Mr. Benoit La Salle reports

AYA GOLD AND SILVER ANNOUNCES $67.5 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

Aya Gold & Silver Inc. has entered into an agreement pursuant to which Eight Capital, as sole bookrunner, together with a syndicate of underwriters, including National Bank Financial Inc., as co-lead underwriter, has agreed to purchase, on a bought deal basis, 6,586,000 common shares in the capital of the company, at a price of $10.25 per share for gross proceeds of $67,506,500.

The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 15 per cent of the shares at the issue price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the offering. If this option is exercised in full, approximately $10,125,975 additional proceeds will be raised pursuant to the offering, and the aggregate proceeds of the offering will be approximately $77,632,475.

The company intends to use the net proceeds of the offering for the advancement of its exploration and development programs at Boumadine, and the exploration program at Zgounder regional, as well as for working capital and general corporate purposes.

"This financing underscores our confidence in Aya's growth prospects as the use of these funds will primarily support our exploration and development efforts. The Zgounder expansion being fully funded and progressing within budget, the cost overrun account remaining intact, we are now looking to strategically position Aya for the future.

"This financing allows us to forge ahead at full speed in the exploration and development of Boumadine over the next two years with an exploration program in excess of 200,000 metres of drilling, and reinforces our commitment to creating long-term value for our shareholders while maintaining our commitment to sustainable mining practices and striving for excellence," said Benoit La Salle, president and chief executive officer of the company.

The closing date of the offering is scheduled to be on or about Feb. 14, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The offering will be completed by way of a prospectus supplement to the short form base shelf prospectus of the company dated Jan. 12, 2023, which supplement is expected to be filed on or prior to Feb. 8, 2024, with the securities commissions and other similar regulatory authorities in each of the provinces of Canada and in such other jurisdictions as are agreed to by the company and the underwriters, in each case provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction and that the company will not be or become subject to any continuous disclosure obligations in such jurisdiction. The base prospectus and, once filed, the supplement can be found on SEDAR+ and contain important detailed information about the offering.

About Aya Gold & Silver Inc.

Aya 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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