Aya Gold & Silver Inc.

25.3 Processing

Conclusions from the metallurgical and comminution testwork conducted on the Boumadine deposit include:

•The average BWi from two tests was used in the comminution circuit design (13.1 kWh/t), with the remainder of comminution design criteria estimated from OMC’s database.

•Locked cycle flotation tests with three circuits (Pb, Zn and Py) achieved acceptable recoveries with grades in the salable range required. The lead and zinc circuits performed best with regrind after rougher flotation, including three cleaning stages and one cleaner-scavenger stage.

•Sulfur content can be estimated based on the metals’ content in the material, proven via multilinear regression analysis showing a strong correlation between the laboratory and calculated values (R 2 = 0.98). By assuming constant concentrate grades and recoveries, the LOM pyrite concentration production could be estimated based on the sulfur content equation for varying metals’ grades in the deposit.

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•The Boumadine mineralized material is highly refractory and resistant to direct cyanidation.

Based on the metallurgical testwork completed thus far, the following unit operations have been selected for the PEA flowsheet:

•Single stage primary crushing to reduce the ROM material size to a P 80 of 136 mm.

•Crushed rock stockpile with a live capacity of approximately 8,115 tonnes, allowing for 24 hours of live storage and additional capacity for periods of primary crusher maintenance.

•SAB type grinding circuit consisting of a SAG mill and a ball mill to produce a ground product P 80 of 58 microns (µm), with hydrocyclones for particle size classification.

•Lead rougher flotation, classification, regrinding and cleaner flotation to produce a lead concentrate of 29.6% grade. The lead concentrate will be thickened, filtered, and bagged prior to shipment.

•Zinc rougher flotation, classification, regrinding and cleaner flotation to produce a zinc concentrate of 57.4% grade. The zinc concentrate will be thickened and filtered for stockpiling prior to shipment.

The process plant operating cost estimate was developed in Q3 2025 using data from database projects, studies, and previous operations by Lycopodium, and Aya Gold & Silver. The operating cost estimate conforms to preliminary economic assessment accuracy of +50%/-30%. The estimate covers general and administrative (G&A), and processing costs. The unit operating cost per tonne of material milled is estimated at US$22.44/t processed.

Lycopodium have identified the following risks for the project:

•Additional variability testing is required focussing on specific pit locations to verify material properties used for design parameters and recovery predictions for the deposit body correlates with the established mine plan.

Thickening and filtration tests should be performed to confirm design assumptions and sizing. The selected filtration technology should also conform to required transport moisture limits yet to be determined.

Filtration of ultrafine material can prove to be challenging possibly requiring the use of drying pads to further reduce product moisture content prior to shipment. The additional material handling is not currently costed and has the potential to impact final product quality if not performed well.