Key Takeaways

• Gold Reclaims Monetary Leadership: Gold has overtaken U.S. dollar reserves globally, reinforcing its role as the primary neutral reserve asset amid eroding confidence in the dollar system.
• Structural Demand Anchors Gold: Despite limited marginal buying, central banks continue to accumulate gold on dips, stabilizing prices and reinforcing a long-term floor.
• Dollar System Strain Supports Precious Metals: Erosion of petrodollar recycling, rising fiscal dominance, and increased financial intervention are structurally bullish for gold and supportive for silver.
• Silver Demand Shifts to Energy Security: Silver is increasingly driven by solar and energy infrastructure demand, making it less cyclical and more tied to long-term policy priorities.
• Precious Metals as Strategic Assets: Gold is emerging as a barometer of global monetary trust, while silver is becoming a critical input for resilient energy systems, elevating both beyond traditional commodity roles.

Performance as of April 30, 2026

Indicator	4/30/26	3/31/26	Change	Mo % Chg	YTD % Chg	Analysis
Gold Bullion1	$4,617.85	$4,668.06	-$50.21	-1.08%	6.91%	Correction continuing, range narrowing.
Silver Bullion2	$73.75	$75.17	-$1.42	-1.89%	2.91%	Correction in a flag pattern.
NYSE Arca Gold Miners (GDM)3	2,533.80	2,602.47	-68.67	-2.64%	3.72%	Correction above long-term support.
Bloomberg Comdty (BCOM Index)4	140.51	135.25	5.26	3.89%	28.10%	Led by energy and industrial metals.
DXY U.S. Dollar Index5	98.06	99.96	-1.91	-1.91%	-0.27%	Trading at the mid-point of the 1-year range.
S&P 500 Index6	7,209.01	6,528.52	-680.49	10.42%	5.31%	Best monthly return since November 2020.
U.S. Treasury 10-YR Yield*	4.37	4.32	0.05	5 BPS	20 BPS	10-year nears the danger zone of 4.50%.
Silver ETFs** (Total Known Holdings ETSITOTL Index Bloomberg)	791.26	798.20	-5.70	-0.71%	-8.24%	Back to August levels, silver was <$40.
Gold ETFs** (Total Known Holdings ETFGTOTL Index Bloomberg)	98.78	97.89	0.89	0.91%	-0.16%	Gold ETF holdings have been flat since October.

Source: Bloomberg and Sprott Asset Management LP. Data as of April 30, 2026.
* BPS stands for basis points. **Bloomberg Indices measure ETF holdings; the ETFGTOTL is the Bloomberg Total Known ETF Holdings of Gold Index; the ETSITOTL is the Bloomberg Total Known ETF Holdings of Silver Index.

Gold Market: Buying the Dip

During April, spot gold fell $50.21 per ounce (or -1.08%) to close the month at $4,617.85. After a volatile first quarter dominated by the outbreak of the U.S.–Iran war and the closure of the Strait of Hormuz, gold traded within a comparatively narrow range of roughly $4,500–$4,800, as shown in Figure 1. 

Figure 1. Gold Holds the Line (2024-2026)

Source: Bloomberg. Gold spot price, $/oz. Data as of 5/3/2026. The 14-day RSI (relative strength index) is a momentum oscillator that measures the speed and change of price movements over a 14-day period, ranging from 0 to 100. Levels above 70 indicate overbought conditions, while levels below 30 indicate oversold conditions. Included for illustrative purposes only. Past performance is no guarantee of future results.

Oil prices were volatile in April amid the Strait of Hormuz being effectively closed. Brent crude surged above $115 per barrel (bbl) at times, and is up over 57% year-to-date (as of 4/30/2026). The oil shock reasserted the need for U.S. dollars during global liquidity drains. A stronger dollar early in the month tightened global financial conditions, pressured emerging markets, increased funding stress and forced deleveraging across risk assets. 

At the same time, the gold market lacked persistent marginal buyers. Gulf oil producers, deprived of revenue by the collapse in export volumes, could not recycle surpluses into gold. Emerging-market central banks and related entities facing sharply higher oil import bills are likely to have slowed or paused discretionary gold buying. Investment fund positioning, as seen in Commodity Futures Trading Commission (CFTC) data and ETF holdings,⁷ was flat. Yet gold stabilized around the $4,500 to $4,800 range. While there was no material new buying, there were no sellers either. A brief dip below $4,500 was quickly absorbed by central bank buyers and Chinese traders, evidenced by a surge in the Shanghai gold premium. 

