Including
24.8
26.0
3,680
1.2
4,416
DZG-SF-26-741
22.5
28.0
1,087
5.5
5,976
Including
25.5
27.0
3,347
1.5
5,020
DZG-SF-26-741
87.0
87.9
124
0.9
112
DZG-SF-26-830
14.8
19.0
879
4.2
3,692
DZG-SF-26-853
31.0
31.5
88
0.5
44
DZG-SF-26-855
1.5
2.5
176
1.0
176
DZG-SF-26-857
40.0
41.0
124
1.0
124
DZG-SF-26-857
49.0
50.0
108
1.0
108
DZG-SF-26-861
97.5
99.0
116
1.5
174
DZG-SF-26-862
73.6
75.1
204
1.5
306
DZG-SF-26-862A
126.0
127.0
152
1.0
152
DZG-SF-26-864
9.0
12.0
657
3.0
1,972
DZG-SF-26-864
16.5
18.0
148
1.5
222
DZG-SF-26-865
15.3
18.0
838
2.7
2,263
DZG-SF-26-865
31.0
32.5
360
1.5
540
DZG-SF-26-866
36.5
37.5
96
1.0
96
DZG-SF-26-866
47.8
48.8
176
1.0
176
DZG-SF-26-867
58.5
59.5
2,286
1.0
2,286
DZG-SF-26-868
39.7
41.4
842
1.7
1,431
DZG-SF-26-868
52.0
53.5
80
1.5
120


DZG-SF-26-868
57.7
59.2
681
1.5
1,022
DZG-SF-26-869
9.0
9.5
168
0.5
84
DZG-SF-26-874
66.0
67.0
200
1.0
200
DZG-SF-26-875
73.5
75.0
200
1.5
300
DZG-SF-26-876
27.0
28.5
196
1.5
294
DZG-SF-26-877
33.7
38.5
505
4.8
2,422
Including
33.7
34.7
2,136
1.0
2,136
DZG-SF-26-877
44.9
51.0
646
6.1
3,941
Including
44.9
45.9
2,196
1.0
2,196
DZG-SF-26-880
51.8
53.0
504
1.2
605
DZG-SF-26-881
44.0
45.0
148
1.0
148
DZG-SF-26-896
90.3
90.8
170
0.5
85
DZG-SF-26-896
106.5
109.5
163
3.0
489
DZG-SF-26-905
57.0
59.5
618
2.5
1,544
DZG-SF-26-915
61.0
64.0
281
3.0
842
Surface RC
ZG-RC-26-780
37.0
38.0
137
1.0
137
ZG-RC-26-799
6.0
12.0
1,160
6.0
6,962
Including
8.0
11.0
1,778
3.0
5,335
ZG-RC-26-868
18.0
19.0
98
1.0
98
ZG-RC-26-868
22.0
27.0
131
5.0
656
ZG-RC-26-868
36.0
37.0
193
1.0
193
ZG-RC-26-868
52.0
53.0
102
1.0
102
ZG-RC-26-904
22.0
24.0
167
2.0
334
ZG-RC-26-904
33.0
34.0
131
1.0
131
ZG-RC-26-904
42.0
43.0
77
1.0
77
ZG-RC-26-904
75.0
76.0
152
1.0
152
ZG-RC-26-904
87.0
88.0
93
1.0
93
ZG-RC-26-906
13.0
14.0
86
1.0
86
ZG-RC-26-906
26.0
27.0
82
1.0
82
ZG-RC-26-922
17.0
18.0
255
1.0
255
ZG-RC-26-925
16.0
18.0
142
2.0
283
ZG-RC-26-934A
73.0
74.0
79
1.0
79
ZG-RC-26-939
101.0
102.0
194
1.0
194
ZG-RC-26-940
123.0
129.0
139
6.0
833
ZG-RC-26-941
130.0
132.0
224
2.0
447
ZG-RC-26-942
129.0
139.0
739
10.0
7,388
Including
133.0
137.0
1,674
4.0
6,697
ZG-RC-26-942
148.0
150.0
1,409
2.0
2,818
ZG-RC-26-943
118.0
123.0
886
5.0
4,429
ZG-RC-26-943
133.0
134.0
1,100
1.0
1,100
ZG-RC-26-944
62.0
63.0
82
1.0
82
ZG-RC-26-944
121.0
122.0
806
1.0
806
ZG-RC-26-944
126.0
128.0
148
2.0
295
ZG-RC-26-945
87.0
90.0
243
3.0
729
ZG-RC-26-946
96.0
102.0
1,867
6.0
11,200
Including
96.0
98.0
5,100
2.0
10,200
ZG-RC-26-946
111.0
120.0
256
9.0
2,306


