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High-grade Boumadine drill hits for Aya Gold & Silver (TSX: AYA)

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Rhea-AI Filing Summary

Aya Gold & Silver Inc. reported new high-grade drill results from its Boumadine project in Morocco as part of an ongoing infill program. Key intercepts along the 5.4-kilometre Boumadine Main Trend include 890 g/t silver equivalent over 51.5 metres in hole BOU-DD25-745 and 665 g/t silver equivalent over 20.4 metres in BOU-DD25-746, with multiple even higher-grade sub-intervals. Management says these results confirm strong grade continuity and indicate potential to grow resources, including a newly intersected parallel structure located about 70 metres below the current resource pit shell.

Year-to-date, 160 diamond drill holes totalling 69,209 metres have been completed across the Main Trend, Tizi and Imariren zones, with all three trends remaining open in all directions. Aya plans an approximately 360,000-metre infill and expansion drilling program over 2026–2027, supported by 11 active rigs, to advance Boumadine toward an updated preliminary economic assessment expected mid-year and subsequent feasibility study work.

Positive

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Negative

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Insights

Boumadine drilling shows very high grades and supports a larger, longer exploration program.

Aya’s Boumadine project continues to deliver high silver-equivalent grades over substantial widths, such as 890 g/t AgEq over 51.5 metres and several >1,000 g/t AgEq sub-intervals. These intercepts occur along a 5.4-kilometre mineralized trend that remains open.

The discovery of a new mineralized parallel structure about 70 metres below the current pit shell suggests potential to deepen and enlarge any future open pit. However, the economic impact depends on future resource updates, the upcoming updated preliminary economic assessment, and subsequent feasibility work.

The company has drilled 69,209 metres so far this year and plans roughly 360,000 metres of infill and expansion drilling over 2026–2027. How these results translate into mineral resources and project economics will become clearer with the updated PEA expected mid-year and later feasibility study disclosures.

Best intercept 890 g/t AgEq over 51.5 m Hole BOU-DD25-745 on Boumadine Main Trend
High-grade interval 1,504 g/t AgEq over 19.3 m Sub-interval within BOU-DD25-745
Additional strong intercept 665 g/t AgEq over 20.4 m Hole BOU-DD25-746 on Main Trend
Drilling completed 2026 YTD 69,209 m 160 diamond drill holes at Boumadine
Planned drill program 360,000 m Infill and expansion drilling for 2026–2027
Boumadine Main Trend length 5.4 km Mineralized trend remains open in all directions
Active drill rigs 11 rigs Supporting Boumadine infill and expansion program
silver equivalent financial
"BOU-DD25-745 intercepted 890 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 51.5 metres"
A "silver equivalent" converts the value or quantity of other metals (like gold, lead, or zinc) into the amount of silver they’re worth using current price ratios, so a mixed-metal output can be reported as a single silver total. For investors this makes it easy to compare and sum the value of different metals — like turning various fruits into the same currency of apples — helping assess production, revenue potential, and project scale without juggling multiple metal prices.
infill drill program financial
"new drill results at the Boumadine Project from its ongoing infill drill program in the Kingdom of Morocco"
preliminary economic assessment financial
"infill drilling, following last year’s positive preliminary economic assessment will be ongoing for the next 24 months"
A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.
National Instrument 43-101 regulatory
"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
"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.
diamond drill holes technical
"This year, 160 diamond drill holes (“DDH”), totaling 69,209m have been completed at Boumadine"
Diamond drill holes are cylindrical samples of rock obtained by drilling into the ground with a drill bit tipped with industrial diamonds to cut out a continuous core. For investors, these cores act like a vertical slice through the earth that geologists analyze to see what minerals, concentrations and rock structures are present, helping estimate how much valuable material might be underground and how economically viable a deposit could be — like taking a biopsy of a cake to judge its ingredients and quality.
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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:
 
Exhibit No.
Description
99.1*
 News Release dated May 20, 2026
* 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 at Boumadine
Montreal, Quebec, May 20, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Corporation”) is pleased to report new drill results at the Boumadine Project (“Boumadine” or the “Project”) from its ongoing infill drill program in the Kingdom of Morocco. These results confirm strong high-grade continuity along the Boumadine Main Trend and support the potential for continued resource growth and scale.
Highlights1
Boumadine Main Trend (5.4km)
•Multiple additional high-grade intercepts:
•BOU-DD25-745 intercepted 890 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 51.5 metres (“m”) (2.05 g/t gold (“Au”), 535 g/t silver (“Ag”), 3.8% zinc (“Zn”), and 5.9% lead (“Pb”), including 1,504 g/t AgEq over 19.3m (2.17 g/t Au, 1,032 g/t Ag, 5.3% Zn, and 9.8% Pb).
•BOU-DD25-746 intercepted 665 g/t AgEq over 20.4m (1.63 g/t Au, 410 g/t Ag, 2.8% Zn and 3.4% Pb), including 1,276 g/t AgEq over 5.3m (3.98 g/t Au, 695g/t Ag, 6.1% Zn and 7.2% Pb) and 741 g/t AgEq over 14.5m (5.24 g/t Au, 204 g/t Ag, 3.9% Zn and 2.2% Pb), including 1,112 g/t AgEq over 8.4m (8.79 g/t Au, 276g/t Ag, 4.5% Zn and 2.3% Pb).
•BOU-DD26-790 intercepted 746 g/t AgEq over 14.9m (0.62 g/t Au, 586 g/t Ag, 1.9% Zn and 3.7% Pb) including 1,227 g/t AgEq over 6.5m (1.05 g/t Au, 971g/t Ag, 1.9% Zn and 3.7% Pb).
•BOU-DD26-786 intercepted 511 g/t AgEq over 9.4m (0.61 g/t Au, 399 g/t Ag, 1.4% Zn, and 1.0% Pb) including 1,928 g/t AgEq over 1.8m (1.54 g/t Au, 1,708g/t Ag, 2.5% Zn and 1.7% Pb).
•BOU-DD26-792 intercepted 462 g/t AgEq over 8.1m (0.79 g/t Au, 237 g/t Ag, 3.0% Zn and 4.5% Pb) including 1,036 g/t AgEq over 2.2m (1.50 g/t Au, 563g/t Ag, 5.2% Zn and 10.4% Pb).
•Exploration Update:
•69,209m drilled at Boumadine year-to-date.
•20% of the planned 360,000m infill drilling program for 2026-2027 completed

