Mr. Benoit La Salle reports

AYA GOLD & SILVER REPORTS HIGH-GRADE DRILL EXPLORATION RESULTS AND ADDS 4 PERMITS AT BOUMADINE

Aya Gold & Silver Inc. has released new high-grade drill exploration results at Boumadine in Morocco. The new results confirm the large, high-grade mineralized zones in the central and northern portions of the main trend, which remains open in all directions.

The corporation has also added four permits to Boumadine, which now has a total surface footprint of 78 square kilometres.

Key highlights:

• Definition of new high-grade mineralization from the infill drilling program:
  • BOU-DD23-180 intersected 1,039 grams per tonne silver equivalent over 23.5 metres (6.41 g/t gold, 116 g/t silver, 4.7 per cent zinc, 0.6 per cent lead and 0.4 per cent copper).
  • BOU-DD23-184 intersected 474 g/t AgEq over 30.1 m (2.57 g/t Au, 85 g/t Ag, 2.2 per cent Zn, 0.6 per cent Pb and 0.1 per cent Cu), including 3.2 m at 1,339 g/t AgEq and 3.4 m at 1,169 g/t AgEq.
  • BOU-DD23-172 intersected 2,689 g/t AgEq over 3.7 m (22.03 g/t Au, 531 g/t Ag, 1.3 per cent Zn, 0.3 per cent Pb and 0.2 per cent Cu).
  • BOU-DD23-186 intersected 442 g/t AgEq over 16.6 m (1.85 g/t Au, 150 g/t Ag, 1.9 per cent Zn, 0.3 per cent Pb and 0.1 per cent Cu), including 2.7 m at 1,088 g/t AgEq.
  • BOU-DD23-176 intersected 202 g/t AgEq over 30.6 m (1.42 g/t Au, 20 g/t Ag, 0.6 per cent Zn, 0.3 per cent Pb and 0.05 per cent Cu).
  • BOU-DD23-178 intersected 613 g/t AgEq over 9.5 m (2.70 g/t Au, 49 g/t Ag, 4.2 per cent Zn, 1.8 per cent Pb and 0.2 per cent Cu), including 2.3 m at 1,476 g/t AgEq.
• Acquisition of two mining permits totalling 15.8 square kilometres northeast and southwest of Boumadine;
• Acquisition of one mining permit and one exploration permit for a total of 20 square kilometres west of Boumadine.

"The acquisition of new permits is core to our strategy of consolidating our land position, and the four permits provide additional upside potential in the vicinity of the Boumadine main trend," said Benoit La Salle, president and chief executive officer. "Today's high-grade drilling results, including BOU-DD23-180 and BOU-DD23-184, confirm both continuity of the main trend and its potential from surface and over a very wide area. Following the positive metallurgical test results, our team is now focused on completing the remaining 20 per cent of the expanded drill program and delivering the Q1 2024 Boumadine resource estimate."

2023 exploration results

To date, 159 diamond drill holes, for a total of 61,312 m, have been completed at Boumadine in 2023. Both infill and exploration drilling were conducted on strike along the main trend (south, central and north zones).

Most results have been received for drill holes up to BOU-DD23-203 (see an attached table).

Results received since September, 2023, confirm the high grade of the north and central sections of the main trend, notably with holes BOU-DD23-180 and BOU-DD23-184 intersecting large, mineralized zones.

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.

Next steps

The 76,000 m drilling program is 80 per cent complete and is expected to be completed at year-end 2023. The corporation expects to publish a National Instrument 43-101-compliant resource by the end of Q1 2024.

Fieldwork will commence on the new permits in 2024 and will combine a hyperspectral survey, ground geophysics, mapping and prospecting.

Technical information

Aya has implemented a quality control program to comply with best practices in the sampling and analysis of drill core. Drill core samples are transported in sealed bags for analysis at Afrilab laboratory in Marrakesh. Standards of different grades and blanks are 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 has been reviewed by David Lalonde, BSc, head of exploration, a qualified person, for accuracy and compliance with NI 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.