Mr. Benoit La Salle reports

AYA GOLD & SILVER REPORTS HIGH-GRADE DRILL RESULTS FROM COMPLETED 2023 DRILL EXPLORATION PROGRAM AT BOUMADINE

Aya Gold & Silver Inc. has released new high-grade drill exploration results from its 2023 completed program of 76,000 metres at Boumadine in the Kingdom of Morocco. The new results confirm the large, high-grade mineralized zones in the southern and northern portions of the main trend, which remains open in all directions.

Key highlights:

• Definition of new high-grade mineralization from the infill drilling program:
  • BOU-DD23-223 intersected 763 grams per tonne silver equivalent over 38.3 metres (1.53 g/t gold, 311 g/t Ag, 4.4 per cent zinc, 1.8 per cent lead and 0.04 per cent copper), including 11 m at 996 g/t AgEq;
  • BOU-DD23-230 intersected 991 g/t AgEq over 17.6 m (2.64 g/t Au, 247 g/t Ag, 7.7 per cent Zn, 1.2 per cent Pb and 0.3 per cent Cu), including 3.7 m at 1,662 g/t AgEq;
  • BOU-DD23-248 intersected 1,136 g/t AgEq over 5.9 m (5.94 g/t Au, 59 g/t Ag, 8.8 per cent Zn, 1 per cent Pb and 0.1 per cent Cu);
  • BOU-DD23-220 intersected 575 g/t AgEq over 10.9 m (1.77 g/t Au, 91 g/t Ag, 4.5 per cent Zn, 1.7 per cent Pb and 0.1 per cent Cu), including 2.4 m at 1,275 g/t AgEq;
  • BOU-DD23-218 intersected 1,409 g/t AgEq over 4.2 m (13.59 g/t Au, 115 g/t Ag, 0.1 per cent Zn, 0.1 per cent Pb and 0.1 per cent Cu) and 978 g/t AgEq over 5.8 m (9.21 g/t Au, 80 g/t Ag, 0.1 per cent Zn, 0.1 per cent Pb and 0.2 per cent Cu);
  • BOU-DD23-251 intersected 531 g/t AgEq over 9.4 m (2.66 g/t Au, 32 g/t Ag, 4.4 per cent Zn, 0.2 per cent Pb and 0.04 per cent Cu), including 2.4 m at 1,719 g/t AgEq.

"Today's high-grade drill results including BOU-DD23-223 in the south and BOU-DD23-218 in the north of the main trend confirm continuity and grade of the main trend at Boumadine," said Benoit La Salle, president and chief executive officer. "Infill drilling has decreased the spacings between drill holes to improve our confidence in grades and tonnages for the upcoming Q1 2024 mineral resource estimate, which will provide visibility on Boumadine's potential for near-term value creation."

2023 exploration results

For 2023, 197 diamond drill holes (DDH) for 74,295 m were completed at Boumadine with the remaining metreage of the 76,000 m completed in the first week of January, 2024. Infill drilling was conducted on strike along the main trend (south, central and north zones) while exploration drilling also targeted the northWest, Tizi and northeast zones.

The majority of results have been received for drill holes up to BOU-DD23-255.

Results received since November, 2023, confirm the high grade of the southern infill sections of the main trend, notably with holes BOU-DD23-223 and BOU-DD23-230 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

Following completion of the 2023 drilling program, the corporation expects to publish a National Instrument 43-101 compliant resource by the end of Q1 2024.

The 2024 drill program is already under way, a portion of which will continue extending the strike length of the Boumadine main trend but with a primary focus on exploring targets outside of the main trend. Final numbers will be announced later in Q1.

Fieldwork commenced on the new permits in 2024 with a hyperspectral survey, mapping and prospecting. High-resolution airborne geophysics (magnetics and MobileMT) is expected to begin later in Q1.

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 duplicate 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.

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 maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance and financial growth plans.

We seek Safe Harbor.