“These latest results continue to demonstrate the exceptional grade, width and scale potential emerging at Boumadine,” said Benoit La Salle, President & CEO. “Intercepts including 890 g/t AgEq over 51.5m in BOU-DD25-745 — our strongest drill intercept to date at Boumadine on a grade-thickness basis — located just 70m below the current pit shell, highlights the strong continuity of wide, high-grade


mineralization along the 5.4-kilometre Boumadine Main Trend, which remains open in all directions. With over 69,000m drilled year-to-date and 11 rigs currently active, we are aggressively advancing the 2026–2027 infill and expansion program ahead of the updated PEA expected mid-year.”

Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)
DDH No.
From
To
Au
Ag
Length*
Cu
Pb
Zn
Mo
Ag Eq**
(m)
(m)
(g/t)
(g/t)
(m)
(%)
(%)
(%)
(g/t)
(g/t)
BOU-DD25-745
214.5
266.0
2.05
535
51.5
0.0
5.9
3.8
30
890
Including
244.1
263.4
2.17
1,032
19.3
0.1
9.8
5.3
21
1,504
BOU-DD25-746
79.0
98.8
2.16
77
19.8
0.0
1.4
3.1
281
345
Including
83.3
85.2
10.92
60
1.9
0.0
1.2
3.4
373
1,024
BOU-DD25-746
107.0
121.5
5.24
204
14.5
0.0
2.2
3.9
32
741
Including
113.1
121.5
8.79
276
8.4
0.0
2.3
4.5
27
1,112
BOU-DD25-746
293.0
313.4
1.63
410
20.4
0.1
3.4
2.8
34
665
Including
298.0
303.0
1.65
848
5.0
0.1
5.7
3.1
61
1,156
Including
306.8
312.1
3.98
695
5.3
0.1
7.2
6.1
28
1,276
BOU-DD25-754
348.8
355.8
0.40
150
7.0
0.0
1.0
2.1
734
257
BOU-DD26-759
255
266.0
0.42
216
11
0.1
1.3
1.9
21
317
Including
255.0
258.1
1.16
552
3.1
0.0
1.8
2.9
43
739
BOU-DD26-759
336.4
342.6
0.58
302
6.2
0.0
1.6
3.8
239
461
Including
336.4
339.9
0.80
447
3.5
0.0
2.1
5.0
238
657
BOU-DD26-766
193.4
198.2
0.89
167
4.8
0.0
0.8
2
7
293
BOU-DD26-767
273.9
281
0.38
85
7.1
0
1.2
3.7
68
215
BOU-DD26-767
373.2
381.5
0.72
191
8.3
0
2
1.9
221
328
Including
374.2
376.9
0.88
467
2.7
0.0
5.1
2.7
618
700
BOU-DD26-773
253.0
255.6
1.18
516
2.6
0.0
2.3
2.8
48
712
BOU-DD26-775
323.5
335.5
0.44
172
12.0
0.0
1.0
2.0
341
272
Including
324.4
326.2
1.76
662
1.8
0.0
2.6
4.7
1,032
966
BOU-DD26-775
338.1
346.3
0.76
184
8.2
0.0
1.5
1.7
1,819
338
Including
338.9
341.4
1.44
428
2.5
0.0
3.8
3.9
2,736
737
BOU-DD26-775
400.0
409.5
0.76
216
9.5
0.0
2.7
4.6
507
429
Including
401.4
407.4
0.94
269
6.0
0.0
3.6
5.6
639
534
BOU-DD26-777
501.2
513.0
0.53
94
11.8
0.0
1.3
3.0
312
226
BOU-DD26-782
184.4
186.3
1.92
478
1.9
0.2
2.4
6.6
74
820
BOU-DD26-783
274.0
289.8
1.10
198
15.8
0.1
2.2
2.6
1,222
405
Including
283.8
287.8
1.75
419
4.0
0.2
4.7
4.5
3,202
805
BOU-DD26-786
403.2
412.6
0.61
399
9.4
0.0
1.0
1.4
922
511
Including
403.2
405.0
1.54
1,708
1.8
0.0
1.7
2.5
691
1,928
BOU-DD26-786
459.2
462.8
1.38
195
3.6
0.1
5.1
3.5
93
481
Including
459.2
461.0
2.38
355
1.8
0.1
9.9
5.0
127
845
BOU-DD26-790
140.5
155.4
0.62
586
14.9
0.0
3.7
1.9
12
746
Including
148.3
154.8
1.05
971
6.5
0.0
6.7
2.1
16
1,227
BOU-DD26-792
297.0
305.1
0.79
237
8.1
0.0
4.5
3.0
835
462
Including
300.9
303.1
1.50
563
2.2
0.0
10.4
5.2
2,891
1,036
BOU-DD26-796
368.4
373.1
0.63
231
4.7
0.0
3.0
2.3
57
387


BOU-DD26-796
378.0
384.1
0.20
117
6.1
0.1
2.6
2.4
0
236
BOU-DD26-799
271.5
276.4
1.05
210
4.9
0.3
2.6
4.5
60
452
True width remains undetermined at this stage; all values are uncut.

