Mr. Benoit La Salle reports

AYA GOLD & SILVER ANNOUNCES AT-DEPTH HIGH-GRADE RESULTS INCLUDING NEW MINERALIZED ZONE WITHIN RHYOLITE AT ZGOUNDER

Aya Gold & Silver Inc. has released high-grade silver drill results from its at-depth drill exploration program at the Zgounder silver mine in the Kingdom of Morocco.

Key highlights (all intersections are in core lengths):

• From surface, diamond drill hole (DDH) ZG-23-60 intercepted 347 grams per tonne silver over 12.5 metres, including one m at 2,504 g/t Ag; and ZG-24-70 intercepted 718 g/t Ag over 4.5 m.
• In the Central zone from the 1,950 m level:
  • Hole ZG-SF-23-084 intercepted 1,089 g/t Ag over 13.5 m, including 1,700 g/t Ag over 7.5 m and 4,469 g/t Ag over 4.5 m inside the rhyolite near the granite contact;
  • Hole ZG-SF-23-092 intercepted 322 g/t Ag over 17.6 m, including 1,877 g/t Ag over 1.5 m inside the rhyolite near the granite contact.
• In the Central zone from the 1,975 m level:
  • Hole TD28-24-1975-013 intercepted 1,081 g/t Ag over six m.
• In the Eastern zone from the 2,050 m level:
  • Hole DZG-SF-24-004 intercepted 1,489 g/t Ag over five m, including 3,363 g/t Ag over two m;
  • Hole DZG-SF-24-007 intercepted 2,511 g/t Ag over four m, including 18,760 g/t Ag over 0.5 m.
• In the Eastern zone from the 2,125 m level:
  • Hole YAKD-24-2125-004 intercepted 677 g/t Ag over 10.8 m, including 1,586 g/t Ag over 3.6 m.

"Today's drilling results, including holes ZG-SF-23-084 and ZG-SF-23-092, continue to confirm high-grade silver mineralization near the granite contact," said Benoit La Salle, president and chief executive officer. "Notably, the latter results are hosted within the rhyolite, which was previously believed to be barren, opening a new area for exploration. Four underground rigs are now mobilized with the objective of expanding mineral resources at depth and delivering value for all stakeholders."

2024 exploration results

Results received since end of January, 2024, confirm the high grade of Zgounder mineralization at depth near the granite contact. Holes ZG-SF-23-084 and ZG-SF-23-092 both returned native silver mineralization within the rhyolitic unit, highlighting a very rare case of mineralization in this unit. Previous known mineralized intervals in rhyolite were small and always associated with breccias. The geological implication of typical Zgounder fractures filled with native silver mineralization in relatively fresh rhyolite remains unknown but offers new potential to increase the global mineralized envelope. Typically, before 2023, rhyolitic units were not sampled. All historical rhyolite intervals are currently being sampled, with priority to historical holes in the vicinity of the recent drill results.

Included in this release are results for 113 holes, which include 52 underground DDH, 19 surface DDH, 40 T28 and two YAK holes (T28 and YAK: percussion drilling using an air-compressed hammer).

Quality assurance/quality control

For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (Afrilab) in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead and zinc using aqua regia and finished by atomic absorption spectroscopy (AAS). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2 m in length. Samples are assayed at either the Zgounder mine laboratory or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead and zinc using aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. At ZMSM, all samples are analyzed for silver only using aqua regia and finished by AAS. Rigorous quality controls are applied at both locations.

David Lalonde, BSc, PGeo, head of exploration, is Aya Gold & Silver's qualified person and has reviewed this press release 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 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.