Mr. Benoit La Salle reports

AYA GOLD & SILVER ACQUIRES HISTORICAL TIRZZIT COPPER MINE ADDS SEVEN PROSPECTIVE COPPER-SILVER PERMITS IN TIRZZIT DISTRICT NEAR ZGOUNDER

Aya Gold & Silver Inc. has acquired the Tirzzit project, a collection of seven permits located 25 kilometres from the Zgounder silver mine in the Kingdom of Morocco. This acquisition adds a historical mine with a significant amount of proprietary data as well as a prolific land package with tremendous potential.

Transaction highlights

On close of the Tirzzit acquisition:

• Aya will control 100 per cent of Tirzzit in Morocco.
• Aya is paying a total consideration of approximately $4.9-million (U.S.), including $800,000 (U.S.) in cash as well as 622,728 Aya shares.
• Aya acquires the following:
  • Seven permits, comprising five exploration permits and two mining licences, one of which hosts a high-grade historical copper (Cu) mine;
  • Historical data, including drill results and geophysics, which Aya will use to launch fieldwork to enhance its understanding of Tirzzit;
  • A property totalling 67.7 square kilometres.

The transaction remains subject to final Toronto Stock Exchange approval and regulatory approval in the Kingdom of Morocco. The Aya shares issued pursuant to the transaction are subject to a four-month statutory hold period, in accordance with applicable Canadian securities law.

Tirzzit potential:

• Historical copper mine offering near-surface silver and copper mineralization potential, with historical drilling intercepts of up to 3.5 per cent Cu;
• Mineralization of historical deposit remains open in three directions;
• No systematic exploration program using modern methods;
• Easy road access and proximity to infrastructure.

"The acquisition of Tirzzit fits with our objective of expanding our mineralized footprint in Morocco, and accretively growing our resource base. It also provides long-term exposure to a new potential mining district within trucking distance of Zgounder. Very little exploration has been carried out to date on the new permits, offering our team an opportunity to quickly unlock value for all stakeholders. We look forward to launching an exploration program and maximizing value in the near term," said Benoit La Salle, president and chief executive officer.

Next steps

Aya will adopt a systematic approach to its exploration of Tirzzit, starting with a deeper analysis of historical data, including drilling data, and by launching a fieldwork program on the properties before year-end 2023. Depending on the results, a first drill program is envisaged in 2024.

Mineralization

The Tirzzit deposit lies within the western segment of the Tazoult inlier. The geology of the properties is composed by Precambrian and Infra-Cambrian formations, so-called Serie de Base overlain by dolomites and limestones. The copper mineralization is mainly hosted within calcareous siltstones and sandstones to sandy dolomites in the upper portion of the Serie de Base formation.

Access

The Tirzzit properties are located approximately 225 km from Agadir on well-maintained paved highways, N10 and P1706, that run east for 205 km to Taliouine in the Taroudant province. Most of the remaining 12 km to the property are travelled on a paved road to the village of Tassousfi. The seven permits are located almost contiguously, within 25 km of Zgounder.

Qualified person

The technical disclosure in this news release has been approved by David Lalonde, BSc, head of exploration and a qualified person defined in National Instrument 43-101. He has not verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data are historical and the original drill core is not available.

About Aya Gold & Silver Inc.

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

The only TSX-listed pure silver mining company, 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 maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance and financial growth plans.

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