Gold price weakness has been met with sovereign accumulation, not capitulation.

World Gold Council (WGC) data indicates that central bank demand remained a structural pillar for gold during the first quarter. Net official-sector purchases totaled 244 tonnes. This was the fastest buying pace in over a year and above the five-year average (see Figure 2). Poland, Uzbekistan and China led the buying, using the March price correction as an entry point. Sellers, including Turkey, Russia and Azerbaijan, shed an estimated 115 tonnes for idiosyncratic reasons (e.g., currency defense, budget financing and rebalancing), but buyers overwhelmingly offset this. The buying pattern remains familiar: price weakness is met with sovereign accumulation, not capitulation. Much of the buying is undisclosed and absent from IMF data, so the WGC’s 244-tonne figure is likely to underestimate the official sector’s true appetite.

Figure 2. Central Banks’ Net Gold Buying (2016-2026)

Sources: Metals Focus, World Gold Council. Central bank gold purchase in tonnes per quarter. Data through 1Q 2026. Included for illustrative purposes only. Past performance is no guarantee of future results.

The broad equity market, as measured by the S&P 500 Index, had one of its strongest monthly returns on record in April. In a very unusual price action, the sharp rebound in equities was amplified by mechanical flows. Ceasefire headlines dampened volatility, triggering Commodity Trading Advisor (CTA)  re-risking and volatility target re-leveraging,⁸ even as left-tail risk⁹ from the Strait of Hormuz closure continues to build. One explanation is that the market has become desensitized to geopolitical stress. Another is that the powerful AI-focused earnings momentum in 1Q26 outweighed the looming worst-case oil supply fear scenario. 

Either way, markets soared to new all-time highs. The speed and magnitude of the rally were driven primarily by over-hedged positions and by flow mechanics, as implied volatility went from steep backwardation to a normal curve,¹⁰ forcing rapid re-risking. The bullish¹¹ surge in equities stood out amid yields testing their highs, oil prices rising well above $100, and the Strait of Hormuz still closed with no visible end in sight.

Testing the Limits of a Debt-Dependent System

Several forces are converging to weaken the structural foundations of dollar‑based reserve management. They include the erosion of petrodollar recycling, the entrenchment of fiscal dominance¹¹ and the repurposing of USD swap lines as asset‑price stabilizers.¹² As a result, gold’s role is being reinforced as the only major reserve asset that sits outside the system.

Petrodollar Under Siege

In the short term, the U.S.-Iran war is a regional conflict. In the long term, it is a confrontation over the foundations of the global monetary order. At its heart are U.S. efforts to preserve the petrodollar system. It is this system that underwrites U.S. financial dominance and enables it to sustain unprecedented levels of sovereign debt. 

Over the past decade, confidence in the U.S.-centric financial system has steadily eroded. This is largely a reaction to the way the U.S. has weaponized the dollar by imposing sanctions, freezing foreign reserves and politicizing dollar settlement. It has forced many countries to reassess their exposure to U.S. assets. The Iran conflict represents an escalation of this trend, from financial pressure to the physical control of energy flows and maritime chokepoints, and has significant implications for gold. 

Gold stands apart. It does not depend on shipping lanes or require permission to settle, and it cannot be frozen or boarded.

The petrodollar is more than a currency convention; it is a geopolitical enforcement mechanism. By compelling global energy trade to settle in U.S. dollars, the U.S. ensures persistent external demand for its currency and, critically, its sovereign debt. As long as major energy importers were forced to pay for imports in U.S. dollars, the U.S. could finance its deficits. This system is now under strain. China, Russia and other non-aligned states have accelerated efforts to bypass dollar settlement, increase bilateral trade and rebuild reserves outside the U.S. Treasury market. Gold has reemerged as the preferred neutral reserve asset since it is immune to sanctions, counterparty risk, and political conditionality. 

Financial tools alone are no longer sufficient. The freezing of Russian reserves after the Ukraine conflict marked a structural break in the post–Cold War order. For many central bank reserve managers, U.S. dollar assets are not neutral financial instruments but contingent on political claims. Rather than relying solely on sanctions, the U.S. is increasingly trying to enforce compliance by controlling physical infrastructure such as ports, pipelines and maritime chokepoints. 