ZG-RC-26-955
94.0
103.0
288
9.0
2,593
ZG-RC-26-958
70.0
71.0
290
1.0
290
ZG-RC-26-959
39.0
40.0
84
1.0
84
ZG-RC-26-959
51.0
59.0
337
8.0
2,696
Including
51.0
52.0
1,685
1.0
1,685
ZG-RC-26-960
48.0
49.0
85
1.0
85
ZG-RC-26-960
50.0
51.0
1,170
1.0
1,170
ZG-RC-26-962
74.0
75.0
296
1.0
296
ZG-RC-26-964
70.0
72.0
231
2.0
462
ZG-RC-26-964
80.0
81.0
91
1.0
91
ZG-RC-CD-26-010
2.0
3.0
84
1.0
84
Underground T28
T28-26-1147
18.0
19.2
76
1.2
91
T28-26-1149
3.6
4.8
80
1.2
96
T28-26-1149
10.8
13.2
130
2.4
312
T28-26-1150
3.6
7.2
116
3.6
418
T28-26-1151
0.0
6.0
229
6.0
1,373
T28-26-1151
8.4
9.6
108
1.2
130
T28-26-1151
14.4
22.8
249
8.4
2,093
T28-26-1151
25.2
26.4
128
1.2
154
T28-26-1152
0.0
7.2
445
7.2
3,206
T28-26-1152
12.0
13.2
264
1.2
317
T28-26-1152
16.8
20.4
129
3.6
466
T28-26-1159
3.6
8.4
239
4.8
1,147
T28-26-1163
0.0
2.4
382
2.4
917
T28-26-1164
12.0
13.2
211
1.2
253
T28-26-1165
7.2
8.4
83
1.2
100
T28-26-1168
1.2
2.4
187
1.2
224
T28-26-1169
1.2
2.4
80
1.2
96
T28-26-1169
3.6
7.2
105
3.6
379
T28-26-1177
20.4
25.2
1,464
4.8
7,025
Including
21.6
22.8
5,480
1.2
6,576
T28-26-1181
14.4
20.4
500
6.0
2,998
Including
14.4
15.6
2,030
1.2
2,436
T28-26-1181
25.2
26.4
80
1.2
96
T28-26-1184
8.4
10.8
447
2.4
1,072
T28-26-1186
7.2
8.4
155
1.2
186
T28-26-1197
9.6
12.0
87
2.4
208
T28-26-1199
18.0
21.6
629
3.6
2,266
T28-26-1200
6.0
10.8
409
4.8
1,964
T28-26-1202
24.0
25.2
163
1.2
196
T28-26-1220
19.2
20.4
132
1.2
158
T28-26-1226
10.8
12.0
77
1.2
92
T28-26-1227
19.2
26.4
153
7.2
1,104
T28-26-1229
21.6
22.8
187
1.2
224
T28-26-1230
4.8
6.0
415
1.2
498
T28-26-1230
25.2
26.4
78
1.2
94
T28-26-1236
6.0
9.6
95
3.6
343


