Mr. Benoit La Salle reports

AYA GOLD & SILVER ANNOUNCES HIGH-GRADE SILVER DRILLING RESULTS AT ZGOUNDER AND UPDATES ON ZGOUNDER REGIONAL DRILLING PROGRAM

Aya Gold & Silver Inc. has released additional drill results, confirming high-grade silver mineralization at the Zgounder silver mine. The company has also provided an update on the Zgounder regional exploration campaign in Morocco.

Key highlights (all intersections are in core lengths):

• Diamond drill hole DZG-SF-22-156 intercepted 1,332 grams per tonne silver over 5.0 metres and 1,158 g/t Ag over 4.5 m, while DZG-SF-22-164 intersected 918 g/t Ag over 9.0 m.
• In the open-pit area, reverse circulation drill hole ZG-RC-23-2260-70 intercepted 1,611 g/t Ag over 27 m, including 4,771 g/t Ag over 5.0 m, and ZG-RC-23-2260-99 intercepted 795 g/t Ag over 14.0 m, including 4,734 g/t Ag over 2.0 m.
• At the central zone from the 2,000 m level:
  • Hole TD28-23-2000-591 intercepted 645 g/t Ag over 12.0 m, including:
    • 2,127 g/t Ag over 2.4 m.
  • Hole TD28-23-2000-403 intercepted 815 g/t Ag over 10.8 m, including:
    • 2,596 g/t Ag over 2.4 m.
• At the central zone from the 1,975 m level:
  • Hole TD28-23-1975-536 intercepted 1,209 g/t Ag over 10.8 m, including:
    • 2,482 g/t Ag over 4.8 m.
  • Hole TD28-23-1975-572 intercepted 712 g/t Ag over 10.8 m, including:
    • 1,171 g/t Ag over 6.0 m.
• From surface in the eastern area, hole ZG-23-02 intercepted 1,753 g/t Ag over 6.5 m, and hole ZG-23-07 in the western limit of the central area intercepted 3,460 g/t Ag over 2.0 m.
• From the Zgounder regional campaign, hole ZGW-22-06 intercepted 1.22 per cent zinc over 85.5 m, including 1.91 per cent Zn over 5.0 m, and hole AM-22-001 intercepted 0.93 per cent copper over 6.0 m, including 1.27 per cent Cu over 3.0 m.

"Today's drilling results grow the mineralized footprint of the Zgounder deposit, with intercepts such as ZG-23-02 continuing to deliver high-grade intersections outside of the current resource envelope," said Benoit La Salle, president and chief executive officer. "Hole ZG-RC-23-2260-70, which is the fifth-highest drill intercept on a grade-thickness basis, particularly demonstrates the continuity of the deposit. Further, preliminary results from the Zgounder regional program, although anomalous, confirm the potential for the discovery of satellite deposits for the Zgounder mine."

Included in this release are results for 278 holes, which include 40 surface DDH, 23 underground DDH, 63 RC drill holes from pit definition drilling, 126 T28 holes and 26 YAK holes (T28 and YAK -- percussion drilling using an air-compressed hammer).

Zgounder regional update

At the end of April, 2023, a total of 6,914 m in 33 drill holes had been drilled on Zgounder regional permits, focusing on the Zgounder Far West, Tala and Izza areas. Most drill intercepts returned anomalous results, especially in Zn and Cu, as well as some anomalous silver intercepts (see an attached table). As the campaign progresses, new areas will be drill tested in addition to the anomalous zones.

Quality assurance/quality control

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. All samples are analyzed for silver, copper, iron, lead and zinc using aqua regia and finished by atomic absorption spectroscopy (AAS). Samples grading above 200 g/t Ag are reanalyzed using fire assay.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2 m in length. Samples are assayed at either the Zgounder mine laboratory or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead and zinc using aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assay. At ZMSM, all samples are analyzed for silver only using aqua regia and finished by AAS. Rigorous quality controls are applied at both locations.

David Lalonde, BSc, PGeo, head of exploration, Aya Gold & Silver's qualified person, has reviewed this press release for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver is a rapidly growing, Canada-based silver producer with operations in Morocco.

Aya operates the high-grade Zgounder silver mine and is exploring its properties along the prospective South-Atlas fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit gold project in Mauritania, which is being advanced to feasibility.

Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance and financial growth plans.

We seek Safe Harbor.