The Strait of Hormuz, the Red Sea and the Strait of Malacca are chokepoints through which the monetary order is transmitted. Control over these routes determines which economies function smoothly and which face acute resource stress. By shaping access to these arteries, the U.S. can indirectly control balance-of-payments dynamics across Europe and Asia. Energy importers confronted with constrained supply must accept higher prices, liquidate reserves, or increase borrowing, often in U.S. dollars. Gold stands apart. It does not depend on shipping lanes or require permission to settle, and it cannot be frozen or boarded. 

From Reserve Assets to Risk Assets

Periods of geopolitical stress in the Middle East inevitably revive comparisons to the 1970s oil shocks and the birth of the petrodollar system. It is tempting to assume that higher oil prices will again translate into large, recycled petrodollar surpluses being used to underpin U.S. assets. But this historical pattern may be eroding. 

Petrodollars once anchored U.S. markets. Now that link is breaking, boosting volatility and strengthening gold.

Unlike the 1970s or even the 2002-2013 commodity boom, most Gulf exporters are not capturing large windfall surpluses from higher oil prices. For one thing, the Hormuz closure constrains export volumes. For another, fiscal and balance-of-payments breakevens are higher, and domestic spending commitments are far larger. Saudi Arabia now requires oil prices near the high $90s to avoid a current account deficit. At reduced export volumes, it becomes a net borrower rather than a surplus recycler of capital. 

Instead, the biggest winners from higher oil prices are a diffuse group of non-Gulf exporters: Russia, Kazakhstan, Nigeria and North America. Their flows are fragmented, politically constrained and far less likely to be recycled into U.S. financial assets in a coordinated way. The classic mechanism that once anchored demand for Treasuries—surplus Gulf capital seeking a home—no longer operates at scale. The result is a world in which oil prices can rise without triggering a corresponding increase in structural U.S. dollar demand. 

In the early petrodollar era, reserve accumulation played an outsized role in global capital flows. Today, dollar demand has migrated from the reserve channel to the risk-asset channel. It is now U.S. equities that dominate global market capitalization, not petrodollar recycling. This makes U.S. dollar dominance more financially driven and more cyclical, rather than mechanically reinforced through commodity pricing. Crucially, it also means U.S. dollar strength is no longer guaranteed during periods of geopolitical stress if those shocks undermine confidence in U.S. policy, asset valuations or global stability. 

The erosion of petrodollar recycling is constructive for gold because it removes or constrains a key mechanism for channeling global surplus savings into U.S. dollar assets. When energy shocks no longer generate predictable flows into Treasuries, the burden of adjustment shifts elsewhere—to higher real volatility, greater use of balance sheets and wider risk premia. This regime is structurally supportive of gold. Gold sits outside the system of chokepoints and financial coercion and performs well when confidence in monetary recycling mechanisms weakens.

Raising the Stakes for Fiscal Dominance

The U.S. is firmly in a regime of fiscal dominance. Persistent multi-trillion-dollar deficits require continual Treasury issuance. Maintaining liquidity in the Treasury market increasingly depends on central bank accommodation. Even without a crisis, this implies continuous, gradual monetary debasement as the U.S. Federal Reserve’s balance sheet expands alongside nominal gross domestic product (GDP) and the banking system’s needs. 

Gold has now overtaken Treasuries as the largest component of global reserves for the first time in decades.

Geopolitical shocks raise the stakes. Energy-importing creditor nations may be forced to sell U.S. Treasuries to fund energy and food imports if prices remain elevated. That selling pressure does not need to be catastrophic to matter; it simply increases the likelihood that the Fed will serve as the buyer of last resort more frequently. The base case remains a gradual printing regime (quantitative easing, QE, lite or reserve management purchases).¹³ However, the right-tail risk of larger interventions has increased and will further rise if the Strait of Hormuz remains closed.

Bloomberg reports that U.S. dollar-denominated reserves, adjusted for valuation effects, are now lower than gold reserves in the global central banking system for the first time since the IMF started publishing this data in the late 1990s (see Figure 3). Global central banks, in aggregate, stopped accumulating U.S. Treasuries roughly 12 years ago and have steadily increased their gold reserves instead. Gold has now overtaken Treasuries as the largest component of global reserves for the first time in decades. This milestone reflects risk management in a world where the fiscal trajectory of the issuer of the world’s reserve currency has itself become a source of concern. 