T28-26-1243
0.0
4.8
375
4.8
1,798
T28-26-1246
0.0
4.8
227
4.8
1,090
T28-26-1248
8.4
16.8
2,176
8.4
18,276
Including
8.4
12.0
4,298
3.6
15,474
T28-26-1249
16.8
26.4
542
9.6
5,201
T28-26-1250
0.0
4.8
519
4.8
2,491
T28-26-1250
14.4
26.4
176
12.0
2,117
T28-26-1268
0.0
6.0
96
6.0
577
T28-26-1271
3.6
4.8
140
1.2
168
T28-26-1303
24.0
26.4
153
2.4
366
Underground YAK
YAK-26-439
12.0
13.2
84
1.2
101
YAK-26-441
10.8
12.0
960
1.2
1,152
YAK-26-445
33.6
34.8
152
1.2
182
YAK-26-446
9.6
10.8
344
1.2
413
YAK-26-447
3.6
8.4
1,741
4.8
8,358
Including
3.6
6.0
3,365
2.4
8,076
YAK-26-448
4.8
8.4
612
3.6
2,203
YAK-26-448
13.2
14.4
252
1.2
302
YAK-26-451
44.4
45.6
110
1.2
132
YAK-26-452
28.8
30.0
81
1.2
97
YAK-26-453
24.0
25.2
127
1.2
152
YAK-26-454
24.0
26.4
236
2.4
566
YAK-26-454
40.8
45.6
835
4.8
4,006
YAK-26-457
7.2
8.4
239
1.2
287
YAK-26-460
40.8
42.0
255
1.2
306
YAK-26-461
21.6
22.8
240
1.2
288
YAK-26-462
0.0
2.4
125
2.4
299
YAK-26-462
18.0
19.2
108
1.2
130
YAK-26-463
0.0
4.8
939
4.8
4,508
YAK-26-463
12.0
16.8
349
4.8
1,675
Including
12.0
13.2
1,050
1.2
1,260
YAK-26-469
37.2
39.6
272
2.4
652
YAK-26-470
26.4
27.6
118
1.2
142
YAK-26-472
16.8
19.2
111
2.4
265
YAK-26-472
46.8
50.4
590
3.6
2,124
YAK-26-474
9.6
12.0
124
2.4
298
YAK-26-475
1.2
3.6
345
2.4
827
YAK-26-475
34.8
36.0
159
1.2
191
YAK-26-475
48.0
50.4
154
2.4
370
YAK-26-477
45.6
50.4
370
4.8
1,777
YAK-26-478
14.4
18.0
586
3.6
2,110
YAK-26-479
6.0
7.2
142
1.2
170
YAK-26-479
19.2
20.4
77
1.2
92
YAK-26-485
40.8
43.2
213
2.4
510
YAK-26-488
4.8
7.2
192
2.4
461
YAK-26-500
3.6
6.0
144
2.4
346


YAK-26-500
9.6
10.8
334
1.2
401
YAK-26-502
4.8
9.6
795
4.8
3,815
* True widths are undetermined; all values are uncut.


Appendix 2 – Drillhole Coordinates of Zgounder Drill Hole with Significant Results
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length (m)
Surface DDH
ZG-25-175
621236
3404275
2206
135
-55
171
ZG-26-194
621629
3405038
2219
135
-55
166
ZG-26-196
621229
3404365
2206
135
-58
195
ZG-26-198
621115
3404310
2214
135
-58
264
ZG-GT-21-04
620568
3403936
2133
336
-77
475
Underground DDH
ZG-SF-25-307
620407
3403905
1945
180
-86
380
ZG-SF-25-346
620308
3403895
1947
0
-83
450
ZG-SF-26-352
620308
3403897
1948
0
-10
300
ZG-SF-26-355
620306
3403897
1947
346
-53
324
DZG-SF-26-740
621088
3404026
1972
70
-11
92
DZG-SF-26-741
621087
3404026
1972
70
5
110
DZG-SF-26-830
621129
3404072
2018
80
-21
60
DZG-SF-26-853
620982
3404087
1995
3
2
60
DZG-SF-26-855
620980
3404087
1994
342
2
60
DZG-SF-26-857
620978
3404086
1994
321
0
60
DZG-SF-26-861
620700
3403985
1886
54
4
150
DZG-SF-26-862
620700
3403983
1886
64
1
84
DZG-SF-26-862A
620700
3403982
1886
65
2
150
DZG-SF-26-864
620981
3404084
1966
360
13
60
DZG-SF-26-865
620980
3404084
1966
343
0
60
DZG-SF-26-866
620980
3404084
1966
345
10
60
DZG-SF-26-867
620978
3404083
1966
328
-1
60
DZG-SF-26-868
620979
3404083
1966
327
9
60
DZG-SF-26-869
620979
3404081
1966
309
1
60
DZG-SF-26-874
620693
3403986
1886
305
-6
150
DZG-SF-26-875
620692
3403983
1885
289
-7
150
DZG-SF-26-876
620983
3404084
1994
77
-1
60
DZG-SF-26-877
620920
3404099
1997
312
1
60
DZG-SF-26-880
620919
3404095
1997
251
0
60
DZG-SF-26-881
620801
3404089
1937
97
0
150
DZG-SF-26-896
620699
3403987
1886
34
-5
179
DZG-SF-26-905
620760
3404058
1912
312
0
150
DZG-SF-26-915
620793
3404088
1937
262
-20
150
Surface RC
ZG-RC-26-780
621201
3404177
2202
135
-70
60
ZG-RC-26-799
621171
3404134
2201
135
-70
60
ZG-RC-26-868
621349
3404270
2207
135
-70
109
ZG-RC-26-904
621287
3404236
2206
135
-50
110
ZG-RC-26-906
621240
3404177
2206
135
-50
63