1.Ag equivalent is based on a silver price of US$30/oz with a process recovery of 89%, a gold price of US$2,800/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 79.3g/t Ag; 1% Cu: 68.3 g/t Ag; 1% Pb: 19.4 g/t Ag; and 1% Zn: 19.7 g/t Ag.


cartedesforagedeboumdine_ea.jpg
Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2026 Drill Holes



2026 Exploration Results
This year, 160 diamond drill holes (“DDH”), totaling 69,209m have been completed at Boumadine (Figure 1 and Appendix 2). Drilling was done on strike along the Main Trend, Tizi and Imariren. All results have been received for drill holes up to BOU-DD25-800 (Table 1, Figure 2, and Appendix 1).
Today’s results confirm the high-grade nature and continuity of the Boumadine Main Trend, which remains open in all directions. In addition, hole BOU-DD25-745 to the south intersected a new mineralized parallel structure 70m bellow the current resources pit shell (Figure 3). This new structure has the potential to increase both the resources and the depth of the open-pit and will require follow-up drilling upward and laterally to fully assess its potential.
Mineralization within the Boumadine Main Trend measures up to 4m wide (locally reaching over a 10m width) and is N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.
highlight-cartedesurface_sa.jpg
Figure 2 – Surface Plan of Boumadine South Zone with New DDH Results





section6575n_engxv2a.jpg
Figure 3 – Section 6575N with Drill Hole BOU-DD25-745 in the South Area of Boumadine with Resources Pit Shell

Next Steps
Infill drilling, following last year’s positive preliminary economic assessment2 will be ongoing for the next 24 months with a drill program of approximately 360,000m planned.
Significant potential exists to expand the Boumadine Main Trend (currently 5.4 km), the Tizi Zone (2.0 km) and the Imariren Zone (1.2 km), with all three trends open in all directions. Follow-up drilling is also planned on the 8 km Asirem trend for later this year.
Most drilling will continue to focus on the Main Trend, Imariren and Tizi to extend known mineralization along strike and at depth, while infilling key areas as part of advancing Feasibility Study. The balance of the 2026 program (~20,000m) will target Asirem follow-up and greenfield exploration, testing geological hypotheses and targets generated over the past four years. Ongoing geological work will guide additional development priorities.


Technical Information
Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and RC chips. For core drilling, all individual samples represent approximately one metre 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. For drilling using RC, all individual samples represent 1.0m in length and a representative portion is kept for every metre in some chip trays stored on site. A split samples representing 1/16th, ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco.
All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.
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 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 “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, "goal", “guidance”, “intend”, “objective”, “plan”, "potential", “strategy”, "target", 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, including scale potential and resource growth of the Boumadine project; the 2025 PEA for the Boumadine project; the timing for completion of the updated Boumadine preliminary economic assessment; the 2026-2027 Boumadine infill drilling and expansion program and timing thereto; the Corporation's mining assets development, drilling and exploration program; Boumadine's targets, objectives, priorities, and timing thereto; the timing for completion of the Boumadine feasibility study; the Corporation's strategy, objectives, targets, and projections with regards to its mining assets; the commodities price environment, including silver, gold, zinc, lead, and copper prices; process recoveries; allocation of the Corporation's capital; and the Corporation’s future operating results, economic performance, 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 - Full Drill Results from Boumadine (core lengths)
DDH No.
From
To
Au
Ag
Length*
Cu
Pb
Zn
Mo
Ag Eq**
(m)
(m)
(g/t)
(g/t)
(m)
(%)
(%)
(%)
(g/t)
(g/t)
BOU-DD25-623
273.0
274.0
0.11
66
1.0
0.0
0.2
1.2
13
105
BOU-DD25-627
708.7
711.0
3.22
8
2.3
0.1
0.1
0.1
8
272
BOU-DD25-627
725.2
726.0
1.26
25
0.8
0.1
0.2
0.2
6
139
BOU-DD25-628
0.0
201.0
NSR
BOU-DD25-631
0.0
477.0
NSR
BOU-DD25-634
0.0
552.0
NSR
BOU-DD25-638
0.0
234.0
NSR
BOU-DD25-639
0.0
291.0
NSR
BOU-DD25-640
43.2
43.8
0.25
44
0.6
0.5
0.6
0.0
17
110
BOU-DD25-641
0.0
276.0
NSR
BOU-DD25-643
0.0
231.0
NSR
BOU-DD25-662
0.0
237.0
NSR
BOU-DD25-663
0.0
234.0
NSR
BOU-DD25-669
0.0
207.0
NSR
BOU-DD25-678
0.0
1 011.0
NSR
BOU-DD25-693
537.1
539.0
0.67
21
1.9
0.0
0.8
2.8
11
148
BOU-DD25-697
528.0
531.5
1.41
18
3.5
0.0
0.0
0.0
3
134
BOU-DD25-697
528.0
529.4
2.23
25
1.4
0.0
0.0
0.0
3
206
BOU-DD25-697
535.5
536.5
0.68
6
1.0
0.0
0.1
0.6
3
74
BOU-DD25-698
364.7
365.2
0.78
7
0.5
0.1
1.4
1.6
3
133
BOU-DD25-704
0.0
609.0
NSR
BOU-DD25-705
367.9
373.0
3.08
62
5.1
0.1
0.1
0.0
2
313
Including
367.9
370.5
4.50
76
2.6
0.1
0.1
0.0
1
439
BOU-DD25-709
277.0
277.6
0.03
69
0.6
0.2
0.9
0.5
7
109
BOU-DD25-709
280.2
282.2
1.87
68
2.0
0.1
0.8
2.0
8
279
BOU-DD25-710
26.7
28.4
3.65
58
1.7
0.1
0.4
1.1
7
387
BOU-DD25-710
41.0
43.0
1.25
16
2.0
0.0
0.4
1.2
9
147
BOU-DD25-715
0.0
606.0
NSR


