Mr. Benoit La Salle reports

AYA GOLD & SILVER CLOSES BOUGHT DEAL OFFERING WITH FULL EXERCISE OF OVER-ALLOTMENT OPTION FOR GROSS PROCEEDS OF $77.6 MILLION

Aya Gold & Silver Inc. has closed its previously announced offering of 7,573,900 common shares in the capital of the corporation at a price of $10.25 per share for gross proceeds of approximately $77.6-million. In connection with the offering, the underwriters (defined herein) exercised its overallotment option in full, where an additional 987,900 shares were purchased for aggregate gross proceeds of approximately $10,125,000.

Eight Capital acted as sole bookrunner, along with National Bank Financial Inc. as co-lead underwriters, with a syndicate of underwriters comprised of Desjardins Securities Inc., Raymond James Ltd., SCP Resource Finance LP, Canaccord Genuity Corp. and Cormark Securities Inc.

Aya 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.

"We received tremendous interest in our oversubscribed equity bought deal financing from leading institutional investors globally," said Benoit La Salle, president and chief executive officer. "This financing underscores our confidence in our project pipeline, with proceeds being used to accelerate our exploration efforts at our Boumadine and Zgounder Regional properties as we look to strategically position ourselves for the future. Importantly, this financing more than doubles our drill exploration program with an additional 200,000 metres at Boumadine over the next 24 months and reinforces our commitment to creating long-term value for all shareholders."

The offering was completed by way of a prospectus supplement to the short form base shelf prospectus of the corporation dated Jan. 12, 2023, which supplement was filed on Feb. 8, 2024. The base prospectus and the supplement can be found on SEDAR+ and contain important detailed information about the offering.

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.

We seek Safe Harbor.