ZG-RC-26-922
621243
3404369
2207
135
-70
80
ZG-RC-26-925
621264
3404383
2207
135
-70
80
ZG-RC-26-934A
621231
3404204
2206
135
-70
136
ZG-RC-26-939
621257
3404213
2207
135
-70
150
ZG-RC-26-940
621248
3404222
2206
135
-70
131
ZG-RC-26-941
621239
3404230
2206
135
-70
150
ZG-RC-26-942
621265
3404222
2206
135
-70
150
ZG-RC-26-943
621257
3404229
2206
135
-67
150
ZG-RC-26-944
621248
3404238
2206
135
-70
135
ZG-RC-26-945
621273
3404231
2206
135
-69
150
ZG-RC-26-946
621264
3404239
2206
135
-70
120
ZG-RC-26-955
621283
3404274
2206
135
-68
120
ZG-RC-26-958
621292
3404283
2206
135
-65
75
ZG-RC-26-959
621319
3404273
2206
135
-65
60
ZG-RC-26-960
621309
3404283
2206
135
-66
105
ZG-RC-26-962
621327
3404283
2206
135
-70
105
ZG-RC-26-964
621310
3404300
2206
135
-67
115
ZG-RC-CD-26-010
621448
3404929
2200
135
-55
89
Underground T28
T28-26-1147
620430
3404112
1999
52
12
25
T28-26-1149
620424
3404115
2001
41
11
22
T28-26-1150
620424
3404115
2001
41
28
19
T28-26-1151
620418
3404122
1999
47
0
26
T28-26-1152
620417
3404121
2000
53
5
20
T28-26-1159
620405
3404070
1999
276
13
26
T28-26-1163
620410
3404065
1999
246
12
25
T28-26-1164
620410
3404065
2000
256
25
26
T28-26-1165
620412
3404063
1999
241
11
26
T28-26-1168
620415
3404059
2000
236
29
26
T28-26-1169
620418
3404056
2000
213
12
23
T28-26-1177
620623
3403994
1909
66
11
25
T28-26-1181
620613
3404007
1909
32
17
26
T28-26-1184
620607
3404004
1910
347
24
20
T28-26-1186
620550
3404053
1936
65
12
26
T28-26-1197
620504
3404051
1936
231
7
20
T28-26-1199
621060
3404053
2027
61
13
26
T28-26-1200
621060
3404053
2027
60
26
26
T28-26-1202
621065
3404048
2027
107
9
26
T28-26-1220
620650
3404066
1942
56
27
26
T28-26-1226
620641
3404070
1941
342
22
26
T28-26-1227
620638
3404061
1940
326
11
26
T28-26-1229
620634
3404058
1940
310
12
26
T28-26-1230
620634
3404058
1941
309
22
26
T28-26-1236
621149
3404070
2019
90
10
26
T28-26-1243
621144
3404054
2020
190
9
26
T28-26-1246
620573
3403999
1911
338
4
18
T28-26-1248
620561
3404025
1909
132
14
26
T28-26-1249
620563
3404032
1909
116
10
26