BOU-DD25-718
188.0
189.0
0.22
113
1.0
0.0
2.9
4.9
4
285
BOU-DD25-722
274.0
275.0
1.77
8
1.0
0.0
0.1
0.3
7
158
BOU-DD25-722
501.5
504.7
2.19
37
3.2
0.1
0.1
0.5
6
230
BOU-DD25-722
506.4
507.0
0.27
48
0.6
0.1
0.8
2.7
81
144
BOU-DD25-724
288.8
289.3
0.78
16
0.5
0.0
0.3
0.5
5
94
BOU-DD25-728
176.3
177.7
0.30
29
1.4
0.0
0.2
0.9
9
76
BOU-DD25-728
182.4
183.4
0.44
28
1.0
0.0
0.7
1.3
8
103
BOU-DD25-728
189.4
192.2
1.91
64
2.8
0.1
0.4
1.1
9
254
BOU-DD25-728
196.6
197.4
0.54
20
0.8
0.0
0.7
1.5
12
108
BOU-DD25-729
278.0
279.0
0.28
61
1.0
0.0
0.8
2.4
1
146
BOU-DD25-729
288.7
292.5
0.78
491
3.8
0.6
2.3
2.7
51
692
Including
289.5
291.6
1.29
803
2.1
1.0
3.7
4.4
64
1,134
BOU-DD25-731
221.1
222.0
0.03
849
0.9
0.0
0.2
0.2
7
859
BOU-DD25-732
417.0
418.8
0.03
86
1.8
0.3
0.1
0.2
9
115
BOU-DD25-740
389.0
390.0
0.52
10
1.0
0.0
0.0
0.1
8
54
BOU-DD25-745
214.5
266.0
2.05
535
51.5
0.0
5.9
3.8
30
890
Including
244.1
263.4
2.17
1,032
19.3
0.1
9.8
5.3
21
1,504
BOU-DD25-746
79.0
98.8
2.16
77
19.8
0.0
1.4
3.1
281
345
Including
83.3
85.2
10.92
60
1.9
0.0
1.2
3.4
373
1,024
BOU-DD25-746
100.6
102.4
0.32
70
1.8
0.0
1.1
3.0
44
177
BOU-DD25-746
107.0
121.5
5.24
204
14.5
0.0
2.2
3.9
32
741
Including
113.1
121.5
8.79
276
8.4
0.0
2.3
4.5
27
1,112
BOU-DD25-746
123.0
130.0
0.21
45
7.0
0.0
0.4
1.5
10
100
BOU-DD25-746
293.0
313.4
1.63
410
20.4
0.1
3.4
2.8
34
665
Including
298.0
303.0
1.65
848
5.0
0.1
5.7
3.1
61
1,156
Including
306.8
312.1
3.98
695
5.3
0.1
7.2
6.1
28
1,276
BOU-DD25-747
444.9
445.5
0.70
43
0.6
0.0
0.2
0.5
15
113
BOU-DD25-747
478.0
479.0
0.58
8
1.0
0.0
0.2
0.2
4
64
BOU-DD25-747
589.0
590.3
0.77
22
1.3
0.0
0.2
1.7
3
122
BOU-DD25-749
353.0
354.0
0.82
20
1.0
0.0
0.3
1.1
11
114
BOU-DD25-751
384.7
390.0
0.64
32
5.3
0.0
1.1
1.5
32
134
BOU-DD25-751
401.0
401.5
0.21
34
0.5
0.0
0.3
1.5
10
88
BOU-DD25-752
0.0
102.0
NSR
BOU-DD25-753
322.6
323.6
1.54
6
1.0
0.0
0.0
0.6
30
141
BOU-DD25-753
340.2
340.7
0.21
52
0.5
0.0
0.3
1.1
180
101
BOU-DD25-754
315.9
317.6
0.26
109
1.7
0.0
0.8
5.4
40
252
BOU-DD25-754
348.8
355.8
0.40
150
7.0
0.0
1.0
2.1
734
257
Including
348.8
350.1
1.40
422
1.3
0.1
2.1
3.8
2,095
688
BOU-DD25-754
371.0
372.0
0.13
41
1.0
0.0
0.6
1.4
253
95
BOU-DD25-755
325.0
326.0
0.29
91
1.0
0.1
0.5
1.0
376
159
BOU-DD25-755
410.6
415.2
0.64
15
4.6
0.0
0.1
0.1
23
70
BOU-DD25-755
420.2
421.8
0.64
143
1.6
0.0
2.2
1.7
74
272
BOU-DD25-755
434.6
435.6
0.69
21
1.0
0.0
0.0
0.0
19
77
BOU-DD25-756
0.0
240.0
NSR
BOU-MP25-030
0.0
120.0
NSR
BOU-MP25-083
151.0
152.0
0.92
18
1.0
0.0
0.1
0.0
11
93
BOU-MP25-083
503.2
503.7
0.43
31
0.5
0.0
0.3
0.6
8
85
BOU-MP25-091
0.0
102.0
NSR