Figure 3. Gold Tops Global Reserves (2000-2025)
 

Source: Bloomberg. Global USD-denominated reserve assets in tonnes, on a quarterly basis, adjusted for valuation effects. Data through end-March 2025. Included for illustrative purposes only. Past performance is no guarantee of future results.

To be clear, the U.S. dollar system is not collapsing overnight. It is eroding under the weight of debt, deficits and global fragmentation as each crisis chips away at confidence. The dollar remains central, but its share of global trust is slowly declining. Gold sits at the intersection of that transition—under no government’s control, immune to sanctions and increasingly relevant as a reserve asset in a fragmented world. 

Defending Assets, not Liquidity 

One of April’s most revealing developments was the United Arab Emirates’ (UAE) informal request for a USD swap line. It made the request not because it was running out of dollars, but because the war had exposed the fragility of U.S.-dollar-dependent economies, even with strong balance sheets. U.S. Treasury Secretary Scott Bessent confirmed that numerous Gulf and Asian allies have made similar requests. He publicly stated that extending permanent swap lines could be “a major first step in creating new U.S. dollar funding centers in the Gulf and Asia.” 

This development marks an important shift in the function of USD swap lines. These were traditionally deployed during crisis events as liquidity backstops to prevent panic selling and keep global funding markets functioning, like during the 2008-2009 global financial crisis and the 2020 COVID pandemic. Now, the swap lines are increasingly being used as asset-price stabilizers. The UAE’s request is framed to help it meet dollar funding needs without liquidating U.S. equities or Treasuries. It signals financial-asset demand rather than underlying currency confidence. 

Japan is the clearest precedent. The Bank of Japan has repeatedly tapped U.S. dollar liquidity to defend the yen’s value from exceeding 160 yen per U.S. dollar, despite domestic inflation running well above its policy rate. In short, currency stability is effectively subordinated to financial market stability. The same logic is expected to extend to other USD-dependent markets. USD swap lines are being used to prevent forced selling of U.S. assets, keeping global portfolios long U.S. dollar assets. 

On the U.S. side, the U.S. Treasury is buying back long-dated debt while simultaneously issuing more Treasury bills. At the same time, the Fed is absorbing T-bills through QE-lite or reserve management purchase (RMP) programs. Together, these function as an internal recycling mechanism designed to cap duration risk and suppress financial stress. They indicate that fiscal and monetary operations are converging. This framework explicitly ties the stability of the U.S. dollar to that of U.S. stock and bond markets, thereby establishing a financialized currency regime. 

As the petrodollar system increasingly relies on physical coercion rather than voluntary participation, its long-term stability weakens, and gold stands to benefit.

The risks are clear. When a currency is anchored to asset prices and leverage, failure can manifest simultaneously in equities, bonds and the currency. If these swap lines were ever politically weaponized, or if the asset prices they are designed to protect correct sharply, the eventual unwind may become systemic rather than localized. 

The Iran conflict further underscores a critical shift: Geopolitical risk has moved from the margins to the core of the monetary system. Energy, currency and security have become intertwined. As the petrodollar system increasingly relies on physical coercion rather than voluntary participation, its long-term stability weakens. This is another step in the convergence of structural forces. These include the limits of a debt-dependent system, oil as a stress transmission mechanism, the erosion of sovereign bond safety, the financialization of currency defense and the slow fracture of the petrodollar regime. 

These dynamics point to a world in which gold is absorbing the diminishing store-of-value function of sovereign debt. Gold represents the neutral escape valve. It is the clearest expression of distrust in a system in which currencies are used to defend financial markets globally rather than as a store of value. Gold’s sustained strength over the past several years reflects a continuing, cumulative reassessment of confidence in the global monetary order. In a system defined by rising sovereign debt, weaponized finance and deteriorating fiscal optionality, gold is increasingly functioning as the market’s barometer of systemic trust. 

Silver Market: Security Over Cycles

Spot silver fell $1.42 per ounce (or -1.89%) in April to close the month at $73.75. This followed a volatile first quarter, dominated by extreme options-related selling and the outbreak of the U.S.-Iran war. During April, by contrast, silver traded within a comparatively narrow range of roughly $71 to $80, its narrowest for the year, as volatility calmed (see Figure 4). 

