Mr. Benoit La Salle reports

AYA GOLD & SILVER EXCEEDS 2023 PRODUCTION GUIDANCE

Aya Gold & Silver Inc. produced 1,970,646 ounces of silver at its Zgounder silver mine in 2023.

Q4 2023 production highlights:

• Silver production of 450,046 ounces in Q4 2023;
• Processed 66,449 tonnes of ore at a head grade of 239 grams per tonne of silver;
• Silver recovery of 86.7 per cent in Q4 2023;
• Combined mill availability of 91.3 per cent in Q4 2023, a 2.6-per-cent increase compared with Q4 2022;
• Mine production of 180,726 tonnes of ore in Q4 2023, a 124.7-per-cent increase compared with Q4 2022 as per mine ramp-up plan.

Safely delivering on Aya commitments and guidance:

• 240-per-cent year-on-year increase in health and safety training hours;
• 86-per-cent reduction in accident frequency rates compared with 2022;
• Silver production of 1,970,646 oz in 2023, a 4.8-per-cent increase compared with 2022 and beating 2023 production guidance of between 1.7 million and 1.9 million oz;
• Processed 281,634 tonnes of ore at 250 g/t Ag in 2023, a 10.5-per-cent increase in ore processed compared with 2022;
• Combined silver recovery of 86.9 per cent in 2023, a 0.3-per-cent increase compared with 2022;
• Combined mill availability of 93.6 per cent in 2023, a 1.8-per-cent increase compared with 2022;
• Mine production of 505,989 tonnes of ore in 2023, a 78.7-per-cent increase compared with 2022, in line with Aya's mine ramp-up plan.

"I am extremely proud of our operations team who delivered another year of production outperformance at Zgounder," said Benoit La Salle, president and chief executive officer. "Not only did we beat production guidance for the third year in a row, but 2023 was a record year, with silver production of almost two million ounces. This important milestone was achieved during a transitional year as we complete our Zgounder mine expansion to quadruple production and continue to drill at both Zgounder and Boumadine. We remain on time and on budget with commissioning in Q2 2024 and full ramp-up by Q4 2024."

In 2023, operation of the Zgounder open pit began. The planned production rate of 500 tonnes per day (tpd) was reached in October. Production of the underground mine accelerated to 1,300 tpd in November. In December, the combined mining rate from both underground and open-pit mines exceeded 2,300 tpd. This progressive increase in mining rate is consistent with Aya's mine ramp-up plan.

Higher mill throughput, especially at the flotation plant, resulted in the processing of 281,000 tonnes in 2023 compared with the 245,000 tonnes guided. Sustained recoveries and mill availabilities resulted in total production of 1.97 million oz, exceeding the 1.7 million to 1.9 million oz guided. Furthermore, the flotation mill was shut down for maintenance for six days during December, 2023, to ensure a solid start to 2024 operations.

Q4 2023 financial and operational results

Aya will release its 2023 year-end and fourth quarter financial and operational results before market open on March 28, 2024, and will host a conference call shortly afterward. Details of the call will be released at a later date.

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 Toronto Stock Exchange-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 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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