BOU-RC25-038
0.0
200.0
NSR
BOU-RC25-039
82.0
83.0
0.53
29
1.0
0.0
0.4
0.8
22
94
BOU-RC25-039
88.0
89.0
0.03
69
1.0
0.0
2.3
2.5
8
165
BOU-RC25-057
0.0
180.0
NSR
BOU-RC25-060
1.0
191.0
NSR
BOU-RC25-061
0.0
166.0
NSR
BOU-RC25-062
0.0
188.0
NSR
BOU-RC25-063
0.0
168.0
NSR
BOU-RC25-066
0.0
200.0
NSR
BOU-DD26-757
0.0
204.0
NSR
BOU-DD26-758
166.9
171.8
0.47
65
4.9
0.0
0.6
1.1
10
136
BOU-DD26-759
255
266.0
0.42
216
11
0.1
1.3
1.9
21
317
Including
255.0
258.1
1.16
552
3.1
0.0
1.8
2.9
43
739
BOU-DD26-759
278.0
279.0
0.24
31
1.0
0.0
0.4
0.7
9
73
BOU-DD26-759
315.0
316.0
0.90
3
1.0
0.0
0.0
0.0
8
75
BOU-DD26-759
336.4
342.6
0.58
302
6.2
0.0
1.6
3.8
239
461
Including
336.4
339.9
0.80
447
3.5
0.0
2.1
5.0
238
657
BOU-DD26-759
379.5
380.0
0.36
75
0.5
0.0
0.5
1.7
292
151
BOU-DD26-760
340.3
341.3
0.03
55
1.0
0.0
0.0
0.0
6
58
BOU-DD26-760
482.0
483.6
0.31
55
1.6
0.1
0.1
0.2
3
92
BOU-DD26-761
282.0
283.4
1.73
226
1.4
0.0
0.8
1.9
40
417
BOU-DD26-761
290.3
291.7
0.07
217
1.4
0.3
2.0
3.6
94
350
BOU-DD26-761
303.0
303.9
0.06
56
0.9
0.3
1.1
0.9
46
120
BOU-DD26-761
350.0
351.0
0.34
34
1.0
0.0
0.5
1.6
16
103
BOU-DD26-761
358.0
358.8
0.83
438
0.8
0.1
5.0
3.1
15
671
BOU-DD26-761
362.0
365.0
0.29
165
3.0
0.1
1.8
5.3
54
332
BOU-DD26-761
394.0
394.6
0.23
87
0.6
0.0
1.9
3.5
327
218
BOU-DD26-762
0.0
201.0
NSR
BOU-DD26-763
0.0
219.0
NSR
BOU-DD26-764
213.7
220.8
1.49
30
7.1
0.1
0.2
0.2
8
165
BOU-DD26-765
223.0
224.0
0.33
11
1.0
0.0
0.2
0.6
7
54
BOU-DD26-766
111.1
112.4
1.09
124
1.3
0.0
0.6
0.5
4
233
BOU-DD26-766
193.4
198.2
0.89
167
4.8
0.0
0.8
2
7
293
BOU-DD26-766
204.1
207
0.4
89
2.9
0.0
0.4
0.5
12
135
BOU-DD26-766
210.0
211.0
0.23
36
1.0
0.0
0.3
0.0
12
64
BOU-DD26-767
273.9
281.0
0.38
85
7.1
0.0
1.2
3.7
68
215
Including
274.8
276.9
0.79
194
2.1
0.0
2.8
8.5
85
484
BOU-DD26-767
327.3
327.8
1.28
26
0.5
0.0
0.2
1.6
12
162
BOU-DD26-767
359.0
359.6
0.73
38
0.6
0.0
0.5
1.1
19
127
BOU-DD26-767
373.2
381.5
0.72
191
8.3
0.0
2.0
1.9
221
328
Including
374.2
376.9
0.88
467
2.7
0.0
5.1
2.7
618
700
BOU-DD26-767
398.6
401.0
0.66
228
2.4
0.0
1.5
1.8
508
355
BOU-DD26-768
0.0
204.0
NSR
BOU-DD26-769
102.0
105.0
0.21
73
3.0
0.0
2.2
6.1
5
252
BOU-DD26-770
51.6
52.5
0.73
31
0.9
0.1
0.2
1.3
7
122
BOU-DD26-770
225.8
228.1
1.73
43
2.3
0.1
0.1
0.4
16
200
BOU-DD26-770
327.0
328.0
0.03
71
1.0
0.0
0.0
0.0
8
75
BOU-DD26-771
16.8
17.6
0.82
28
0.8
0.1
0.1
0.1
14
100


BOU-DD26-771
19.2
20.0
0.19
53
0.8
0.1
0.0
0.0
7
78
BOU-DD26-771
95.6
96.1
0.19
32
0.5
0.4
1.8
3.1
13
169
BOU-DD26-771
105.0
106.0
0.68
13
1.0
0.0
0.2
0.3
10
79
BOU-DD26-771
116.7
117.3
0.11
71
0.6
0.0
0.3
0.5
9
97
BOU-DD26-771
401.0
402.0
0.03
243
1.0
0.0
0.0
0.0
2
246
BOU-DD26-772
0.0
108.0
NSR
BOU-DD26-773
241.6
245.2
0.82
60
3.6
0.0
0.6
0.8
182
155
BOU-DD26-773
248.0
249.0
0.15
34
1.0
0.0
0.3
0.2
57
57
BOU-DD26-773
253.0
255.6
1.18
516
2.6
0.0
2.3
2.8
48
712
BOU-DD26-774
0.0
150.0
NSR
BOU-DD26-775
319.0
320.8
0.23
48
1.8
0.0
0.5
1.0
121
98
BOU-DD26-775
323.5
335.5
0.44
172
12.0
0.0
1.0
2.0
341
272
Including
324.4
326.2
1.76
662
1.8
0.0
2.6
4.7
1,032
966
BOU-DD26-775
338.1
346.3
0.76
184
8.2
0.0
1.5
1.7
1,819
338
Including
338.9
341.4
1.44
428
2.5
0.0
3.8
3.9
2,736
737
BOU-DD26-775
352.0
353.0
0.76
22
1.0
0.0
0.2
0.3
160
96
BOU-DD26-775
366.3
366.8
0.38
40
0.5
0.0
0.0
0.4
15
80
BOU-DD26-775
383.0
384.8
0.29
77
1.8
0.0
0.5
0.6
68
124
BOU-DD26-775
400.0
409.5
0.76
216
9.5
0.0
2.7
4.6
507
429
Including
401.4
407.4
0.94
269
6.0
0.0
3.6
5.6
639
534
BOU-DD26-776
360.0
360.9
0.78
7
0.9
0.0
0.0
0.1
16
71
BOU-DD26-776
400.3
401.2
0.32
30
0.9
0.0
0.2
0.5
15
69
BOU-DD26-776
431.0
432.0
0.16
38
1.0
0.0
0.2
0.2
390
65
BOU-DD26-776
439.2
442.0
0.23
66
2.8
0.0
0.8
2.0
520
149
BOU-DD26-776
461.0
463.3
0.74
93
2.3
0.0
1.7
3.8
10
261
BOU-DD26-776
475.0
476.0
0.64
87
1.0
0.0
1.0
3.5
201
232
BOU-DD26-777
457.3
457.8
0.87
58
0.5
0.0
0.9
0.9
71
165
BOU-DD26-777
479.3
480.5
0.44
110
1.2
0.0
1.4
3.4
57
241
BOU-DD26-777
498.2
499.2
0.19
35
1.0
0.0
0.8
1.2
36
91
BOU-DD26-777
501.2
513.0
0.53
94
11.8
0.0
1.3
3.0
312
226
Including
510.9
513.0
1.22
145
2.1
0.0
1.5
3.6
525
353
BOU-DD26-778
0.0
210.0
NSR
BOU-DD26-779
0.0
201.0
NSR
BOU-DD26-780
0.0
204.0
NSR
BOU-DD26-781
70.7
71.4
0.07
77
0.7
0.5
0.1
0.2
16
123
BOU-DD26-781
157.7
158.5
0.03
452
0.8
0.1
0.9
0.2
4
480
BOU-DD26-781
165.5
166.0
1.22
19
0.5
0.0
0.5
0.2
4
132
BOU-DD26-781
180.6
182.1
0.12
64
1.5
0.1
0.6
1.0
5
109
BOU-DD26-781
255.9
256.4
0.92
7
0.5
0.0
0.1
0.1
11
84
BOU-DD26-781
348.7
350.3
0.03
55
1.6
0.0
0.0
0.0
3
58
BOU-DD26-781
352.2
353.1
0.03
50
0.9
0.0
0.1
0.5
3
64
BOU-DD26-782
179.9
180.8
0.68
34
0.9
0.3
0.6
0.9
24
134
BOU-DD26-782
184.4
186.3
1.92
478
1.9
0.2
2.4
6.6
74
820
BOU-DD26-782
189.6
190.4
0.85
146
0.8
0.0
1.1
2.5
40
286
BOU-DD26-782
194.0
199.5
0.24
71
5.5
0.0
0.9
2.5
43
159
Including
194.0
196.0
0.35
131
2.0
0.0
1.8
4.2
58
278
BOU-DD26-783
239.0
240.0
0.38
119
1.0
0.1
0.4
0.2
4,306
235
BOU-DD26-783
274.0
289.8
1.10
198
15.8
0.1
2.2
2.6
1,222
405