Figure 5. Silver’s Narrow Range (2024-2026)

Source: Bloomberg. Silver spot price, $/oz. Data as of 5/3/2026. The 14-day RSI (relative strength index) is a momentum oscillator that measures the speed and change of price movements over a 14-day period, ranging from 0 to 100. Levels above 70 indicate overbought conditions, while levels below 30 indicate oversold conditions. Included for illustrative purposes only. Past performance is no guarantee of future results.

Silver’s long-term outlook is increasingly being shaped by the global reordering of energy security rather than by traditional cyclical industrial demand. Historically, major energy shocks have accelerated investment in renewables. This time, however, the shift is occurring amid geopolitical fragmentation and the breakdown of global supply chains. As a result, solar power is no longer framed primarily as a decarbonization solution, but as a matter of national security and system resilience.

Silver is becoming a more strategic input into resilient energy systems.

Solar remains the fastest-growing renewable technology globally. Distributed generation and storage become strategic assets as governments seek energy systems that are less exposed to fuel imports, maritime chokepoints and geopolitical coercion. Silver’s role in photovoltaic cells embeds it directly into these long-term infrastructure decisions.

These structural forces act to raise silver’s long-term floor price. They embed demand into policy-driven investment cycles that are relatively insensitive to near-term price volatility. Energy security becomes a planning constraint rather than a cost variable, and demand becomes less discretionary. Solar deployment decisions are increasingly made to reduce vulnerability. That distinction matters for silver because it reduces the probability of sustained demand destruction during downturns.

The U.S.-Iran war has raised the specter of prolonged energy price shocks and triggered sharp front-loading of global solar demand. In March, China’s solar panel exports surged to record levels as buyers moved to secure supply ahead of expected disruptions. Rising prices drove up export values even faster, reflecting precautionary behavior rather than optimism, a hallmark of security-driven demand.

China imported a record 836 tonnes of silver in March, well above both recent levels and long-term averages (see Figure 5). Market commentary highlighted strong retail demand and solar-related consumption ahead of policy changes, reinforcing the view that buyers were pulling forward demand.

Figure 5. China Buys More Silver (2009-2026)

Source: Bloomberg. China silver imports in tonnes. Data through end-March 2026. Included for illustrative purposes only. Past performance is no guarantee of future results.

Southeast Asia and Africa also sharply increased silver imports, reflecting heightened concern around energy access, price volatility and supply reliability. In many of these regions, solar and battery systems are not marginal additions to existing grids, but core components of future energy stability.

The impending removal of China’s export tax rebate¹⁴ accelerated shipments and reinforced front-loading behavior. While such bursts of activity can fade, the underlying drivers remain intact. Once inventories are built and systems deployed, silver demand becomes embedded in infrastructure rather than discretionary consumption. Silver is increasingly tied to system resilience rather than cyclical growth, reinforced by physical deployment into infrastructure that is difficult to substitute and politically difficult to reverse.

Silver’s role is evolving; it remains volatile but is becoming less of a high-beta industrial metal. Energy insecurity, geopolitical fragmentation and policy-driven front-loading are quietly resetting the long-term demand profile. In this environment, silver is becoming a more strategic input into resilient energy systems. The near-term path may remain uneven, but the longer-term signal is that silver demand is becoming anchored by security considerations rather than growth cycles, raising the structural demand floor.

