Mr. Benoit La Salle reports

AYA GOLD & SILVER EXTENDS MINERALIZATION SOUTH OF MAIN ZONE AND DISCOVERS NEW AT-SURFACE NORTHWEST ZONE AT BOUMADINE

Aya Gold & Silver Inc. has released new high-grade exploration drill results at Boumadine, located in the Kingdom of Morocco. These results extend the main mineralized trend by 400 metres and continue to demonstrate continuity of the Boumadine Main zone. Section 5600N delivered strong results and remains open to the south, while the new zone in the northwest significantly opens the potential at surface and can be followed over 1.5 kilometres.

Key highlights:

• Definition of new high-grade mineralization and extension of the South zone. The Main zone, which now extends over 3.8 kilometres, is open at both ends along strike and at depth:
  • BOU-DD23-142 intersected 475 grams per tonne (g/t) silver equivalent (AgEq) over 11.8 metres (0.97 g/t gold (Au), 88 g/t silver (Ag), 4.2 per cent zinc (Zn), 1.6 per cent lead (Pb) and 0.01 per cent copper (Cu)), including 4.2 m at 625 g/t AgEq.
  • BOU-DD23-111 intersected 539 g/t AgEq over 9.6 m (1.76 g/t Au, 134 g/t Ag, 3.9 per cent Zn, 0.5 per cent Pb and 0.1 per cent Cu), including 3.1 m at 1,367 g/t AgEq.
  • BOU-DD23-125 intersected 459 g/t AgEq over 4.8 m (0.71 g/t Au, 205 g/t Ag, 1.8 per cent Zn, 2.5 per cent Pb and 0.01 per cent Cu), including 1.2 m at 1,111 g/t AgEq.
  • BOU-DD23-117 intersected 481 g/t AgEq over 3.3 m (4.31 g/t Au, 28 g/t Ag, 0.4 per cent Zn, 0.3 per cent Pb and 0.2 per cent Cu), including 1.9 m at 746 g/t AgEq.
  • BOU-DD22-121 intersected 456 g/t AgEq over 3.6 m (4.19 g/t Au, 34 g/t Ag, 0.1 per cent Zn, 0.1 per cent Pb and 0.2 per cent Cu), including 3.1 m at 512 g/t AgEq.
• Extension of the Main zone by 400 m to the south, to 3.8 km of strike length, which remains open in all directions.
• Discovery of a new mineralized zone in the northwest through the surface mapping program, with surface samples returning values up to 460 g/t AgEq over a greater than 1.5 km structure of N030 orientation.
• First site visit conducted by RSC Consulting Ltd., which has been mandated to conduct a National Instrument 43-101-compliant mineral resource estimate of Boumadine.

"Today's high-grade drill results at Boumadine confirm the continuity and extension of the mineralized footprint south of the Main zone. We have also discovered a new mineralized structure at surface to the north, which increases the resource potential," said Benoit La Salle, president and chief executive officer. "We have completed 85 per cent of our drill exploration program and extended the Boumadine strike length by over 40 per cent to 3.8 kilometres in the past 10 months. We have subsequently identified several other high-impact drill targets and mobilized five drill rigs to deliver value for all stakeholders."

Two thousand twenty-three exploration results

To date, 85 diamond drill holes (DDH) for a total of 31,205 m have been completed at Boumadine. Both infill and exploration drilling were conducted on strike along the main trend (South and Central zones). The 36,000 m budgeted program is expected to be complete by the end of July, 2023.

Drill results have been received for all drill holes up to BOU-DD23-131, with the addition of holes BOU-DD23-136 and BOU-DD23-142 (see the table entitled "Significant intercepts from Boumadine drill exploration program (core lengths)" and "Full drill results from Boumadine (core lengths)").

Results received in June extend the mineralization an additional 400 m to the south, with BOU-DD23-125, BOU-DD23-136 and BOU-DD23-142 intersecting high-grade mineralization in the form of massive sulphide veins.

The main mineralization generally consists of one m to four m wide (locally reaching over a 10 m width) N340-oriented massive sulphide lenses/veins sharply dipping eastward (greater than 70 degrees). The massive sulphide veins (greater than 80 per cent) are mainly composed of pyrite, with variable proportions of sphalerite, galena and chalcopyrite.

In addition, detail mapping was conducted on the entire project, increasing the company's geological understanding of the mineralized events and the main geological settings. In particular, two major sets of faulting events can be recognized: an N030 faulting event that crosscut Boumadine Main trend (N340) and may be responsible for the Au-Zn enrichment of the mineralization, and an N070 fault event cutting both N340 and N070 structures that seems to be responsible for the Ag-Pb enrichment. In parallel, 127 surface grab samples were taken (36 are still pending), which allowed us to identify a new mineralized structure in the northwest of the property. The structure, which can be followed for over 1.5 km, returned assay values of 460 g/t AgEq (see the table entitled "Significant results from 2023 Boumadine exploration program (surface sampling)"). This discovery demonstrates the potential outside of the Boumadine Main trend.

Next steps

The 36,000 m drilling program is 85 per cent complete and is expected to be completed by the end of July, 2023. Relogging and resampling of historical drill holes is also expected to be completed in July. The corporation expects to use both datasets in estimating a National Instrument 43-101-compliant resource by Q1 2024.

Technical information

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by Afrilab.

Qualified person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, BSc, head of exploration, qualified person, 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 the Kingdom of 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.

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