Including
283.8
287.8
1.75
419
4.0
0.2
4.7
4.5
3,202
805
BOU-DD26-783
300.9
301.4
1.49
119
0.5
0.0
0.8
2.2
23
299
BOU-DD26-783
303.7
304.2
0.35
44
0.5
0.0
0.1
0.8
92
91
BOU-DD26-783
330.2
330.7
0.49
56
0.5
0.0
0.2
2.0
37
138
BOU-DD26-784
44.0
44.8
0.61
32
0.8
0.2
1.7
4.3
6
211
BOU-DD26-784
51.0
52.0
1.24
7
1.0
0.0
0.5
1.2
2
140
BOU-DD26-784
55.6
57.0
4.98
21
1.4
0.2
0.8
1.1
2
466
BOU-DD26-784
60.0
61.0
1.51
15
1.0
0.0
0.2
0.5
4
150
BOU-DD26-784
114.6
115.5
0.17
65
0.9
0.8
0.0
0.2
2
139
BOU-DD26-784
117.3
118.0
0.67
27
0.7
0.1
0.0
0.2
4
93
BOU-DD26-784
201.0
201.5
0.21
39
0.5
0.1
2.5
3.8
15
185
BOU-DD26-785
89.4
90.0
0.48
50
0.6
0.1
0.6
2.3
13
149
BOU-DD26-785
96.8
97.7
0.56
8
0.9
0.0
0.3
0.4
4
67
BOU-DD26-785
110.5
111.0
0.59
42
0.5
0.1
0.8
1.1
2
131
BOU-DD26-785
136.0
137.0
0.03
56
1.0
0.1
0.1
0.1
4
71
BOU-DD26-785
316.0
318.8
0.95
46
2.8
0.0
0.2
0.4
3
136
BOU-DD26-786
327.8
328.8
0.56
7
1.0
0.0
0.0
0.0
1
53
BOU-DD26-786
337.0
337.5
0.79
29
0.5
0.0
0.1
0.0
116
96
BOU-DD26-786
359.4
360.6
0.85
65
1.2
0.0
0.1
2.1
106
180
BOU-DD26-786
376.0
378.0
0.16
58
2.0
0.0
0.1
0.0
3,220
129
BOU-DD26-786
403.2
412.6
0.61
399
9.4
0.0
1.0
1.4
922
511
Including
403.2
405.0
1.54
1,708
1.8
0.0
1.7
2.5
691
1,928
BOU-DD26-786
431.1
431.6
0.29
57
0.5
0.0
0.1
0.0
391
90
BOU-DD26-786
435.7
437.3
0.68
413
1.6
0.0
1.3
2.4
94
543
BOU-DD26-786
450.2
451.5
0.58
75
1.3
0.0
1.1
2.8
139
201
BOU-DD26-786
459.2
462.8
1.38
195
3.6
0.1
5.1
3.5
93
481
Including
459.2
461.0
2.38
355
1.8
0.1
9.9
5.0
127
845
BOU-DD26-786
470.6
471.4
0.98
22
0.8
0.0
0.1
0.1
8
102
BOU-DD26-787
0.0
306.0
NSR
BOU-DD26-788
251.5
252.0
0.55
11
0.5
0.0
0.1
1.5
2
88
BOU-DD26-789
0.0
252.0
NSR
BOU-DD26-790
99.3
100.2
1.09
527
0.9
0.0
7.9
3.4
21
834
BOU-DD26-790
119.6
120.2
0.32
123
0.6
0.0
0.2
2.0
1
192
BOU-DD26-790
140.5
155.4
0.62
586
14.9
0.0
3.7
1.9
12
746
Including
148.3
154.8
1.05
971
6.5
0.0
6.7
2.1
16
1,227
BOU-DD26-790
157.1
157.6
0.31
35
0.5
0.0
0.1
0.5
11
73
BOU-DD26-790
200.0
201.0
0.27
85
1.0
0.0
0.2
1.7
1
143
BOU-DD26-791
184.0
185.0
0.03
70
1.0
0.0
0.0
0.0
4
73
BOU-DD26-791
196.0
198.0
0.61
13
2.0
0.0
0.1
0.2
14
66
BOU-DD26-791
227.5
229.5
0.29
100
2.0
0.0
1.0
1.9
29
182
BOU-DD26-791
282.6
283.1
0.32
283
0.5
0.0
0.9
0.9
8
343
BOU-DD26-792
150.0
151.0
0.68
2
1.0
0.0
0.0
0.0
11
57
BOU-DD26-792
168.5
169.8
0.73
35
1.3
0.0
0.3
0.5
16
111
BOU-DD26-792
239.0
240.0
0.83
1
1.0
0.0
0.0
0.0
3
68
BOU-DD26-792
247.0
248.0
0.88
11
1.0
0.0
0.2
0.8
4
101
BOU-DD26-792
287.9
292.0
0.61
147
4.1
0.0
1.4
1.4
505
260
Including
287.9
289.0
1.47
368
1.1
0.0
3.3
3.9
1,594
654
BOU-DD26-792
297.0
305.1
0.79
237
8.1
0.0
4.5
3.0
835
462