T28-26-1250
620564
3404035
1909
58
7
26
T28-26-1268
620668
3404009
2023
290
8
13
T28-26-1271
620662
3403978
2023
310
8
6
T28-26-1303
621044
3404105
2027
296
25
26
Underground YAK
YAK-26-439
620698
3404077
2004
325
12
35
YAK-26-441
620701
3404092
2005
4
31
41
YAK-26-445
621042
3404096
2027
77
6
49
YAK-26-446
621042
3404096
2027
77
17
41
YAK-26-447
621041
3404099
2027
56
7
50
YAK-26-448
621041
3404099
2027
54
19
37
YAK-26-451
621037
3404103
2027
306
16
50
YAK-26-452
621037
3404103
2027
310
9
50
YAK-26-453
621037
3404099
2027
283
5
50
YAK-26-454
621037
3404099
2027
285
17
50
YAK-26-457
620772
3404048
1937
233
25
46
YAK-26-460
620759
3404049
1937
303
11
53
YAK-26-461
620784
3404053
1937
311
29
44
YAK-26-462
621067
3404112
2051
103
8
50
YAK-26-463
621067
3404112
2051
76
10
36
YAK-26-469
620983
3404083
1995
88
10
50
YAK-26-470
620983
3404083
1996
85
34
28
YAK-26-472
620982
3404085
1996
60
26
50
YAK-26-474
620982
3404086
1996
52
24
50
YAK-26-475
620982
3404087
1995
29
10
50
YAK-26-477
620978
3404085
1995
301
11
50
YAK-26-478
620978
3404085
1996
305
30
50
YAK-26-479
620978
3404083
1995
286
11
42
YAK-26-485
620885
3404069
1965
90
5
50
YAK-26-488
620885
3404072
1965
60
8
48
YAK-26-500
620401
3404065
1955
290
10
49
YAK-26-502
620401
3404064
1956
270
30
50



Source: View Original Filing on SEC EDGAR

FAQ

What did Aya Gold & Silver (AYA) announce about Zgounder drilling?

Aya Gold & Silver announced new high-grade silver drill results from its Zgounder Mine in Morocco, including multiple underground and surface holes with grades above 1,000 g/t silver over several metres, highlighting mineralization continuity around the open pit and in the central underground zone.

What are the highest-grade silver intercepts reported by Aya Gold & Silver at Zgounder?

Key intercepts include 1,867 g/t silver over 6.0 metres in hole ZG-RC-26-946, including 5,100 g/t over 2.0 metres, and 2,176 g/t over 8.4 metres in hole T28-26-1248, including 4,298 g/t over 3.6 metres, indicating very high-grade mineralization in several areas.

How much of Aya Gold & Silver’s 2026 exploration program is completed at Zgounder?

Aya Gold & Silver reports that 9,250 metres of drilling have been completed at Zgounder, representing 30.8% of its 2026 exploration program. This partial completion means the campaign is ongoing, with further results expected as additional drilling is carried out across the property.

Where within the Zgounder Mine are Aya Gold & Silver’s best drill results located?

High-grade intercepts are reported around the open-pit area, within the central underground zone, and near the Western Fault contact at Zgounder. This spread suggests mineralization along multiple structural trends, including areas planned for further drilling supported by an advancing exploration drift.

How does Aya Gold & Silver ensure quality and reliability of its Zgounder assay data?

Core and percussion samples are sent to Afrilab in Marrakech or ALS laboratories, where they are analyzed for silver and base metals using Aqua regia digestion and AAS. Samples above 200 g/t silver are reanalyzed by fire assay, with rigorous QA/QC procedures applied at both locations.

Who is the Qualified Person for Aya Gold & Silver’s Zgounder drilling results?

The scientific and technical information for Zgounder drilling has been reviewed by David Lalonde, B. Sc, P. Geo, Vice-President, Exploration. He is identified as the Qualified Person responsible for ensuring the data’s accuracy and compliance with National Instrument 43-101 disclosure standards.

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