Footnotes

1	Gold bullion is measured by the Bloomberg GOLDS Comdty Index.
2	Silver bullion is measured by the Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
3	The NYSE Arca Gold Miners Index (GDM) is a rules-based index designed to measure the performance of highly capitalized companies in the gold mining industry.
4	The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Indices.
5	The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.
6	The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
7	CFTC data and ETF holdings refer to indicators of investor positioning based on reports from the Commodity Futures Trading Commission showing futures and options positions, and assets held in exchange-traded funds (ETFs). Together they provide insight into speculative and institutional demand for a given asset.
8	CTA re-risking and volatility target re-leveraging refers to systematic trading flows in which commodity trading advisors (CTAs) rebuild positions after reducing risk, while volatility-targeting strategies increase leverage as market volatility declines, amplifying exposure to underlying assets.
9	Left tail risk refers to the probability of extreme, negative investment returns (large losses), while right tail risk represents the chance of extreme, positive returns (unexpected high gains).
10	Steep backwardation refers to a market condition where futures prices are significantly lower than expected spot prices, resulting in a sharply downward-sloping curve. In contrast, a normal curve, or contango, occurs when futures prices are higher than spot prices, leading to an upward-sloping curve. Steep backwardation indicates immediate demand for a commodity, while a normal curve suggests a premium for future delivery.
11	Bullish is the sentiment that market prices will rise.
12	Fiscal dominance is a macroeconomic condition where government fiscal pressures, such as high public debt and deficits, dictate or constrain a country’s monetary policy. In this scenario, the central bank may prioritize financing government needs over controlling inflation, often leading to higher inflation rates.
13	Refers to using central bank dollar liquidity facilities—such as those provided by the Federal Reserve to other central banks—not only to ease funding shortages but also to indirectly support financial markets by reducing forced asset sales and dampening price volatility during periods of stress.
14	Quantitative easing-lite or reserve management purchases (RMPs) refer to central bank asset purchases—such as those conducted by the Federal Reserve—that expand the balance sheet for technical liquidity or reserve-management purposes rather than for macroeconomic stimulus, as in full-scale quantitative easing.
15	China’s export tax rebate for solar products, specifically photovoltaic products, was eliminated starting April 1, 2026, which means manufacturers can no longer reclaim any portion of the value-added tax (VAT) on these exports. This change is expected to increase export costs and prices for solar products internationally.

Source: https://sprott.com/insights/gold-overtakes-dollar-reserves-as-global-trust-shifts/?_cldee=6gcAqquXoM2dUExqohawOg0E-ccXujXffD5dHDxyoOseWwXamUIs49taXx8SoihBO5if-F8oG-QmQfCmmonvcg&recipientid=lead-f313641e2bf9ea11a815000d3a0c86a9-170794450fe044f08403d9933447b03e&esid=db8dfc32-204b-f111-bec7-70a8a50a7022

Notice of Q1-2026 Financial Release Date

MONTREAL, May 04, 2026 (GLOBE NEWSWIRE) — Aya Gold & Silver Inc. (TSX: AYA; Nasdaq: AYA) (“Aya” or the “Corporation”), announced that its common shares to commence trading on the Nasdaq Stock Market (“Nasdaq” or the “Exchange”) under the ticker symbol “AYA” today, May 4, 2026. The Corporation’s common shares will continue to trade on the Toronto Stock Exchange (“TSX”) under the symbol “AYA”. With commencement of trading on Nasdaq, the Corporation’s common shares are no longer traded on the OTCQX (“OTCQX”) under the symbol “AYASF”.

Aya is a precious metals company with silver operations in Morocco, a leading mining jurisdiction combining renewable energy, strong infrastructure, and underexplored precious metal deposits.

The Nasdaq listing is expected to enhance Aya’s visibility and broaden access to U.S. and international institutional and retail investors.

“Access to the U.S. capital markets through Nasdaq is an exciting milestone for Aya as we close a record year and advance our growth strategy, supported by our attractive precious metals portfolio,” said Benoit La Salle, President & CEO. “This listing is expected to increase the visibility of our shares and expand our shareholder base as we continue executing on our development plans.”

Q1-2026 Conference Call Details

Aya will release first quarter 2026 results on Thursday, May 14, 2026, before market opens. Management will host a conference call on the same day at 10 a.m. ET to discuss the Corporation’s financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-server.com/mmc/p/x8mnaba5

Webcast link: Instructions for obtaining conference call dial-in numbers:

1. Click on the following call link and complete the online registration form
   https://register-conf.media-server.com/register/BIf70fdb46f4c14e288d0ae74e84006b00
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.
   

About Aya Gold & Silver Inc.

Aya Gold & Silver is a 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 substantial mineral resource, an extensive mineralized footprint, and significant 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 anticipated benefits of the Nasdaq listing, including enhancement of Aya’s visibility and broaden access to U.S. and international institutional and retail investors, the timing for announcing the Q1-2026 results, and the Corporation’s future operating results, economic performance, objectives, strategy, and development plan.

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: the expected benefits of the Nasdaq listing 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: the Nasdaq listing not meeting the expected benefits, changes in general economic conditions or conditions in the financial markets, and other risks described in the Corporation’s documents filed with Canadian 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.