Including
300.9
303.1
1.50
563
2.2
0.0
10.4
5.2
2,891
1,036
BOU-DD26-792
306.0
306.6
0.16
38
0.6
0.0
1.1
1.7
21
107
BOU-DD26-792
326.1
326.6
0.49
32
0.5
0.0
0.6
1.0
122
104
BOU-DD26-792
381.0
381.6
0.62
15
0.6
0.0
0.0
0.0
12
65
BOU-DD26-793
140.3
141.0
0.18
42
0.7
0.5
1.4
2.1
8
158
BOU-DD26-793
145.0
145.7
0.72
8
0.7
0.0
0.0
0.1
5
69
BOU-DD26-793
152.9
153.4
1.35
22
0.5
0.1
0.3
0.2
8
145
BOU-DD26-794
0.0
204.0
NSR
BOU-DD26-795
113.0
113.6
0.59
9
0.6
0.0
0.1
0.1
7
63
BOU-DD26-795
153.5
154.5
0.69
2
1.0
0.0
0.1
0.8
2
76
BOU-DD26-795
256.9
258.2
1.25
25
1.3
0.0
1.3
2.2
0
194
BOU-DD26-795
261.0
262.0
1.11
8
1.0
0.0
0.2
1.1
0
123
BOU-DD26-796
368.4
373.1
0.63
231
4.7
0.0
3.0
2.3
57
387
Including
371.6
372.2
2.14
1,108
0.6
0.1
15.1
5.6
67
1,687
BOU-DD26-796
378.0
384.1
0.20
117
6.1
0.1
2.6
2.4
0
236
Including
381.0
382.2
0.46
265
1.2
0.2
11.8
10.5
0
751
BOU-DD26-796
387.2
387.7
0.27
47
0.5
0.1
0.4
0.2
0
88
BOU-DD26-797
167.1
168.0
0.07
70
0.9
0.0
0.3
3.8
0
157
BOU-DD26-797
195.9
196.4
0.15
92
0.5
0.0
0.7
4.6
7
210
BOU-DD26-798
80.8
82.9
1.07
81
2.1
0.2
1.5
0.7
44
223
BOU-DD26-798
98.2
99.2
1.37
22
1.0
0.1
0.2
0.1
8
140
BOU-DD26-798
118.3
119.1
0.73
26
0.8
0.1
0.4
0.4
4
104
BOU-DD26-798
284.0
286.2
0.71
19
2.2
0.0
0.9
1.4
4
119
BOU-DD26-799
127.0
128.0
0.69
1
1.0
0.0
0.0
0.0
3
56
BOU-DD26-799
250.0
251.0
0.83
6
1.0
0.0
0.1
0.4
4
82
BOU-DD26-799
265.0
266.0
0.27
50
1.0
0.0
0.8
1.4
3
116
BOU-DD26-799
271.5
276.4
1.05
210
4.9
0.3
2.6
4.5
60
452
BOU-DD26-799
297.0
298.0
0.13
51
1.0
0.0
0.9
1.0
2
98
BOU-DD26-799
302.0
303.0
0.18
39
1.0
0.0
1.0
1.3
12
98
BOU-DD26-799
339.6
340.2
0.60
286
0.6
0.0
1.3
2.2
247
408
BOU-DD26-800
107.7
109.5
0.04
62
1.8
0.0
0.1
3.6
14
138
* True width remains undetermined at this stage; all values are uncut.
1.Ag equivalent is based on a silver price of US$30/oz with a process recovery of 89%, a gold price of US$2,800/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 79.3g/t Ag; 1% Cu: 68.3 g/t Ag; 1% Pb: 19.4 g/t Ag; and 1% Zn: 19.7 g/t Ag.

Appendix 2 – New Drillhole Coordinates of 2026 Boumadine Exploration Program (completed holes)
DDH No.
Easting
Northing
Elevation
Azimuth
Dip
Length (m)
BOU-DD26-829
317370
3474105
1275
73
-50
288
BOU-DD26-830
317533
3474988
1279
249
-50
621
BOU-DD26-831
316082
3478350
1256
269
-50
408
BOU-DD26-832
315379
3478258
1290
269
-50
210
BOU-DD26-833
317341
3474094
1271
69
-49
303
BOU-DD26-834
317409
3473961
1269
70
-58
514
BOU-DD26-835
315699
3478156
1252
270
-50
453
BOU-DD26-836
315421
3478261
1283
270
-50
285
BOU-DD26-837
315983
3478349
1260
270
-50
342