Vancouver, British Columbia–(Newsfile Corp. – April 23, 2026) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) (“West Point Gold” or the “Company”) is pleased to announce drill results from the Tyro Main Zone at its flagship Gold Chain Project in Arizona. All the holes drilled intersected significant gold mineralization highlighted by 22.9 metres (“m”) at 3.11 grams per tonne (“g/t”) gold (“Au”). Results reported in the release are from seven reverse circulation (“RC”) drill holes (1,419m), part of the recently expanded 20,000m drill program. These holes were drilled into the southern portion of the Tyro Main Zone and further confirm our interpretation of grades and structural controls within the zone. To date, 16,504m of the ongoing drill program at the Gold Chain project has been completed, with assays released for 1,419m of drilling. Results are pending from the Tyro Main Zone, NE Tyro, Bull 8 and Black Dyke targets, representing 24 holes (4,087m).

Highlights:

• Hole GC26-116 returned 22.9m of 3.11 g/t Au from 102.1m to 125.0m.
• Hole GC26-120 returned 9.1m of 2.57 g/t Au from 125.0m to 134.1m, expanding gold mineralization to the north and to depth.
• Hole GC26-125 returned 184.4m of 1.00 g/t Au from the surface and included 10.7m of 8.11 g/t Au from 96.0 to 106.7m and 35.1m of 1.31 g/t Au from 106.7 to 141.7m. This hole was drilled nearly parallel to the vein system’s strike to confirm that gold mineralization in this portion of the Tyro Main Zone is composed of several en-echelon zones of greater quartz vein density.
• Currently, all three rigs (2 RC, 1 core) are drilling across the Tyro Main and NE Tyro targets, increasing West Point Gold’s understanding of the Tyro deposit along strike, at depth and internally.

“Drill results from the Tyro Main zone continue to demonstrate this zone’s potential over its plus one-kilometre strike length. Confirmation of these en-echelon zones within the southern portion of the Tyro Main zone is expected to help with grade optimization in the ongoing effort to define a maiden resource at Tyro later this year. We continue to aggressively drill Gold Chain as we approach the completion of the current 20,000m drill program. Results are pending from multiple step-out targets, including holes focused on expanding the high-grade zone at NE Tyro to the northeast,” stated Derek Macpherson, President and CEO.

Table 1: Drill Results

Holes	From (m)	To (m)	Width (m)	Grade (g/t Au)
GC26-116	102.1	125.0	22.9	3.11
GC26-118	No Significant Intercepts
GC26-120	125.0	134.1	9.1	2.57
GC26-122	0.0	7.6	7.6	2.33
and	29.0	32.0	3.0	2.62
and	106.7	120.4	13.7	1.39
and	141.7	152.4	10.7	1.08
GC26-124	0.0	12.2	12.2	0.24
GC26-125	0.0	184.4	184.4	1.00
Including	0.0	30.5	30.5	0.48
Including	30.5	96.0	65.5	0.25
Including	96.0	106.7	10.7	8.11
Including	106.7	141.7	35.1	1.31
Including	141.7	184.4	42.7	0.44
GC26-127	71.6	160.0	88.6	0.80
Including	71.6	111.3	39.7	0.58
Including	111.3	128.0	16.8	2.14
Including	128.0	160.0	32.0	0.38

Note: All widths shown are downhole; true widths are variable (see text).
 

Summary

Holes GC26-116, GC26-118, GC26-120, GC26-122, GC26-124, GC26-125 and GC26-127 were designed to confirm internal trends within the Tyro Main Zone defined by higher gold grades and vein concentrations. Figure 2 reveals several discrete N60-65E trending zones, dominated by quartz-calcite-adularia-cemented breccia and stockwork, of elevated gold grades contained within a N20-25E structural corridor referred to as the Tyro Vein System. In comparison, the NE Tyro Zone hosts higher gold grades within a broad hanging wall quartz veinlet zone grading downward into a distinct vein/vein breccia with a sharp footwall contact, likely a fault.

The current effort is to define this mineralized structural corridor to a depth of 300m below the surface vein exposures and identify internal heterogeneities in width and grade. Current drilling is on schedule and focused on the Tyro Main Zort to define a maiden resource in late 2026.