BOU-DD26-838
317305
3474079
1265
69
-51
387
BOU-DD26-839
317268
3474065
1262
72
-50
435
BOU-DD26-840
315464
3478267
1266
270
-50
342
BOU-DD26-841
315497
3478265
1262
270
-50
351
BOU-DD26-842
317324
3474193
1276
69
-51
207
BOU-DD26-843
317290
3474181
1270
68
-49
270
BOU-DD26-844
317344
3474972
1281
249
-50
207
BOU-DD26-845
315760
3478157
1263
268
-49
501
BOU-DD26-846
315537
3478265
1262
269
-50
477
BOU-DD26-847
317253
3474168
1263
70
-50
300
BOU-DD26-848
317217
3474159
1256
70
-50
411
BOU-DD26-849
317176
3474149
1255
70
-50
459
BOU-DD26-850
315805
3478151
1276
269
-50
615
BOU-DD26-851
317401
3474998
1265
249
-51
246
BOU-DD26-852
317127
3474124
1266
69
-49
552
BOU-DD26-853
315575
3478263
1255
269
-50
354
BOU-DD26-854
317087
3474109
1270
68
-50
651
BOU-DD26-855
317471
3475030
1256
246
-52
402
BOU-DD26-856
315613
3478273
1250
269
-50
351
BOU-DD26-857
317045
3474093
1276
73
-50
756
BOU-DD26-858
315656
3478263
1249
270
-50
402
BOU-DD26-859
315289
3478064
1280
269
-50
138
BOU-DD26-860
317271
3474287
1272
70
-50
255
BOU-DD26-861
317229
3474270
1270
71
-49
312
BOU-DD26-862
315700
3478264
1251
271
-49
450
BOU-DD26-863
315751
3478266
1256
269
-50
504
BOU-DD26-864
317188
3474256
1270
69
-50
354
BOU-DD26-865
315342
3478063
1285
269
-51
198
BOU-DD26-866
317154
3474239
1266
70
-50
528
BOU-DD26-867
317118
3474233
1261
68
-50
582
BOU-DD26-868
315797
3478263
1267
270
-50
576
BOU-DD26-869
317078
3474216
1257
68
-50
600
BOU-DD26-870
317038
3474201
1257
70
-51
708
BOU-DD26-871
315378
3478063
1278
270
-50
270
BOU-DD26-873
315412
3478063
1266
270
-50
255
BOU-DD26-874
315450
3478065
1257
270
-50
297
BOU-DD26-875
317216
3474372
1280
70
-50
411
BOU-DD26-877
315538
3478063
1258
270
-50
402
BOU-DD26-878
317175
3474357
1279
69
-50
582
BOU-DD26-880
315589
3478059
1265
270
-50
357
BOU-DD26-881
317137
3474344
1273
66
-50
615
BOU-DD26-882
315683
3478062
1279
268
-50
501
BOU-DD26-883
317257
3474110
1255
71
-50
360
BOU-DD26-885
317285
3474502
1296
71
-50
156
BOU-DD26-886
315285
3477963
1283
270
-50
123
BOU-DD26-887
315766
3478068
1274
270
-50
555
BOU-DD26-888
317101
3474179
1259
70
-50
630
BOU-DD26-889
317249
3474487
1288
71
-50
255


BOU-DD26-890
317214
3474474
1280
68
-50
429
BOU-DD26-891
315400
3477963
1270
270
-50
216
BOU-DD26-892
315437
3477960
1262
270
-50
261
BOU-DD26-893
315327
3477963
1285
270
-50
156
BOU-DD26-896
315531
3477959
1269
269
-51
402
BOU-DD26-897
317143
3474450
1277
73
-50
612
BOU-DD26-898
317100
3474437
1273
68
-50
663
BOU-DD26-899
315364
3477963
1279
270
-50
192
BOU-DD26-900
317219
3474214
1264
70
-50
342
BOU-DD26-901
317137
3474192
1257
69
-50
516
BOU-DD26-902
315278
3477858
1279
270
-50
108
BOU-DD26-903
315581
3477963
1279
270
-50
513
BOU-DD26-904
315628
3477962
1283
269
-48
474
BOU-DD26-906
315321
3477858
1279
270
-50
156
BOU-DD26-910
317292
3474453
1295
71
-50
504
BOU-DD26-913
315400
3477858
1272
270
-50
252
BOU-DD26-914
315480
3477860
1272
269
-50
375
BOU-DD26-915
315524
3477860
1272
270
-50
426
BOU-DD26-916
317076
3474372
1267
70
-51
657
BOU-DD26-917
315441
3477853
1269
270
-50
300
BOU-DD26-918
317263
3474548
1293
70
-50
201
BOU-DD26-920
317195
3474521
1276
70
-51
356.2
BOU-DD26-924
317172
3474564
1275
70
-51
255
BOU-DD26-926
317215
3474580
1282
70
-51
168

2.The complete NI 43-101 Technical Report entitled "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" dated December 18, 2025, (2025 PEA) is available on Aya's website and on SEDAR+ (www.sedarplus.ca). The PEA is preliminary in nature, and it includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the PEA results will be realized.

Source: View Original Filing on SEC EDGAR

FAQ

What did Aya Gold & Silver (AYA) announce about the Boumadine project?

Aya Gold & Silver announced new high-grade drill results from its Boumadine project in Morocco. Intercepts along the Main Trend confirm strong grade continuity and suggest potential for resource growth and a larger, deeper open-pit configuration over time.

What are the highest-grade drill intercepts reported at Boumadine by Aya Gold & Silver (AYA)?

One of the strongest intercepts was 890 g/t silver equivalent over 51.5 metres in hole BOU-DD25-745, including 1,504 g/t over 19.3 metres. Other holes, such as BOU-DD25-746 and BOU-DD26-790, also returned multiple intervals above 700 g/t silver equivalent.

How much drilling has Aya Gold & Silver (AYA) completed at Boumadine in 2026?

In 2026, Aya completed 160 diamond drill holes totalling 69,209 metres at Boumadine. Drilling focused on the Main Trend, Tizi and Imariren zones, with all results received for holes up to BOU-DD25-800 and all trends remaining open in all directions.

What is Aya Gold & Silver’s planned drill program for Boumadine in 2026–2027?

Aya plans an approximately 360,000-metre infill and expansion drilling program at Boumadine over 2026–2027. The work aims to extend mineralization along strike and at depth, infill key areas, support an updated PEA, and advance subsequent feasibility study work.

What upcoming technical studies are planned for Aya Gold & Silver’s (AYA) Boumadine project?

Aya is working toward an updated preliminary economic assessment for Boumadine, expected mid-year. Following this, a feasibility study is planned, using results from the large 2026–2027 infill and expansion drill program to refine resources and project economics.

How does Aya Gold & Silver (AYA) ensure the quality of Boumadine assay results?

Aya uses a quality control program with one-metre core samples, half-core retained, and analysis at Afrilab in Marrakech. Silver and base metals use aqua regia and AAS, gold is assayed by fire assay, and standards, blanks and duplicates are inserted regularly for quality assurance.

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