Figure 1: Plan view of the Main Tyro vein showing geology and drilling conducted in 2021, 2023, 2024, 2025, and 2026. Note the location of Hole Nos. GC26-116, GC26-118, GC26-120, GC26-122, GC26-124, GC26-125 and GC26-127.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/293887_a63987f464b2a980_002full.jpg

GC26-116: This hole was designed to traverse the entire Tyro Main Zone (Figure 2) and encountered 22.9m of 3.11 g/t Au. The true width of this intercept should be about 18m hosted in Precambrian granite.

GC26-118: Hole GC26-118 was designed to drill northward to test continuity between the Tyro Main and Northeast zone. A broad zone of anomalous gold values was traversed, but all values were less than 0.7 g/t Au.

GC26-120: This hole was designed to traverse the entire Tyro Main Zone, where previous drilling suggests that the mineralized package has diminished in width. The hole encountered 9.1m at 2.57 g/t Au from 125.0 to 134.1m.

GC26-122: Hole GC26-122 was designed to test the model by drilling northerly at a shallow angle (-55 degrees) and encountered four distinct mineralized intervals summarized in Table 1.

GC26-124: This hole was drilled due north from the top of Decimal Hill (Figure 2) to provide additional testing of the footwall limit upon mineralization. The hole was collared in strong chalcedony-dominant veins and breccia, but quickly traversed the footwall structure beyond which little veining was observed (Table 1).

GC26-125: Hole GC26-125 was drilled in close proximity to the intersection with the White Spar fault (Figure 2) and was oriented NE and parallel to the Tyro Structural Corridor’s trend. The hole was moderately inclined (50 degrees) and designed to traverse all internal, mineralized zones. The hole encountered continuous veins and veinlets and cut 184m (0 – 184.4m) at 1.00 g/t Au (Table 1), including 10.7m at 8.11 g/t Au adjacent to 35.1m at 1.31 g/t Au.

GC26-127: This hole was drilled in close proximity to hole GC26-125 (Figure 2) but was oriented more perpendicular to the internal mineralized zones and achieved similar results to GC26-125. The hole cut 88.6m at 0.80 g/t Au, including 16.8m at 2.14 g/t at 111.3 to 128.0m.

Figure 2. Generalized geologic sketch of the Tyro Main and Northeast zones showing Holes GC26-116, GC26-118, GC26-120, GC26-122, GC26-124, GC26-125 and GC26-127. These holes, along with previous holes (not shown), reveal a series of en-echelon mineralized zones within a pair of NE-trending faults (Tyro Structural Corridor). 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/293887_a63987f464b2a980_003full.jpg

Table 2: Drill Hole Locations and Descriptions

Hole No.	Azimuth (degrees)	Inclination (degrees)	Easting	Northing	Length
GC26-116	300	-60	732,096	3,901,233	178.3
GC26-118	340	-60	732,155	3,901,308	190.5
GC26-120	295	-60	732,154	3,901,306	225.6
GC26-122	5	-50	732,044	3,901,167	182.9
GC26-124	0	-50	731,851	3,900,949	150.9
GC26-125	35	-50	731,901	3,900,999	269.7
GC26-127	350	-70	731,955	3,901,019	221.0

Qualified Person

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration, is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program, including logging, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Drillholes have a diameter of about 10cm, and samples have an approximate weight of 5 to 10kg. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, and over-limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), and over-limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. The results summarized above have been carefully reviewed with reference to the QA/QC results. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.

About West Point Gold Corp.

West Point Gold is an exploration and development company focused on unlocking value across four strategically located projects along the prolific Walker Lane Trend in Nevada and Arizona, USA, providing shareholders with exposure to multiple discovery opportunities across one of North America’s most productive gold regions. The Company’s near-term priority is advancing its flagship Gold Chain Project in Arizona.

For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email: info@westpointgold.com

Stay Connected with Us:
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Website: westpointgold.com/

FORWARD-LOOKING STATEMENTS:

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, timing of the Company’s maiden resource estimate, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to West Point Gold’s ability to complete any payments or expenditures required under the Company’s various option agreements for its projects; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; uncertainty related to the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results may vary from those expected; statements about expected results of operations, royalties, cash flows, financial position may not be consistent with the Company’s expectations due to accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. The possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company’s expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this corporate press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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